Fairway Independent Mortgage Corporation - Company New England Region USA

 As we move into the second half of the year, one thing is clear: the current real estate market is one for the record books. The exact mix of conditions we have today creates opportunities for both buyers and sellers. Here’s a look at four key components that are shaping this unprecedented market. A Shortage of Homes for Sale Earlier this year, the number of homes available for sale fell to an all-time low. In recent months, however, inventory levels are starting to trend up. The latest Monthly Housing Market Trends Report from realtor.com says: “In June, newly listed homes grew by 5.5% on a year-over-year basis, and by 10.9% on a month-over-month basis. Typically, fewer newly listed homes appear on the market in the month of June compared to May. This year, growth in new listings is continuing later into the summer season, a welcome sign for a tight housing market.” This is good news for buyers who crave more options. But even though we’re experiencing small gains in the number o...

 When it’s time to make an offer, it’s important to consider not just what you need, but what the seller may need too. Let’s connect to get your Fairway Advantage Pre-Approval™* so you can make strong offer. Know Your Numbers Having a complete understanding of your budget and how much house you can afford is essential. That’s why you should connect with a lender to getting pre approved for a home loan USA early in the homebuying process. Taking this step shows sellers you’re a serious, qualified buyer and can give you a competitive edge in a bidding war. Brace for a Fast Pace Today’s market is dynamic and fast-paced. According to the Realtors Confidence Index from the National Association of Realtors (NAR), the average home is on the market for just 17 days – that means from start to finish, a house for sale in today’s climate is active for roughly 2.5 weeks. A skilled agent will do everything they can to help you stay on top of every possible opportunity. And, as soon as you find...

 As we move into the latter half of the year, questions about what’s to come are top of mind for buyers and sellers. Near record-low mortgage rates coupled with rising home price appreciation kicked off a robust housing market in the first half of 2021, but what does the forecast tell us about what’s on the horizon? Read on to find out… Mortgage Rates Will Likely Increase, but Remain Low Many experts are projecting a rise in interest rates. The latest Quarterly Forecast from Freddie Mac states: “We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.” However, even as mortgage rates rise, the anticipated increase is expected to be modest at most, and still well below historical averages. Rates remaining low is good news for homebuyers who are looking to maximize their purchasing power. The same report from Freddie Ma...

 May was another robust month for local real estate with both condo and single family home sales up 20% and 89% respectively according to MAR. However, demand continues to outpace supply. With COVID restrictions easing and vaccination rates rising it is hoped that labor, material and supply chain issues will dissipate clearing the way for increased new construction. If you are considering listing your house in this seller’s market, get in touch so we can discuss your options. The economy continues to rebound post-COVID, and the Fed is keeping an eye on the job market and inflation. Last Wednesday, the Federal Open Market Committee (FOMC) released a statement regarding the economy. We share what that means for housing courtesy of Mike Fratantoni, MBA SVP and Chief Economist:| “In their statement, the Fed noted that inflation has moved further and faster than expected, even as the job market has not yet fully recovered. This poses a challenge, as any move to slow inflation would at l...