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Today’s mortgage rates are top-of-mind for many homebuyers right now. As a result, if you’re thinking about buying for the first time or selling your current house to move into a home that better fits your needs, you may be asking yourself these two questions: Why Are Mortgage Rates So High? When Will Rates Go Back Down? Here’s context you need to help answer those questions. 1. Why Are Mortgage Rates So High? The 30-year fixed-rate mortgage is largely influenced by the supply and demand for mortgage-backed securities (MBS). According to Investopedia: “Mortgage-backed securities (MBS) are investment products similar to bonds. Each MBS consists of a bundle of home loans and other real estate debt bought from the banks that issued them . . . The investor who buys a mortgage-backed security is essentially lending money to home buyers.” Demand for MBS helps determine the spread between the 10-Year Treasury Yield and the 30-year fixed mortgage rate. Historically, the average spread between the two is 1.72 (see chart below): Last Friday morning, the mortgage rate was 6.85%. That means the spread was 3.2%, which is almost 1.5% over the norm. If the spread was at its historical average, mortgage rates would be 5.37% (3.65% 10-Year Treasury Yield + 1.72 spread). This large spread is very unusual. As George Ratiu, Chief Economist at Keeping Current Matters (KCM), explains: “The only times the spread approached or exceeded 300 basis points were during periods of high inflation or economic volatility, like those seen in the early 1980s or the Great Financial Crisis of 2008-09.” The graph below uses historical data to help illustrate this point by showing the few times the spread has increased to 300 basis points or more: The graph shows how the spread has come down after each peak. The good news is, that means there’s room for mortgage rates to improve today. So, what’s causing the larger spread and making mortgage rates so high today? The demand for MBS is heavily influenced by the risks associated with investing in them. Today, that risk is impacted by broader market conditions like inflation and fear of a potential recession, the Fed’s interest rate hikes to try to bring down inflation, headlines that create unnecessarily negative narratives about home prices, and more. Simply put: when there’s less risk, demand for MBS is high, so mortgage rates will be lower. On the other hand, if there’s more risk with MBS, demand for MBS will be low, and we’ll see higher mortgage rates as a result. Currently, demand for MBS is low, so mortgage rates are high. 2. When Will Rates Go Back Down? Odeta Kushi, Deputy Chief Economist at First American, answers that question in a recent blog: “It’s reasonable to assume that the spread and, therefore, mortgage rates will retreat in the second half of the year if the Fed takes its foot off the monetary tightening pedal and provides investors with more certainty. However, it’s unlikely that the spread will return to its historical average of 170 basis points, as some risks are here to stay.” Bottom Line The spread will shrink when the fear investors feel is eased. That’ll mean we should see mortgage rates moderate as the year goes on. However, when it comes to forecasting mortgage rates, no one can know for sure exactly what will happen.

As we age, many of us want to continue living in our own homes for as long as possible. However, aging in place can come with challenges, especially when it comes to maintaining a safe and comfortable living environment. Real estate can play a crucial role in helping seniors age in place successfully. Here are some tips for seniors looking to age in place with the help of real estate. Consider downsizing: As we age, it's common for our housing needs to change. Downsizing to a smaller, more manageable home can help seniors reduce their expenses and maintain a safer living environment. Working with a real estate agent who specializes in senior housing can help you find a home that meets your needs and preferences. Make home modifications: Certain modifications can make it easier and safer for seniors to age in place. Examples include adding grab bars in the bathroom, installing wheelchair ramps, and replacing traditional doorknobs with lever handles. A real estate agent can help you find a home that's already equipped with these modifications, or connect you with local contractors who can make the necessary changes. Consider a reverse mortgage: A reverse mortgage allows seniors to tap into the equity they've built up in their homes, without having to sell the property. This can be a helpful option for seniors who want to stay in their homes but need additional financial resources to make it happen. Work with a real estate agent who understands your needs: Finding the right real estate agent can make a big difference when it comes to aging in place successfully. Look for an agent who specializes in senior housing, and who understands the unique needs and preferences of older adults. Aging in place can be a wonderful way to maintain independence and control as we grow older. By working with a real estate agent who understands your needs and preferences, you can find a home that meets your needs and supports your goals.

