Good Mortgage News!
It's true that the real estate market in Philadelphia is a bit tricky right now, especially for first time home buyers. As a recent WHYY article puts it, "Mortgage rates have come down a bit, but remain elevated. Home prices are still considerably higher than they were pre-pandemic. And inventory is low, in part because existing homeowners aren’t selling." However, WHYY continues by highlighting the silver lining that has always been true about our market, that it's steady. We may get smaller gains when the market booms, but we also get less severe declines in the tight times.
Team Damis has gone into 2023 in full force. With 8 settlements and several pending sales, we know how to navigate markets even when they're at their uncertain moments. We are proud to serve our clients every day...but we couldn't do it without your continued support, so thank you!
Also, I wanted to share some good mortgage news that just broke, which will ease the affordability concerns of many buyers. Both the Federal Housing Administration (FHA) and Veterans Affairs (VA) have announced reductions in their financing fees relating to their mortgage programs. The FHA has reduced their annual mortgage insurance costs – this will reduce the monthly mortgage insurance premium paid by the borrower. The VA has reduced their upfront VA Funding Fee for Vets who typically finance this fee in their mortgage amount. Please note, veterans who receive VA disability are exempt from the VA Funding Fee cost.
In a statement released last Wednesday, the White House said the mortgage insurance premium cut will reduce housing costs by an average of $800 for roughly 850,000 homebuyers and homeowners in 2023.
So if you've been wanting to buy but were waiting for an additional incentive, here it is! Let's talk. We can discuss a plan of action for you to get started.