July 2023 Newsletter

july newsletter

Money Talk

This month’s newsletter is all about the financial side of buying a home or property. We’ll cover mortgages, refinancing, and more. An easy way to get a head start on understanding your home financials is with our free home estimate calculator. Take a look and let us know what you find.

Market Check

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Every Door Market Report

The numbers for May show that the market remains a bit slower and less expensive than it was at this time last year. But compared to April, the number of listings went up, the number of days spent on the market went down, and the median sales price went up!
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Are Lower Interest Rates On The Horizon?

Experts believe that inflation is falling … which means mortgage rates might begin to fall as well. “The next few months will determine when lending and mortgage rates begin to fall, and what implications that decline might have on homebuyers, investors and consumers more broadly, economists told Inman.” Read the full article here.
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The Mortgage-Rate Landscape

The past few years have been a frenzy in the housing market, and yet despite the high intensity, Inman reports that 91.8 percent of homeowners are paying less than 6 percent interest. This verifies the theory that current homeowners have been refusing to enter the market, which has greatly impacted inventory. Hopefully, as rates come down, homeowners will likely change their stance and inventory will come up. Read the article here.

Mortgages

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Understanding Mortgage Types

There are many types of mortgages, and getting one that’s right for you is key to making the most of the loan and saving money. This article from Investopedia explains the terms and types of home loans, offering a great introductory guide to understanding mortgages.
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Comparing Mortgage Types

Once you have a handle on the various types of mortgages, then you’re ready to compare them! This Forbes article offers a handy comparison chart and tips for making the right decision for you. And of course, your Every Door broker is ready to guide you through this process as well!

Refinancing

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How It Works

Depending on how much you owe on your home and what your current interest rate is, it might make sense to refinance so that the payments are more in line with your goals. Zillow.com offers this refinancing guide, going over the what and why of refinancing.
 
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Is It For You?

Bankrate.com offers a good list of reasons to refinance. Debt consolidation plans to stay in the home long-term, or a desire to change your monthly payment amount are all valid refinancing reasons. Check out the article to learn more about each of these and more

Every Door Home Services

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Get Your Home Ready For Summer Bbq's With Every Door Home Services!

Our professional cleanup services include yard cleanup, trimming, and fresh mulch installation to give your outdoor spaces a polished look. Contact us today to schedule your cleanup and enjoy the beauty of the season hassle-free!

Schedule today!

Every Door Home Loans

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Why It's A Good Time To Buy A House In Washington Despite High Interest Rates

If you're considering purchasing a home in Washington State, you might have noticed that interest rates are currently on the higher side. While this may give some potential buyers pause, there are several factors that make it a good time to buy a house in WA. Let's explore why:

  1. Future Refinance Potential: High interest rates shouldn't deter you from entering the market because they are subject to change. By locking in a mortgage now, you secure a fixed rate that will protect you from potential future rate hikes. And if interest rates do decrease in the future, you can always explore refinancing options to potentially lower your rate and monthly payments.
     
  2. Buying at the Right Price: The real estate market in Washington State has shown steady appreciation over the years. While interest rates may be higher, it's essential to consider the long-term value of homeownership. By purchasing a home now, you have the opportunity to build equity as home prices continue to rise. Buying at the right price, based on your budget and market analysis, is crucial for long-term financial benefits.
     
  3. Less Competition and Increased Inventory: In some markets, high interest rates can result in reduced competition among buyers. This can work to your advantage as you have more negotiating power and may encounter fewer multiple-offer situations. Additionally, recent data suggests that inventory levels in Washington State are gradually improving, offering more choices for buyers. With a greater selection of available homes, you can take your time and find a property that meets your needs and preferences.
     
  4. Stable and Growing Economy: Washington State boasts a robust and diverse economy, with major industries such as technology, aerospace, and healthcare contributing to its growth. The region's economic stability, combined with strong job opportunities and a high quality of life, make it an attractive place to invest in real estate.
     
  5. Tax Benefits and Homeownership Advantages: Homeownership offers various tax benefits, including deductions for mortgage interest and property taxes. These advantages can help offset the impact of higher interest rates and make owning a home in Washington State even more financially advantageous in the long run.
     
Remember, buying a house is a significant decision that requires careful consideration of your personal circumstances and financial goals. Consult with a trusted mortgage professional who can provide personalized guidance based on your specific situation.
 
In conclusion, despite higher interest rates, the current real estate landscape in Washington State presents opportunities for homebuyers. By focusing on future refinancing potential, buying at the right price, taking advantage of less competition, and considering the region's stable economy, you can make an informed decision that aligns with your long-term financial objectives.
 
Happy house hunting! Apply today! Contact our experienced loan officers today to learn more about HELOCs and start the process. Open doors to your financial goals with Every Door Home Loans!

Tips

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Summer Fun!

Speaking of BBQ, these grilling tips from Eat This are sure to help boost your grill game. The twenty-one tips include advice on choosing the right meat, “zoning” the grill, when to season, and more!
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