In this video we have a more detailed look into the 2022 rising mortgage rates and how their costs are driving buyer demand.

𝗧𝗵𝗲 𝗕𝗶𝗹𝗹 𝗛𝗲𝗲𝗻𝗮𝗻 𝗧𝗲𝗮𝗺 𝗪𝗵𝗼 𝗬𝗼𝘂 𝗪𝗼𝗿𝗸 𝗪𝗶𝘁𝗵 𝗠𝗮𝘁𝘁𝗲𝗿𝘀 𝟴𝟲𝟬.𝟰𝟰𝟮.𝟰𝟲𝟲𝟯 𝘄𝘄𝘄.𝗯𝗶𝗹𝗹𝗵𝗲𝗲𝗻𝗮𝗻.𝗻𝗲𝘁

 Today we review what exactly PITI stands for and how to quickly estimate how your monthly mortgage payment will change with every $1000 increase in your purchase price.

𝗧𝗵𝗲 𝗕𝗶𝗹𝗹 𝗛𝗲𝗲𝗻𝗮𝗻 𝗧𝗲𝗮𝗺 𝗪𝗵𝗼 𝗬𝗼𝘂 𝗪𝗼𝗿𝗸 𝗪𝗶𝘁𝗵 𝗠𝗮𝘁𝘁𝗲𝗿𝘀 𝟴𝟲𝟬.𝟰𝟰𝟮.𝟰𝟲𝟲𝟯 𝘄𝘄𝘄.𝗯𝗶𝗹𝗹𝗵𝗲𝗲𝗻𝗮𝗻.𝗻𝗲𝘁

Your homes marketing exposure back in the day was maybe to a couple of hundred of prospective buyers as a result of print ads & open houses.

In todays market our ability to exposure your property to thousands and have dialogue w/ hundreds about your home creates a need to have a team.

It is impossible for a single agent to handle that level of activity!
Remember 🡲 𝗠𝗼𝗿𝗲 𝗖𝗹𝗶𝗰𝗸𝘀 = 𝗠𝗼𝗿𝗲 𝗣𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗕𝘂𝘆𝗲𝗿𝘀 = 𝗠𝗼𝗿𝗲 𝗦𝗵𝗼𝘄𝗶𝗻𝗴𝘀 = 𝗠𝗼𝗿𝗲 𝗢𝗳𝗳𝗲𝗿𝘀 = ᗰOᖇE ᗰOᑎEY!!

The Bill Heenan Team
Who You Work With Matters
860.442.4663
www.billheenan.net

As we move into 2022, both buyers and sellers are wondering, what’s next? Will there be more homes available to buy? Will prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, we turn to the experts. Here’s a look at what they say we can expect in 2022.

Odeta Kushi, Deputy Chief Economist, First American:

“Consensus forecasts put rates at about 3.7% by the end of next year. So, that’s still historically low, but certainly higher than they are today.”

Danielle Hale, Chief Economist, realtor.com:

“Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise. And with more than 45 million millennials within the prime first-time buying ages of 26-35 heading into 2022, we expect the market to remain competitive.”

Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

“With more housing inventory to hit the market, the intense multiple offers will start to ease. Home prices will continue to rise but at a slower pace.”

George Ratiu, Manager of Economic Research, realtor.com:

“We also expect a growing number of homeowners to bring properties to market, taking some pressure off high prices and offering buyers more options.”

Mark Fleming, Chief Economist, First American:

“Strong demographic demand will continue to act as the wind in the housing market’s sails.”

What Does This Mean for Buyers?

Hope is on the horizon for 2022. You should see your options grow as more homes are listed and some of the peak intensity of buyer competition starts to ease. Just remember, rising rates and prices are a great motivator for you to find the home of your dreams sooner rather than later so you can buy while today’s affordability is still in your favor.

What Does This Mean for Sellers?

Make no mistake – this sellers’ market will remain in 2022 as home prices are projected to continue climbing, just at a more moderate pace. Selling your house while buyer demand is so high will truly put you in the driver’s seat. But don’t wait too long. With more listings projected to become available, your ideal window of opportunity to stand out from the crowd won’t last forever. Work with an agent who knows your local market and current inventory conditions to ensure you have the support you need to make an educated and informed decision about selling in the coming year.

