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Interest Rate | Solari Group Real Estate News Blog

Tuesday, July 7, 2020   /   by Nicole Solari

Taking Advantage of Homebuying Affordability in Today’s Market

Everyone is ready to buy a home at a different time in their lives, and a health crisis or not, today is no exception. Understanding how affordability works and the main market factors that impact it may help those who are ready to buy a home narrow down their optimal window of time to make a purchase.
There are three main factors that go into determining how affordable homes are for buyers:

Mortgage Rates
Mortgage Payments as a Percentage of Income
Home Prices

The National Association of Realtors (NAR), produces a Housing Affordability Index, which takes these three factors into account and determines an overall affordability score for housing. According to NAR, the index:

“…measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.”

Their methodology states:

“To interpret the indices, a value o ...

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  real estate, homebuyers, buying, first time home buyer, home buyer, first time home buyers, home buyers, interest rate

Thursday, January 16, 2020   /   by Nicole Solari

Homes Are More Affordable Today, Not Less Affordable

There’s a current narrative that owning a home today is less affordable than it has been in the past. The reason some are making this claim is because house prices have substantially increased over the last several years.
It’s not, however, just the price of a home that matters.
Homes, in most cases, are purchased with a mortgage. The current mortgage rate is a major component of the affordability equation. Mortgage rates have fallen by over a full percentage point since December 2018. Another major piece of the affordability equation is a buyer’s income. The median family income has risen by approximately 3% over the last year.
The National Association of Realtors (NAR) releases a monthly Housing Affordability Index. The latest index shows that home affordability is better today than at almost any point over the last 30 years. The index determines how affordable homes are based on the following:

“A Home Affordability In ...

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  real estate, homebuyers, buying, real estate agent, realtor, finances, first time home buyer, loan, home price, solano county, napa valley, the solari group, market trends, home buyer tips, level up realty, housing market, mortgage, real estate market, home buyer, mortgage rates, interest rates, for buyers

Tuesday, December 10, 2019   /   by Nicole Solari

A 365 Day Difference in Homeownership

442SHARES






292






36






18






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Over the past year, mortgage rates have fallen more than a full percentage point. This is a great driver for homeownership, as today’s low rates provide consumers with some significant benefits. Here’s a look at three of them:





Refinance: If you already own a home, you may want to decide if you’re going to refinance. It’s one way to lock in a lower monthly payment and save substantially over time, but it also means paying upfront closing costs too. You have to answer the question: Should I refinance my home?






Move-up or Downsize: Another option is to consider moving into a new home, putting the equity you’ve likely gained in your current house toward a down payment on a new one that better meets your needs – something that’s truly a perfect fit for your family.






Become a First-T ...

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  real estate, home ownership, homebuyers, buying, finances, first time home buyer, home price, solano county, solari group, napa valley, market update, the solari group, market trends, home buyer tips, home buyer, interest rates, level up

Friday, February 22, 2019   /   by Nicole Solari

4 Reasons Why We’re Not Headed For Another Housing Crash

4 Reasons Why We’re Not Headed For Another Housing Crash














With home prices rising in many areas of the country, many people are worried that we’re headed for a housing crash like the one we suffered in 2008.


But here’s the thing: it’s just not true. While it’s understandable that people would look at the current market, consider it a “housing bubble,” and assume it’s going to pop, the truth of the matter is the market today couldn’t be any more different than they were before the crash of 2008.


Let’s take a look at four reasons why we’re not headed for another housing crash:

1. Banks have tightened their lending practices

The biggest contributor to the crash of 2008 was risky lending practices. Financial institutions had extremely loose standards in terms of who they’d lend to; they were giving out mortgages to people with low incomes, bad credit, and who were unlik ...

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  real estate, home ownership, homebuyers, homes for sale, buying, upgrades, loan, investment properties, solari team, credit score, freedom, property taxes, safety, market update, taxes, market trends, selling tips, interest rates, home sales

The Solari Group
Nicole Solari
4820 Business Center Drive, Ste 140
Fairfield, CA 94534
707-486-5400
DRE# 02014153

IDX Content is provided via the Internet for consumers’ personal, non-commercial use. Variable Price’ indicates the seller is willing to entertain offers within a Listing Price Range. All measurements and all calculations of area are approximate. Information provided by Seller/Other sources, not verified by Broker. All interested persons should independently verify accuracy of information. Provided properties may or may not be listed by the office/agent presenting the information. IDX provided by Commissions Inc. Data last updated:August 9, 2020
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