The Federal Housing Finance Agency (FHFA) recently announced that it will raise loan limits for mortgages backed by Fannie Mae and Freddie Mac, giving some homebuyers greater purchasing power. Starting in 2021, the maximum conforming loan limit for single-unit properties will increase to $548,250 – a 7.4% increase from the current limit of $510,400.
At the beginning of the year, @properties co-founders Mike Golden and Thad Wong predicted the 2020s would be the decade of the millennial homebuyer. Well, the decade started fast and furious. In August, the Wall Street Journal reported that millennials now account for over half of all new home loans.
One of the biggest trends to emerge from the COVID-19 pandemic is the focus on housing. As people seek more space and look to take advantage of low interest rates, the local real estate market has seen a strong recovery.
In fact, the number of homes that have gone under contract in the Chicagoland area since COVID-19 hit in the middle of March is up 8.6% compared to the mid-March through mid-September period last year. Meanwhile, @properties is outperforming the market, with new contracts up 20.3% during this timeframe. Continue reading
Should you buy or rent? This is a fundamental question facing many potential homebuyers, particularly first-time buyers. While there are circumstances in which renting might make more sense (e.g. if more flexibility is needed), there are a number of key advantages when it comes to homeownership. Here are five benefits to being a homeowner today:
The closing date represents the finish line for a real estate transaction. It’s a day when, traditionally, all parties involved join together at the closing table and complete the necessary paperwork before the buyer receives the keys to their new home. But what happens when you throw the COVID-19 pandemic and social distancing into the mix?
We asked our title insurance company, Proper Title, to answer that and a few other frequently asked questions about closing procedures amid the current crisis. Keep reading to find out how Proper Title has adapted their business to ensure home buyers and sellers receive the same high-quality experience with added safety measures. Please note the following Q&A pertains to transactions in Illinois (the process varies by state).
2008 notwithstanding, home is usually a good place to be in a recession.
The strong start to the 2020 real estate market was an encouraging sign for area homeowners. Then COVID-19 hit, and suddenly life is on hold for millions of Americans. Naturally, that raises questions about the long-term prospects for housing and homeownership.
But when it comes to real estate, many experts are looking at this soon-to-be-official recession differently than the last one. Here’s a look at why the housing market may very well make a strong recovery and even be a driver of future economic growth.
As the COVID-19 crisis continues to evolve, volatility and uncertainty have swept through the financial markets.
Borrowers saw wild swings in interest rates over the last few weeks and were left to wonder whether they could still qualify for specific loan amounts and close on pending transactions.
Amidst the chaos, Guaranteed Rate has been a steady ship in rough waters. We asked them to answer a few questions pertaining to the impacts market volatility has had on the mortgage industry, and they responded with some helpful guidance.
Just as home sellers have been thrown for a major loop by COVID-19, many of today’s buyers are suddenly wondering how or even if they should proceed with their home search.
In an encouraging sign, a number of @properties homebuyers have in fact closed on purchases and gone under contract in recent days. But questions about safety, near-term financial impact, and changing personal situations have, understandably, forced many buyers to take a step back.
Some might say millennials are fashionably late to the homeownership party, but they are about to arrive in a big way if you ask @properties co-founders Thad Wong and Mike Golden. In the latest installment of @properties’ @ the market webcast, the two agree that the next 10 years in real estate will be largely shaped by the generation’s shift to homeownership.
Although it certainly doesn’t feel like spring in the Midwest, the busy spring housing market is well underway.
With more buyers in the market than any other time of year (generally speaking), preparation is key to having a successful outcome and beating out the competition. Here are a few things you can do to have the smoothest possible buying experience:
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