Lend Oklahoma

First-time homebuyers should know their budget, their debt-to-income ratio, and the difference between a pre-qualification and a pre-approval. If you don’t, this article is for you. https://bddy.me/3qOLuPp

Initial Jobless Claims, which measures individuals filing for unemployment benefits for the first time, rose 55,000 to 286,000. If we compare claims to just a few weeks ago, they are almost 100,000 higher. Omicron could have played a role, but it’s an important week to keep in mind because this is the sample week that gets plugged into the jobs report estimates. As a result, it could show higher unemployment. Continuing claims, which are those that continue to receive benefits after their initial claim, rose 84k to 1.635M.

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Existing Home Sales, which measure closings on existing homes, was released this morning for thew month of December. At first glance, this report was a miss. Sales were down 4.6% at an annualized pace of 6.2M units. On a year over year basis, sales are down 7%. But the real story here is inventory - There were only 910,000 homes for sale, which is down significantly from last month at 1.1M. Inventory is 14% lower than last year and a completely different picture compared to t...he bubble like conditions we saw in 2007 when there was 3.7M homes for sale. Homes were only on the market for 19 days, even with higher prices and the lack of inventory, speaking to demand. The real reason we saw sales drop is simply because there are not enough homes on the market. If there were more homes, there would be more sales. The tight supply and strong demand should be very supportive of home prices. The Median home price was reported at $358,000, which is up 15.8% year over year. First Time Home Buyers have accounted for 30% of sales, which was a big rise from 26% in the previous report. Cash buyers declined slightly to 23% of transactions, down from 24%, while Investors purchased 17% of homes, up from 15%. Foreclosures and short sales account for less than 1% of all transactions. See more

The January NAHB Housing Market Index, which is a real time reading on builder confidence, fell one point to 83but it remains at a very strong level. Any reading above 50 signals expansion. For perspective, this index was at 80 in October and 83 in November and reached an all-time high of 90 in November 2020. Looking at the internals Current Sales unchanged at 90 Future Expectations fell 2 points to 83 Buyer Traffic fell 2 points to 69 The NAHB Chairman, Chuck Fowke,... said, Higher material costs and lack of availability are adding weeks to typical single-family construction times. NAHB analysis indicates the aggregate cost of residential construction materials has increased almost 19% since December 2020. Bottom line, builder confidence remains extremely strong, even in the face of higher building material costs and the lack of skilled labor. See more

Housing Starts rose by almost 1.4% in December at an annualized rate of 1.702M and are now up 2.5% year over year. Single family, which is most important, fell by 2.3% and are down 11% year over year. Permits rose by 9% in December and are up 6.5% year over year. Single family permits rose 2%, but are still down 8.5% year over year. Completions fell by almost 9% and are down 6.6% from last year, speaking to the challenges builders are having with materials and labor. The back...log continues to grow - homes authorized but not yet started increased by 1.1% and are up 44% year over year. Single family homes authorized but not yet started are up 39% year over year. Builders will continue to try to put more inventory on the market, but they are significantly lagging demand, especially on the single-family front. As we said in our forecast, we should continue to see an imbalance in supply and demand, which should be supportive of home prices. See more

Invest in your quality of life. When you refinance, you could lower your monthly payment and free up your cash for other things. See why refinancing might be right for you! Contact us today to get started!

Seller’s markets can be tough, especially for first-time homebuyers. Read our guide to winning the home bidding war. It’s an indispensable tool in your arsenal to help you come out on top. https://bddy.me/3GCgesr

Is it true mortgage pre-approvals generally expire 90 days after they are written? It’s true! This is because many things can change over the course of a couple of months your income, employment status, credit score, and even interest rates. So, if you do have a pre-approval letter and this amount of time passes without a purchase, stay in contact with your lender so you stay current in your eligibility.

Featuring low down payment requirements and flexible financing, FHA loans are a popular choice for first-time homebuyers and borrowers who have a few wrinkles in their credit history. Contact us today to find out if an FHA loan is right for you!

How do you secure a mortgage pre-approval with student debt? It's easier than you think. #mortgage #realestate

Maybe you’ve always lived far away from the city limits. Maybe you’re looking to escape the hustle and bustle of urban life. Either way, a USDA loan can be your path to peace and tranquility. Contact us today to find out what’s possible with a USDA loan! https://bddy.me/31LNjmu or call 918-203-7325