Tania Talks About The Current Market and New Higher Conventional Loan Limits

Dated: December 3 2020

Views: 58

Are you curious about what's going on in our market place? 

Last week, rates were down to 2.5%! Woohoo, that is incredible! I refinanced my house a few months ago at 3% and I thought that was amazing., but 2.5%?!!? WOW, what a market! 

A lot of people are asking me, "is now a good time to buy?" Well - it all depends... it depends on if you are a buyer, or a seller, or an investor? And if you need or want to buy? And if you have to sell? So many things you've got to consider... 

Right now, nationally, we are down 39% from this time last year, in regards to the available inventory to buy. On top of that, we have a very strong buyer market! A lot of people are ready to change something about their current home. After being locked up in their homes for several months with the whole family, I think we are all noticing things we'd like to change about our living situation.

So what does that mean when you have high demand, and little supply??? Exactly what you thought. Higher prices! BUT with our incredibly low rates, we are all experiencing right now, we can actually afford more home (a higher priced home) than we could a few years ago when rates were 3.5-4.5%. Just think back when we were paying 6%!!! That's not that long ago. The buying power is amazing!

Here is a link to that blog post I was referrencing in the video above as well as post below.

Another great thing that's going on right now - is FHFA (Federal Housing Finance Agency) just annouced they've raised their conforming loan limit by 7.42%  to a maximum amount of $548,250 for 2021(currently at $510,400). In certain high cost areas, it's even more! Feel free to check your area limits here.

The market is changing every day. But houses are also selling every day. Even in 2009, 2010, 2011, etc people were buying, and selling. Less were selling successfully because they were under water and owed more than the house was worth, but today's homeowners are in a completely different situation with a lot of equity in their homes. In fact, I talked with many of my clients and suggested they refinance to lower their monthly payment and take advantage of the new lower rates. And I also discussed with several doing a cash out refinace to have extra money to pay bills during the short term lower or cut salary. Whatever situation they were faced with, their home was able to act as a bank and help them out of a difficult situation. Many even got the HELOC (Home Equity Line Of Credit). 

Real estate is a great investment. People always have to buy and sell. In fact, this is the time of year many companies send their relocation employees on a house hunting trip to buy. So if this is the time for you to consider either buying or selling, drop me line. tania@itstheperfectspot.com and connect with me on facebook

Let me know how I can help. 

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Tania Gardère MacLeod

Tania Works Hard + Lives + Loves The Roswell, GA Community Roswell is an amazing area and we’re proud to call it home. Because we love living and working here in Georgia so much, it makes it easy t....

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