Cg: market/housing update: 1.
The federal reserve cut rates in july for the first time in nearly a decade and two more rate cuts are predicted this year.
According to a reuters survey, residential property prices are expected to rise an average of 3% this year and are expected to outpace inflation.
Supported by low mortgage rates and rising family income, sales of new and existing homes were up this july from a year ago.
With the for-sale inventory remaining low in many markets, the pick-up in buying has nudged price growth up.
If low interest rates and rising income continue, then home-price growth will strengthen over the coming year.
Home values have done very well in recent years, and tappable home equity has reached an all-time high.
An astounding 45 million homeowners are able to access up to 80% of the equity in their home, and 49% of those borrowers currently hold rates higher than 4.25% 8.
If you are one of these homeowners, give us a call to see if a refinance is in your best interest.
Jts & co.
Wants to be your lifetime mortgage advisor and we can help you determine if a refinance is in your best interest.
The lower rates are a big opportunity but isn't the only reason a refinance may be beneficial.
Cash-out, shortening the term, or getting out from under mortgage insurance may also be valuable to your long-term goals.
The drop in mortgage rates continues to stimulate the real estate market and the economy.
Chief economist sam khater pointed out that the 30-year fixed-rate mortgage was nearly a full percent lower than this time last year.
Low mortgage rates along with a strong labor market are fueling the consumer- driven economy by boosting their purchasing power, which will support housing market activity in the coming months.
Home purchase demand is up 5% from a year ago and has noticeably strengthened since the early summer months, while refinances have surged to their highest share in three and a half years.
A growing number of millennials are expressing an interest in buying homes and entering the market with increasing force.
The majority of the gen-z demographic has also expressed an interest in buying homes and more than half of them have started saving for a home.
Of the potential buyers between the ages of 18 and 23 who want to buy a home, 59% plan to purchase in the next five years.
If you are thinking about purchasing a home, now or in the near future, give jts & co.
I founded jts & co.
On the basis of education and servicing our customers so they are comfortable throughout the process.
We will answer your questions and let you know what to expect and how the process will work.
So, the first step to getting prequalified for a home loan is to submit a pre- qual application.
You can do this through our text app, our website, or you can come in the office to fill one out.
From there, we pull your credit and review your information to see what options and loan amount you are pre-qualified for.
Whether using a real estate agent or shopping for sale by owner homes, your first step is to be prequalified.
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Whether you want to purchase or refinance your home, give jts & co.
We are local.
And we want to help you through the milestones of homeownership&.
Now and for years to come.
Thanks for joining me today, be sure to tune in next week.