Some Highlights:         
1. Mortgage interest rates have dropped considerably this spring and are hovering at a historically low level.
2. Locking in at a low rate today could save you thousands of dollars over the lifetime of your home loan.  (*for a home or a RE-FI)
3. Reach out to a real estate professional to determine the best way to position yourself for a move in today’s market.​
Our Brook Realty Home Buying Plan can get you started with a LENDER.
Article Content Courtesy of KCM
https://www.keepingcurrentmatters.com/2020/05/22/interest-rates-hover-near-historic-all-time-lows-infographic/
 

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While growing up, we were taught by our parents and grandparents that owning a home is a financially savvy move. They explained how a mortgage is like a “forced savings plan.” When you pay rent, that money is lost forever. When you make a mortgage payment, much of that money accumulates as equity in the home. So, what exactly is equity?
        The equity in your home is the amount of money you can sell it for minus what you still owe on the mortgage. Every month you make a mortgage payment, and every month a portion of what you pay reduces the amount you owe. That reduction of your mortgage every month increases your equity.
        A recent study by CoreLogic explained that homeowners gained substantial equity over the last twelve months, and are essentially sitting on large sums of cash in their homes. In the study, Frank Nothaft, Chief Economist for CoreLogic explained:
“The CoreLogic Home Price Index recorded a quickening of home price gains during the fourth quarter of 2019, helping to boost home equity wealth. The average family with a mortgage had a $7,300 gain in home equity during the past year, and a total of $177,000 in home equity wealth.”
        For most families, their home is their largest financial asset. This increase in equity drives the net worth, or family wealth, of the homeowner. Renters are not earning that benefit. Instead, they’re building the net worth of their landlord.
Bottom Line
Home price growth will moderate during the pandemic. But once a cure is available, most experts agree that home values will again begin to appreciate at levels similar to what we’ve seen over the last several years. In the long run, our family elders will be proven correct: owning a home is a savvy financial move. 
 Content Courtesy of KCM Real Estate
https://www.keepingcurrentmatters.com/2020/05/18/1-financial-benefit-of-homeownership-family-wealth/

Brook Realty's motto is "Keeping the Needs of our Clients at the heart of what we do".  In light of our new world normal, this has become even more important to us. Please take care and visit our blog often.

​Today's Topic:  How the Housing Market will help drive economic recovery...
        All eyes are on the American economy. As it goes, so does the world economy. With states beginning to reopen, the question becomes: which sectors of the economy will drive its recovery? There seems to be a growing consensus that the housing market is positioned to be that driving force, the tailwind that is necessary.
Some may question that assertion as they look back on the last recession in 2008 when housing was the anchor to the economy – holding it back from sailing forward. But even then, the overall economy did not begin to recover until the real estate market started to regain its strength. This time, the housing market was in great shape when the virus hit.
         As Mark Fleming, Chief Economist of First American, recently explained:
“Many still bear scars from the Great Recession and may expect the housing market to follow a similar trajectory in response to the coronavirus outbreak. But, there are distinct differences that indicate the housing market may follow a much different path. While housing led the recession in 2008-2009, this time it may be poised to bring us out of it.”
Fleming is not the only economist who believes this. Last week, Dr. Frank Nothaft, Chief Economist for CoreLogic, (@DrFrankNothaft) tweeted:
“For the first 6 decades after WWII, the housing sector led the rest of the economy out of each recession. Expect it to do so this time as well.”
         And, Robert Dietz, Chief Economist for the National Association of Home Builders, in an economic update last week explained:
“As the economy begins a recovery later in 2020, we expect housing to play a leading role. Housing enters this recession underbuilt, not overbuilt…Based on demographics and current vacancy rates, the U.S. may have a housing deficit of up to one million units.”
Bottom Line
Every time a home is sold it has a tremendous financial impact on local economies. As the real estate market continues its recovery, it will act as a strong tailwind to the overall national economy.
 Content Courtesy of KCM Real Estate
​https://www.keepingcurrentmatters.com/2020/05/19/housing-market-positioned-to-bring-back-the-economy/