Bottom Line

If you’re thinking of buying or selling, 2022 may be your year. Let’s connect to discuss your goals and the unique opportunities you have in today’s housing market.

ˢᵒᵘʳᶜᵉ⁻ ˢⁱᵐᵖˡⁱᶠʸⁱⁿᵍ ᵗʰᵉ ᵐᵃʳᵏᵉᵗ

As a buyer in a sellers’ market, sometimes it can feel like you’re stuck between a rock and a hard place. When you’re ready to make an offer on a home, remember these five easy tips to help you rise above the competition.

1. Know Your Budget

Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it:

“This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.”

Showing sellers you’re serious can give you a competitive edge, and it helps you act quickly when you’ve found your perfect home.

2. Be Ready To Move Fast

Homes are selling quickly in today’s competitive housing market. According to the Existing Home Sales Report from the National Association of Realtors (NAR):

“Eighty-three percent of homes sold in November 2021 were on the market for less than a month.”

When houses are selling this fast, staying on top of the market and moving quickly are key. Your agent can help you put together and submit your best offer as soon as you find the home you want to buy.

3. Lean on The Bill Heenan Team

No matter what the housing market looks like, rely on us as your trusted real estate advisor. As Freddie Mac also notes:

“The success of your homebuying journey largely depends on the company you keep. . . . Be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”

We are experts in the local real estate market. We have insight into what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller needs can help your offer stand out.

4. Make a Strong, but Fair Offer

According to the latest Realtors Confidence Index from NAR, 40% of offers today are above the list price. In such a competitive market, emotions and prices can run high. Having an agent to help you submit a strong, yet fair offer is critical in these situations. Your agent can help you understand the market value of the home and recent sales trends in the area.

5. Be a Flexible Negotiator

When putting together an offer, your trusted real estate advisor will help you consider which levers you can pull, including contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). Of course, there are certain contingencies you don’t want to give up. Freddie Mac explains:

“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”

Bottom Line

Today’s competitive landscape makes it more important than ever to make a strong offer on a home. Let’s connect to make sure you rise to the top along the way.

The Bill Heenan Team

William Raveis Real Estate

860.460.8053

billheenan@billheenan.net

New Listing !!

Set on the Western Banks of the Lieutenant River on a 1.9 Acre Waterfront Lot this 5200 Sq/Ft Architecturally Designed Contemporary Home will speak for itself! Re-Engineered in 2019 by it's current owner you can immediately sense their level of commitment to make this 'Rare Gem' shine again! Check out those Pics & our Virtual Reality Tour! 180 Degrees of Wonderful Water Views, Nothing but Glass everywhere you look bringing the outside in, a Light, Bright & Inviting Foyer, Gleaming Random Width Oak Flooring, Two Master Suites, Whole House Generator, Professionally Designed Commercial Grade Kitchen w/ Stainless, Varying Height Natural Stone Counters & an Abundance of Stowage, An eastern facing 1st Floor Master Suite that welcomes the morning sunshine & offers the perfect spot to watch the natural world rise, Wonderful Built-Ins & Mill Work throughout, Beautifully Lit Sunroom taking full advantage of the Views at every turn & a Spacious Formal Living Room w/ an oversized Soap Stone Fireplace as it's centerpiece. Located within the private community of Talcott Farms and enjoying a short stroll to the community dock, neighborhood playground, The Lohmann Buck Twining Preserve & Hiking Trails as well as the Association tennis court this residence is the perfect opportunity for tranquility and convenience. It’s a great time to buy your 'Dream Home'. We are always here to help.

𝐓𝐡𝐞 𝐁𝐢𝐥𝐥 𝐇𝐞𝐞𝐧𝐚𝐧 𝐆𝐫𝐨𝐮𝐩

𝐖𝐡𝐨 𝐘𝐨𝐮 𝐖𝐨𝐫𝐤 𝐖𝐢𝐭𝐡 𝐌𝐚𝐭𝐭𝐞𝐫𝐬.

 860.460.8053

billheenan@billheenan.net

https://www.billheenan.net

New Listing !!

