REAL ESTATE TIPS

 

A lot is happening in the world, and it’s having a direct impact on the housing market. The reality is this: some of it is positive and some of it may be negative. Some we just don’t know yet.

The following three areas of the housing market are critical to understand: interest rates, building materials, and the outlook for an economic slowdown.

 
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REAL ESTATE CORNER

NEW FLOOD INSURANCE PRICING SYSTEM


     

 

In October 2021, FEMA began phasing in a new flood insurance pricing system. These changes apply to new flood insurance policies, and most existing policies are not going to be affected until April 2022. Existing policy holders can take advantage of any premium decreases at the time of their renewal beginning October 1, 2021.

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- Courtesy of Drew Ludlow
    Broker/Realtor® - Ludlow Real Estate Group

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CITIES WHERE BUYERS BRING THE LARGEST DOWN PAYMENTS

 


Higher home prices are making it harder to save for the common 20% down payment on a home. Buyers can purchase and put a lot less down, but they are struggling to compete in a housing market in which sellers are paying attention to the size of buyers’ down payments as they judge the best offer.

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- Courtesy of Drew Ludlow
    Broker/Realtor® - Ludlow Real Estate Group

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INTERACTIVE MEDIAN HOME PRICE MAP

 

Home prices are rapidly changing, and it is often difficult to keep up with the changes in residential selling prices in your area.Use this interactive map tool to zoom in to your metropolitan statistical area to get the latest quarterly median home price for your market, and its percentage change from the previous quarter..


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HOW MISUNDERSTANDINGS ABOUT AFFORDABILITY COULD COST YOU

There’s a lot of discussion about affordability as home prices continue to appreciate rapidly. Even though the most recent index on affordability from the National Association of Realtors (NAR) shows homes are more affordable today than the historical average, some still have concerns about whether or not it’s truly affordable to buy a home right now.
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