Tricia Madrid - Texas Elite Team Realtors

  There Are Several Great Reasons To Consider Buying a Condo Today If you’re a first-time buyer looking to break into the housing market but struggling to find a home to buy, condominiums (or condos) could be a great alternative for you. Here are a few reasons condos may be something you’ll want to consider. Exploring Condos Could Add Options That Fit Your Budget Supply challenges  are a reality across the board in today’s housing market. Broadening your home search to include condos could increase your overall pool of options. Just keep in mind, condos generally differ from single-family homes in average space and floorplans. In a  recent article ,  Bankrate  covers some of these differences: “Condos are generally more affordable because they come with less space — you likely won’t have your own backyard, for example, and the interior tends to be smaller than the square footage of a single-family home.” But if the size of a condominium meets your needs, they co...

  What’s Happening with Mortgage Rates, and Where Will They Go from Here? Based on the  Primary Mortgage Market Survey  from  Freddie Mac , the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more than a quarter of a point from just a week ago. Here’s a visual to show how mortgage rate movement throughout 2021 was steady compared to the rapid increase in mortgage rates this year: Just a few months ago,  Freddie Mac   projected  mortgage rates would average 3.6% in 2022. Earlier this month,  Fannie Mae   forecast  mortgage rates would average 3.8% in 2022. As the chart above shows, rates have already surpassed those projections. Sam Khater, Chief Economist at  Freddie Mac , explained in a  press release  last week: “This week, the 30-year fixed-rate mortgage increased by more than a quarter of a percent as mortgage rates across all loan types continue...

  The Best Week To List Your House Is Just Around the Corner Are you thinking about  selling  your house? If so, you may want to make it a priority to start the process soon. According to  realtor.com , the sweet spot for sellers is just around the corner. In a recent study, experts analyzed housing market trends by looking at data from the past several years (excluding 2020, since it was an atypical year). When applied to the current market, experts determined the ideal week to list a house this year. The research says: “Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2022 is approaching quickly.  The week of April 10-16 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year .” If you’ve been putting your move on the back burner waiting for the ideal time to sell, you should know your golden window of ...

A Key To Building Wealth Is Homeownership The link between financial security and homeownership is especially important today as  inflation  rises.  But many people may not realize just how much owning a home contributes to your overall  net worth . As Leslie Rouda Smith, President of the  National Association of Realtors  (NAR),  says : "Homeownership is rewarding in so many ways and can serve as a vital component in achieving financial stability." Here are just a few reasons why, if you’re looking to increase your financial stability, homeownership is a worthwhile goal. Owning a Home Is a Building Block for Financial Success A recent NAR  report  details several homeownership trends and statistics, including the difference in net worth between homeowners and  renters . It finds: “. . . the net worth of a homeowner was about  $300,000 while that of a renter’s was $8,000 in 2021 .” To put that into perspective, the average homeowner...

  How an Energy Efficient Home Can Be a Bright Idea   Some Highlights With inflation driving up the cost of  everyday items , seeking out an energy-efficient home can be a great way to decrease the  expenses  you can control. Energy efficiency can help lower your utility bills and possibly even  save you money  on your  taxes .  Options  to look for include efficient appliances, windows, and solar panels. If you’re planning to  buy a home  this year, consider energy efficiency in your search. Let’s connect so you can better understand features that can save you money for years to come.

What You Need To Know if You’re Thinking About Building a Home If you’re ready to  move up , you may be trying to decide whether you want to buy a home that's already on the market or build a new one. And since the  supply of homes  available for sale today is low, you’re willing to consider either avenue. While home builders are doing everything they can to construct more houses and help narrow the supply shortage, they’re also facing delays due to factors outside of their control. Here’s the latest on some of the key challenges homebuilders are experiencing today and how they could impact  your plans  to move up. When you know what’s happening in the industry, you can make an informed decision on whether to look for a newly built or an existing home in your home search. Supply Chain Issues The first hurdle builders are dealing with is the lack of supply of various building materials. According to a  recent article  from  HousingWire : “ . . ....

The Many Benefits of Homeownership The past two years have taught us the true  value of homeownership , especially the stability and the feeling of accomplishment it can provide. But homeownership has so much more to offer. Here’s a look at a few of the non-financial and financial benefits of owning a home. If you’re looking to buy a home today, think about all the ways homeownership can impact your life. Homeownership Has Impactful Personal and Emotional Benefits Owning your home gives you a significant sense of pride because it’s a space that is truly yours . And as a homeowner, you can customize your home to your heart’s desire. Having a space you’ve put your stamp on enhances the pride and sense of ownership you may feel. And that sense of ownership can extend beyond your shelter to help create social, community, and civic benefits as well. That’s because the average homeowner stays in their home for longer than just a few years. That means you’ll naturally feel a stronger conn...

What You Can Expect from the Spring Housing Market As the spring housing market kicks off, you likely want to know what you can expect this season when it comes to  buying  or  selling  a house. While there are multiple factors causing some uncertainty, including the conflict overseas, rising  inflation , and the first rate increase from the  Federal Reserve  in  over three years  — the housing market seems to be relatively immune. Here’s a look at what experts say you can expect this spring. 1. Mortgage Rates Will Climb Freddie Mac   reports  the 30-year fixed mortgage rate has increased by more than a full point in the past six months. And despite some mild  fluctuation  in recent weeks, experts believe rates will continue to edge up over the next 90 days. As  Freddie Mac   says : “The Federal Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the ...

The Average Homeowner Gained More Than $55K in Equity over the Past Year If you’re a current homeowner, you should know your net worth just got a big boost. It comes in the form of rising home equity.  Equity is the current value of your home minus what you owe on the loan.  Today, you’re building that equity far faster than you may expect – and this gain is great news for you. Here’s how it happened.  Home values  are on the rise thanks to  low housing supply  and  high buyer demand . Basically, there aren’t enough homes available to meet this  high buyer interest ,  so bidding wars are driving  home prices  up. When you own a home, the rising prices mean your home is worth more in today’s market. And as home values climb, your equity does too. As Dr. Frank Nothaft, Chief Economist at  CoreLogic ,  explains : “Home prices rose 18% during 2021 in the CoreLogic Home Price Index, the largest annual gain recorded in its 45-ye...