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2024 Mortgage and Housing Forecast

Spoiler Alert! Many experts, including economist from Fannie Mae and Mortgage Bankers Association are predicting that mortgage rates will be below 6% by the end of 2024 thanks to inflation cooling off.We will also still be dealing with a serious lack of inventory. The markets should be improved from 2023, however the competition will remain strong and most likely increase. As mortgage rates move under 6%, we will see more people re-enter the market. In addition, it is in my opinion highly unlikely we'll see a "price correction" with homes in our area simply due to the continued lack of inventory and increased population (more on that in my video above).For the scenarios I have prepared here, I'm using a home priced at $800,000 with 20% down payment. Rates are subject to change and are for example only. Results may vary depending on where you are considering buying and what your financial scenario looks like. Forecasted interest rates are based on projections from Fannie Mae's January 2024 forecast and are NOT guaranteed - they are only a projection. If you would like me to prepare scenarios based on your personal data or for your client, please reach out to me! I'm happy to help.Here are some strategies to help you in 2024!Don't wait for lower rates to buy! If you find a home that you can afford and would like to make an offer on, do it now before rates go down. Check out the Cost of Waiting - Total Cost Analysis and PDF with examples overtime. ⏩You will have less competition.You will start paying down the mortgage now and enjoying appreciation now.The home will cost more with appreciation (and potential bidding war) when rates are lower.Be prepared to Offer Above the List Price. Bid above the list price and negotiate the seller to buy down your interest rate. With forecasted appreciation, you may be surprised how quickly one may break-even on the "cost" of bidding over the list price vs. chasing a higher sales price while waiting for interest rates to come down. ⏩Make your best presentation with a Digital Offer. I personally contact the listing agent to review your offer (with your permission, of course). The listing agent will receive a text with your digital preapproval for their review as well as an email. ⏩Consider making a cash offer with NAF Cash Program. We have a cash buyer program that allows you to have a cash offer presented on your behalf. Sellers prefer cash offers as there are no financing contingencies, and you can close much faster! Once the cash offer has closed, you buy the home back from NAF Cash with the same terms. This also works great if you have a home that you need to sell before buying your next home. ⏩If you do have a home to sell, you probably have enjoyed appreciation with your home values. These funds (or other funds that you may have considered to use for down payment) may be used to restructure debt or buy down the interest rate to make your payments more affordable. Check out Selling and Buying Made Easy. ⏩Rent vs. Buy. Your mortgage payment may be initially higher than your rent payment, however the long-term benefits of building wealth through homeownership is very clear with this report. ⏩5 Year Rate Pledge. After you close your mortgage serviced by New American Funding, should mortgage rates drop to where you want to refinance, New American Funding will waive their lender fees. ⏩If you would like to prepare a plan for buying your next home or create a strategy to help your home buyers, please reach out to me.I hope you have a wonderful 2024!Best regards,Rhonda

Mortgage Market Update for April 15, 2024

Here is an overview of what economic indicators may impact mortgage rates this week.If you would like to see current mortgage rates based on your personal financial scenario, please contact me!Best regards,Rhonda Porter, Mortgage Advisor

Bridge Loans vs Cash Buyer Programs

Bridge loans have been around a long time to help homeowners access equity for their existing home so they can use those funds for their next home purchase. Bridge loans are mortgages that are secured to the departing residence which means in most cases, the home buyer has to qualify for not only the new home mortgage payment but also the mortgage on the "old home" along with the bridge loan. Available funds for a bridge loan are also often limited based on a certain loan to value, less any existing mortgage balances (there needs to be enough equity for the home to sell, including the costs to sell). Bridge loans are a great tool, however they do have limitations.Cash buyer programs, like NAF Cash, allow home buyers to make an offer without having a departing residence on their next home. As it's effectively a "cash offer", the transaction can typically close in about 14 days, allowing the buyer to move into the home and "rent back" until they purchase the home from NAF Cash. Of course, if a person does have a home to sell they can still use NAF Cash to buy their next home with a "Cash Offer". It's a "win win" for sellers and home buyers dealing with a competitive market with limited inventory. NAF Cash is available for buyers with credit scores of 620 or higher with a down payment as low as 5% for conventional or 0% down for a VA loan with the second transaction (buyer purchasing from NAF Cash).If you're a real estate agent, I highly recommend that you take the 45-minute class to become certified to make cash offers for your clients. As a listing agent, if you receive an offer with a financing contingency, share this information with the buyer's agent. They can contact me to sign up for the next class or use the QR code on the flyer in the sidebar.Questions? Please contact me!Rhonda Porter

