While I was happy to see Zillow officially announce that is getting out of the home buying business, it is unfortunate that it will result in a reduction in their employees. The reason I felt good about another iBuyer dropping out of the market is that it should continue to contribute to a rebalancing of supply and demand.
While you are still at a bit of a disadvantage using financing in our area due to the extreme seller’s market, it is slowly looking better for buyers. Accordingly, I thought I would revisit the financing question. You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders.
As fraudsters continue to become more creative, it is critical that we stay vigilant. Here are some tips for your real estate transaction.
Today, we are going to get laser focused on zip code 34202, which I am using to represent Lakewood Ranch. The graphic below shows September activity for this zip code. This shows that our strong seller’s market is still holding despite year-on-year sales being down.
We saw mortgage interest rates continue to trend higher in the last 30 days. The recent change will cost new borrowers another $7.50 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages were at 3.01% as of this week. Last month at this time, they were sitting at 2.87%. Of course, both are historically low.