• Heather Watkins

Wisdom Wednesday 3/16/22

It is my job to be well-informed on the market, keep an eye on trends, know what to expect for my would-be first time home buyers, investors, and luxury home dreamers. Here is what I know: While home prices and mortgage rates have a direct impact on the size of a mortgage payment, both of these two indicators are moving upwards. According to the latest housing data from the American Community Survey (ACS): For Humboldt County- Monthly Mortgage Payment Now: $1,667 Monthly Mortgage Payment A Year Earlier: $1,357 Housing prices rose by 18.7% from a year earlier. Fast-rising rent prices could also make it more difficult for thwarted buyers to save money to enter the market in the future. “It’s hard when both options are eroding in affordability so quickly,” said Skylar Olsen, principal economist at mortgage-finance startup Tomo Networks. What does this mean for potential buyers? Well, firstly, homeownership is always better than renting. With the additional crux of rent prices increasing, it is even more important to stay in touch with your long-term goals. Additionally, it means if you are simply considering purchasing a home within the next 6-12 months that it is more important now than ever to connect with an agent and work with a lender to get preapproved. It is imperative to know what you can afford, align your expectations, be prepared to be patient, and be set on the path to homeownership, even if that means fixing credit, saving money, keeping an eye on the market, curbing large purchases and travel, etc. I am always here to answer any questions or set up a coffee date! Your agent, Heather Watkins The Hurst Group 707.599.4658 DRE#02111228

Brokered by eXp Realty of California, Inc. DRE#01878277

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