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Expert Update - 09.25.2020

Demand for Larger Homes Stays Strong

With widespread virtual learning and remote work continuing into the fall, homebuyers are continuing to drive strong demand for homes with a larger footprint. Nationwide, sales of homes in the 3,000- to 5,000-square-foot range jumped 21% year-over-year in July. Buyers most commonly report they are looking for a dedicated office space and outdoor or recreational space.1

Mortgage Rates Continue to Break Record Lows

While economic data for the U.S. was mixed last week, a continued slide in U.S tech stocks weighed on Treasury yields, sending mortgage rates south. This spurred fixed rates of 30-year mortgages to slide by 7 basis points to a new low of 2.86%, which reversed a 2 basis point rise to 2.93% in the week prior. Compared to this time last year, 30-year fixed rates were down by 70 basis points, and from the most recent peak in November of 2018 at 4.94%, they're down 208 basis points.2

How Much Longer Will Sellers Call the Shots?

All summer long, home prices rose and inventory vanished almost as fast as it appeared with a "for sale" sign. However, 2 housing indicators may be hinting at a turn in the market. In September, housing demand from buyers cooled slightly, while new listings showed a smaller decline than previous weeks. If these trends continue, it could be a signal that political, economic, and health-related uncertainties the country is facing this fall are shifting the market dynamics.3

Improve Your Credit Score to Get the Best Rates

A credit score over 700 is generally considered good and positions borrowers for the best mortgage rates. If you want to improve your credit score before applying for a mortgage, Experian recommends paying all your bills on time including credits cards, auto or student loans, rent, utilities, etc.; paying off debt and keeping low balances on credit cards; avoiding opening up credit accounts you don't need; not closing unused credit cards or applying for too much new credit; and disputing any inaccuracies on your credit report.4

Before Redecorating---Check out the 2021 Interior Design Trends

Whether you're ready to update your home's style or thinking of putting your house on the market next year, incorporating the latest interior decorating design trends will add to your home's value. Pull inspiration from Scandinavia, whose trademark light woods will be used on not just flooring, but also wall coverings and ceilings. Natural and organic materials that blend the indoors with the outdoors and strengthen the human-nature connection will be popular and can complement light wood nicely. Also look for materials that are sustainable, such as new bioplastics, reused, and low-impact materials. For multi-purpose rooms or hybrid homes, consider industrial-style's brick walls, exposed beams, and metallic accents.5


Sources: ; Yahoo Finance,Realtor Magazine;  Experian;

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