When it comes to selling your home and finding the right new home for you, there’s good news. New homes are on the rise! When you add these homes to your search, you could end up finding exactly what you need. Check out this video for more information and let us know if you have any questions – we’re here for YOU! We are the Brookings Home Team, how can we serve YOU?

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If you're trying to decide whether to rent or buy a home this year, here's a powerful insight that could give you the clarity and confidence you need to make your decision.

Every three years, the Federal Reserve releases the Survey of Consumer Finances (SCF), which compares net worth for homeowners and renters. The latest report shows the average homeowner’s net worth is almost 40X greater than a renter’s (see graph below):


One reason a wealth gap exists between renters and homeowners is because when you’re a homeowner, your equity grows as your home appreciates in value and you make your mortgage payment each month. When you own a home, your monthly mortgage payment acts like a form of forced savings, which eventually pays off when…

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If you’re getting ready to buy a home, it’s exciting to jump a few steps ahead and think about moving in and making it your own. But before you get too far down the emotional path, there are some key things to keep in mind after you apply for your mortgage and before you close. Here’s a list of things to remember when you apply for your home loan.

Don’t Deposit Large Sums of Cash

Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any cash into your accounts, discuss the proper way to document your transactions with your loan officer.

Don’t Make Any Large Purchases

It’s not just home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. People…

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If you’ve owned your house for at least a couple of years, there’s something you’re going to want to know more about – and that’s home equity. If you’re not familiar with that term, Freddie Mac defines it like this:

“. . . your home’s equity is the difference between how much your home is worth and how much you owe on your mortgage.”

That means your equity grows as you pay down your home loan over time and as home values climb. While it’s true home prices dipped slightly last year, they rebounded and have been climbing in many areas since then. Here’s why that price growth is good news for you.

In the latest Equity Insights Report, Selma Hepp, Chief Economist at CoreLogic, explains:

“With price gains continuing to help homeowners…

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If you want to buy a home, it's important to know how mortgage rates impact what you can afford and how much you’ll pay each month. Fortunately, rates for 30-year fixed mortgages have come down significantly since the end of October and are currently under 7%, according to Freddie Mac (see graph below):

 


This recent trend is great news for buyers. As a recent article from Bankrate says:

“The rate cool-off somewhat eases the housing affordability squeeze.”

And according to Edward Seiler, AVP of Housing Economics and Executive Director of the Research Institute for Housing America at the Mortgage Bankers Association (MBA):

“MBA expects that affordability conditions will continue to improve as mortgage rates decline . . .”

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908 Christine Ave #304, Brookings, SD

Open House

  • Property Video
  • Informational Video
  • Description
  • Photos
  • Marketing Your Home
  • Real Estate Reports for Home Owners, Sellers & Buyers!
  • More
$ CLICK FOR CURRENT PRICE 2 BEDROOMS 1.75 BATHROOMS

Welcome to your dream living space on the 3rd floor! This exquisite condominium offers a perfect blend of comfort, style, and convenience. One of features is the convenience of an elevator, ensuring easy access without the hassle of stairs. Say goodbye to parking woes with the climate-controlled garage that comes with your own storage area. Your vehicle(s) will be sheltered in comfort, protected from the elements, and you'll have a designated, locked space for…

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Is it a good time to buy a home? The answer is a bit more complicated than yes or no, but I give you a few insights into the answer that fits you in this video. Watch it and let us know at the Brookings Home Team if we can help answer this question with you to fit your best interests.

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Some Highlights

  • Planning to buy a home in 2024? Here’s what to focus on.
  • Improve your credit score, plan for your down payment, get pre-approved, and decide what’s most important to you.
  • Let’s connect so you have expert advice on how to achieve your homebuying goals this year.

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If you’re thinking about buying a home, pre-approval is a crucial part of the process you definitely don’t want to skip. So, before you start picturing yourself in your new living room or dining on your future all-season patio, be sure you’re working with a trusted lender to prioritize this essential step. Here’s why.

While home price growth is moderating and mortgage rates have been coming down in recent weeks, affordability is still tight.  At the same time, there’s a limited number of homes for sale right now, and that means ongoing competition among hopeful buyers. But, if you’re strategic, there are ways to navigate these waters – and pre-approval is the game changer.

What Pre-Approval Does for You

To understand why it’s such an…

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If you’re thinking of buying a home this year, you’re probably paying closer attention than normal to the housing market. And you’re getting your information from a variety of channels: the news, social media, your real estate agent, conversations with friends and loved ones, the list goes on and on. Most likely, home prices and mortgage rates are coming up a lot.

Here are the top two questions you need to ask yourself as you make your decision, including the data that helps cut through the noise.

1. Where Do I Think Home Prices Are Heading?

One reliable place you can turn to for information on home price forecasts is the Home Price Expectations Survey from Fannie Mae – a survey of over one hundred economists, real estate experts, and…

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