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What Does 2021 Have in Store for Home Values? According to the latest CoreLogic Home Price Insights Report, nationwide home values increased by 8.2% over the last twelve months. The dramatic rise was brought about as the inventory of homes for sale reached historic lows at the same time buyer demand was buoyed by record-low mortgage rates. Where will home values go in 2021?... Home price appreciation in 2021 will continue to be determined by this imbalance of supply and demand. If supply remains low and demand is high, prices will continue to increase. Housing Supply According to the National Association of Realtors (NAR), the current number of single-family homes for sale is 1,080,000. At the same time last year, that number stood at 1,450,000. We are entering 2021 with approximately 370,000 fewer homes for sale than there were one year ago. Housing Demand Low mortgage rates have driven buyer demand over the last twelve months. According to Freddie Mac, rates stood at 3.72% at the beginning of 2020. Today, we’re starting 2021 with rates one full percentage point lower than that. Low rates create a great opportunity for homebuyers, which is one reason why demand is expected to remain high throughout the new year. Bottom Line: There’s still a very limited number of homes for sale for the great number of purchasers looking to buy them. As a result, the concept of supply and demand mandates that home values in the country will continue to appreciate.

Nice photos but I doubt the agents were happy when they realized they had just worked for nothing!

Financial Fundamentals for Homebuyers Some Highlights When you’re thinking about buying a home, there are a few key steps to take before you even start to look at houses.... From saving for your down payment to getting pre-approved for a mortgage, you’ll want to make sure you keep your financial plan on track from the beginning. Let’s connect today to make sure you have an introduction to a trusted lender and the best possible real estate guidance as you begin your homebuying process. 951-394-3946 | ERAD | Lic#01987430

Owning a Home Is Still More Affordable Than Renting One If spending more time at home over the past year is making you really think hard about buying a home instead of renting one, you’re not alone. You may be wondering, however, if the dollars and cents add up in your favor as home prices continue to rise. According to the experts, in many cases, it’s still more affordable to buy a home than rent one. Here’s why. ATTOM Data Solutions recently released the 2021 Rental Afforda...bility Report, which states: Owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572, or 63 percent of the 915 U.S. counties analyzed for the report. That has happened even though median home prices have increased more than average rents over the past year in 83 percent of those counties and have risen more than wages in almost two-thirds of the nation. How is this possible? The answer: historically low mortgage interest rates. Todd Teta, Chief Product Officer with ATTOM Data Solutions, explains: Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is still more affordable, as amazingly low mortgage rates that dropped below 3 percent are helping to keep the cost of rising home prices in check. In 2020, mortgage rates reached all-time lows 16 times, and so far, they’re continuing to hover in low territory this year. These low rates are a big factor in driving affordability. Bottom Line: If you’re considering buying a home this year, let’s connect today to discuss the options that match your budget while affordability is in your favor. ERAD | Lic#01987430 | 951-394-3946

Renting? You’re Still Paying a MortgageJust Not Your Own https://realtytimes.com/mortgage-advices/item/1040327

Open closet. Yes or no?

Drafty old windows? Here's how to seal them:

The Effects from Covid on Reverse Mortgages https://realtytimes.com/mortgage-advices/item/1039254

Wouldn't want you to burn down that house you just bought!

Time to get fixing!