Are Rates on the Rise?- Jacobs Group November News

“In November you begin to know how long the winter will be.”
— Martha Gellhorn

November can be an odd month, our mood can dip as the days get shorter and the weather gets colder, but we are also cheered by the anticipation of family outings and Thanksgiving gatherings. Then, lastly, the remaining colorful leaves fall from the trees, highlighting a brown landscape juxtaposed by grey skies that can spur the impulse to crawl under a blanket until spring arrives. But before we can fully commit to a hibernated state, preparations need to be made, so if you're thinking of making a move, it could cost you more in the long run if you wait until next year, as experts project mortgage rates will continue to rise into 2022.

Since mortgage rates are one of several factors that impact how much you can afford if you're buying a home. When rates are low, they help you get more house for your money. Mortgage rates have hit the lowest point ever recorded within the last year, and they've continued to hover in the historic-low territory. But even over the past few weeks, rates have started to rise. This past week, the average 30-year fixed rate was 3.14% and is expected to increase up to 3.7% by the end of 2022. If rates rise even a half-point percentage over the next year, it will impact what you pay each month over the life of your loan – and that can add up. So, the reality is, as prices and mortgage rates rise, it will cost more to purchase a home.

So, whether you're thinking about buying your first home, moving up to your dream home, or downsizing because your needs have changed, purchasing before mortgage rates rise even higher will help you take advantage of today's homebuying affordability. That could be just the game-changer you need to achieve your homeownership goals. Read more about Experts Project Mortgage Rates Will Continue to Rise in 2022 on our blog page.

Fall is in the air, so check out our list of festivals and fairs in Metro Detroit.

Stay Safe, Happy and Healthy,

Jacobs Group Realty

(248) 218-0034
info@JacobsGroupRealty.com
w ww.JacobsGroupRealty.com

11/4-PIQUETTE FALL ART FAIR, DETROIT

11/11- VETERANS DAY CELEBRATION, FARMINGTON HILLS

11/11-11/12- ROYAL OAK MARKET: ART FAIR EDITION, ROYAL OAK

11/19- HOLIDAY LIGHTED PARADE AND TREE LIGHTING CEREMONY, NORTHVILLE

11/19-LIGHTED CHRISTMAS PARADE, ALLEN PARK

11/20-21 DOWNTOWN ROCHESTER FESTIVAL OF TREES, ROCHESTER

11/20 WYANDOTTE CHRISTMAS PARADE, WYANDOTTE

11/21-28 FESTIVAL OF TREES AT FORD COMMUNITY & PERFORMING ARTS CENTER, DEARBORN

11/20-1/3-WILD LIGHTS AT THE DETROIT ZOO, ROYAL OAK

11/25 AMERICA’S THANKSGIVING PARADE, DETROIT

11/27 ANNUAL MILFORD CHRISTMAS PARADE, MILFORD

Located in the north suburbs of Metro Detroit and nestled in the center of Oakland County’s technical business community, Rochester Hills is a perfect balance of community-minded residents and innovative businesses. People are attracted to Rochester Hills because of its cultural amenities, picturesque landscape of rolling, wooded hills, parks and trail systems and the Clinton River which flows through the City. Its diverse housing choices and distinctive neighborhoods have created a community that naturally appeals to residents looking for a lifestyle that allows them to feel secure and culturally connected. Businesses choose Rochester Hills because of its exceptional real estate options, access to skilled workforce and a low city tax. Rochester Hills also prides itself as being an educational epicenter. Its K-12 public school programs routinely rate in the top percentile based on state performance standards, and every year Rochester Hills welcomes over 23,000 students at its higher education institutions-Oakland University and Rochester University. The City is routinely recognized across the country for its innovative means of social and economic impact. Rochester Hills is a community proud of its historic heritage, entrepreneurial spirit, and its ability to be innovative by nature.

The population of Rochester Hills is approximately 74,556, and the homeownership rate is 72%. From September 2020 through September 2021 YTD, 648 (+9.8%) properties were sold, and the media sales price was $401,000 (+14.6%)

If you haven’t heard, yes, it’s a seller’s market! Our buyers are persistent, but it’s not easy going up against multiple offers and losing out on their dream home. If you or someone you know is interested in selling, please reach out to us, and we may be able to make a match. The map below is our current search area, but inventory is extremely low throughout the entire Metro Detroit area, so call us because it’s definitely a good time to sell.

Click here to find the value of your home!

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