Three Things Buyers Can Do in Today’s Housing Market

posted by: George Sykes, Broker, Worth Clark Realty on Friday September 23, 2022

Three Things Buyers Can Do in Today’s Housing Market

It’s clear the 2022 housing market has been defined by rising mortgage rates. With rates on the rise, it’s also become more costly to purchase a home. According to the National Association of Realtors (NAR):

“Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an increase of 53.7%.”

If you’re thinking of buying a home or have been trying to recently, that’s a big increase in a monthly mortgage payment – and it may be causing you to press pause on your plans. This jump is making homes less affordable, especially compared to the last two years when mortgage rates were at historic lows.

The good news is you can navigate today’s housing market and this rising rate environment with a few simple tips. Here are three things you may want to consider to help make your homeownership goals a reality.

Read on for the 3 things.

Local Special

Happy Father's Day from Edisons

posted by: Edison's Entertainment Complex on Wednesday June 15, 2022

Dad's Play Free ...

Wildfire Celebrates 27 Years

posted by: Wildfire Internet on Tuesday March 1, 2022

Wildfire Internet established as one of the early Internet application development companies in 1995 today celebrates its 27th year anniversary. Wildfire Internet is the home of the CityPages, a local city directory designed to help local businesses take advantage of Wildfire's 27 years of experience.

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President's Day at Edison's

posted by: Edison's Entertainment Complex on Friday February 18, 2022

February 21st, 10am-8am

Seeing is Believing.

posted by: Unity Baptist Church on Monday December 6, 2021

As we approach Christmas time there are many opportunities to remember what this season is all about. I had one of those reminders about 15 minutes ago, and I'd like to share it with you.

Follow the Housing Market without lots of clicks and picks

posted by: George Sykes, Broker, Worth Clark Realty on Monday February 15, 2021

New home listings are now posted in near real time to the main home page of local CityPage sites like collinsville.com, edwardsville.com, collinsville.com, ofallon365.com and 40+ more.

47 Percent of New Buyers Surprised by How Affordable Homes Are Today

posted by: George Sykes, Broker, Worth Clark Realty on Saturday February 13, 2021

Headlines matter. Right now, it’s hard to read about real estate without seeing a headline that suggests homes have become unaffordable for most Americans. In reality, there’s hard evidence that shows how owning a home is more affordable than renting in most parts of the country, as record-low interest rates are keeping monthly mortgage payments about 23% lower than the typical payment of 20 years ago. Despite the facts, misleading headlines persist, and they impact how hopeful homebuyers perceive the market.

In a recent survey by realtor.com, home shoppers indicated they were surprised by what they could actually afford when buying their first home. In fact, 47% discovered their budget was larger than they expected. George Ratiu, Senior Economist at realtor.com, explains:

What Happens When Homeowners Leave Their Forbearance Plans?

posted by: George Sykes, Broker, Worth Clark Realty on Friday January 29, 2021

According to the latest report from Black Knight, Inc., a well-respected provider of data and analytics for mortgage companies, 6.48 million households have entered a forbearance plan as a result of financial concerns brought on by the COVID-19 pandemic. Here’s where these homeowners stand right now:

2,543,000 (39%) are current on their payments and have left the program
625,000 (9%) have paid off their mortgages
434,000 (7%) have negotiated a repayment plan and have left the program
2,254,000 (35%) have extended their original forbearance plan
512,000 (8%) are still in their original forbearance plan
116,000 (2%) have left the program and are still behind on payments

Beginning Our Journey in John's Gospel

posted by: Unity Baptist Church on Monday January 11, 2021

Smart Buyers and Smart Sellers: Class #3 "The Contract"

posted by: George Sykes, Broker, Worth Clark Realty on Friday January 1, 2021

George Sykes, Real Estate Broker with Worth Clark Realty details what every real estate buyer and seller should know about the "Contract To Purchase Real Estate". Buyers and Sellers owe it to themselves to watch this video before they sign their next real estate contract. Understand what you are signing. George Sykes is a licensed Real Estate Broker in Southern Illinois and represents clients in edwardsville, glen carbon, collinsville, granite city, maryville, troy, ofallon, swansea, shiloh and belleville.