"Lucky Day" - Homebuying Gameplan (recap 5/1-7/23)

The #federalreserve moves rates, again, but there are signs of economic hope.?However, inventory remains the key missing variable to the housing puzzle.? I share a few interesting housing headlines, and advise from one of my favorite heroes on how to ensure you plan for all the details of your home search.? Enjoy this week's Mortgage Market Update…?

• Purchase #mortgage applications dropped 2% last week and were down 32% from a year ago. Tight inventory continues to hamper sales.?#refinance applications were up 1% on the week, despite being down 51% from the year before.
• #homeprices still growing annually, but #rate of gains is slowing as pace of year-to-year price increases is slowest since spring of 2012, according to CoreLogic.
• #Fed increases benchmark rate by 25 basis points for central bank's 10th straight #ratehike and its highest level in 16 years. Initial reaction is a slight drop in US Treasury rates from 2-years and longer as the market anticipates a pause to further rate hikes from here.?
• April #job report came in better than expected.??Average hourly earnings rose 0.5%, up from 0.3% in March and the largest month over month gain in a year. On an annualized basis, wages were up a solid 4.4%. Both figures are still off from the level needed to reach the Federal Reserve's targeted 2% inflation rate, elevating chances that the central bank could opt for another rate hike after its June meeting.
• A proposal on #Nantucket would prohibit #shorttermrentals (#airbnb, #vrbo, and privately managed rentals) in residential zones unless the owner lives in the home for at least six months each year or long-term rentals are used more than short-term.
• #movementmortgage announced an #FHA #downpaymentassistance program, where qualified borrowers have the opportunity to apply for a second lien that covers the required 3.5% #downpayment PLUS 1.5% to put toward closing costs (for a total of 5%).? Funds are available for all FHA qualified first-time and repeat home buyers seeking down payment assistance.?For more information on the program and qualifying restrictions, please contact your go-to Movement Mortgage loan officer (raising my hand…).

Anyone who enjoys these newsletters knows that I learn my most important lessons though the (mostly unintentional) wisdoms my kids spout.?Everything else I learn in life and #realeste comes from educational movies that provide real life lessons. For example, this comedy classic, "The Three Amigos!" couldn't summarize how many #homebuyers experience the #home buying process better:

Dusty Bottoms: Time for plan B. Plan A was to break into El Guapo's fortress.

Carmen: And that you have done, now what?

Dusty Bottoms: Well we really don't have a plan B. We didn't expect for the first plan to work. Sometimes you can over plan these things.

With #housinginventory so low and the #housing market only getting more competitive, many homebuyers are so hyper focused on getting the offer accepted…but, too often homebuyers sit in stunned shock once the lucky day comes with news of the #acceptedoffer.?The first week after the accepted offer can feel overwhelming. On a quick close or in a volitile mortage market, waisted time between the offer and purhcase and sale, can be risky and even expensive.??To avoid the panic of, "Oh *$^+, we bought a house!?!" Work with your homebuying team to build out all the steps of all the plans:

1. Build a cooperative homebuying team that communicates well with you/each other throughout the process: #Realtor, #Lender, #Attorney or #TitleCompany, #InsuranceAgent, #HomeInspector (and sometimes a #FinancialAdvisor).
2. Always shop with an updated loan estimate.?Know your monthly payment, out of pocket costs, and all the potential loan options to finance that particular property.?
3. If a condo, review the condo docs with your lender and/or attorney to ensure it fits within the loan program you are targeting.
4. Before submitting the offer, review all timelines on the offer with the lender to ensure you are setting realistic expectations with your team and the sellers.
5. Once offer is accepted: 1) Work with your realtor to schedule the inspection; 2) Call your lender to submit the application; 3) Call your insurance agent to start the insurance process; 4) Promptly provide the lender the documents requested.

If your personal El Guapo is buying a home this year, build a #homebuyingteam that you are confident can create a well-executed and communicated gameplan.?Following this?step-by-step gameplan will ensure when your lucky day, of an accepted offer finally comes, you are well-prepared to enjoy a smooth stress-free homebuying experience.?

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