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Insight from the Law office of Joseph Marino, PC
Are you prepared for the changes in the housing market this summer?
What to Expect From Summer 2021’s
Housing Market
Purchasing a home is similar to participating in a competitive sport. But before you even set
foot on the fields, you need to know the rules - only then will you stand a chance at winning.
In 2021, “winning” means figuring out how you line up against investor credentials, getting
ready to deal with other borrowers, and negotiating a socially isolated homebuying process
before the pandemic is over.
To help you prepare, we’ve highlighted a few key house shopping trends for Summer 2021.
1. Housing prices are expected to rise.
According to real estate analysts, home prices are expected to rise in 2021, but not as quickly
as they did in 2020. According to Freddie Mac, current house prices are expected to rise 6.6%
in 2021, followed by 4.4% in 2022. Seasonal pricing varies, but what you purchase will affect
how much you spend.
2. Mortgage rates are likely to remain low.
Economists expect mortgage rates to stay low in 2021 after sliding to record lows in 2020.
The average 30-year loan rate fell to 2.97
percent in the most recent results, closing in on the
record low 2.65 percent set in January.
In a word, these rates are incredible. And they won't last indefinitely, but they're likely to
remain low during 2021, particularly given the economy's continued sluggishness at the start
of the year. And if the average 30-year mortgage rises to 3% later this year, it would always
be a very tempting moment to lock in a mortgage.
Even though interest rates are generally poor, it's always a good idea to look around for a
mortgage. The investor and your financial situation will determine the interest rate you're
offered. Contact a few different lenders to match mortgage rates and fees and choose the best
price.
3. The use of technology will increase.
Buying a home is made possible by the use of digital technologies. During the COVID-19
pandemic, virtual home visits, e-closings, smaller open houses, and Zoom meetings have
helped keep the market running by keeping people safe.
During the COVID-19 pandemic, virtual home visits, e-closings, smaller open houses, and
Zoom meetings have helped keep the company running by keeping people safe. Online
resources that make the home buying process easier, on the other hand, will outlast the
pandemic.
4. Shopping for a lender is always important.
A typical home buying error is to look for a home before looking for a lender. Before you
start looking at houses, get your finances in order and find a lender. Check your credit reports
and challenge any errors you spot, as well as your credit score, before applying.
Prepare to submit information about your wages, mortgage, work, and financial accounts to
be preapproved. A mortgage preapproval is an agreement by a lender to lend you a certain
sum of money under certain conditions. It won't ensure a final loan clearance, so it will
demonstrate to real estate brokers and buyers that you're serious about purchasing a home.
Want a helping hand throughout the home buying or selling processes? Our lawyers at the
Law Offices of Joseph Marino, PC, are well versed in real estate transactions. Reach out to us
for free a free legal consultation - we’re sure we’ll be your perfect fit!
Insight from the Law office of Joseph Marino, PC
5 Ways of Dealing With the Impact of a Foreclosure
As we enter the new year, the last thing anyone has on their minds is elder law—but perhaps you should make it a New Year’s resolution to sort out your affairs this year.
Elder law attorneys like those at the Law Office of Joe Marino, PC, can help you with this process by providing advice, guidance, and support. Here are some of the things an elder law attorney may help you with:
So, what is the probate process? How can you make sure everyone will get what you want them to get? Let’s find out.
Even without a global pandemic to shut everything down, elderly people are at a disadvantage because the world is literally changing all around them. They have to adapt to and adopt new technologies that make little sense to them just to stay relevant.
There are numerous methods of investing in real estate nowadays. Did you know that you don’t have to buy a property outright in order to reap the benefits of investment? That’s right—with fractional investing, you can purchase shares in commercial or residential property and earn passive income.
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Sound legal advice is based on years of training, hard work, passion, and familiarity with legislation and precedent and sound consideration.
You’ll find all that and more at the Law Office of Joseph Marino, PC.
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West Sayville, NY 11796
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