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28491 Via Princesa Unit #A, Murrieta image
28491 Via Princesa Unit #A, Murrieta $319,000

This updated lovely 3 bedroom 2 bathroom home has an open floor plan filled with natural light in all rooms. The comfortable master bedroom has an en-suite bathroom and ...

  • 3 Beds
  • 2 Baths
  • IG21045538 MLS
  • Active Status
39872 Verono Corte, Murrieta image
39872 Verono Corte, Murrieta $499,000

Stunning POOL home just hit the market in Murrieta!! This beautiful, cul de sac home features 3 bedrooms, 2 1/2 bathrooms. The first floor features high ceilings, express...

  • 3 Beds
  • 3 Baths
  • SW21046618 MLS
  • Coming Soon Status
39999 Coliseum Way, Murrieta image
39999 Coliseum Way, Murrieta $580,000

Fantastic Central Murrieta pool home, 3 car garage and double door entry. Large living/dining room combo with fireplace and vaulted ceilings. Open family room has a 2nd f...

  • 4 Beds
  • 3 Baths
  • SW21046660 MLS
  • Active Status
41180 Marseille Court, Murrieta image
41180 Marseille Court, Murrieta $545,000

BEAUTIFUL, UPGRADED BRIGHT, CLEAN, HARD TO FIND 4 BEDROOM SINGLE STORY HOME IN THE HEART OF MURRIETA , LOW TAXES AND NO HOA! OPEN, AIRY FLOOR PLAN WITH LOTS OF WINDOWS. ...

  • 4 Beds
  • 2 Baths
  • SW21046342 MLS
  • Active Status
34868 Southwood Avenue, Murrieta image
34868 Southwood Avenue, Murrieta $509,999

WELCOME!!!! This two-story HOME is located in the beautiful Addison Pointe community by Express Homes by D.R. Horton. THIS HOME HAS SO MANY UNIQUE FEATURES! DON'T LET ME ...

  • 5 Beds
  • 3 Baths
  • IG21046078 MLS
  • Active Status
23912 Constantine Drive, Murrieta image
23912 Constantine Drive, Murrieta $579,900

*** Tenant occupied. Buyer to assume current lease agreement. *** This spectacular 4 bedroom / 3 bathroom home in West Murrieta features a custom sparkling pool with a w...

  • 4 Beds
  • 3 Baths
  • OC21045977 MLS
  • Active Status
23930 Cadenza Drive, Murrieta image
23930 Cadenza Drive, Murrieta $599,900

ABSOLUTELY BEAUTIFUL 5 Bedroom Home in the highly desired area of West Murrieta! Beauty Abounds in this spacious home. Grand Entry with Formal Living and Dining Room, Fam...

  • 5 Beds
  • 3 Baths
  • SW21045960 MLS
  • Active Status
37466 Paseo Violeta, Murrieta image
37466 Paseo Violeta, Murrieta $405,000

Welcome to the desirable and Beautiful free standing (no shared walls) Two story end unit condo located in "The Paseos" Murrieta. The home is just under 1600 SF with 3 be...

  • 3 Beds
  • 3 Baths
  • SW21036966 MLS
  • Active Status
41410 Juniper Street Unit #2021, Murrieta image
41410 Juniper Street Unit #2021, Murrieta $309,000

Welcome to The Reserve at Madison Park! Centrally located in Murrieta with easy access to shops, schools & freeways. The Reserve is a quiet & private gated community offe...

  • 2 Beds
  • 2 Baths
  • SW21045204 MLS
  • Active Status
24150 Madeira Lane, Murrieta image
24150 Madeira Lane, Murrieta $699,000

Beautiful West Murrieta Pool Home! Completely Turnkey!! This spectacular home features an Entertainer's backyard - with giant patio cover, Built in BBQ with two refrige...

  • 4 Beds
  • 3 Baths
  • SW21045365 MLS
  • Active Status
30131 Harvest Lane, Murrieta image
30131 Harvest Lane, Murrieta $469,900

Welcome Home to this beautiful 3 bedroom, PLUS LOFT, home in terrific Murrieta location! Walk in the front door to huge vaulted ceilings in the open "great room" with wa...

  • 3 Beds
  • 3 Baths
  • SW21044480 MLS
  • Active Status
34691 Sawtooth Court, Murrieta image
34691 Sawtooth Court, Murrieta $560,000

Built in 2016, this Murrieta two-story cul-de-sac home offers a patio, and a two-car garage.

