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Understanding Home Prices and Raleigh Mortgage Rates: Key Questions to Consider

July 6, 2023 by Kevin Martini

Gathering reliable information about the housing market is essential if you’re looking for a home. With various sources providing insights on home prices and Raleigh mortgage rates, it can be challenging to separate facts from speculation. Let’s analyze the data and address the top two questions you should ask yourself when deciding on home prices and mortgage rates.

Where Do I Think Home Prices Are Heading?

Expert Insights on Home Price Trends

One valuable resource for understanding home price trends is the Home Price Expectation Survey (HPES) conducted by Pulsenomics. The survey gathers opinions from a panel of over one hundred economists, real estate experts, and market strategists. According to the latest release, experts foresee a slight depreciation this year. However, it’s crucial to consider the broader context.

The worst declines in home prices are already in the past, and many markets are experiencing an appreciation in prices. Contrary to earlier predictions of a market crash, the HPES indicates a mere 0.37% depreciation in 2023, which suggests a stable market.

The HPES forecasts a positive trend in home price appreciation, particularly in 2024 and beyond. Buying a home now could lead to future value growth and increased home equity. Waiting may result in higher costs down the line.

Where Do I Think Mortgage Rates Are Heading?

Evaluating Raleigh Mortgage Rate Projections

Over the past year, mortgage rates have risen due to economic uncertainties and inflationary pressures. However, recent reports indicate that inflation has moderated from its peak, which bodes well for the market and mortgage rates.

When inflation cools, Raleigh mortgage rates typically respond by falling. Some experts anticipate a slight pullback in mortgage rates over the next few quarters, potentially settling around an average of 5.5% to 6%.

It’s important to note that predicting mortgage rates with absolute certainty is challenging, as numerous factors can influence their fluctuations. Nevertheless, considering various outcomes can provide valuable insights when making a decision.

Exploring Possible Outcomes

If you buy now and Raleigh mortgage rates remain stable:

Purchasing a home now is prudent since home prices are projected to appreciate over time, enabling you to benefit from rising values.

If you buy now and mortgage rates decrease (as projected):

Buying now is still advantageous as you secure the home before prices increase. If rates drop, you can also consider refinancing for lower mortgage costs.

If you buy now and mortgage rates increase:

In this scenario, buying now becomes an excellent decision as you lock in a lower mortgage rate and avoid potential price increases.

Certified Mortgage Advisor and Raleigh Mortgage Broker Kevin Martini Conclusion

Staying informed about home prices and Raleigh mortgage rates is crucial when contemplating a home purchase. While the future remains uncertain, insights from experts can guide your decision-making process. Contact a mortgage strategist with Martini Mortgage Group because they can provide expert opinions and advice specific to your local real estate and mortgage market.

Regardless of your experience level, the first step to homeownership is the home loan, not the home. By deploying the home loan first strategy, you will not only have price and cost clarity before you fall in love with the perfect home, but you will have the certainty that you can afford it.

About Kevin Martini

Kevin Martini, empowers families to create generational wealth through real estate with the perfect mortgage strategy.

His proprietary system has revolutionized consumer-lender relationships in the mortgage industry, and as a result, he has originated over a billion dollars in home loans since 2006. Kevin’s passion and intentionality lie in constantly pursuing perfect mortgage solutions that align with clients’ fluctuating personal circumstances and market conditions. He is genuinely dedicated to helping clients make intelligent financial decisions to facilitate wealth growth, future planning, and progress toward a debt-free retirement.

Kevin has been recognized as one of the top 50 Mortgage Originators in the country. His contributions to the field have earned him features in esteemed publications such as Forbes. In addition, he frequently shares his knowledge at real estate and mortgage conferences. He also hosts the Martini Mortgage Podcast, which provides up-to-date, factual content on real estate and mortgages. His Instagram and YouTube channels serve as platforms for various content, including breaking news, emerging stories, and innovative strategies curated to provide a comprehensive understanding of the real estate and mortgage arena.

A 4.3 Million Home Deficit

June 27, 2023 by Kevin Martini

The gap between homes and households is expanding. The variance between household formation and available homes in the U.S. is 4.3 million.

The Widening Abyss: A Closer Look

Between 2015 and 2021, the U.S. witnessed a growth of approximately 6.3 million units in its housing stock, which comprises all houses and apartments. Conversely, the population saw an expansion of 7.9 million during the same period, creating 7.1 million new households. This population growth has exceeded the increase in housing supply, instigating an extreme scenario of dwindling availability and intensified competition for available homes. The effect is a dramatic escalation in housing costs.

Recent reports from Zillow underscore the harsh reality: The U.S. is currently grappling with a 4.3 million housing deficit. This deficiency impacts an escalating number of “missing households”— families compelled to live in homes owned or rented by others. The severe lack of housing, especially affordable options, is rendering millions of American households without a place they can truly call their own.

The Concept of Household Formation: Demystified by the Martini Mortgage Group

Household formation is a pivotal demographic phenomenon that entails creating new households. A household is typically described as an individual or group of people sharing a living space and common living arrangements.

Several scenarios illustrate household formations:

A young adult branching out from their parent’s home to start an independent life.
A couple embarking on their marital journey and beginning to live together.
A roommate vacating a shared apartment, leading to the remaining individual living alone.
A separated couple establishing separate households post-divorce.

