Now that rates have risen and economic uncertainty is on top of everyone’s mind, what can homeowners and home buyers expect? How will home loans and home buying be impacted by today’s trends? The mortgage brokers at Peoples Choice Mortgage are here to help you decipher what today’s data means for home loans and home buyers.

It is important to figure out if myths are correct and if they are serving you well before you hold on to them. First-time home buyers should heed this lesson. Some of the more prevalent myths about first-time home buyers in today’s market are false and harm first-time home buyers.

Mortgage brokers cannot serve two masters. They can either serve their clients needs or they can try to do what is best for their commission structures. Prioritizing loyalty means choosing a mortgage broker that prioritizes your needs above all else.

People are flocking to Florida and some are calling it the hottest market in the country. All parts from Pensacola to Palm Beach, to Tampa Bay are flourishing. Why are home buyers rushing to get home loans in Florida for the house of their dreams? Why are home buyers rushing to fill out mortgage applications with their trusted mortgage broker in the Sunshine State?

Bill Simmons and Ryen Russillo are media personalities on The Ringer, a website dedicated to sports and pop culture. Both achieved fame as prominent personalities for ESPN. While known for discussing sports, their conversation about the Denver Nuggets turned to real estate. Simmons and Russillo agreed that Denver is a great place to live and that people are flocking there from all over. Are these sports experts right about Denver real estate?

Are today’s rising home prices being driven more by home buyer demand or low inventory? The team at Peoples Choice Mortgage is here to look at today’s trends and see what home buyers and homeowners can expect from home prices.

Can you increase your offer and still qualify for a home loan? Is there anything you can do other than increasing your offer that will make it more likely you will successfully close on the home? These are all complicated and important questions in a market as competitive as today’s. However, no matter how tough it is for home buyers, by focusing on the 3 Ps (patience, planning, and professionals) you can buy the house of your dreams.

When you are in the midst of a market cycle, it is entirely unpredictable. It is very difficult to tell if you are at the peak of the market or if you are at the bottom of the dip. Markets can go higher than you would imagine, and they can go lower. Given that context, it is time for home buyers and homeowners to look at today’s market. Have we peaked or will this real estate run continue?

Potential home buyers should be excited by the above data because it looks like more houses will be available on the market in 2022 than last year. This means less bidding wars, a greater chance of finding the perfect house, and possibly an end to skyrocketing prices. The best way to take advantage of this is to be prepared and that means speaking with a mortgage broker.

The bottom line is that 2022 is lining up great for home buyers. Rates will increase, but will still be at an extreme discount compared to historical rates. At the same time, inventory will increase which will mean that it is easier to buy a home without as many bidding wars. This is great news for home buyers. If you want to stop renting and become a homeowner, 2022 is a great year for it.

As we end 2021, it’s important for future home buyers to prepare for the future. We want to make the process easy for you, which is why we broke down these resolutions into three steps. Just know that you don’t have to go through the steps all by yourself. The independent mortgage brokers at People’s Choice Mortgage are here to help you with every step of the process.

Back in January, President Biden pushed for a first-time homebuyer tax credit of $15,000. Since then, this recommendation has become its own legislation, the First-Time Homebuyer Act of 2021. Should first-time homebuyers wait for this legislation before buying?

Buying a house at today’s prices means that you benefit from tomorrow’s rising prices. On top of that, the likelihood of rising mortgage rates means your mortgage will be more expensive. Today’s real estate market is thriving all over the nation, but especially in Boston.

The FHFA’s recent decision to raise conforming loan limits is both expected and unprecedented all at the same time. Typically, conforming loan limits are raised each year. However, this usually happens in small amounts to keep up with the cost of living and appreciation. The limit increase for 2022 is much larger than ever before.

Today’s real estate market is difficult for home buyers, with COVID-19 changing how we buy homes. Homes available for purchase are limited and there are a lot more buyers than homes on the market. Remember, difficult is not the same as impossible. It just means that you cannot expect to be able to buy a house just because you put in an offer. You will need the patience to succeed in this market.

Global economics is very complex and it is hard to precisely predict the fallout of China’s real estate crisis. However, if it does end up freeing up building materials for US home builders then US home buyers will be the big winners. This would allow home buyers to take advantage of low mortgage rates and buy the house of their dreams.

The supply chain crisis will not last forever. As the pandemic recedes, the supply chain problems will start to be resolved. In turn, homebuilders will get the materials they need so that home buyers can have the inventory they need to buy the house of their dreams. However, this will take time.

Historically, the beginning of October has been the best opportunity for home buyers throughout the entire year. So, if haunted houses are not the thing that gets you excited, maybe a great deal on buying a new home will. The team at Peoples Choice Mortgage is here to help you understand why the beginning of October is a great time for home buyers.

The bottom line is that any home buyer expecting a discount by waiting to buy a home will probably be sorely disappointed. Home prices will probably rise and so will mortgage rates. So, not only will you pay more for a home, but you will also be charged more to finance the purchase.

It is impossible to predict what will happen to the number of active listings going forward, but it is clear that data from the previous few months is positive for home buyers. Home prices are leveling off and it seems like there are a number of ways that home inventory will be increasing. As such, it seems likely that the extreme sellers market is waning and that home buyers are in a much more favorable position.