  • 4 Beds
  • 3 Baths
  • IV21045275 MLS
  • Active Status
41598 Grand View Drive, Murrieta image
41598 Grand View Drive, Murrieta $782,500

Just in time for spring an amazing find on Murrieta’s west side. Original owner turn-key pool home with spacious 3675 SF floorplan, no rear neighbors and 32 panel seller-...

  • 6 Beds
  • 4 Baths
  • SW21045181 MLS
  • Active Status
24382 Echo Ridge Drive, Murrieta image
24382 Echo Ridge Drive, Murrieta $515,000

Pride of ownership shows through in this immaculate and beautifully upgraded 4 bedroom home. Enjoy a light and airy feel with plenty of natural light and recessed lightin...

  • 4 Beds
  • 3 Baths
  • SW21045167 MLS
  • Active Status
23665 Silverwood Street, Murrieta image
23665 Silverwood Street, Murrieta $595,000

Don’t miss this UNOBSTRUCTED VIEW home! With picturesque mountains framing your backyard view, and NO REAR NEIGHBORS, you’ll never be disappointed with this peaceful retr...

  • 4 Beds
  • 3 Baths
  • SW21041559 MLS
  • Active Status
40384 Calle Real, Murrieta image
40384 Calle Real, Murrieta $429,900

Gorgeous, 2017, Turn-Key, Better than New, Townhome in the Prestigious Community of “Arroyo Vista“ in the heart off Murrieta w/ LOW TAXES and Low HOA! This stunning 3 bed...

  • 3 Beds
  • 3 Baths
  • SW21045105 MLS
  • Active Status
24504 Camino Mirabella, Murrieta image
24504 Camino Mirabella, Murrieta $495,000

Welcome to this beautiful, remodeled POOL home in the heart of Murrieta. Situated on a large corner lot, the home displays vibrant curb appeal with lush landscaping, rive...

  • 3 Beds
  • 2 Baths
  • SW21044512 MLS
  • Active Status
30876 Nature Road, Murrieta image
30876 Nature Road, Murrieta $725,000

Welcome home to Spencers Crossing. Location, Location, Location! This home is located right across the street from one of the community's pools and features four bedroom...

  • 4 Beds
  • 3 Baths
  • SW21040065 MLS
  • Active Status
23771 Gingerbread Drive, Murrieta image
23771 Gingerbread Drive, Murrieta $479,900

Enjoy million dollar views for much much less in this beautiful split level home in Murrieta. There have been a lot of recent updates including gorgeous luxury plank viny...

  • 3 Beds
  • 3 Baths
  • SW21044818 MLS
  • Active Status
26077 Schafer Drive, Murrieta image
26077 Schafer Drive, Murrieta $699,900

Welcome to this stunning Murrieta POOL home that sits on top of a 10,019 sq.ft. lot that features 5 large spacious bedrooms, an additional room down stairs can be convert...

  • 5 Beds
  • 5 Baths
  • SW21044495 MLS
  • Active Status
40197 Via Aguadulce, Murrieta image
40197 Via Aguadulce, Murrieta $349,900

Beauty Abounds in one of Murrieta's finest 55+ Communities... THE COLONY! Single Story with 2 Bedrooms, Spacious Family Room with Cozy Fireplace, Dining Area, Gourmet K...

  • 2 Beds
  • 2 Baths
  • SW21044750 MLS
  • Active Status
30484 PELICAN BAY Unit #C, Murrieta image
30484 PELICAN BAY Unit #C, Murrieta $305,000

GORGEOUS HIGHLY DESIRED MONTEGO BAY GATED COMMUNITY. THIS IS HOME!! FEATURES: LOW TAXES, TEMECULA SCHOOL DISTRICT, RESORT STYLE POOL & SPAS WITH SHOWERS, TOT LOT AREAS & ...

  • 2 Beds
  • 3 Baths
  • NDP2102290 MLS
  • Active Status
24186 Corte Cordoba, Murrieta image
24186 Corte Cordoba, Murrieta $442,000

Upgraded 2 Bedroom (+ Office) Home in the 55+ Gated Golf Course Community at The Colony. The Home is in a Prime Location - Close to the Front Gate and Clubhouse. This "Mo...

  • 2 Beds
  • 2 Baths
  • SW21044555 MLS
  • Active Status
40362 Rosewood Street, Murrieta image
40362 Rosewood Street, Murrieta $620,000

Stunning Vintage Reserve Pool home loaded with upgrades! This amazing home is 2531 sf w/ 3 car garage & set on a large 7841 sf lot. Just some of the features include gorg...

