April 2024 Market Statistics

Published on May 10, 2024

Highlights (the highlights are a comparison between April 2023 and April 2024)

  • Median detached home price increased 2.0 percent to $350,000
  • Average detached home price increased 4.8 percent to $409,580
  • Overall inventory of detached homes for sales increased 23.9 percent to 1276

Additional Reports

April 2024 Showings Report

April 2024 Local Market Snapshot Reports (by zip code & MLS Area)

Credit GAAR.com

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How it Works

A 3-2-1 buydown is a concession to the buyer that reduces the buyer's interest rate and monthly payment for the first three years of homeownership making the home more affordable. In the below example, the seller agrees to finance three years of a lower interest rate for the buyer.

  1. The interest rate for Year 1 is reduced by 3 percentage points
  2. The interest rate for Year 2 is reduced by 2 percentage points
  3. The interest rate for Year 3 is reduced by 1 percentage point
  4. Year 4-life of loan are subject to the original interest rate

The cost to the seller is based on the note rate minus the 3% for the first 12 months and the same for the 2% (13-24 months) and the 1% (25-36 months). To get the total cost from the seller, add…

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#1. Early payoff hacks 

There are several early payoff hacks that homeowners can take advantage of:

Make 1 extra loan payment each year

How it Works

By making one extra payment per year, a homeowner can reduce the amount of interest they will pay over the life of the loan and the duration of the loan. In this example, the monthly payment is $3,160, so by making 1 extra monthly payment of $3,160, the mortgage will be paid off six years ahead of schedule and net over $156,000 in savings.

Tip: By making the extra payment in January, you are hacking the total number of days the mortgage is collected on.

Using the following terms:
Mortgage Term - 30-year Interest Rate - 7% Loan amount - $475,000 Monthly payment - $3,160

Extra Mortgage Loan Payment

#2. EARLY…

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#1. Buydowns

This Playbook Series is designed to explain several mortgage programs available today as well as some hacks to help those with current mortgages pay less over time.

There are a few common buydown products that clients can take advantage of, including an Interest Rate buydown, 3-2-1 buydown and a 2-1 buydown. While the following examples reference sellers paying for the buydowns specifically, buyers or lenders can also pay for interest rate buydowns.

Interest Rate Buydown

How it Works
A rate buydown is a way to pay for a lower interest rate by purchasing discount or mortgage points.

Value to Clients

Buydowns can be a benefit to both buyers and sellers. Sellers get a competitive advantage and buyers get to make a one-time…

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