Whitney Minnich Real Estate and Community Updates

Homeownership Tenure at Highest Level in 18 Years January 14, 2019 Since 2008, in the aftermath of the last housing crisis, homeowners have stayed put longer in their homes. But now more than a decade out from the crisis, that trend is only deepening, according to a new study released by First American Bank. “[Homeownership] tenure jumped to seven years during the aftermath of the crash between 2008 and 2016, and the most recent data from December 2018 shows that the median length of time someone lives in their home has increased 10 percent compared to a year ago,” says First American Chief Economist Mark Fleming. Over the past few months, rising interest rates, low inventory, low foreclosure rates, and tight credit have all increased homeownership tenure to its highest level in 18 years, Fleming says. For homeowners who have a low interest rate, they may be less inclined to want to move, he adds. “The lower the interest rate homeowners have on their existing mor...

Buying and selling a home will become more difficult in 2019 Affordability to diminish November 28, 2018 Kelsey Ramírez Buying and selling a home is about to get a lot more difficult in 2019, or so says one expert in her forecast for next year. Realtor.com explained that rising interest rates and home prices will overshadow any inventory increases in the year to come. In fact, affordability is set to worsen, making it more difficult to buy or sell a home in 2019. The forecast predicts mortgage interest rates will average 5.3% and hit 5.5% by the end of 2019. That would make the average home purchase 8% more expensive per month than in 2018. Home price growth is also expected to continue, rising slowly at a rate of 2.2% over the year. Inventory increases will also remain moderate with a less than 7% projected increase. The result will be a 2% decline in home sales, realtor.com predicted. “Inventory will continue to increase next year, but unless there is a major...

Federal Reserve Likely to Keep Interest Rates Steady Officials are expected to discuss how recent market developments shape their views on the economy at their two-day meeting By   Nick Timiraos Nov. 8, 2018 5:30 a.m. ET Federal Reserve officials are expected to keep interest rates steady at their two-day policy meeting that concludes Thursday. They will likely discuss the economy, financial markets and the future path of rates, among other topics. Keep reading:  https://www.wsj.com/articles/federal-reserve-likely-to-keep-interest-rates-steady-1541673001

Why did the stock market drop? Here are all the reasons for the Dow plunge Adam Shell , USA TODAY Published 6:34 p.m. ET Oct. 10, 2018 |  Updated 7:58 a.m. ET Oct. 11, 2018 It sure felt like a sell-everything day on Wall Street Wednesday: Stock prices plunged, and talk of a panic and comeuppance for the nearly 10-year old bull market took hold. So why did stock prices fall so far, so fast, seemingly out of nowhere?  And what explains the 832-point drop for the Dow Jones industrial average  just a week after the blue-chip stock gauge notched a record high? While there's never a perfect answer to explain how market psychology can turn on a dime, here's how financial pros are making sense of the worst day for the Dow since February, and a big decline in popular technology stocks. What sparked the fall? Nervousness had been building for days on Wall Street. The catalyst was the recent spike in the yield on a closely watched government bond to a seven-year high...

Why Oregon Homebuyers Should Shop Their Loans Before Going Under Contract by Phil Querin, Querin Law, LLC A few years ago, before the real estate market got crazy hot (and before we   changed the OREF Sale Agreement form),  it was not unusual for a buyer to submit  their preapproval letter to their seller, go under contract, and then try to find other lenders who might offer better rates or  terms.  Keep reading here:  https://pmar.org/wp-content/uploads/QuerinLaw-July11.pdf

Mortgage Rates Fall to 3-Month Low July 6, 2018 Mortgage rates were back down across the board again this week, offering some temporary relief to home buyers. Rates posted a rapid increase throughout most of the spring but have recently reversed course, declining in five of the past six weeks. The 30-year fixed-rate mortgage is now at its lowest average since April. “The run-up in mortgage rates earlier this year represented not just a rise in risk-free borrowing costs, but for investors, the mortgage spread also rose back to more normal levels by about 20 basis points,” says Sam Khater, Freddie Mac’s chief economist. “What that means for buyers is good news. Mortgage rates may have a little more room to decline over the very short term.” Freddie Mac reports the following national averages with mortgage rates for the week ending July 5: 30-year fixed-rate mortgages: averaged 4.52 percent, with an average 0.5 point, dropping from last week’s 4.55 percent average...

Housing market remains strong, despite mortgage rate worries by  Paul R. La Monica      @lamonicabuzz June 26, 2018: 10:55 AM ET The Federal Reserve is raising interest rates, and that's led some to worry that mortgage rates will spike and put an end to the housing boom in the United States. Not so fast, according to the head of a big homebuilder. Stuart Miller, executive chairman of Miami-based builder Lennar, said Tuesday that "concerns about rising interest rates and construction costs have been offset by low unemployment and increasing wages." He added that there is still a "short supply" of houses on the market   after   "years of underproduction of new homes." And he said "demand remained strong" and "affordability remained consistent" thanks to rates that remain relatively low. Miller made those remarks in Lennar's earnings release Tuesday morning. The company reported revenue and profits that topped Wall S...

