Home Business Mortgage and real estate news this week

Mortgage and real estate news this week

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The mortgage and real estate industries remain hotter than ever, which means now can be a great time to buy your first home, refinance your mortgage, or tap into real estate for remodeling. Here are five Bankrate stories released this week to help you navigate these options.

1. Look to the future: the heating of the houses remains on during the autumn

There is no indication that home sales will see a significant decline in the coming months. Tight supply and low mortgage rates have combined to make it seem that cooler weather and a school restart won’t dampen competition in the housing market. Even after a regular seasonal loss of momentum, autumn is likely to be quite busy.

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2. House prices remain high

Unlike the great recession of 2008, the coronavirus-induced economic downturn did not cause homes to lose their values. It seems counterintuitive, but that is to be expected. In most of the economic downturns since the 1980s, home values ​​have held up or even increased.

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3. Even with prices up, home ownership is affordable for many

When does more actually mean less? When you have a mortgage. Thanks to low interest rates, many borrowers can afford a larger mortgage than they could have had even a year or two ago because monthly mortgage payments will be lower, even with more capital. So even as house prices are rising, the market remains competitive.

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4. Higher prices mean more equity

Even if you’re not planning on selling your home, the competitive real estate market can be an advantage for you. Higher home prices mean more home equity for homeowners who are planning to stay, and low interest rates are extending beyond mortgages, making it cheaper than ever to leverage the equity you’ve built with a home equity loan or a line of credit (HELOC).

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5. Tap that equity and renew

In addition to the boom in homework, there has been a growing demand for home renovations since the pandemic forced many Americans to change their daily routines. Classic bathroom and kitchen designs remained popular, but new outdoor amenities also spiked in interest. If you’re thinking of remodeling, here are the trends to keep in mind and ways to pay for the project.

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