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May Journal 2021


A Closing Door for Rates

For homeowners wondering if it's a good time to upgrade to a different home: While you have heard, no doubt, that housing supply is tight and prices are high, there are several reasons why it may be a good time to buy - and to sell - for some time. First, interest rates are still historically low, a fading opportunity according to forecasts. Next, while prices remain elevated, current homeowners likely will participate in elevated prices for both their purchase and sale.1



Strong Recovery on the Horizon

Recent economic numbers indicate robust growth coming this year as the pandemic lifts. March saw more than 900,000 jobs added, including 280,000 in leisure and hospitality, 190,000 in education, and 110,000 in construction. Unemployment is at 6%, down from almost 15% at this time last year. The Conference Board's Consumer Confidence Index also skyrocketed to its highest level in more than a year.2



59% of homes on the market sold in under two weeks, and 47% sold within a single week, according to MLS data.3



Raise Your Credit Limit

Requesting a higher monthly limit on your credit card offers some unexpected benefits. A higher limit means a lower credit utilization ratio, which in turn can raise your credit score - a major help when you're applying for a mortgage. You may also be able to earn more credit card rewards. And it's always a relief to know that you have access to funds in case of an emergency. Just keep in mind that a higher credit limit shouldn't be a license to spend more than you can afford.4



Severe Weather Affects U.S. Buying Decisions

Concerns about severe weather increasingly shapes where buyers are choosing to live. About 80% of those surveyed said they might avoid certain parts of the country, for example areas affected by wildfires. And a full third of those who plan to move this year said that climate considerations would play a major role in their decision.5



1; 2; 3 MLS; 4; 5

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