Did you hear about the mortgage broker who always ate lunch alone? Yep—it turns out he was a loaner.
Okay, a bit of levity to start the program today, but you know what’s serious business? Buying or selling a home. Are spring and summer still prime seasons to jump into the market? Dale Vermillion joins us for insight on today’s real estate and mortgage trends.
Dale Vermillion is the author of Navigating the Mortgage Maze: The Simple Truth About Financing Your Home. This book covers everything you need to know about securing a mortgage—all from a biblical perspective.
While spring and summer are still active seasons, seasonality in real estate isn’t what it used to be. The rise of online listings means people shop for homes year-round. However, warmer weather, the end of the school year, and a desire for fresh starts still push many families to buy and sell during this time.
There’s a lot of activity right now. Listings are up over 700,000—33% more homes than last year. And new home sales? Up to 76,000 in just the last 30 days.
With more homes on the market and fewer buyers competing, this may be the best opportunity to buy a home since 2021.
If you’re on the selling side, you’ll need more than a “For Sale” sign. Here are a few key steps to rise above the noise:
For starters, you need to understand that pre-approval is not the same as pre-qualification. Pre-qualification is often based on unverified info. You want a full pre-approval, where your application, income, credit, and down payment are all verified.
This not only makes your offer more attractive to sellers but also helps you understand what you can realistically afford. And that’s the other key point—know your budget. Don’t rely solely on what a lender says you qualify for.
Many are still waiting for interest rates to drop—but experts say don’t hold your breath.
The Fed rate may drop a few times this year, but that mostly affects short-term debt like credit cards and auto loans. Mortgage rates, on the other hand, are driven by the 10-year Treasury note.
As inflation eases, mortgage rates may follow, but they’re expected to remain relatively stable for now.
If you’re a buyer, now could be the right time to act, with high inventory and lower competition. But as always, make sure your decision is rooted in financial wisdom and prayerful dependence on God. Only buy what you can afford, and trust the Lord through the process.
Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
