June 2024 Market Update

Hi there!

It's June 1st and I thought I would give you a quick market update!

Mortgage rates are sitting just over 7% right now. That’s lower than the long term, 60 year average, around 7.5%, and home prices are still going up in most neighborhoods.  

I have talked recently to a lot of people in a lot of different circumstances. 

  • If you bought your house in the last couple years, you probably have a higher rate and payment than you want.  
  • If you’ve owned for more than 2 or 3 years, chances are your house is worth a lot more than you paid for it. Which makes it hard to move, even if you really need to because you’re going to pay more for lesser house.
  • Or maybe you like your house just fine and have a low mortgage rate, but a high amount of other debt in credit cards and loans; so some people are feeling the financial pressure , even with a low house payment.

All these are real situations. I'm talking to people every day. And the good news is there are all kinds of solutions.  

  • I've had lots of Homeowners able to access home equity to pay off bills and drastically lower monthly debt payments.  
  • First time home buyers get into homes for less than they'd have to pay in rent.  
  • We've helped people downsize affordably. 
  • Trading up to bigger homes. 
  • Buying rental properties and vacation homes.

If you have a situation you’re trying to figure out, I would love it if you would loop me in. I am here to help if I can.  

If you see something or hear something and are wondering if you could benefit from it, please ask me about it.  

What’s happening in the mortgage business is that a lot of companies are hurting. The last couple years have been really tough with high rates, and we’re seeing a lot of places resorting to some really deceptive marketing tactics just to try to stay in business.

You've probably gotten letters, postcards, calls, text messages, emails. Not to mention all sorts of ads on the internet and social media. 

Just keep this in mind: “Marketing” is designed to draw you in. It's not always outright bait & switch, but there is A LOT of fine print in the mortgage world. It’s easy to get tricked and end up paying way more than you should, or doing something that sounds good but doesn’t actually benefit you.

So if you hear about something that sounds really great, send it over and let me take a look at it.  

If it’s a legitimate offer, chances are I can do the same thing for you, and I would love the chance to earn your business again. If it’s a scam, I’ll tell you, and if it’s a better deal than what I could do for you, I’ll tell you that too.  

Also I realize not every problem is a mortgage problem. I do a lot of networking with other businesses –financial planners, CPAs, attorneys, plumbers, landscapers and pool companies. Whatever you need, I might be able to connect you with someone.

Please feel free to reach out!

Daniel