The Federal Reserve is expected to hike interest rates again
According to a recent survey by CNBC, experts are expecting the Federal Reserve to approve a 0.25% interest rate hike today. The expected hike would be the 10th time the Fed has raised interest rates in the past year. This represents the fastest pace to tighten interest rates since the 1980s.
Consumers and businesses alike are paying more to borrow from creditors while still grappling with higher costs.
While the Fed’s efforts have seen inflation cool off, it’s still higher than economic experts would like to see.
It’s expected that the Fed will pause rate hikes after today’s announcement, but the real clues will come when Federal Reserve Chairman Jerome Powell speaks after the announcement.
Could a steady drop in mortgage rates & home prices be near?
Economists surveyed by House Digest crunched the numbers on the current mortgage rate and home price trends, and they believe that a steady drop in both isn’t that far away.
Sam Khater, the chief economist at Freddie Mac, stated, “Incoming data suggest the housing market has stabilized from a sales and house price perspective. The prospect of lower mortgage rates for the remainder of the year should be welcome news to borrowers who are looking to purchase a home. Khater believes that the slowing rate of inflation could also contribute to rates coming down.
In addition to the potential cool off of mortgage rates, home prices have followed a similar trend. Data from key metros have shown that previously red-hot markets are starting to soften in prices. It’s true that listings are still higher now than they were a few years ago, but there isn’t data showing that sellers are getting what they’re asking at the rate that they were previously.
What’s the one real estate listing photo that can make or break a sale?
Experts from Realtor.com believe that there is one listing photo that can either help you sell your property or keep it on the market longer. Which photo, you ask? The first exterior shot of your home.
First impressions mean everything in online listings, and the first exterior shot of your home can mean additional viewings or keep potential buyers away.
It’s best to shoot your home in the best light, keep the front yard manicured, and stage the porch with plants, swings or other accessories. If you have to list in the winter, be sure to shovel. Also, an aerial shot from a drone can add a dramatic effect to your listing that can get buyers interested.
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- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- Loan obligation info (student loans,
auto loans and credit cards)
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