JTS Mortgage Minute 11/17/20 - Winter Wonderland Home Sales

Jeff Farnham of JTS & Co.

Mortgage Professionals explains why this winter will be one of the best housing sales seasons ever with low mortgage rates and limited housing inventory.

Good morning, i?m jeff farnham.

1.

According to the golden triangle realtor association, which covers 7 counties in central mississippi,?the yearly market comparison of residential properties across the entire mls, shows a 2.3% decrease in the number of sold listings for the month of october.

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Year-to-date total number of new listings is down by 6.2% but this number for the month of october alone was only down by 1 new listing.

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Listings may be down but the number of sold listings year-to- date is up by 2.4%.

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Residential properties across the entire mls are selling 7 days faster than they were a year ago.

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On the national level, nar reported at the end of october that pending home sales?were up 20.5% year-over- year.

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Also according to the nar, new build home sales are up 16.9% year- to-date.

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The mortgage bankers association projects a 2.4% jump in home prices in 2021, while freddie mac expects an increase of 2.6%.

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Mba and fannie mae both predict more single-family home construction than we?ve seen in at least two years.

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So even if home prices do rise in 2021, the upside is that homebuyers may have more homes to choose from.

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And, as low interest rates are predicted to stay at this year?s record-lows, that can help soften the impact of higher home prices.

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If you?re considering buying a home now or in the coming year, contact a jts & co.

Loan advisor to help determine your homebuying budget and obtain your mortgage pre-qualification.

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In late-august, refiguide.org released a report on the most affordable places to buy a home in america.

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Jackson, mississippi came in at number two!

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What?s also interesting, but not necessarily surprising, is that every city on this most affordable list is located in the south or midwest.?

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Typically, the housing market slows down considerably in the winter, especially during the holidays.

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However, nar predicts that this upcoming winter ?will be one of the best winter sales years ever.?

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This is due to a perfect storm of low mortgage rates, limited housing inventory, and the pandemic that's changed how, when, and where buyers are shopping for homes.

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At jts & co.

We are your local mortgage advisors located right here in your community.

19.

Unlike the big lenders, we provide each customer with personalized service based on your unique situation, and contrary to advertised belief, you can?t just push a button because there are many types of loans designed to fit different circumstances.

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There is no one- size-fits-all home loan and we?re experts at finding your best matched mortgage ?

Whether you are buying your first home, forever home, or refinancing.

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As your financial situation and housing needs change over time, we can expertly handle all of your home loans, now and in the future.

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Jts & co.

Is your lifetime mortgage advisor.

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Visit our website or text jts at 33655 to get pre- qualified today.

24.

We are local, trusted, and experienced.

Thank you for joining me today and be sure to tune in again next week!