The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.

Below is a chart created using Freddie Mac's U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next 12 months.

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.

According to CoreLogic's latest Home Price Index, national home prices have appreciated 7.0% from this time last year and are predicted to be 4.2% higher next year.

If both the predictions of home price and interest rate increases become reality, families would wind up paying considerably more for their next home.

Bottom Line 

Even a small increase in interest rate can impact your family's wealth. Let's get together to evaluate your ability to purchase your dream home.

We at www.BestValleyHomes.com know the market inside and out. We want to be your guide through the labyrinths and mazes that make up the real estate buying and selling experience.  Contact us to help you witht he first step to getting a mortgage and finding a great home. 

Every year at this time, many Harrisonburg homeowners decide to wait until after the holidays to put their home on the market for the first time, while others who already have their homes on the market decide to take them off until after the holidays.

Here are seven great reasons not to wait:

1. Relocation buyers are out there. Many local Harrisonburg companies are still hiring throughout the holidays and need their employees in their new positions as soon as possible.
2. Purchasers who are looking for homes in Harrisonburg during the holidays are serious buyers and are ready to buy now.
3. You can restrict the showings on your home to the times you want it shown. You will remain in control.
4. Homes show better when decorated for the holidays.
5. There is less competition for you as a seller right now. Let's take a look at listing inventory as compared to the same time last year:

1. The desire to own a Harrisonburg home doesn't stop when the holidays come. Buyers who were unable to find their dream home during the busy spring and summer months are still searching!
2. The supply of listings increases substantially after the holidays. Also, in many parts of the country, new construction will continue to surge reaching new heights in 2018, which will lessen the demand for your house.

Bottom Line

Waiting until after the holidays to sell your home in Harrisonburg and the surrounding areas probably doesn't make sense.  What does make sense is calling us.  We can sell your home more quickly and for more money. www.BestValleyHomes.com We do it all the time.  Love us or Like Us on Facebook! 

The latest edition of CoreLogic's Home Price Index shows that nationally, home prices have appreciated 6.7% over the last year and 0.9% month-over-month. The release of the report included this headline,

"National Home Prices Now 50% Above March 2011 Bottom"

The real estate market has come a long way since 2011, which is great news for homeowners!

Nearly 79% of homeowners with a mortgage in the US now have significant equity in their homes (defined as over 20%), according to the latest Equity Report. The challenge is that not every homeowner knows how much their home's value has appreciated.

Homeowners in Denver, CO lead the way with 8.7% appreciation over the last year, while owners in Washington and Utah have experienced a 3% increase in values since the start of this year!

Nationally, CoreLogic forecasts that home values will increase another 5.0% by this time next year.

Bill Banfield, VP of Capital Markets at Quicken Loans, recently explained the importance of knowing the conditions in your area,

"With home values constantly changing, and the rates of change varying across the country, this is one more way to show how important it is for homeowners to stay aware of their local housing market."

Bottom Line

Do you know what your house is worth? Have you stayed put because you are nervous you won't have enough equity to buy your dream home? Let's get together to perform an equity analysis and give you the freedom to achieve your dreams.

Step 1 - Find a Realtor that is FULL time and Sells a lot of Properties

This is a very important 1st step.  Not all Realtors are alike.  Some sell 1 or 2 properties a year and are what we like to affectionately call the dabblers.  They just dabble in Real Estate.  You need a person who will dedicate their valuable time and expertise to getting you the most for your property, quickly.  Dabblers, have a 1st job or are independent and are thus are not that motivated to sell.  A highly motivated agent will doggedly work for you. It's simple, if they don't sell much they don't get paid much. Is that the Realtor you want working for you?

Step 2 - Find a Company That Supports Great Realtors and the Community

Very large brokerage companies and very small ones can still be good places to find a great Realtor but find a place that supports their agents. It stands to reason that very large independent real estate brokerages are ones that have the needed resources to give agents access to the best tools, strategies along with the synergy of other fine agents that will get your home sold fast.

Step 3 - Ask a Realtor to Show You "The Plan"

Selling real estate is not just putting up a sign and waiting.  The complexities and potential pitfalls of selling properties are many. Marketing takes money.  Marketing takes technological expertise in today's internet and social networked world.  There is much more "art" than science to creating a desire for your home.  A really great agent will be able to show you #"the plan".

Step 4 - A True Professional Realtor Won't Budge on His Commission.

Asking your Realtor to take less is common these days, but before you pat yourself on the back, a Realtor who cannot stick to her own fee, won't stick to the price you expect for your home either. Retain the services of the higher priced agent and you'll see a professional who will fight and negotiate for your money too.

Step 5 - Past History is a Really Good Predictor of Future Events.

Your potential agent should be able to share with you their effectiveness within the profession. Are they struggling to make it?  Are they connected in the community and giving back to the community through service and charitable giving?  Are they willing to show you how they rank with other firms and other agents in the area?  It is safe to say a superstar agent who sells many homes today will sell many more tomorrow.

Call us at www.BestValleyHomes.com  we SELL the Beauty of the Valley Each and Every Day.