  • 4 Beds
  • 3 Baths
  • SW21044007 MLS
  • Active Status
23415 Canterbury Way, Murrieta image
23415 Canterbury Way, Murrieta $779,900

Amazing ONE OF A KIND Murrieta home that comes with PAID SOLAR, A 14,375 sq. ft Lot that backs to walking trails and NO REAR NEIGHBORS. This SPACIOUS 4,091 sq. Ft home Fl...

  • 3 Beds
  • 4 Baths
  • SW21035581 MLS
  • Active Status
38521 Shoal Creek Drive, Murrieta image
38521 Shoal Creek Drive, Murrieta $1,395,000

Stunning, private, executive, Mediterranean, ranch style one story home located in the highly sought-after Bear Creek community in Murrieta. This beautiful, open & airy h...

  • 4 Beds
  • 5 Baths
  • SW21044401 MLS
  • Active Status
23731 Scarlet Oak Drive, Murrieta image
23731 Scarlet Oak Drive, Murrieta $530,000

Welcome home to this gorgeous turn-key single-story home in the highly desirable Copper Canyon neighborhood in West Murrieta. Copper Canyon is home to several parks, walk...

  • 3 Beds
  • 2 Baths
  • SW21041213 MLS
  • Active Status
28579 Lunaria Ct, Murrieta image
28579 Lunaria Ct, Murrieta $569,000

First time on the market! This beautifully upgraded home features great curb appeal, a spacious floorplan, a custom paint scheme, recessed lighting, carpet flooring, and ...

  • 5 Beds
  • 3 Baths
  • 210005508 MLS
  • Active Status
36916 Capricious Lane, Murrieta image
36916 Capricious Lane, Murrieta $569,000

MORE PICTURES COMING SOON! A home completely updated! Beautiful crown molding and crown base throughout the home, along with fresh paint and new flooring in formal dinni...

  • 3 Beds
  • 3 Baths
  • SW21043986 MLS
  • Active Status
37790 Sea Pines Court, Murrieta image
37790 Sea Pines Court, Murrieta $409,900

ABSOLUTELY BEAUTIFUL SINGLE STORY HOME in the highly desired community of Murrieta! 3 Bedrooms 2 Baths with Upgraded Flooring, Kitchen Counters, Freshly Painted and Move ...

  • 3 Beds
  • 2 Baths
  • SW21043995 MLS
  • Active Status
22760 Deer Run Court, Murrieta image
22760 Deer Run Court, Murrieta $1,479,000

Welcome To This Exceptional Custom Estate Home Behind The Secluded Gates Of Bear Creek Golf Club, A Jack Nicklaus Signature Course Voted Best Course In Riverside County Y...

  • 4 Beds
  • 5 Baths
  • SW21043386 MLS
  • Active Status
26743 Chamomile Street, Murrieta image
26743 Chamomile Street, Murrieta $839,900

You will not find a more upgraded pool home within the guard gates of Greer Ranch! 5 bedrooms plus custom office, theater room, AND game room, 5 bath within a 4,311 squar...

  • 5 Beds
  • 5 Baths
  • SW21041745 MLS
  • Active Status
29166 Branwin Street, Murrieta image
29166 Branwin Street, Murrieta $529,000

This gorgeous two story home features 4 bedrooms, 2.5 bathrooms, bonus room, gourmet sized kitchen and walk-in pantry. On the second floor are spacious bedrooms and a hug...

  • 4 Beds
  • 3 Baths
  • IG21043581 MLS
  • Active Status
41399 Blue Bonnet Ct, Murrieta image
41399 Blue Bonnet Ct, Murrieta $868,000

This beautiful cal-de-sac home has lots of upgrades and features, It offers open specious layout, large double door and tile entry , sweeping circular staircase, stately ...

  • 6 Beds
  • 4 Baths
  • RS21043507 MLS
  • Active Status
24676 Ambervalley Avenue Unit #2, Murrieta image
24676 Ambervalley Avenue Unit #2, Murrieta $340,000

You do not want to miss this well cared for Front Unit in a gorgeous and private gated community in the heart of Murrieta close to Old Town with easy freeway access! This...

