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  • February 21, 2020 in News

    It’s a Better Time to Buy Than 10 Years Ago

    A strong economy, low unemployment, low mortgage rates, and alluring mortgage rates are making it a great time to buy a home, according to a newly released report from LendingTree, an online financial services marketplace. The amount of income that buyers spent on their mortgage payments also dropped from 2010 through 2019, despite higher home prices.

    “If you are in a point in your life where you’re considering buying a home today, it’s a better time to buy than 10 years ago,” Tendayi Kapfidze, LendingTree’s chief economist, told realtor.com®. “If you can get a mortgage, you’re getting much lower interest rates, and it enables you to afford more. But that also means that you’re competing with more buyers, who are bidding up the prices.”

    Indeed, median sales prices jumped 53.5% between early 2012 and summer 2019, according to realtor.com®. But a decrease in average mortgage rates—by more than a percentage point from the start of the decade—is helping to offset some of that uptick. Mortgage rates have dropped from 5.09% to 3.74% during that time period. That drop could save borrowers hundreds of dollars a year to tens of thousands over the life of the loan, realtor.com® reports.

    Since the Great Recession, borrowers are being more responsible too, Kapfidze says. They’re “much healthier financially than they were 10 years ago,” Kapfidze says. “One reason is because of low mortgage rates. If you refinance, [you can] reduce your monthly mortgage payments.”

    Homeowners are also sitting on more equity. In 2012, nationwide equity reached a low of $8.2 trillion. In 2019, it grew to about $18.7 trillion.

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  • I recently sold my house in Decorah thanks to my very competent realtor, Janice Numedahl. She was so patient with me explaining everything clearly - made it easy for me. She was very business-like & understanding. Not only is she a terrific realtor, but I also have a good friend.

    — K. F., Harpers Ferry, IA

  • I had an extremely positive experience with selling my father's condo. Marcia helped make a potentially stressful process both easy and fun. I found her to be extremely approachable, knowledgeable, and trustworthy. I would highly recommend Marcia to my friends and family, and would absolutely hire her again. Thank you Marcia for your time, efforts and talent!

    — B.P., Lamont, IL

  • Having been both a Buyer & Seller, the service I received at Kelly Realty was superior. The Realtor, Janice Numedahl, was understanding, compassionate and helpful. After the home was sold, Janice went above and beyond and even vacuumed the floors for me. Thank you Kelly Real Estate for a wonderful experience!

    — K. M., Decorah, IA

  • I was so pleased with Kelly Real Estate for the sale of our family real estate. The entire process was handled so professionally; but in a friendly personable manner. I will, and have, recommended Marcia Madrigal & Kelly Real Estate to my family and friends.

    — S.N., Decorah, IA

  • I purchased a condo through Kelly Real Estate and Jayme Folkedahl. The purchase went smooth and Jayme answered all my questions. At the same time I sold my house through Kellys. The sale went smoothly as well.

    — M. M., Decorah

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