Jay Arana, Loan Officer NMLS #957151

Jay Arana, Loan Officer NMLS #957151 Connecticut | FHA | Conventional Loans | VA Loans | First Time Home Buyer | Residential Mortgages for

When it comes to selling your house, you want it to look its best inside and out. It’s important to focus on tasks that ...
08/27/2021

When it comes to selling your house, you want it to look its best inside and out. It’s important to focus on tasks that can make it inviting, show it’s cared for, and boost your curb appeal for prospective buyers. DM me today so we can make sure it shows well and catches a buyer’s eye.

Some Highlights When it comes to selling your house, you want it to look its best inside and out. It’s important to focus on tasks that can make it inviting, show it’s cared for, and boost your curb appeal for prospective buyers. Let’s connect to make sure your house shows well and catches a b...

Since home prices are rising, it’s true that homes are less affordable than they have been since the housing crash fifte...
08/26/2021

Since home prices are rising, it’s true that homes are less affordable than they have been since the housing crash fifteen years ago. Headlines making these claims aren’t incorrect; they just don’t tell the whole story. To paint the full picture, you have to look at how today stacks up with historical data. A closer analysis of affordability going further back in time reveals that homes today are more affordable than any time from 1975 to 2005.

Despite that, the chatter about affordability is pushing some buyers to the sidelines. They don’t feel comfortable knowing someone else got a better deal a year ago. However, Are Homes Really Less Affordable if We Consider Equity?

In a recent post, Odeta Kushi, Deputy Chief Economist at First American, offers a different take on the financial components of housing affordability. Kushi proposes we should at least consider the impact equity build-up has on the...

There are many non-financial benefits of buying your own home. However, today’s headlines seem to be focusing primarily on the financial aspects of homeownership – specifically affordability. Many articles are making the claim that it’s not affordable to buy a home in today’s market, but tha...

If you’re trying to decide whether or not to sell your house, this is the time to think seriously about making a move. F...
08/25/2021

If you’re trying to decide whether or not to sell your house, this is the time to think seriously about making a move. Fannie Mae’s recent Home Purchase Sentiment Index (HPSI) reveals the number of respondents who say it’s a good time to sell is higher now than it was over the past few summers. Today, the majority of consumers, 75 percent, say it’s a good time to sell a house.

The higher good time to sell sentiment has to do with today’s market conditions, specifically low housing supply and high buyer demand. In the simplest terms, we don’t have enough houses available for sale to meet buyer demand.

According to the latest data from the National Association of Realtors (NAR), we’re still firmly in a sellers’ market because housing supply is well below a balanced norm. Clearly the scales are tipped in a seller’s favor today. But while housing supply is undeniably low, inventory situation is...

If you’re trying to decide whether or not to sell your house, this is the time to think seriously about making a move. Fannie Mae’s recent Home Purchase Sentiment Index (HPSI) reveals the number of respondents who say it’s a good time to sell is higher now than it was over the past few summers...

If you’ve taken your last vacation this summer, here are reasons you should consider selling your vacation home this yea...
08/24/2021

If you’ve taken your last vacation this summer, here are reasons you should consider selling your vacation home this year.

>>Remote work continues to drive demand for vacation homes.

Recent data shows we’ll likely see a sustained increase in the rate of remote work over the next five years. That means your vacation home could be highly sought after by certain buyers. Lawrence Yun, Chief Economist at NAR, puts it best, saying, "Vacation homes are a hot commodity at the moment . . . . With many businesses and employers still extending an option to work remotely to workers, vacation housing and second homes will remain a popular choice among buyers."

>>Selling could allow you to upgrade your vacation spot – or even your day-to-day scenery.
When demand is high, so is buyer competition. When competition is strong, buyers will do everything they can to make their offer on your vacation home as appealing as...

As summer comes to a close, is it time to think about selling your vacation home? Based on recent data and expert opinions, it’s something you may want to consider. According to research from the National Association of Realtors (NAR), vacation home sales are up 57.2% year-over-year for January-Ap...

Experts across the industry agree – today’s low rates present buyers with an incredible opportunity. Here’s what they ha...
08/23/2021

Experts across the industry agree – today’s low rates present buyers with an incredible opportunity. Here’s what they have to say:

Sam Khater, Chief Economist at Freddie Mac, points out the historic nature of today’s rates:
“As the economy works to get back to its pre-pandemic self, and the fight against COVID-19 variants unfolds, owners and buyers continue to benefit from some of the lowest mortgage rates of all-time.”

Mark Fleming, Chief Economist at First American, talks about how rates impact a buyer’s bottom line:
“Mortgage rates are generally the same across the country, so a decline in mortgage rates boosts affordability equally in each market.”

Danielle Hale, Chief Economist at realtor.com, also notes the significance of today’s low rates and urges buyers to carefully consider their timing:
“Those who haven’t yet taken advantage of low rates to buy a home or refinance still have the...

Mortgage rates are hovering near record lows, and that’s good news for today’s homebuyers. The graph below shows mortgage rates dating back to 2016 and where today falls by comparison.

With a housing market this competitive, sometimes you have to think outside the box. Work with your trusted real estate ...
08/20/2021

With a housing market this competitive, sometimes you have to think outside the box. Work with your trusted real estate advisors to do things like assess your budget, expand your search radius, look into other options, and determine your true needs. DM me today if you're having trouble finding your first home so we can explore options together. It's out there!

Some Highlights With a housing market this competitive, sometimes you have to think outside the box. Work with your trusted real estate advisors to do things like assess your budget, expand your search radius, look into other options, and determine your true needs. If you're having trouble finding y...