  • 3 Beds
  • 2 Baths
  • SW21043545 MLS
  • Active Status
23598 Greer Road, Murrieta image
23598 Greer Road, Murrieta $525,000

Beautiful Murrieta home in need of TLC, Features 5 bedrooms, 3 bathrooms with over 4261 square feet of living space on a 10,000+ square foot lot, perfect backyard for ent...

  • 5 Beds
  • 3 Baths
  • RS21043126 MLS
  • Active Under Contract Status
24471 New Haven Drive, Murrieta image
24471 New Haven Drive, Murrieta $450,000

This house has new carpet and paint. Granite counter tops in kitchen and all bathrooms. All the lighting in the house has been upgraded to LED's for a very low light bill...

  • 3 Beds
  • 3 Baths
  • PW21042951 MLS
  • Active Status
24421 Jefferson Avenue, Murrieta image
24421 Jefferson Avenue, Murrieta $659,000

Prime Investment Opportunity on a corner in the path of growth. Terrific location 4 blocks to I-15 Freeway. Property is zoned Community Commercial. Great office property ...

  • SW21042707 MLS
  • Active Status
25195 Jackson Avenue, Murrieta image
25195 Jackson Avenue, Murrieta $775,000

Prime commercially zoned property with amazing views and freeway visibility. Property currently contains a 1722 SF manufactured structure and a large steel building/wareh...

  • SW21042395 MLS
  • Active Status
35046 Goldthread Lane, Murrieta image
35046 Goldthread Lane, Murrieta $545,000

Gorgeous single story 4bd, 3ba, 2351sq ft with 2 car garage in the Spencer's Crossing community of Murrieta! SOLAR will be paid off thru escrow by the seller!! Murrieta S...

  • 4 Beds
  • 3 Baths
  • SW21042187 MLS
  • Active Status
25195 Jackson Avenue, Murrieta image
25195 Jackson Avenue, Murrieta $775,000

Prime commercially zoned property with amazing views and freeway visibility. Property currently contains a 1722 SF manufactured structure and a large steel building/wareh...

  • SW21042258 MLS
  • Active Status
23866 Conestoga Avenue, Murrieta image
23866 Conestoga Avenue, Murrieta $825,000

Semi-custom home w/solar, pool & gated RV parking on a large 1/3 acre lot. Open floor plan includes a separate living, formal dining, family and an additional multi-use ...

  • 4 Beds
  • 3 Baths
  • SW21042042 MLS
  • Active Status
41325 Magnolia Street, Murrieta image
41325 Magnolia Street, Murrieta $545,000

Great 4 Bdrm with 1 down, 2.5 Bath 3 Car Garage and 42 foot deep gated R.V storage. This home is located on the end of a cul-da-sac in an development with NO HOA. Securit...

  • 4 Beds
  • 3 Baths
  • SW21038833 MLS
  • Active Status
23991 Morning Dove Lane, Murrieta image
23991 Morning Dove Lane, Murrieta $515,000

Investors!! This beautiful four bedroom, three bath home is currently rented out with a one-year contract with the option to extend. It is in a great location across from...

  • 4 Beds
  • 3 Baths
  • OC21041783 MLS
  • Active Under Contract Status
38039 Floricita Street, Murrieta image
38039 Floricita Street, Murrieta $589,000

This beautiful 5 bedroom, 3 bath home sits on a corner lot and is located in the family-friendly neighborhood of Rancho Bella Vista. Recently renovated in 2017, this turn...

  • 5 Beds
  • 3 Baths
  • SW21041829 MLS
  • Active Status
37262 Harvest Drive, Murrieta image
37262 Harvest Drive, Murrieta $799,900 ▲

FRENCH VALLEY Absolutely Stunning two-story pool home just in time for the new season! Located on an approximately 8,712 Sq. Ft. lot, 4 bed, 2.5 bath home with a 3-car ga...

  • 4 Beds
  • 3 Baths
  • IG21036190 MLS
  • Active Status
30518 Mill Valley Court, Murrieta image
30518 Mill Valley Court, Murrieta $799,000 ▲

YOUR OWN RESORT AND PRIVATE OASIS!! Entertainer’s Dream on over a quarter-of-acre. Home is turnkey and features 4 bedrooms, 3 bath plus a first floor office. Owner has...

  • 4 Beds
  • 3 Baths
  • IV21041096 MLS
  • Active Status
VIA SERENO, Murrieta image
VIA SERENO, Murrieta $449,000

Unlimited options build one or several homes on this gorgeous oak-studded parcel at the end of paved Via Sereno. Just past the fenced 6,000 sq. ft. million dollar home on...

