Spring has sprung, and so have home prices in many areas. A drop in the number of homes for sale has fueled a new round of bidding wars in some regions, and more homes are selling for above their asking prices, even with higher mortgage rates. Homes are selling faster, too, with almost 50% of homes selling within two weeks.
May is Asian American and Pacific Islander Heritage Month, a time for recognizing their significant contributions to the history, culture, and achievements in the United States. (Go here to learn more.)
At APM, we wanted to take this opportunity to learn more about our APM Family and what their history, culture, and heritage means to them.
We know buying a home can be intimidating. There are so many variables that can go into this big decision. Then there’s what you think you know—and what others think they know. A lot of this information can come from secondhand sources or even “expert” opinions you see on TV or on the internet. These opinions aren’t always wrong, but what they don’t take into account is your specific situation—or the fact that you have APM on your side.
When it comes to investments, many people say it’s all about timing. While good advice in theory, there’s simply no way to time the market if you’re purchasing a sizable investment like a home. In a perfect world, interest rates and prices would both be low—and this does happen, but not very frequently.
Since hitting a peak in June 2022, home prices have fallen by 3% to 5% on average. While this is the second-biggest home price correction since the 1950s, it's still mild when compared to the 26% drop in prices between 2007 and 2012.
If you’re in need of cash but already have a killer rate on your first mortgage, and you don’t want to pay the high interest rates associated with a credit card, then a home equity line of credit—HELOC for short—may be the perfect solution. HELOCs work by utilizing the equity in your home. You’ve worked hard and consistently made your monthly payment, so why not let all the equity you’ve built up in your home now work for you?
A debt consolidation refinance may let you kill two birds with one stone: It can allow you to achieve a lower interest rate on your debt while streamlining all your monthly payments into one. You’ll essentially consolidate debt obligations and roll them into your mortgage, but at a much lower interest rate. The result is a single payment at a lower interest rate: your monthly mortgage payment.
Buying a home can be an exhilarating experience. You’ll be hunting for your dream home, handpicking the perfect school district, and building generational wealth through real estate. That all sounds amazing, but the process to get there can undeniably have a few stressors.
You did it—you saved for a down payment and closing costs, worked on your credit score, determined how much house you can afford, got pre-approved, and became a first time homebuyer. We’re exhausted just listing all you’ve accomplished! You should be proud of yourself—very proud of yourself.
You’ve decided you want to buy a home. You’re ready to look at listings, view the next open house, and pick your favorite paint colors—but not so fast! You need to make sure you’re financially ready first.
At APM, we feel that the best way we can honor the heritage of our APM family members during Black History Month, is by listening and learning from the stories they share.
One of the great things about owning a home is that you can truly make it yours, which is hard to do in a rental.
According to many industry experts, 2023's outlook for home buyers is the best it's been for three years.
If you, your family, or your loved ones have been impacted by the recent hurricanes, our hearts are with you. We encourage you to make the best decisions for your safety and well-being as information becomes available for you and your family. Storms such as this demand our respect and attention.
High inflation is no fun. Though everyone pays the same higher prices, periods of rising inflation don’t have the same impact on all Americans. A person’s investment strategy—including real estate, investments in the stock market and S&P 500, and their retirement plan—can be a good inflation hedge.
Higher interest rate environments can make it difficult to buy a home, but there are silver linings and workarounds. The good news is that higher interest rates often mean less competition, lower prices, and eager sellers. These sellers can be more willing to consider concessions than they would have been in a hotter market. Today you may be able to negotiate who pays for many closing costs, including mortgage discount points.
Now that the holidays are behind us, it’s time to put those new year’s resolutions in full effect. If yours included creating a financial plan, making new investments, or buying a home, then this article is for you!
January 1 is coming up fast, and you know what that means: It’s time to set new year’s resolutions! For many people, the turning over of the calendar will involve financial new year’s resolutions.
