Managing an asset worth hundreds of thousands of dollars is a responsibility that requires attention to details such as timely payment of the mortgage, home repairs and maintenance, upkeep, and oversight on financial issues including taxes, insurance, and other things.

Depending on how long you’ve been a homeowner, you may have faced some of the decisions common to homeownership. Occasionally, there could be something new that you haven’t had to deal with in the past. This is where having a resource you can rely on becomes valuable.

During the buying or selling process, it is natural to turn to your agent for information and advice but during those periods in between where do you go for counsel? Sure, you can turn to the Internet but that may not be the best place to get advice for your situation.

We encourage you to think of us as your "source of real estate information"; someone you’re comfortable with asking a question and confident that you’ll get good advice. We not only want to be there for you when you buy or sell, but all the years in between.

By helping you with the day-to-day decisions of homeownership, we believe we can develop relationships that will lead to future sales when you move again, as well as recommendations to your friends who need the services of a trusted real estate professional.

Whether you simply need the recommendation of service provider, a trustworthy mortgage professional, an estimate of your current market value, or advice on what kind of improvements are best to consider, we’re happy to share that information with you.

Just a few of the kind of questions we get almost every week:

• Can you recommend a good (plumber, painter, handyman, etc.)
• What is the current value of my home?
• How do I challenge a property tax assessment?
• When should a homeowner refinance?
• How often should we update our personal home inventory?

We want to be your "Go-To" person for everything to do with real estate. If you have a real estate question, please call us at . If we don’t have the answer, we’ll find it for you or at least, point you in the right direction.

Waiting for the mortgage rates to come down before you buy a home may not be a good decision.

If you are correct, and the rates do come down by two percent, the savings you benefit from a lower rate will most likely be devoured by the appreciated price increase.

As of 10/27/22, the 30-year fixed-rate was at 7.08% which is the highest level since April 2002. If the rate drops to 5% in three years but the price increases by 5% a year, a $400,000 home today, will cost $463,050 three years from now.

An increasingly popular option that more buyers are considering is to purchase the home today with an adjustable-rate mortgage that could give them a 5.96% rate for five years. Then, refinance to a fixed-rate when rates come down.

Not only will the buyer have lower payments with the ARM, but the buyer will also own the home, and benefit from the appreciated prices which will build equity in the home and increase their net worth.

Mortgage rates have increased over 3% in the first three quarters of this year. Some would-be buyers are wishing they had a do-over so they could get into a home at a lower rate. The current differential between the fixed and adjustable rates are substantial and could lower the monthly payment.

The lower adjustable-rate would save a buyer $323.90 a month during the first period of five years. At any point during that period, they could refinance at better interest rate should it become available. However, if the rates do start trending down, the homeowner might decide not to refinance because the rate on the ARM would have to go down at the next adjustment period to reflect the lower of rates in the market.

Mortgage rates have been low since the housing crisis that caused the Great Recession. The government kept them low to build the economy. Then, the Pandemic threatened the economy, and the government spent a tremendous amount of money to bolster the economy which led to inflation which is what is causing the rates to increase currently.

When inflation is under control and back to acceptable levels, the rates should lower.

Home prices are a different situation. The recent rise in mortgage rates has cause home prices to moderate because it affects affordability. Inventories are still low and there a pent-up demand for housing from purchasers unable to buy during the pandemic.

This coupled with millennials reaching household formation age and insufficient home building to keep up with demand for the last decade, prices are expected to continue to rise. The rate of appreciation could even increase when rates come down which would also increase affordability and demand.

Buyers who feel they missed a window of opportunity to buy before rates started increasing should investigate financing alternatives. Reach out to us and we can discuss the options that are available.