Post-Pandemic Work Life

COVID 2020, we all packed up our desks and moved to work from home for anindetermined amount of time. We were able to spend time with our family while working, welived in the moment, we were confined to our homes. How has this changed what we look forin a company now? Well, in a post-pandemic world of work, there has been a sizeable shift inwhat employees expect from a company in terms of work schedule and location. Havingexperienced work from home for as long as we did, the idea of going back into the officeseemed a little daunting and overwhelming. We realized that we wanted to be happy in oureveryday work while many companies decided to make a change in their work schedule. Someof these changes include a work from home option, a hybrid schedule, and even just a moreunderstanding, flexibility that allows for their employees to better balance their work and lives.In a poll taken, the participants had the option to choose from a list of answers that thepost-pandemic workforce is looking for in their work. Of these answers, many responded that awork from home/hybrid option was the most important for them while others responded tothe answer values they align with, and more travel opportunities. Though both of thoseopinions were highly desired characteristics they would like to see implemented in their work,the hybrid opportunity took the cake. So, there is a need for employers to listen to theiremployees and understand the importance of these wants and needs.If a hybrid/work from home schedule interests you and you’re a MLO in the Virginia andNorth Carolina area, call us here at United Atlantic Mortgage, 757-340-5626, to hear moreabout the unique opportunity we are offering for LO’s in these specific states!c

The Average Homeowner Gained More Than $55K in Equity over the Past Year

If you’re a current homeowner, you should know your net worth just got a big boost. It comes in the form of rising home equity. Equity is the current value of your home minus what you owe on the loan. Today, you’re building that equity far faster than you may expect – and this gain is great news for you. Here’s how it happened. Home values are on the rise thanks to low housing supply and high buyer demand. Basically, there aren’t enough homes available to meet this high buyer interest,  so bidding wars are driving home prices up. When you own a home, the rising prices mean your home is worth more in today’s market. And as home values climb, your equity does too. As Dr. Frank Nothaft, Chief Economist at CoreLogic, explains: “Home prices rose 18% during 2021 in the CoreLogic Home Price Index, the largest annual gain recorded in its 45-year history, generating a big increase in home equity wealth.” The latest Homeowner Equity Insights from CoreLogic shed light on just how much rising home values have boosted homeowner equity. According to that report, the average homeowner’s equity has grown by $55,300 over the last 12 months. Want to know what’s happening in your area? Here’s a breakdown of the average year-over-year equity growth for each state based on that data. How Rising Equity Impacts You In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home. It works like this: when you sell your house, the equity you built up comes back to you in the sale. In a market where you’re gaining so much equity, it may be just what you need to cover a large portion – if not all – of the down payment on your next home. So, if you’ve been holding off on selling and worried about being priced out of your next home because of today’s home price appreciation, rest assured your equity can help fuel your move. Bottom Line Equity can be a real game-changer if you’re planning to make a move. To find out just how much equity you have in your home and how you can use it to fuel your next purchase, let’s connect so you can get a professional equity assessment report on your house.

Did Your Dream Home Just Come on the Market?

For the first time in a long time, the number of newly listed homes is beginning to rise. In their latest monthly release, realtor.com reveals the number of existing homes entering the market has increased for two months in a row (this comes after six months of declines). Here’s a graph showing the monthly new listings going back to January of last year. The green bars indicate the first gains since June. However, buying demand is still outpacing housing supply. Though the increase in homes coming to the market is great news for prospective homebuyers, the number of buyers is still outpacing the number of homes available for sale. As realtor.com explains in their latest report: “During the final two weeks of the month, more new sellers entered the market than during the same time last year. . . . However, with 5.8 million new homes missing from the market and millions of millennials at first-time buying ages, housing supply faces a long road to catching up with demand.” In fact, according to the latest ShowingTime Showing Index, which tracks the average number of appointments received on active listings during the month, buyer demand was greater this January than any other January in the last five years (see graph below): This prompted ShowingTime to say: “The latest data from ShowingTime . . . shows a surge in home buyer demand in January. . . . This enormous activity occurred in a month when buyer activity typically slows and followed a historic 2021, where buyer demand across the country was extraordinarily strong.” What does that mean for you? Basically, as homes come to the market, they are quickly being purchased by eagerly awaiting buyers. So even though the number of newly listed homes is increasing, the number of active listings is still shrinking every month because buyers are purchasing homes almost as soon as they come up for sale. That means listings are coming on and off the market so fast that they don’t carry over to be counted in the active listing numbers the following month. Here’s a graph showing the number of active listings each month since last January using data released by realtor.com: This graph shows that the number of active listings has decreased for each of the last five months even though the number of newly listed homes has increased over the last two months. Bottom Line Whether you’re looking to upgrade to a home that will better suit your lifestyle or looking to purchase your first house, let’s connect so you can stay updated on what’s happening in your area. And be prepared to move immediately if a home fitting your needs hits the market. Your dream home may be one of those new listings that just became available, but if you don’t act quickly, it could be gone tomorrow.

Mortgage Broker vs. Lender, but Make it FASHION

Understanding the difference between a Mortgage Broker and Direct Lender is not as daunting as you may think. To best explain the differences and help you understand this better we are going to talk fashion. Yes, you read that correctly, fashion. When you go shopping there are many different stores you can choose from. There are name brand fashion houses that have in-house designers and charge you based off their own pricing model. Alternatively, you can be like me and go shopping at small business, locally owned boutiques who buy their clothing from wholesale businesses who purchase directly from the designers and manufacturers. Boutiques then have the power to control their pricing and present you with the best quality product.     In the mortgage world, this remains the same. When you shop with a Direct Lender, like a name brand fashion house, you are limited to only their loan options and rates. Like many small business boutiques, United Atlantic Mortgage shops products and prices for you to ensure the best possible product at the best possible price. When boutiques order from a wholesaler, they tailor their purchases to fit the needs of their clientele while keeping on trend. United Atlantic Mortgage does the same by tailoring the pre-approval and loan type specifically to you, the borrower, to ensure we are approving you for the maximum amount possible at the best rate available to you. Many Direct Lenders may tout that Brokers will prolong the amount of time to close a deal, however, here at United Atlantic Mortgage, we have a unique system in place that can ensure your property is closed on in just 14 days. So, I ask you, why would you not want to work with a Broker? Contact one of our Loan Officers today and let’s get you approved and ready to begin the process!