Rising interest rates can lower affordability. This can add hundreds of dollars to your monthly payment which in turn will have the lender saying you have to look for a less expensive house.
Disclosure – Monthly payments are based on principle and interest only. Property taxes and insurance usually are required by the lender and added to the mortgage payment. Property taxes vary on the characteristics of the house and insurance is based on a number of different factors such as your age, the type of coverage that you want, the amount of coverage that you need, your personal information, your ZIP code, and other factors.
In my 20 years as a real estate agent, I have heard all kinds of beliefs from customers/clients about my business and trade. I am constantly surprised at what the public believes. Knowing that the average person only owns 3 … Continue reading →
For the past 5 years, I have had the privilege of working with a bankruptcy trustee. What does that mean? A bankruptcy trustee is assigned to someone who is going through bankruptcy. The trustee decides what happens to all of … Continue reading →
Interest rates are on the rise. A local trusted lender that I refer business to just went from 3.875% to 4.25% on a 30 year fixed mortgage loan. The industry was not expecting 4 percent or over until the end of the year.
The median price of a home in Indianapolis has dropped about $9000 from December 2021 to January 2022. Very typical in the winter months. Not as many buyers looking and not as many bidding wars where bidders will hike the prices. Sales dropped about 33 percent in January from the 2 previous months.
Average Days on the market have risen from 19 in October 2021 to 29 in January 2022. It will vary around the Indianapolis market. Where I live, it is around 10 days.
Want to win in this very competitive market? Here are 12 Tips to Win a Bid