  • SB21041036 MLS
  • Active Status
27580 Darrington Avenue Unit #3, Murrieta image
27580 Darrington Avenue Unit #3, Murrieta $390,000

Murrieta- North Oaks Condo Of Your Dreams!!! This elegant 3 bedrooms 2 1/2 bath condo has everything you need to raise your family. It boasts granite countertops, recesse...

  • 3 Beds
  • 3 Baths
  • SW21040979 MLS
  • Active Status
41732 Cornwell Place, Murrieta image
41732 Cornwell Place, Murrieta $699,900

WELCOME TO THIS STUNNING, HIGHLY UPGRADED-FORMER MODEL HOME THAT SITS ON A QUIET CUL-DE-SAC AND ON A LARGE 10,454 SQ.FT. LOT FLAT CUL DE SAC AND NO HOA. THIS HOME OFFERS ...

  • 4 Beds
  • 3 Baths
  • SW21038928 MLS
  • Active Status

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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Why Moving May Be Just the Boost You Need

Why Moving May Be Just the Boost You Need | MyKCM

As we look back over the past year, we’ve certainly lived through one of the most stressful periods in recent history. After spending so much more time at home throughout the health crisis, some are wondering if they should move to improve their mental health and well-being. This is no surprise since the U.S. Census Bureau reported an increase in the percentage of adults with symptoms of anxiety and depression in a recent Household Pulse Survey.

There’s logic behind the idea that making a move could improve someone’s quality of life. When people change their scenery, they often feel happier. Catherine Hartley, an Assistant Professor at New York University’s Department of Psychology and co-author of a study on how new experiences impact happiness, mentioned:

“Our results suggest that people feel happier when they have more variety in their daily routines—when they go to novel places and have a wider array of experiences.”

If you’re looking for a new experience, planning a move into a new home may be something you’ve started to consider more carefully. If so, you’re not alone. The 2020 Annual National Movers Study by United Van Lines shows:

“For customers who cited COVID-19 as an influence on their move in 2020, the top reasons associated with COVID-19 were concerns for personal and family health and wellbeing (60%); desires to be closer to family (59%); 57% moved due to changes in employment status or work arrangement (including the ability to work remotely); and 53% desired a lifestyle change or improvement of quality of life.”

So, if you’re thinking of moving this year to help boost your happiness factor, here are a few questions to ask yourself as you make your decision.

How’s the Weather?

Is the weather something that’s important to you? Does it have a tendency to impact your mood? The World Population Review shares:

“What states have the best weather? When evaluating each state for temperature, rain, and sun, some states stand out. Although climate and weather preferences are personal and subjective, some criteria are considered to make up the best weather, according to Current Results:

  • Comfortable temperatures from 63°F to 86°F for more than half of the year.
  • Dry weather with no more than 60 inches of rain per year.
  • Mostly clear skies with an average of sunshine for at least 60% of the year.”

“Better weather” can mean different things to different people – some prefer the heat, others cooler temperatures, and some want to experience all four seasons. Think about what makes you feel happiest if you’re looking for a new location.

Should I Choose the City, Suburbs, or Country?

With the COVID-19 pandemic, some people are deciding to move to lower-density areas. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), mentions:

“The third quarter Home Building Geography Index (HBGI) reveals that a suburban shift for consumer home buying preferences in the wake of the COVID-19 pandemic is accelerating as telecommuting is providing consumers more flexibility to live further out within large metros or even to relocate to more affordable, smaller metro areas.”

Can you work from home? Are you open to a longer commute in the future? If so, a move to the suburbs or even a quieter rural area may be a win for you. Or, if you’ve always dreamed of life in the city, now may be your chance to move into town.

Bottom Line

As we look beyond the trials of the pandemic, many are hoping for a new beginning, and that may mean moving. Let’s connect today to talk about your new goals and options in today’s market.

Four Expert Views on the 2021 Housing Market

Four Expert Views on the 2021 Housing Market | MyKCM

The housing market was a shining star in 2020, fueling the economic turnaround throughout the country. As we look forward to 2021, can we expect real estate to continue showing such promise? Here’s what four experts have to say about the year ahead.

Lawrence Yun, Chief Economist, National Association of Realtors (NAR)

“In 2021, I think rates will be similar or modestly higher, maybe 3%...So, mortgage rates will continue to be historically favorable.”

