Kanab Real Estate Roundup for the first week of February 2023
MORE great news from Freddie Mac! Mortgage rates are down to 6.09% for the average 30-year fixed loan, and all signs point to continued interest rate drops.
Watch the full video HERE on our YouTube channel. Subscribe while you're over there!
We most likely will not see 2 and 3% mortgage rates again for a long while - the federal reserve artificially lowered rates to keep the economy moving during the pandemic - but getting back into the low 6s and maybe even 5s means that the real estate market is thriving!
We are still seeing price reductions on some properties, but certainly not all, as sellers come to terms with the fact that this is not the same market as it was in 2020, 2021, and the first quarter of 2022, when rates started rising.
But we are moving towards a more balanced market with more inventory and more favorable mortgage rates.
If you have owned your home for more than 3 years, you most likely have a bit of equity in your home. In the simplest terms, your home's equity is the difference between how much your home is worth and how much you owe on your mortgage.
Even without selling, you can use this equity for a Home Equity Line of Credit (HELOC) or a cash-out refinance to pay for things like: home improvements, purchase investment property, college tuition, medical bills, etc. Talk to a trusted lender for more information.
We are here to educate and inform so that you can make the best decision for you and your family. Have questions? Give us a shout!
Curious about what’s on the market?? To see everything that is currently available in the Kanab real estate market, please visit us at:
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