Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.WASHINGTON –
Mortgage Amounts Surge to Record Highs ☘ Hoey Team ☘ exp Realty 🌴 Southwest Florida 🌴
Dated: December 5 2020
Home buyers are taking on bigger mortgages as they compete in a fierce housing market and face higher home prices.
The average home purchase loan amount reached $375,000 last week, according to the Mortgage Bankers Association. That represents the highest average home mortgage since the MBA began the survey in 1990.
Tight housing inventories across the country mixed with strong buyer demand are causing home prices to quickly appreciate. The National Association of REALTORS® reported that in October the median existing-home price for all housing types jumped 15.5% year-over-year to $313,000.
In general, financial analysts recommend that monthly housing costs should not exceed 30% of take-home pay. Those monthly housing costs should include more than just the mortgage payment too, but also property taxes, homeowners insurance costs, private mortgage insurance (if applicable), and homeowner association fees. For example, The Motley Fool says that if a household earns $3,000 a month after taxes that would then give them $900 to spend on their monthly mortgage payment and those additional housing expenses.
Recent record-low mortgage rates are helping somewhat with housing affordability. Some homeowners may be able to save hundreds of dollars per month by refinancing. Read more: Record Number of Homeowners Stand to Lower Mortgage Payments
Here in Southwest Florida 🌴 especially as people continue to move / relocate to the area from other parts of the US, inventory remains low overall, but we do continue to list and sell homes; both Single family, and Condo type. We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do. Low interest rates are probably helping with this additionally. Low inventory is the greatest chalenge for buyers.
At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.
Article content from our NAR (National Association of REALTORS) Newsletter Magazine, and from other sources including Hoey Team ☘ exp Realty and from Freddie Mac
For those Living in or Visiting Southwest Florida wanting additional resources, or a list of places to see / visit: www.VisitCollier.Com Feel free to share this resource page with others 🌴
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For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.
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We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
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