The Raleigh Real Estate Market: A Projection

Predictions suggest that Raleigh’s population will grow 25% by 2030. Correspondingly, an upsurge in household formations is anticipated, driven by an increase in young adults establishing new households. Zillow’s research indicates a need for an additional 17,000 homes in the Raleigh metro area, based on data from 2015 to 2021. The City of Raleigh predicts an even more significant need, forecasting a requirement for an extra 57,000 homes by 2030.

The most opportune moment to invest in real estate is when you’re prepared to take the plunge. If that moment is now, the timing might be right for you. Given that the inventory of homes for sale is at its lowest level since 1982, and new construction isn’t keeping pace with demand, it could take a decade for the housing inventory to achieve balance in the U.S. This heightened demand for housing could potentially spur home appreciation.

Whether you’re a first-time or repeat homebuyer, the journey to homeownership begins with securing a home loan. Once you are approved, not just pre-qualified, you can then proceed to find your dream home. If you’re considering buying a home now or in the future, it’s advisable to consult with a Mortgage Strategist from the Martini Mortgage Group. They can assist you in securing your options and providing clarity on price and cost.

Contact Kevin Martini

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Unlock Your Dream Home with a USDA Home Loan (a.k.a. Rural Development Home Loan) with the Martini Mortgage Group

June 14, 2023 by Kevin Martini

If where you want to call home is beyond city limits, the USDA Rural Development Home Loan program, also known as USDA Home Loan, is a mortgage solution you may want to consider. It could be an ideal mortgage solution for you.

The USDA Home Loan offered by the Martini Mortgage Group makes homeownership more accessible and economical by providing affordable home financing options to eligible borrowers, making the dream of owning a home a reality.

Benefits of Rural Development Home Loans

USDA Home Loan loans provide a multitude of benefits.

Perhaps the most enticing is that they offer 100% financing, which means no down payment is required from the borrower. These loans also have lower interest rates compared to conventional mortgages. Furthermore, USDA Home Loans offer long-term loans for up to 30 years, making repayments affordable for most borrowers. In addition, since all Rural Development Home Loans are government-backed, the risk to a lender is decreased, resulting in more lenient qualifying requirements.

Eligibility and Application

Eligibility for a USDA Home Loan depends on several factors, including income, credit, loan use, and the property’s location. The property must be located in an eligible rural area, as the USDA defines.

The application process for a USDA loan involves a few steps:

Check if the property is in an eligible area.
Ensure you meet the income requirements.
Consult with the Martini Mortgage Group to initiate the application process.

7 FAQ’s about the USDA Home Loan by Mortgage Broker Logan Martini

Q1: What is a USDA Rural Development Home Loan?
A: A USDA Rural Development Home Loan, also known as a USDA Home Loan, is a mortgage solution provided by the United States Department of Agriculture (USDA) designed to promote homeownership in rural areas of the country.

Q2: Who is eligible for a USDA Home Loan?
A: USDA Home Loans are targeted toward low-to-moderate-income families. Eligibility is based on income, credit score, and the location and use of the property. The property must be located in an eligible rural area, and the borrower’s income should generally be at most 115% of the median income for that area.

Q3: What does it mean that the USDA Home Loan offers 100% financing?
A: 100% financing means that you don’t need to make a down payment. The home’s total purchase price can be financed as part of the USDA Home Loan.

Q4: What is the maximum loan term for a USDA Home Loan?
A: The USDA Home Loan offers long-term mortgages, with a maximum term of up to 30 years.

Q5: Are there specific requirements for the property I wish to purchase?
A: Yes, the property must be in an eligible rural area as defined by the USDA. Additionally, it should meet certain safety, sanitary, and decent living conditions stipulated by the USDA.

Q6: Can I refinance an existing mortgage with a USDA Home Loan?
A: Yes, refinancing is possible with a USDA Home Loan. However, certain conditions apply, and it’s best to consult with a lender or mortgage professional to understand your options.

Q7: Does the USDA Home Loan require mortgage insurance?
A: Yes, the USDA Home Loan program requires borrowers to pay an upfront guarantee fee, which can be rolled into the loan amount, and an annual fee, which is paid monthly.

Martini Factor Bottom Line on the USDA Home Loan

The USDA Home Loan (a.k.a. the Rural Development Home Loan) is a tremendous opportunity for individuals and families desiring homeownership in rural areas. Its lenient eligibility criteria, zero down payment, and favorable interest rates make it an excellent alternative to conventional loans. If your dream is to live outside the city limits, then the USDA Home Loan offered by the Martini Mortgage Group could be the key to unlocking your dream home.

Whether you’re a first-time or repeat homebuyer, making an informed decision about your next move is crucial. Regarding homeownership, having certainty about your financing options is the proper first step, regardless of your experience level. This way, you can confidently search for your dream home armed with price and cost clarity.

Let’s connect and discuss the proper mortgage strategy for you and your family. The USDA Home Loan may be the perfect solution, or there may be a better one. Whether you’re ready to leap into homeownership or want to explore your options, I’m here to help you make the best decision for your unique situation.

My name is Logan Martini, and you can reach me by dialing (919) 238-4934. Contact me today for a confidential conversation.