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

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$ 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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If your listing has expired and your house didn’t sell, it's completely normal to feel a mix of frustration and disappointment. Understandably, you're probably wondering what may have gone wrong. Here are three questions to think about as you figure out what to do next.

Did You Limit Access to Your House?

One of the biggest mistakes you can make when selling your house is restricting the days and times when potential buyers can tour it. Being flexible with your schedule is important, even though it might feel a bit stressful to drop everything and leave when buyers want to see it. After all, minimal access means minimal exposure to buyers. ShowingTime advises:

“. . . do your best to be as flexible as possible when granting access to your…

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If your house didn’t sell before the listing expired, you have a few options:

1.       Take it off the market

2.       Sell it yourself

3.       Re-list it

In this video, I give you a rundown of these three options and suggest what might be the best option for certain situations. Any questions, please give us a call!

We are the Brookings Home Team, how can we serve YOU?

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Blog Post 4

1818 17th Ave S, Brookings, SD

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  • Property Video
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$ CLICK FOR CURRENT PRICE 5 BEDROOMS 2 BATHROOMS 10000 sqft Lot

Check out this 5 bedroom, 2 bath ranch home that is centrally located and is across the street from a large city park. The Sellers had a new furnace and air conditioning unit installed the fall of 2021 along with a radon mitigation system in 2020. A double garage with an extra parking pad for an extra car, boat or camper. The back yard is fenced and includes a storage shed. The large front deck is composite and will provide good space…

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