Danielle Hale, Chief Economist, realtor.com

“We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”

Robert Dietz, Senior Vice President and Chief Economist, National Association of Home Builders (NAHB)

“With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets and historically low interest rates.”

Mark Fleming, Chief Economist, First American

“Mortgage rates are expected to remain low for the foreseeable future and millennials will continue forming households, keeping demand robust, even if income growth moderates. Despite the best intentions of home builders to provide more housing supply, the big short in housing supply will continue into 2021 and likely keep house price appreciation flying high.”

Bottom Line

Whether you’re ready to buy or sell a home in 2021, if you’re planning to take advantage of the market this winter, let’s connect to talk about the opportunities available in our local market.

Owning a Home Is Still More Affordable Than Renting One

Owning a Home Is Still More Affordable Than Renting One | MyKCM

If spending more time at home over the past year is making you really think hard about buying a home instead of renting one, you’re not alone. You may be wondering, however, if the dollars and cents add up in your favor as home prices continue to rise. According to the experts, in many cases, it’s still more affordable to buy a home than rent one. Here’s why.

ATTOM Data Solutions recently released the 2021 Rental Affordability Report, which states:

“Owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572, or 63 percent of the 915 U.S. counties analyzed for the report.

That has happened even though median home prices have increased more than average rents over the past year in 83 percent of those counties and have risen more than wages in almost two-thirds of the nation.”

How is this possible?

The answer: historically low mortgage interest rates. Todd Teta, Chief Product Officer with ATTOM Data Solutions, explains:

“Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is still more affordable, as amazingly low mortgage rates that dropped below 3 percent are helping to keep the cost of rising home prices in check.”

In 2020, mortgage rates reached all-time lows 16 times, and so far, they’re continuing to hover in low territory this year. These low rates are a big factor in driving affordability. Teta also notes:

“It’s startling to see that kind of trend. But it shows how both the cost of renting has been relatively high compared to the cost of ownership and how declining interest rates are having a notable impact on the housing market and home ownership. The coming year is totally uncertain, amid so many questions connected to the Coronavirus pandemic and the broader economy. But right now, owning a home still appears to be a financially-sound choice for those who can afford it.”

Bottom Line

If you’re considering buying a home this year, let’s connect today to discuss the options that match your budget while affordability is in your favor.

Should I Wait for Lower Mortgage Interest Rates?

Should I Wait for Lower Mortgage Interest Rates? | MyKCM

Historically low mortgage rates are a big motivator for homebuyers right now. In 2020 alone, rates hit new record-lows 16 times, and the trend continued into the early part of this year. Many hopeful homebuyers are now wondering if they should put their plans on hold and wait for the lowest rates imaginable. However, the reality is, acting sooner rather than later may be the actual win if you’re ready to buy a home.

According to Greg McBride, Chief Financial Analyst for Bankrate:

“As vaccines become more widely available and a return to normal starts to come into view, we’ll see mortgage rates bounce off the record lows.”

While only a slight increase in mortgage rates is projected for 2021, some experts believe they will start to rise. Over the past week, for example, the average mortgage rate ticked up slightly, reaching 2.79%. This is still incredibly low compared to the trends we’ve seen over time. According to Freddie Mac:

“Borrowers are smart to take advantage of these low rates now and will certainly benefit as a result.”

Here’s why.

As mortgage rates rise, the increase impacts the overall cost of purchasing a home. The higher the rate, the higher your monthly mortgage payment, especially as home prices rise too. Sam Khater, Chief Economist at Freddie Mac, says:

“The forces behind the drop in rates have been shifting over the last few months and rates are poised to rise modestly this year. The combination of rising mortgage rates and increasing home prices will accelerate the decline in affordability and further squeeze potential homebuyers during the spring home sales season.”

What does this mean for buyers?

Right now, the inventory of houses for sale is also at a historic low, making it more challenging than normal to find a home to buy in many areas. As more buyers hit the market in the typically busy spring buying season, it may become even harder to find a home in the coming months. With this in mind, Len Keifer, Deputy Chief Economist for Freddie Mac, recommends taking advantage of both low mortgage rates and the opportunity to buy:

“If you’ve found a home that fits your needs at a price you can afford, it might be better to act now rather than wait for future rate declines that may never come and a future that likely holds very tight inventory.”

Bottom Line

While today’s low mortgage rates provide great opportunities for homebuyers, we may not see them stick around forever. If you’re ready to buy a home, let’s connect so you can take advantage of what today’s market has to offer.

 

 

 

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