There’s a common misconception that younger generations aren’t interested in homeownership. Many people point to the fac...
08/19/2021

There’s a common misconception that younger generations aren’t interested in homeownership. Many people point to the fact that millennials put off purchasing their first home as a reason for this belief.

It’s partially true that some millennials have waited on homeownership to focus on other things in their lives – and that’s impacting certain housing market trends. Data from the National Association of Realtors (NAR) indicates the average age of a first-time homebuyer is higher today than it’s been over the past 40 years. But just because millennials are hitting certain milestones later in life doesn’t mean they’re not interested in becoming homeowners.

The recent U.S. Census reveals a significant increase in homeownership rates for millennials and other young homebuyers. Millennials are entering the market in full force, and their share of the market is growing. Based on the data, the belief...

There’s a common misconception that younger generations aren’t interested in homeownership. Many people point to the fact that millennials put off purchasing their first home as a reason for this belief.

Do prospective homebuyers still believe purchasing a home makes sense? Some claim rapidly rising home prices are impacti...
08/18/2021

Do prospective homebuyers still believe purchasing a home makes sense? Some claim rapidly rising home prices are impacting demand and, by extension, leading to the recent slowdown in sales activity.

However, demand isn’t the real issue. Instead, it’s the lack of supply (homes available for sale). An article from the Wall Street Journal shows this is true for new home construction. “Home builders have sold more homes than they can build. Now they are limiting their sales in an effort to catch up.”

Again, the buyers are there. We just need houses to sell to them. If the slowdown in sales was the result of demand waning, we would start to see home prices beginning to moderate – but this isn’t the case.

There’s a shortage of listings, not buyers, and there are three very good reasons for purchasers to still be interested in buying a home this year.

>>Affordability isn’t the challenge some...

One of the major questions real estate experts are asking today is whether prospective homebuyers still believe purchasing a home makes sense. Some claim rapidly rising home prices are impacting demand and, by extension, leading to the recent slowdown in sales activity.

There’s a good chance you’ve heard we’re in a serious sellers’ market. But what does that really mean? And why are condi...
08/17/2021

There’s a good chance you’ve heard we’re in a serious sellers’ market. But what does that really mean? And why are conditions today so good for people who want to list their house?

It starts with the number of houses available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers.

When the supply of houses for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which leads to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer...

Whether or not you’ve been following the real estate industry lately, there’s a good chance you’ve heard we’re in a serious sellers’ market. But what does that really mean? And why are conditions today so good for people who want to list their house?

No matter the industry, anytime there’s more demand than supply, prices naturally rise. It happens because buyers are wi...
08/16/2021

No matter the industry, anytime there’s more demand than supply, prices naturally rise. It happens because buyers are willing to pay more to secure the scarce product or service they’re looking for. That’s exactly what’s happening in today’s real estate market. Buyers are competing with one another to purchase a home, leading to bidding wars that drive prices up. For sellers, the rising prices mean opportunity is knocking.

According to Quicken Loans, the national average home price appreciation rate is between 3-5% in a typical year. Today, home prices are appreciating well beyond the norm thanks to high demand. Compared to the normal pace of 3-5% appreciation per year, the current average forecast of nearly 11.5% is significant.

For sellers, this means that with the current rise in prices, your house may be worth more than you realize. That price appreciation helps give your equity a boost...

When you hear the phrase home price appreciation, what does it mean to you? Through context clues alone, chances are you know it has to do with rising home prices. And as a seller, you know rising home prices are good news for your potential sale. But let’s look past the dollar signs and dive deep...

In today’s sellers’ market, you’re set up to win big when you list your house. That’s because homes are selling fast, re...
08/13/2021

In today’s sellers’ market, you’re set up to win big when you list your house. That’s because homes are selling fast, receiving 4.4 offers on average and often selling above the asking price. Then, when you buy your next home, you’ll also win by addressing your changing needs and taking advantage of near historic-low mortgage rates. If you’re ready to make a move, DM me so you can capitalize on today’s market and find your next dream home.

Some Highlights In today’s sellers’ market, you’re set up to win big when you list your house. That’s because homes are selling fast, receiving 4.4 offers on average and often selling above the asking price. Then, when you buy your next home, you’ll also win by addressing your changing nee...

In the current sellers’ market, many homeowners wonder what, if anything, needs to be remodeled before they list their h...
08/12/2021

In the current sellers’ market, many homeowners wonder what, if anything, needs to be remodeled before they list their house. That’s where a trusted real estate professional comes in. Here are some considerations a professional will guide you through:

>>With current supply challenges, buyers may be willing to take on projects of their own.
According to a recent report by the National Association of Realtors (NAR), our current supply of homes for sale, while rising, still remains solidly in sellers’ market territory. So, what’s that mean for you? If you’re a seller trying to decide whether or not to renovate, this is especially important because it’s indicative of buyer behavior. When there aren’t enough homes for sale, buyers may be more willing to purchase a home that doesn’t meet all their needs and renovate it themselves later.

>>Not all renovation projects are equal.
According to an article by...

In the current sellers’ market, many homeowners wonder what, if anything, needs to be remodeled before they list their house. That’s where a trusted real estate professional comes in. They can help you think through today’s market conditions and how they impact what you should – and shouldn....

Address

West Hartford, CT

Website

Alerts

Be the first to know and let us send you an email when Jay Arana, Loan Officer NMLS #957151 posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Jay Arana, Loan Officer NMLS #957151:

Shortcuts

Share

Category