The National Association of Realtors published a profile of homebuyers and sellers and here is what they found:

• The average age of a First Time Homebuyers is 31.
• The Average Income is $67,400.
• 66% of First Time Homebuyers are married couples.

They also published the sources of down payment of First Time Homebuyers:

• 78% of their money was in Checking/Savings
• 27% of First Time Homebuyers received a Gift from a Relative.
• Please be aware of this info as you are meeting with First Time Homebuyers!

Our mortgage professionals make sure to educate First Time Homebuyers on the TRUE impact that interest rates have on their buying power! According to Freddie Mac, long-term mortgage rates rose this week on news of an improving job market. A 30-year fixed-rate mortgage averaged 4.37% in the week ending March 13, up from 4.28% last week. A 15-year fix averaged 3.38% this week, up from 3.32%. A one-year adjustable-rate mortgage averaged 2.48%, down from 2.52% last week. Freddie Mac Chief Economist Frank Nothaft said, "The economy added 175,000 jobs in February, which was above the market consensus forecast and followed an upward revision of 25,000 jobs for the prior two months. Meanwhile, the unemployment rate nudged up to 6.7 percent, the first rate increase in over a year."

This graphic shows the difference in monthly payments between where rates have been in the past and where they are forecasted to be in 2015 and as you can see there is a HUGE difference!  All homebuyers need to see and understand this information and how it could apply to their financial plans. Seeing where the numbers are will likely encourage people to consider buying now as opposed to waiting.

Interested in owning a home of your own? I am more than happy to sit down with you and explain how to make your goals of homeownership a reality and will answer all of your questions. Call me today for a free consultation. I would be happy to put together numbers on a variety of home loan programs that make sense for you. At Fairway Independent Mortgage of the Carolinas, we strive to make the process of buying your first home easy and stress-free.

Original article here
 

Buyers and sellers in the Charlotte metro area are faced with very important decisions in the current housing market. Home mortgage interest rate loans are inching up as Freddie Mac announced that the average rate on a 30-year, fixed rate mortgage was 4.4%, up from 4.31%. A 15-year, fixed mortgage rate averaged 3.42%, up from 3.32%, while a one-year, adjustable rate mortgage averaged 2.44%, dipping from 2.49%.

I want my wants buyers to understand the current competitive landscape of Charlotte's current real estate market. It is important to review historical inventory levels and compare them with our current experiences here in Charlotte. It's also the time to consider whether now is the right time to list your home, as supply is so low. Ordinarily, having 5-6 months of inventory is a "normal," or balanced real estate market.

The Charlotte real estate market is returning to normal. In recent past years when there were no buyers, the market had 8-9 months of inventory. However, January to April of 2013, when we had an abundance of buyers and every home has multiple offers at or above list price, we only had 4 months of inventory on the market. The first quarter of 2014 shows signs that we are in a sellers market and that buyers have been having trouble finding homes.

There is a lot of competition between buyers right now. That means these market improvements are bringing Charlotte closer and closer to a "normal" market. Even with inventory being below desired levels, we are seeing balance.

Buyers may face some competition for the house they love, so it is good to put in their best offer as quickly as possible.

It is crucial for sellers to know that NOW is the time to list their house as well as alerting buyers that they can have a significant leg up in the buying competition!

Fairway provides clients with a Certified Pre-Approval that allows sellers who are comparing offers, be sure that our loans will close. Having this extra level of certainty provides a competitive advantage over another buyer who does not have this level of guarantee. If you are buying a home, be sure to talk with me about the benefits of a Certified Pre-Approval.

Original article here