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26
Three Factors Affecting Home Affordability
There's been a lot of focus on higher mortgage rates and how they're creating affordability challenges for today's homebuyers. It's true that rates climbed dramatically since the record-low we saw during the pandemic. But home affordability is based on more than just mortgage rates – it's determined by a combination of mortgage rates, home prices, and wages.
Considering how each one of these factors is changing gives you the full picture of home affordability today. Here's the latest.
1. Mortgage Rates
While mortgage rates are higher than they were a year ago, they've hovered primarily between 6% and 7% for nearly eight months now (see graph below):
22
Homeowners have a unique opportunity to Celebrate Earth Day Month all year long
Homeowners have a unique opportunity to Celebrate Earth Day Month all year long!
As a Homeowner, you are in a position to help make a significant positive contribution to our environment, both inside and outside of your home. By making conscious, sustainable choices in every aspect of "home", your efforts will help us get one step closer to a healthier Planet!
Begin by taking simple steps to reduce your impact on the environment and promote sustainability. Choose sustainable efforts from the following five categories where your efforts will help protect the environment, conserve natural resources, reduce waste and pollution, and preserve our...
10
Homebuyer activity shows signs of warming up for Spring
The spring season appears to be warming up in housing as more and more buyers enter the market. And after rising mortgage rates sidelined so many buyers last year, that's a good sign for sellers. Realtor.com has the latest:
"Spring is officially here, and like green shoots emerging from the bleak winter, new data suggests that more buyers are back in the market, although more subdued compared to a year ago."
We know buyer activity is trending up because of mortgage purchase application data. According to
5
Montague Miller and Co Realtors Wins Prestigious Referral Performance Awards at Global Real Estate Conference
Charlottesville and surrounding communities
FOR IMMEDIATE RELEASE
Contact: Pat Sury / Montague, Miller & Co Realtors / 434.973.5393 / patsury1@gmail.com
Montague Miller & Co Realtors Wins Prestigious Referral Performance Awards at Global Real Estate Conference
Charlottesville, VA – April 5, 2023 – Montague, Miller & Co Realtors won two prestigious Member Achievement Award from Leading Real Estate Companies of the World® (LeadingRE), a global network of 550 independent real estate fir...
2
Stress-Free Home Cleaning: 27 Practical Tactics for Busy Households
Stress-Free Home Cleaning: 27 Practical Tactics for Busy Households
Keeping a clean and orderly home is a challenge for many of us. Between busy work schedules, social obligations, and family commitments, it's tough to keep up with daily chores—let alone larger seasonal tasks.
The effort is worthwhile, however. A clean environment can keep you and your family healthier by minimizing your exposure to germs and allergens.1 Plus, researchers have found that organized, uncluttered homes have quantifiable mental health benefits, too, including reduced stress, improved emotional regulation, and increased productivity.2
The reality i...