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HOW IS THE
That is the
question I am asked the most frequently. Of course, the answer is often
complicated and can vary from neighborhood-to-neighborhood. Yet, there
are some general trends which seem to apply to most areas.
number of home SOLD has slowed from the high volume we experienced in
2021 and 2022. In fact, it began slowing with the rise in home mortgage
interest rates we saw in the second half of 2022.
In some situations the number of sales fell 30-40% during the fourth
quarter of 2022. Second, the number of homes available for sale has
fallen slightly, but remains quite low by historical standards.
In most areas the inventory of homes for sale has risen some, but is
nowhere near pre-pandemic levels. So, in general, the demand for homes
to buy has fallen only slightly less than the supply
of homes for sale. The net result is home prices have remained quite high,
although they are increasing at a much slower rate than they have over
the past three years.
If you would
like to know more about the current value of your home, contact me for
an up-to-date Market Analysis. There is no charge for this service.
YOUR CREDIT SCORE MATTERS
it or not, your credit score is one of the most important numbers in
your life, especially when it comes to financing the purchase of a home.
The three-digit number
is your financial report card. It shows lenders just how trustworthy you
are when it comes to managing your financing, and it can either cost or
save you thousands
of dollars throughout your life.
A FICO credit
score is comprised of five elements according to the Fair Issac Corp.
35% is how timely a person pays their bills
30% is based on how much money they owe as a percentage
of credit available – the lower the better.
15% is based on the length of their credit history
10% goes to the type of credit, i.e. revolving (credit
cards) vs installment (car loans, mortgages)
The final 10% is impacted by the number of new credit
your credit report, use a website such as annualcreditreport.com
or creditkarma.com. Your score can range from about 300 to 850.
You will find
a variety of breakdowns on what’s considered “good” compared to
“excellent” versus “poor” but, in general, you will want to aim for a
score of 740 and higher,
which is the “very good” range.