2024 Q1 Newsletter

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New Year, Same Market?

With the market strong into the new year, it seems harder than ever to predict when things will cool off and make some room for buyers. From our research, experts are saying that home prices should remain strong while mortgage rates might finally start to come down. Take a look at this month’s newsletter to learn more and as always, if you’re curious what your home is worth, use our handy estimate tool!

Market Check + Finance

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2023 Home Prices Eclipsed 2022

Despite high mortgage rates, homes saw steady price growth in 2023. An Inman.com article explains, “Home prices have risen 7 percent since the beginning of 2023, according to CoreLogic Chief Economist Selma Hepp, effectively erasing the losses recorded in the latter half of 2022.” Though the winter months always present a lull in prices and market activity, everything seems to be pointing to continued strong home prices into and possibly through 2024. Read the article here.
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Will Mortgage Rates Drop?

So what’s the deal with mortgage rates? A Forbes article that hit late 2023 predicted “‘We do expect that [mortgage] rates will continue to tip down incrementally,’ says Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors, or NAR. ‘By the spring of 2024…rates will hopefully be in the 6% range.’” Let’s hope they are right! Read the mortgage rate 2024 predictions here.
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Will Mortgage Rates Continue To Cool?

Experts project that mortgage rates will continue to fall. “Fannie Mae economists said in a Dec. 11 forecast they expect 30-year fixed-rate loans will dip to an average of 6.5 percent during Q4 2024, and fall to 6.1 percent by the final three months of 2025.” Of course this is just a projection, not a guarantee, but it’s looking as though this year will offer some reprieve from the high rates we saw in 2023. Read the article here.
 
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Projected Rates

Spring will be here before we know it, so if you’re thinking about buying, now is a good time to get a feel for the market. Business Insider provided a recap of what the experts are projecting for homebuyers. Most predict that home prices will rise somewhat and that 30-year fixed mortgage rates will hover in the 6-7% range. This handy article gives tips on how to prepare to buy in this market, suggesting that buyers act now to get finances in order, build savings, and more. Read the article here.
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Not Slowing Down

No matter what the market is doing, life keeps going, and the need to downsize, upsize, relocate or invest will remain. Paired with lower-than-last-year mortgage rates, we anticipate a buzzy spring with a bit more inventory and lots of excitement. Read Inman’s write-up on the spring market here.
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Time To Refinance?

If you took out a loan at a near-eight percent rate, you might consider refinancing. This makes sense if you plan on staying in the home, rates are much lower than what you received when buying, and you have the money to spend. Read the BusinessInsider article here and talk to your Every Door agent to see if this makes sense for you.

Every Door Home Loans

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Seize The Moment: Refinance Opportunity With Every Door Home Loans!

Navigate the Changing Tide of Interest Rates!

In the ever-evolving financial landscape, informed decisions can lead to substantial savings and benefits. Every Door Home Loans is excited to highlight an emerging opportunity in the world of refinancing, especially with the increasing likelihood of dropping interest rates and the Federal Reserve's easing measures.

Why This Is the Ideal Time to Consider Refinancing
  1. Dropping Interest Rates: With the Federal Reserve signaling a potential ease in policies, we're anticipating a downward trend in interest rates. This shift presents a unique opportunity to refinance at a possibly lower rate, offering significant long-term savings.
  2. Flexible Loan Terms: Tailor your mortgage to fit your current needs—be it reducing your term for quicker payoff or extending it for reduced monthly payments.
  3. Debt Consolidation: Consolidate high-interest debts under a lower mortgage rate, simplifying your finances and reducing total interest costs.
  4. Cash-Out Options: Leverage your home equity for renovations, major purchases, or other financial goals, thanks to potentially improved borrowing conditions.

Every Door Home Loans: Guiding You Through the Wave

Navigating the complexities of refinancing can be challenging, but you're not alone. Our experts at Every Door Home Loans are committed to providing you with personalized advice, helping you analyze your current mortgage in light of these new developments.

Take Advantage of the Moment

The timing is crucial, and opportunities like this don't last forever. Reach out to us for a detailed analysis of your situation and to understand how these changing conditions can benefit you.

Joseph Lester
Branch Manager
Every Door Home Loans
(425) 586-0329
Joe.lester@everydoorhomeloans.com

Every Door Home Services

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Leave The Tidying-Up To Us! 

We provide quality interior and exterior home services, such as landscaping, yard maintenance, pressure washing, interior painting, cosmetic updating and more. Learn more about Every Door Home Services.
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