This month is all about Halloween in my household! My boy’s have been counting down the days since August and there is always a Halloween movie on TV!
On a professional front, the subtle drop in interest rates have reinvigorated some buyers. Ping me if you want to explore if buying a home is the right move for you.
What's happening around town? MA will be celebrating October with a handful of local events and happenings. Keep reading for more information below!
Inventory levels are still low compared to historical averages and it's still expected to be a seller's market.
The recent mortgage rate drop strengthens buyers’ purchasing power and will likely motivate buyers who've been waiting on the sidelines.
The median home price in the U.S. sits around $430K but economic research suggests that, on average, home prices increase by 5 to 10 percentage points for every 1 percentage point decrease in interest rates.*
*(FRED, Sept 2024)
Mortgage rates have finally dropped! (Hallelujah!) The question everyone is now wondering: "Should I refinance?"
Deciding whether to refinance your home depends on several factors. Evaluate if it’s a good time for you:
YOUR CURRENT RATE A general rule of thumb is to refinance your mortgage when interest rates are at least 1% lower than your current rate.
COSTS OF REFINANCING The cost to refinance your mortgage can range from 2% to 6% of the loan amount. You want to be sure that potential savings will outweigh total closing costs.
YOUR "BREAK-EVEN" POINT Your break-even point is when you will recoup all the closing costs that come with refinancing your loan. For example, if your closing costs are $5,000 and your monthly savings from refinancing is $200 per month, it would take you 25 months to break even.
YOUR FUTURE PLANS If you plan to stay in your home for several more years, refinancing could be a smart move, but if there's a decent chance you'll relocate before reaching your break-even point, it might not be worth it.
Whether you're interested in purchasing your first home, moving up, downsizing, or investing, my team and I are here to be a resource to you.
Let's find you a new home. And it all starts here. Tell us a bit about your situation – buying, selling, and so forth – and one of our team members will be back in touch to discuss the details directly.