Are you a senior looking to uncover the mysteries of your family's past? Genealogy is a fascinating pursuit that can provide insight into your family's history, traditions, and even genetic health. In this post, we'll explore the benefits of learning your genealogy as a senior and provide some tips on how to get started. Plus, we'll throw in some uncommon tips and related topics to keep you engaged throughout the post. Benefits of Learning Your Genealogy as a Senior: Connect with your family's history: Learning about your ancestors can provide a greater understanding of your family's traditions, culture, and history. Uncover potential health risks: By researching your family's medical history, you may discover genetic health risks that you can be proactive about managing. Foster a sense of belonging: Discovering your genealogy can provide a sense of belonging and pride in your family heritage. How to Get Started: Interview family members: Start by asking relatives about their memories, stories, and knowledge of the family history. Research online: Utilize online genealogy resources, such as Ancestry.com or FamilySearch.org, to find census records, immigration documents, and more. Visit local libraries or historical societies: These institutions may have access to valuable resources and archives for your research. Uncommon Tips: Use DNA testing: DNA testing can provide insight into your genetic ancestry and may connect you with relatives you didn't know you had. Explore family heirlooms: Family heirlooms, such as old photographs or documents, can provide clues and lead to new discoveries. Don't be afraid to ask for help: Genealogy can be a complex and time-consuming pursuit, but there are often local genealogy societies or professionals who can offer guidance and assistance. In conclusion, genealogy is a rewarding and enriching pursuit for seniors. By learning about your family's past, you can connect with your heritage, understand potential health risks, and foster a sense of belonging. So, start your research today and uncover the mysteries of your genealogy!

When it comes to real estate, the idea of purchasing vacant land and building a house from scratch at a lower cost can be tempting. However, it's crucial to separate fact from fiction before diving into this unique market. In this blog post, we'll explore the pros and cons of buying vacant land, debunking the common misconception that building a house is always cheaper than buying an existing one. Pros and Cons of Buying Vacant Land: Pros: Endless Possibilities: Vacant land offers you the freedom to create your vision, designing and building a home or any other structure that suits your needs and preferences. Potential for Investment: Buying land in an area with growth potential can be a smart investment, with the possibility of appreciation over time. Privacy and Serenity: Vacant land often provides peace and tranquility, offering a peaceful oasis away from the city's hustle and bustle. Cons: Development Costs: While some may assume that building a house on vacant land is cheaper, the reality is that development costs can quickly add up. Expenses such as utility connections, excavation, grading, access road construction, and surveys/engineering assessments should be factored into the budget. Infrastructure Challenges: Vacant land may lack essential infrastructure such as water, electricity, and sewage systems, requiring costly and time-consuming efforts to bring utilities to the site. Design and Construction Expenses: Designing and constructing a house involves hiring professionals, obtaining permits, and coordinating various tasks, which can lead to significant costs. Additionally, unexpected challenges or design changes during the construction process can further impact the budget. Debunking the Cost Myth Contrary to popular belief, building a house on vacant land is not always cheaper than buying an existing home. Several factors contribute to the overall cost, including development expenses, infrastructure challenges, and design/construction costs. It's essential to conduct thorough research, gather accurate cost estimates, and consult with professionals to have a realistic understanding of the financial implications. Buying vacant land offers unique opportunities for customization, investment, and serenity. However, it's crucial to dispel the misconception that building a house is automatically cheaper than buying an existing one. Development costs, infrastructure challenges, and design/construction expenses can quickly accumulate, making it important to carefully assess the financial aspects. Whether you choose to build or buy, weigh the pros and cons, consider your budget, and consult with real estate professionals, contractors, and permit offices. Their expertise will guide you through the decision-making process, ensuring you make an informed choice that aligns with your goals and financial capabilities.