Welcome to 2 Ridge Drive in Old Saybrook, boasting 3 bedrooms, 3.5 baths and over 2200 sq ft of livable space. This modern split w/farmhouse flair surrounded by 1.3 professionally landscaped acreage is the definition of simple tranquility. When you enter this truly one of a kind home you will be delighted. The beautiful shiplap entry with stone tile flooring leads you into this warm home. You quickly notice the gorgeous custom designed kitchen with high end granite. As you make your way into the great room natural beauty greets you. The great room was meticulously designed to be the heart and soul of this unique home. The stone fireplace and 18 ft vaulted ceiling create a sun filled space. Beauty surrounds you, with views of the spectacular grounds. Two master bedrooms with ensuite custom tiled baths are a few steps away on the upper level. The larger master has wall to wall Anderson sliding windows leading to a private deck with captivating views of all nature has to offer. Enter the master bathroom and you will be at your own personal spa. Oversized shower with seat, body sprays and overhead rain head are just the beginning. The lower level family room is ideal for a home office space which also leads to the large sunroom and access to the side yard. Around the corner is a beautiful spring feed swimming area that is private to residents. This home is truly a pleasure to show. Please come and take a look!

𝐓𝐡𝐞 𝐁𝐢𝐥𝐥 𝐇𝐞𝐞𝐧𝐚𝐧 𝐆𝐫𝐨𝐮𝐩

𝐖𝐡𝐨 𝐘𝐨𝐮 𝐖𝐨𝐫𝐤 𝐖𝐢𝐭𝐡 𝐌𝐚𝐭𝐭𝐞𝐫𝐬.

 860.460.8053

billheenan@billheenan.net

https://www.billheenan.net

New Listing !!

Check out this bright & sunny 3-Bedroom, 2-Bath Colonial home nestled on a quiet side street in Norwich, CT! The beautiful stone patio will be the perfect spot to enjoy your morning coffee while listening to the sounds of the nearby river. Stepping inside you will find a spacious living area with abundant natural light and hardwood floors throughout. The kitchen features granite countertops and large picture window overlooking the backyard. This well-cared for home won't last long! Schedule your showing today. We are always here to help!

𝐓𝐡𝐞 𝐁𝐢𝐥𝐥 𝐇𝐞𝐞𝐧𝐚𝐧 𝐆𝐫𝐨𝐮𝐩

𝐖𝐡𝐨 𝐘𝐨𝐮 𝐖𝐨𝐫𝐤 𝐖𝐢𝐭𝐡 𝐌𝐚𝐭𝐭𝐞𝐫𝐬.

 860.460.8053

billheenan@billheenan.net

https://www.billheenan.net

New Listing !!

Spectacular 5000 Sq/Ft Contemporary Cape with 5 Bedrooms & 3.5 Bathrooms situated on a 2.76 Acre Parcel. Check out our Pics & VR Tour. Beautifully shaped In-Ground Salt Water Pool, Natural Stone Walls and a scenic 36' x 24' Three Stall Barn w/ a Loft just waiting to be finished. Huge 1st Floor Master Suite, Gleaming Hardwoods, 9' Ceilings, Windsor Moldings, Open Rail Balcony, Floor to Ceiling Field Stone Fireplace, Great Room w/ Vaulted Ceilings & Electric Skylights, Custom Granite & Stainless Kitchen w/ 36" Wolf Duel Fuel Stove, Gigantic Breakfast Island, Six Zone Whole House Audio System, Central Vacuum, Whole House Sound Proofing System, Extensive Security w/ 8 Exterior Cameras, DVR & Remote Access & a comprehensive Lawn Sprinkler System. The fully finished walkout lower level is an ideal In-Law set up for those aging parents or 'Getting Older' kids. We are always here to help!

𝐓𝐡𝐞 𝐁𝐢𝐥𝐥 𝐇𝐞𝐞𝐧𝐚𝐧 𝐆𝐫𝐨𝐮𝐩

𝐖𝐡𝐨 𝐘𝐨𝐮 𝐖𝐨𝐫𝐤 𝐖𝐢𝐭𝐡 𝐌𝐚𝐭𝐭𝐞𝐫𝐬.

 860.460.8053

billheenan@billheenan.net

https://www.billheenan.net