listings View All →

1214 Taylor Ave N Apt 101

Rare 3 bedroom 1-1/2 bath Queen Anne condo close to Shopping, Seattle Center, and South Lake Union. Easy access to bus lines. Corner unit with views of downtown from deck. Large open floor plan with lots of light. Living room wood fireplace and built-in bookcases. Newer flooring and recently updated kitchen and bathroom. Includes 2 assigned off-street car parking spaces and two storage unit located on the basement level. No rental cap! ⏩⏩Be sure to check out the possible financing options including scenarios for primary residence and investment property. Mortgage rates are based on bonds (mortgage-backed securities) and subject to change. The rates posted are expired. Please contact Rhonda Porter for current rates based on your financial scenario. Click here to schedule an appointment to start your preapproval for this (or any) fine home!

8115 5th Ave SW

Nestled in West Seattle's Highland Park, this contemporary masterpiece boasts 2,550 sq ft. Revel in spacious living and panoramic city and mountain views. The home is bathed in natural light with vaulted ceilings, while the open kitchen and family room seamlessly extend to the newly sodded terraced backyard. Stylish finishes include pristine white Quartz countertops, sleek white cabinets and newer high end stainless steel kitchen appliances. Updates include new garage door, Level 2 electric car charger, newer furnace, newer roof w/ warranty and newer flooring. Delight in the Seattle fireworks extravaganza from your exclusive private viewing deck. Your dream home awaits. ⏩⏩Be sure to check out possible financing options, including: Reduced Down Payment 20% Down Payment Conforming Loan Limit Offering the seller $21K over the list price to offset the cost for a 2-1 Seller Paid Temporary Buydown NOTE: Mortgage rates change constantly as they're based on bonds (mortgage-backed securities). Rates posted are expired as of 4/12/2024. Do you have a home you need to sell before you can buy? We have programs that can help you! Please contact Rhonda Porter for a preapproval, loan scenarios or current mortgage rates based on your personal scenario!

2712 SW Sylvan Heights Dr

Welcome to Sylvan Ridge where San Francisco style meets West Seattle Charm. This south-facing end unit is ideal for entertaining with its dual-sided fireplace, kitchen pantry, balcony & main floor powder room. The private upstairs vaulted ceilings enhance the sun-filled primary ensuite, w/ additional bedroom & another full bath. An unexpected nook for a home office or yoga space complements this level with a laundry & linen closet. Need even more storage? It's here! The 2-car tandem garage offers plenty of parking, AND added potential for a bonus room, shop, or bedroom. Near commuting routes & all West Seattle amenities, this home is flooded with natural light from its south and West-facing windows. Don't miss this unique, versatile home. ⏩Be sure to check out the possible financing options including: Possible financing scenarios showing conventional financing from 3% to 20% down payment. Affordable solutions utilizing a temporary 2-1 buydown paid by the seller with the buyer offering over the list price for the buydown. Potential scenarios where this home may be bid over the list price. Mortgage rates are subject to change (and will!) so please contact Rhonda Porter for current rates based on your personal financial scenario. Would you like to get pre-approved or learn about how you can make a cash offer? Schedule some time to talk with Rhonda about financing options for this home!

Reviews

"To begin, we were moving across country with short notice and the seller required a 30-day closing. I haven’t experienced getting a mortgage in over 30-years…OMG it’s changed a lot! I am not even exaggerating when I say that we would not have accomplished this without the exceptional experience that Rhonda brought! After we signed and locked the 2023 high interest rate, days later there was a significant dip in the rates and Rhonda relocked us at the lower rate! What an unexpected gift. I don’t know anyone else who would go out of their way to do that for a client. Not only is she a Pro, but she’s a joy to work with and also guided us through with lots of patience. 5-STARS all the way!"

mark fernandez

"Rhonda was very helpful and easy to work with. In addition, if I had questions or concerns, she answered them. I like how she did like webinars throughout the process. Most important she answered my calls or called me back right away."

carl m w

"Rhonda is communicative and chaperones the process through close. We’ve used her numerous times and have always received the same great service."

anjanette w