Relocating to a new city can be an exciting yet daunting experience, I know this first-hand since I relocated from Tampa, FL to Raleigh, NC in April. While finding the right house is crucial, it's equally important to get a feel for the city, its neighborhoods, and the lifestyle it offers. By taking the time to explore the area beyond house hunting, you can make a more informed decision about where to settle down. In this blog post, we'll share some practical suggestions on how to get to know Raleigh better during your visit. Explore Neighborhoods and Local Amenities: Beyond simply viewing houses, immerse yourself in the different neighborhoods that catch your interest. Take leisurely walks or drives through these areas to get a feel for their atmosphere, architecture, and proximity to amenities. Visit local parks, shops, and restaurants to gauge the community's vibe and see if it aligns with your preferences. Additionally, make note of nearby amenities that are important to you, such as gyms, recreational facilities, healthcare centers, and shopping areas. Attend Local Events and Engage with the Community: Check out the local event calendars and see if there are any festivals, art shows, or farmers' markets happening during your visit. These events provide an excellent opportunity to immerse yourself in the local culture, meet residents, and get a sense of the community spirit. Strike up conversations with locals you meet along the way, whether it's at coffee shops, parks, or other public spaces. Ask about their experiences living in the area, their favorite spots, and any advice they may have for newcomers. Experience Everyday Life: To get a realistic understanding of living in Raleigh, it's essential to experience the everyday aspects of life. Consider visiting one or two grocery stores to compare food costs and availability. This will give you an idea of the local food scene and help you gauge how it aligns with your preferences. Take the opportunity to test commute times to your potential workplace during different times of the day to understand traffic patterns and commuting durations. Don't forget to explore the nearby outdoor activities, such as parks, hiking trails, and greenways, to get a taste of the outdoor opportunities available in the area. Seek Recommendations and Engage Online: Your real estate agent can be an excellent resource for recommendations on hidden gems, must-visit places, and unique experiences in Raleigh. Additionally, engage with online communities and forums dedicated to the Raleigh area. Ask for suggestions and insights from locals and fellow newcomers who have already made the move. Their recommendations can offer valuable insights and help you discover hidden treasures in the city. Relocating to Raleigh is an exciting opportunity to start a new chapter in your life. By going beyond house hunting and exploring the city's neighborhoods, engaging with the community, and experiencing everyday life, you'll gain a better understanding of what Raleigh has to offer. Take the time to compare food costs and availability at local grocery stores, test commute times, and seek recommendations from locals and online communities. These activities will not only help you make an informed decision about where to settle down but also make your transition into the Raleigh community smoother and more enjoyable. So, get out there, explore, and embrace the excitement of relocating to the beautiful city of Raleigh! Be sure to follow me on Instagram (@omgkellysmith) and YouTube as I explore our new hometown!

Did you know homeowners' net worth is 40 times greater than renters? If you're ready to build your financial stability and generational wealth, let's talk! Listen as I reveal the secrets to success in the real estate market. 🤔Thinking of Moving to Raleigh, NC? 😁 Let me help! 👉https://kellysmithhome.com 📱 Call or Text: (919) 348-9481 📨 Email: kellys@tritori.co 📅 Let's Meet: https://bit.ly/chatwithkellys