Fed Hints at Higher Rates Later This Year DAILY REAL ESTATE NEWS | FRIDAY, JUNE 19, 2015 The Federal Reserve this week voted unanimously in their regular policy meeting to leave the benchmark federal rate unchanged at zero but hinted that a raise is expected to occur for the first time in nearly a decade sometime later this year. Once central bank policymakers raise the federal funds rate, however, consumers can expect higher mortgage rates. The fed funds rate influences the cost of borrowing, such as in buying a new home. Since 2008, the Fed has kept the federal rate at basically zero, hoping to stimulate demand among consumers and businesses in propelling an economic recovery. It's what helped push the 30-year fixed-rate mortgage to a record low of 3.31 percent in 2012. "When the Fed raises short-term interest rates, they're raising the cost of money, and that impacts the cost of money to consumers, businesses and governments alike," says Greg McBride, c...

Just another reason not to wait to purchase a home: "...if the economy continues to improve as I expect, I think it will be appropriate at some point this year to take the initial step to raise the federal funds rate target and begin the process of normalizing monetary policy." - Federal Reserve Chair Janet Yellen YELLEN: Rate hikes are coming this year Myles UDland - MAY 22, 2015, 1:01 PM Federal Reserve chair Janet Yellen said it will be appropriate for the Fed to raise rates at some point this year.  Yellen's comments were delivered on Friday before the Greater Providence Chamber of Commerce.   Here's the key peel from Yellen's speech: Given this economic outlook and the attendant uncertainty, how is monetary policy likely to evolve over the next few years? Because of the substantial lags in the effects of monetary policy on the economy, we must make policy in a forward-looking manner. Delaying action to tighten monetary policy until employm...

Buying a Home is 35% Less Expensive than Renting by   The KCM Crew   on  May 18, 2015 In the latest  Rent vs. Buy Report  from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage throughout the 100 largest metro areas in the United States. The updated numbers actually show that the range is from an average of 16% in Honolulu (HI), all the way to 55% in Sarasota (FL), and  35% Nationwide! The other interesting findings in the report include: Interest rates have remained low and even though home prices have appreciated around the country (3.9%), they haven’t greatly outpaced rental appreciation (3.7%).  “In the past year, these two trends have made homeownership even more affordable compared with renting.” Some markets might tip in favor of renting if home prices increase at a greater rate than rents and if – as most economists expect – mortgage rates rise, due to the stre...

Some Highlights: Even a small increase in interest rates drastically impacts your budget. Securing a mortgage now while rates are still low means you can get more house for your money. Spend your money on your dream home, not on interest. Link to full article . 

Prices are going up, interest rates are still low - it's a great time to purchase a home. If you've been thinking about buying a home, it's the perfect time to start the conversation! Contact me today at 571-970-7191 or whitney@whitneyminnich.com. House Prices Record Annual Gains, Expected to Rise in the Future BY  MICHAEL NEAL   on   APRIL 2, 2015 The recent  release  by the Federal Housing Finance Agency (FHFA) shows that its measure of house prices, House Price Index – Purchase Only, rose by 5.1% on a 12-month seasonally adjusted basis in January 2015. This marks the 36 th  consecutive month of year-over-year growth. Over this nearly three-year period, house prices have risen by 20.1%. Similarly, the recent  release  from Standard and Poor’s (S&P) and Case-Shiller indicates that their measure of national house prices, the House Price Index – National, rose by 4.5% on a year-over-year seasonally adjusted basis. This is the 33 rd ...

If you've been thinking about buying a home, it's the perfect time to start the conversation! Contact me today at 571-970-7191 or whitney@whitneyminnich.com. Setting the Record Straight: Top Home Buying Myths by Courtney Soinski Whether you’re a real estate professional or first-time home buyer, the home buying process and real estate transactions can be stressful.  There tends to be some common misconceptions in this process, so it’s very important that you’re well informed of what is fact and what is fiction.  We’re here to set the record straight. Myth #1:  You don’t need a REALTOR®. Before you bravely take on one of the biggest purchases or sales of your life, remember this: it’s not as easy as it looks.  REALTORS® know all the ins and outs of the local area as well as the market in which you’re looking to buy or sell.  Picking up the phone and calling a REALTOR® may be one of the best decisions you’ll make. Myth #2:  The bigger the downpa...

Just another sign that it's a great time to purchase a home. If you've been thinking about buying a home, it's the perfect time to start the conversation! Contact me today at 571-970-7191 or whitney@whitneyminnich.com. Mortgage Rates Drop Even Lower This Week DAILY REAL ESTATE NEWS  | FRIDAY, MARCH 27, 2015 For the second consecutive week, mortgage rates continued to fall, with the 30-year fixed-rate mortgage still well below 4 percent and 15-year rates dipping below 3 percent, Freddie Mac reports in its weekly mortgage market survey. "Low mortgage rates are a welcome sign for those in the market to buy a home this spring season and will help to support homebuyer affordability," says Len Kiefer, deputy chief economist at Freddie Mac. Freddie Mac reports the following national averages with mortgage rates for the week ending March 26: 30-year fixed-rate mortgages: averaged 3.69 percent, with an average 0.6 point, dropping from last week's 3.78 percent ...