Last night, I posted a few Trump comments from a presser and a snippet of the futures markets showing stocks pushing higher. Since "Liberation Day", markets have been volatile with stocks whipsawing 5-10% weekly. It's been nuts. Both business and consumer confidence were shattered, and as a result, a soft spot in the economy was imminent and began to show in the data. Time will tell if this week marks the bottom, but it seems to be a full-court press right now with the administration to turn the tables to a more optimistic, economically positive tone.
On the housing front, Josh and I talked about the rise in housing inventory. These charts show the DC and Baltimore market areas. A steep rise in inventory often means one thing...the balance between buyers and sellers is shifting. Will it last? TBD. Early 2019, when the tide turned (possibly like now?), it didn't...a competition ramped and prices rebalanced swiftly.
Personally, I enjoy balanced markets much more. A level playing field brings opportunity to first-time homebuyers, and I'm already working with quite a few buyers that, more than likely, would be losing in super-competitive situations. Yet, they are winning...becoming homeowners...and are incredibly excited!
If you are a Realtor or Homebuyer and have Q's about the market and just want to talk through everything, don't hesitate to ping me directly!
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This illustrates my recent experiences in the housing market. While fewer houses have competing offers, and some still go bananas like it's 2021, many of my winning contracts come as a surprise. "I didn't think we were going to win that one given there were three other people bidding on that house" is becoming a common discussion.
I'm not saying go out and write a bunch of weak contracts, but I am saying don't be scared away from writing what you think is a good offer when you hear competition exists.
Remember that "Crazy/Hot" matrix...and in the top corner, where Crazy was a 10 and Hot was a 10 and it was called a "Unicorn"....well, in markets like this, your Realtor needs to be a Unicorn. If you want to buy a home and need access to these rare breeds, DM me and I'll make some introductions...
#Housing #DMVRealEstate #Mortgage
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If you are a closet home shopper, listen up! The mortgage payment calculators on popular home sites like Redfin and Zillow are WILDLY incorrect when putting less than 20% down. The reason is due to PMI having so many data points to quote properly. I just had a call with a client who was a closet home shopper and found a house yesterday that he wants to write on today. The payment came out to be $3,300...he was expecting it to be $3,700! Why? Because that's what the Redfin calculator said...the PMI was $270-ish higher than actual, the rate they used was about .25% higher, and the monthly home insurance was drastically overestimated.
The outcome: He isn't writing on this property and is now looking for a condo about $50k-$70k greater because his budget was in the "high-$3k range".
The lesson: Talk to a pro, especially if you are putting less than 20% down or you are a first-time buyer who may qualify for enhanced rates. I'm always here to help provide some guidance...
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🌟 Guiding Your Path to Homeownership | $1.5B+ Funded | Expert Mortgage Advice
Welcome! I'm John Downs, and at Downs Mortgage Group (powered by Vellum Mortgage), we believe in empowering our clients through education and personalized mortgage solutions. With a track record of over $1.5 billion in funded loans, we're here to help you navigate the complexities of home financing with confidence.
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1 August 2018