Sep 1, 2022
Is now a good time to buy a house? Do kitchens and bathrooms really sell houses? What will mortgage interest rates do going forward? Should you consider an adjustable-rate mortgage? Tune in to find out!
In this episode of Off The Wall, hosts David Armstrong and Jessica Gibbs welcome Joan Stansfield of Stansfield Signature Real Estate and David Turner of Prosperity Home Mortgage to talk about residential real estate in the current market.
Joan shares her top tips for buyers and sellers in this highly competitive market. For people who are planning to be in their home for the foreseeable future, she gives her perspective on a reasonable long-term rate you can assume your home value will grow.
Dave talks through the notable change in mortgage interest rates since 2021 and where rates could be going in the future. He also gives his take on using adjustable-rate mortgages right now in case rates come back down in the future, and more.
Episode Timeline/Key Highlights
Part 1: Buying and Selling a Home
[00:50] Introducing Joan Stansfield.
[03:26] Is now a good time to buy a home? Are home prices going to keep going up?
[07:32] Tips for buyers on how to compete in a competitive market.
[09:51] Waiving contingencies: Good or bad idea?
[11:56] Why people are panic selling real estate & Is it still a seller’s market?
[14:18] Why is the housing market so expensive?
[16:37] Using real estate as a long-term investment.
[21:02] Home improvements and renovations that increase and decrease the resale value of a property.
Part 2: Interest Rates & Lending
[26:12] Introducing David Turner.
[26:45] The current state of mortgage interest rates & Will interest rates keep going up?
[27:40] How federal interest rates affect mortgage interest rates & Should I wait to buy a home until interest rates to go down?
[29:28] Adjustable-rate mortgages (ARM) vs. Fixed-rate mortgages
[36:45] What you need to know about Jumbo Loans.
[39:39] Rules for VA Loans have changed… Here’s how you might benefit!
Relevant Resources Mentioned
Stansfield Signature Real Estate: https://www.stansfieldsignature.com
Prosperity Home Mortgage: https://www.phmloans.com
About Joan Stansfield
Joan Stansfield is the President and Owner of Stansfield Signature Real Estate LLC. Her team, licensed in DC, MD & VA, specializes in residential real estate consultative services, serving both sellers & buyers -- from first-time home buyers, to luxury listings, relocations, military families, move-up buyers, renters & investors!
Joan is a Certified Luxury Home Marketing Specialist, Global Property Specialist, e-PRO, GREEN, Short Sale & Foreclosures and Relocation Specialist.
Her team promises to "spoil" you in the process of buying, investing or selling!
Connect with Joan
Visit Joan’s website: https://bit.ly/3caRE7N
Connect with her on LinkedIn: https://bit.ly/3TjM4AW
Listen to the Listed4Love® Podcast: https://apple.co/3zXO9cR
About David Turner
David Turner is a Senior Mortgage Consultant at Prosperity Home Mortgage LLC. He started his career in mortgage banking after graduating from Virginia Tech in 1982. David has lived and worked in Alexandria for over 45 years, giving him the ability to build and maintain lifelong relationships with clients and referral partners. David’s vast industry knowledge and years of experience have given him the privilege of assisting many customers on the road to homeownership. He specializes in VA and low down payment conventional conforming and non-conforming loan products. David sees his role as a mortgage advisor with the goal of guiding clients through the mortgage process delivering a solution that meets or exceeds expectations.
Connect with David
Visit Prosperity Home Mortgage’s website: https://bit.ly/3A9Fbcy
Connect with him on Facebook: https://bit.ly/3Kb62cO
Connect with Monument Wealth Management
Visit our website: https://bit.ly/monumentwealthwebsite
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About “Off the Wall”
Off the Wall is a podcast aimed at helping you answer the questions: What is the point of my wealth, and what actions can I take to accomplish that purpose? Your answers to those questions will be different from everyone else’s. As Wealth Managers, we’re skilled at helping our clients think through these challenging, but important, questions.
Learn more about our hosts, Dave and Jessica on our website at https://monumentwealthmanagement.com.
Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures.