NAR News Oct -2023

NAR NEWS TODAY 

Home buyers can’t seem to catch a break, faced with a real estate market plagued by low inventories, high home prices and high mortgage rates. This week buyers received another blow as mortgage rates continued to surge—averaging 7.49%—and further pressing on their home-shopping budgets.

“Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation,” says Sam Khater, Freddie Mac’s chief economist. “Unsurprisingly, this is pulling back home buyer demand.”

Indeed, mortgage demand for home purchases and refinancings last week dropped to the lowest level since 1996 as mortgage rates continued to climb, the Mortgage Bankers Association reported this week. Applications for home purchases slowed to the lowest level of activity in nearly 20 years “as the rapid rise in rates pushed an increasing number of potential home buyers out of the market,” says Joel Kan, MBA’s deputy chief economist.

Home buyers frantic to find relief from the higher borrowing costs are reaching for adjustable-rate mortgages, which tend to have lower introductory rates before resetting after five or 10 years or so. ARMS comprised 8% of the purchase applications last week, up from 6.7% a month earlier when interest rates were lower, MBA reports.

Mortgage Denials Are Growing

Meanwhile, more aspiring home buyers also are having a difficult time getting approved for a mortgage. Lenders last year denied loan applications due to “insufficient income”—more often than at any other point on record, according to the records dating back to 2018, a report from the Consumer Financial Protection Bureau shows. About 9% of home purchase applications among all borrowers were denied in 2022. Insufficient income represented more than 50% of the denials among Asian Americans, 45% for Black and Hispanic applicants, and 40% for white applicants.

Higher home prices and higher mortgage rates are to blame for the higher rates of income-based mortgage denials, Tedd Rossman, a Bankrate senior industry analyst, recently told CNBC. Higher rates mean larger monthly mortgage payments and “that could put you in the category of having insufficient income,” Rossman says.

Educate yourself on solar technology basics and the tax incentives available in your state. Here are some specific ways to get this important information.

• Ask relevant questions: Ask about panel efficiency and output. If the installation is free, ask who owns the panels and gets the tax rebates. Ask about hidden fees and charges. Don’t just ask a single salesperson—talk to multiple people at the company to ensure you’re getting consistent answers.
• Avoid high-pressure salespeople: Anyone trying to get you to immediately sign a contract is in it for the money. Even if it’s a legitimate company, you may get a better deal elsewhere. If a salesperson continually tries to force your hand with huge, limited-time discounts, turn them down. You can always contact them later if you change your mind.
• Research each solar company: Don’t take any salesperson’s word for it—find out for yourself. Look up companies on the Better Business Bureau (BBB) website and review sites such as Trustpilot, Yelp, and Google Reviews. Find out if other customers are satisfied with the products and service.
• Research local solar incentives: Know which incentives are and aren’t available to homeowners in your state, county, and city. Learn what’s needed to qualify for any particular program.
• Research local solar panel costs: If you know your area’s average prices, it’s easier to be skeptical about quotes that are too high or deals that are too good to be true.
• Request multiple quotes: Don’t sign a contract without shopping around. The first company to approach you might end up being the best, but you won’t know until you look into others. We recommend getting quotes from at least three providers or possibly more if you’re able.

Selling a home is one of the most important decisions you make in life.
I realize the importance of this decision and the impact it has on you and your family.
I am the right expert to help ensure you achieve your real estate goals.

Using the following 6-step process, I will assist you to Get Informed, Get Listed and, most importantly, Get SOLD!

1. I start by learning your needs & the qualities of your home.
2. I empower you with powerful market data & intelligence.
3. I put my knowledge, proven marketing process, company & network to work for you.
4. I deploy automated marketing, robust technology, & tools for you.
5. I will guide you through the process of selling your home.
6. I introduce you to our vast network of partners & support services.

    

    

   Selling a home is one of the most important decisions you make in life.
   I realize the importance of this decision and the impact it has on you and your family.
   I am the right expert to help ensure you achieve your real estate goals.

   Using the following 6-step process, I will assist you to Get Informed, Get Listed and, most importantly, Get SOLD!

   1. I start by learning your needs & the qualities of your home.
   2. I empower you with powerful market data & intelligence.
   3. I put my knowledge, proven marketing process, company & network to work for you.
   4. I deploy automated marketing, robust technology, & tools for you.
   5. I will guide you through the process of selling your home.
   6. I introduce you to our vast network of partners & support services.

My name is Betty Ortiz, I’m with Homesmart Evergreen Realty and I have been servicing the Los Angeles and surrounding areas since 2007.
For most people buying or selling a property is the biggest financial decision they will ever make, it can be very stressful, my job is to take that stress from them and to guide them thru the process, so that they can make well-informed decision that will best benefits them and their families.
I love negotiating the best deal for my clients and to really listen and meet their very unique real estate needs. I have experience working with first time home buyers, growing families, couples looking to retire/downsize, short sales and investors.
A Bachelor in Business Administration, A Certification in Mortgage Underwriting and over 19 years of combine experience working in Mortgage and Real Estate helps me to better protect you, given me a strong foundation to properly evaluate market conditions and determine the right course of action when marketing and negotiating the highest return and the best possible terms for you.
I love what I do and it shows.
My name is Betty Ortiz and I look forward to working with you.