How often should homebuyers check on mortgage rates?
As we’ve seen in the past few years, the mortgage rate market is prone to fluctuations, but how often should you check on mortgage rates? If you’re in the market for a home, comparison shopping is a great way to familiarize yourself with how mortgages work, and work to get the best rate possible. This is especially true for first-time homebuyers who may not have the same level of knowledge that an individual who has made multiple purchases would have.
Checking rates daily to understand the current market trends is the best way for homebuyers to shop around. However, it’s also important to remember that your rate could be lower or higher than rates that you see online. Mortgage rates depend on the type of loan you’re looking for, the term, and your financial situation.
Is your city a buyer’s or seller’s market?
According to recent data, the days of the crazy seller’s market that we saw in 2021 appear to be over, but does that mean we’re transitioning into a buyer’s market? “Median prices have declined on a monthly basis since mortgage rates doubled between January (2022) and October, and are likely to decline further in many markets across the country in 2023, reducing profitability for home sellers,” Rick Sharga, with real estate data tracker Attom.
Also a recent survey by Knock, a home loan company, showed that 100 out of 100 markets surveyed in 2022 were seller’s markets. Now? At the start of 2023, 13 markets favored buyers, 43 were neutral, and 44 favored sellers. Their prediction is that this is the start of a larger trend that could spread to markets like Dallas/Fort Worth, Las Vegas, and Salt Lake City. They also stated that several areas will remain stronger for sellers. Areas with a higher potential to favor sellers include Fayetteville, NC, Columbia, SC, and Springfield, MA.
How much real estate do President Biden & living ex-presidents have?
Holding the title of President of the United States comes with one of the most impressive homes on the planet at 1600 Pennsylvania Avenue, but how much real estate do President Biden and the living former Presidents really hold?
Joe Biden is famous for maintaining homes in Delaware. He owns a 6,900 sq. ft. home in Wilmington and a 4,800 sq. ft. home on Rehoboth beach.
Former President Trump was known for real estate investment, but the overwhelming majority of his properties are actually owned by the Trump Organization, not by him directly. He reportedly owns six residences worldwide, but the Trump Organization maintains 500 businesses and properties, with some reports putting the estimated value close to $3 billion.
Former President Barack Obama maintains a real estate portfolio worth an estimated $20 million. A home in Washington DC worth $8.1 million and an estate in Martha’s Vineyard worth an estimated $11.75 million are two of the highlights.
George W. Bush famously has a 1,600-acre ranch near Crawford, TX, but he also purchased a Dallas home in the Preston Hollow neighborhood around 2016.
The Clintons maintain homes in Chappaqua, NY and Washington DC. Their real estate portfolio is estimated at around $5 million.
Jimmy Carter built a home at 209 Woodland Drive in Plains, GA in 1960, and it’s been the only home he and his wife have ever owned. Former President Carter has reportedly done most of the maintenance himself, including building a pond for fly fishing and knocking down a wall during a remodel in 2010.
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