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Purchasing vacant land for a future home build in North Carolina can be an exciting opportunity to create your dream home. However, it's crucial to be aware of certain considerations that can significantly impact your land purchase and future construction plans. In this blog post, we will discuss important factors to keep in mind when buying vacant land in North Carolina. Zoning and Land Use: Before finalizing your land purchase, familiarize yourself with the zoning regulations and land use restrictions that apply to the property. Ensure that the land is zoned for residential use and meets the requirements for the type of home you plan to build. Additionally, check for any easements, setbacks, or other restrictions that may affect your construction plans. Access and Utilities: Consider the accessibility of the property. Ensure that it has proper access to roads and utilities such as water, sewer or septic, electricity, gas, and internet. If utilities are not readily available, research the costs and feasibility of extending services to the property. Site Characteristics: Evaluate the site's characteristics, including topography, soil conditions, drainage, and flood zones. Steep slopes, poor soil conditions, or flood-prone areas can significantly impact construction costs and the design of your home. Understanding these factors beforehand can help you plan accordingly. Environmental Factors: Take into account any potential environmental concerns related to the property, such as wetlands, protected habitats, or endangered species. It's essential to understand any regulations or permits required for development in environmentally sensitive areas to ensure compliance. Permits and Approvals: Research the permits and approvals necessary for your intended home build, such as building permits, septic permits, or subdivision approvals. Familiarize yourself with the timeline and requirements for obtaining these permits to avoid delays in your construction process. Survey and Boundaries: Conduct a survey to establish accurate property boundaries and identify any encroachments or boundary disputes. This step ensures you have a clear understanding of the land you are purchasing, minimizing potential legal issues in the future. Road Frontage and Access Rights: Confirm the extent of road frontage and access rights to the property. Understand if any shared driveways or access easements are in place and review any associated maintenance responsibilities. This will prevent any future conflicts with neighbors or unexpected limitations on your access to the property. Homeowner's Association (HOA): If the land is located within a planned community or subdivision with a homeowner's association (HOA), review the HOA rules, regulations, and fees. Pay attention to any architectural guidelines or restrictions that may impact your home design. Understanding the HOA's requirements will help you determine if it aligns with your vision for the property. Future Development: Research the surrounding area for any planned or potential future development that could impact your property. Look for information on proposed new roads, commercial projects, or neighboring developments that might affect your home's value or quality of life. Financial Considerations: Assess the financial aspects of your land purchase, including the purchase price, property taxes, ongoing costs (e.g., HOA fees), and development costs (e.g., site preparation, utility connections). Additionally, explore financing options available for vacant land purchases to ensure you have a clear understanding of the financial commitment involved. Purchasing vacant land in North Carolina for your future home build requires careful consideration of various factors that can impact your construction plans and overall satisfaction with the property. By paying attention to zoning regulations, site characteristics, environmental factors, permits, and other key aspects, you can make informed decisions and avoid potential challenges along the way. Whether you're envisioning a serene retreat in the countryside or a modern urban oasis, being well-prepared will set you on the path to creating your dream home. As a dedicated real estate agent, I understand the importance of making an informed decision when purchasing vacant land for your future home build in North Carolina. With the support of my experienced team of professionals, I can guide you through the intricacies of land acquisition and help you navigate the process with confidence. From conducting thorough due diligence to understanding zoning regulations, site characteristics, and environmental factors, our team has the expertise to ensure you make educated choices that align with your vision. We work closely with land planners, attorneys, and other industry experts who can provide valuable insights and guidance throughout the entire journey. If you're ready to embark on the exciting path of building your dream home on North Carolina's vacant land, I invite you to reach out to our team. We are here to listen to your needs, answer your questions, and provide the support and knowledge you require for a successful land purchase and future home build.

As we age, it's important to keep our minds active and engaged. One of the best ways to do this is through lifelong learning. Here are some of the benefits seniors can gain from continuing to learn throughout their lives: Keeps the mind sharp and healthy When we learn new things, our brains create new neural connections, which can help improve cognitive function and memory. By continuing to learn throughout our lives, we can help keep our minds sharp and healthy. Increases social interaction and connection Lifelong learning provides opportunities for seniors to connect with others who share their interests. Whether it's taking a class, attending a lecture, or joining a book club, participating in learning activities can help seniors expand their social circles and stay connected to their communities. Boosts self-esteem and confidence Learning new skills and knowledge can be empowering and can help seniors feel more confident in their abilities. This can be especially important for seniors who may be dealing with health challenges or other life changes. Provides a sense of purpose Lifelong learning can provide seniors with a sense of purpose and fulfillment. Whether it's pursuing a new hobby, learning a new language, or studying a new subject, continuing to learn can give seniors something to look forward to and strive for. There are many ways seniors can engage in lifelong learning. Here are just a few: Attend lectures and classes at local colleges or universities Take online courses through websites like Coursera or Udemy Join a book club or discussion group Learn a new language Volunteer with a local organization Pursue a new hobby or interest By continuing to learn throughout our lives, we can reap the many benefits of lifelong learning. So why not pick up a new book, sign up for a class, or try something new today?

