🔥 Wow, what are your thoughts on this market update video? I'd love to hear your opinions! Share your insights and comments below! 📈💼 📱Have questions about buying a new construction home in Dallas? Reach out to us anytime! We're here to help. 📞 Call or Text: 469-885-0435 📩Email: Alex@AlexPiech.com 📆Schedule a Zoom Call: bit.ly/Letstalkaboutrealestate 🏗Looking for new construction homes in DFW? Discover the best options here👉🏻 www.NewBuildHomeSearch.com
Thanks for the market insights. There were a lot of buyers in 2022 & 2023 that got rate buy downs for 1 or 2 years anticipating 3 to 4 FED rate cuts by now in 2024 but hasn't happened. Thier temporary rate buy down will jump back up to 6.5 to 7%. They will need to refi soon or sell at a steep discount unless they can afford the higher monthly mortgages.
The good news is that all of the buyers who purchased a home with a temporary rate buydown had to qualify for a mortgage based on the 7-8% rates we saw over the last 2 years which means they can afford the higher payments. The high payments will be a burden but should not cause financial harm due to the fact buyer qualified with a debt-to-income max of 36-40% for the mortgage originally. We are getting relief in rates now. Rates have dropped 1.125% since May. Based on the economic date coming out I expect the Fed to cut rates in September which will drop rates further. The refi's have already started and I expect to see a lot more refi's over the next 6 months... The other positive that can not be overlooked here in the North Dallas market is those buyers who bought 2 years ago have seen a significant increase in home values.
🔥 Wow, what are your thoughts on this market update video? I'd love to hear your opinions! Share your insights and comments below! 📈💼
📱Have questions about buying a new construction home in Dallas? Reach out to us anytime! We're here to help.
📞 Call or Text: 469-885-0435
📩Email: Alex@AlexPiech.com
📆Schedule a Zoom Call: bit.ly/Letstalkaboutrealestate
🏗Looking for new construction homes in DFW? Discover the best options here👉🏻 www.NewBuildHomeSearch.com
Thanks for the market insights. There were a lot of buyers in 2022 & 2023 that got rate buy downs for 1 or 2 years anticipating 3 to 4 FED rate cuts by now in 2024 but hasn't happened. Thier temporary rate buy down will jump back up to 6.5 to 7%. They will need to refi soon or sell at a steep discount unless they can afford the higher monthly mortgages.
The good news is that all of the buyers who purchased a home with a temporary rate buydown had to qualify for a mortgage based on the 7-8% rates we saw over the last 2 years which means they can afford the higher payments. The high payments will be a burden but should not cause financial harm due to the fact buyer qualified with a debt-to-income max of 36-40% for the mortgage originally. We are getting relief in rates now. Rates have dropped 1.125% since May. Based on the economic date coming out I expect the Fed to cut rates in September which will drop rates further. The refi's have already started and I expect to see a lot more refi's over the next 6 months... The other positive that can not be overlooked here in the North Dallas market is those buyers who bought 2 years ago have seen a significant increase in home values.