As we age, we may find ourselves more concerned with leaving the planet a better place for future generations. Sustainable living is all about making choices that minimize our impact on the environment, and it's never too late to start! Not only can sustainable living benefit the planet, but it can also help seniors save money and live a healthier lifestyle. Here are some tips for seniors looking to live more sustainably: Reduce Energy Consumption One of the easiest ways to start living sustainably is to reduce energy consumption. Turn off lights and unplug electronics when they're not in use, invest in energy-efficient appliances, and consider using a clothesline to dry clothes instead of a dryer. Not only will this help the environment, but it will also lower your monthly energy bill. Shop Locally Supporting local farmers and businesses is not only good for the local economy but also for the environment. Buying locally reduces the carbon emissions produced by transporting food and goods across the country. Consider visiting a farmer's market or joining a community-supported agriculture (CSA) program to get fresh produce and support your local community. Reduce Food Waste Food waste is a major contributor to greenhouse gas emissions. To reduce your food waste, plan your meals ahead of time and only buy what you need. Freeze leftovers or donate excess food to a local food bank. Composting is also a great way to reduce food waste and create nutrient-rich soil for gardening. Go Car-Free Consider reducing your car use by walking, biking, or using public transportation when possible. Not only is this good for the environment, but it's also great for your health. Walking and biking are low-impact exercises that can help seniors stay active and maintain their mobility. Embrace Renewable Energy Consider investing in renewable energy sources, such as solar panels or wind turbines. While the upfront costs may be high, the long-term savings can be significant. Plus, you'll be generating clean energy and reducing your carbon footprint. Living sustainably doesn't have to be difficult or expensive. By making small changes in our daily lives, we can make a big impact on the environment and our wallets. Start small and work your way up to bigger changes, and you'll be on your way to a more sustainable and fulfilling lifestyle.

Are you approaching your golden years? Retirement can be the best time of your life, but it can also be stressful if you're not financially prepared. Don't worry, we've got you covered with some essential financial planning tips that will help you live your best life! Before Retirement: Make a budget: Create a budget and stick to it. Include all your monthly expenses, and don't forget to account for any unexpected expenses. Maximize your savings: Maximize your savings before retirement by contributing to your 401(k) or IRA accounts. Catch up on any missed contributions from previous years, if possible. Pay off debt: Get rid of high-interest debt, like credit card debt, as soon as possible. You don't want to carry debt into retirement. After Retirement: Create a retirement budget: Now that you're retired, create a budget that takes into account your new income sources, like Social Security and any retirement accounts. Make sure your expenses are in line with your income. Be mindful of taxes: Remember that taxes will still be a part of your financial life in retirement. Be mindful of taxes when making withdrawals from retirement accounts or selling investments. Stay engaged: Stay engaged in your finances by keeping up with the news and checking in on your accounts regularly. This will help you spot any issues before they become big problems. When It's Time for Assisted Living: Plan ahead: If you think you'll need assisted living in the future, start planning now. Research different options, and consider the costs and services provided. Get professional help: Consider working with a financial advisor who specializes in retirement and assisted living planning. They can help you create a plan that meets your specific needs. Involve your loved ones: Discuss your plans with your loved ones, so everyone is on the same page. This will help avoid any misunderstandings or conflicts down the road. Related topics to consider in your financial planning journey: Estate Planning: Ensure that your assets are distributed according to your wishes and minimize tax liabilities. Healthcare Planning: Consider long-term care insurance and other healthcare-related expenses that may arise. Travel and Leisure: Set aside some funds for travel and leisure activities to enjoy your retirement to the fullest. Remember, it's never too late to start financial planning. With a little effort, you can set yourself up for a stress-free and enjoyable retirement. Happy planning!