🏠 Real estate news: Demystifying rate spikes, fine tuning budgets, and creating curb appeal

Buying or selling a home? Here’s what you need to know Buying or selling a home? Here’s what you need to know͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [Better]( Newsletter Despite recent rate spikes, 45% of Americans still believe that real estate is the best long term investment you can make. Buying or selling a home? We’ve got you covered: - Learn what rising rates really mean for your plans - Finetune any homebuying budget with these tips - Improve curb appeal to charm buyers this summer Buying a $250,000 home See interest rates in action So far in May, the average interest rate on a 30-year fixed mortgage has increased by about half a percent. But what does that really mean in practical terms? Let’s say that Taylor just bought a $250,000 home and made a 20% down payment. Taylor locked their rate a couple weeks ago at 5.25% and the cost of their monthly mortgage payment is $1104/month. Carmen also just bought a $250,000 home and made a 20% down payment. But Carmen waited a little longer to lock, and rates had jumped to 5.75%. That means the cost of their monthly mortgage payment is $1167/month. Over the life of the loan, Taylor would save a total of $22,680 with that lower rate. The moral of the story? Unless you have access to a flux capacitor and a souped up DeLorean, you can’t go back in time and lock that lower rate. So it’s good to understand the pros and cons of locking your rate today. [See your rates with Better Mortgage]( Finetune your budget as you shop Interest rates impact the overall affordability of your mortgage. (How? Check out [our Home Affordability Calculator]( Savvy buyers can offset the cost of higher interest rates by tinkering with other key variables in their home buying equation. Widening your search to include more neighborhoods (property taxes and HOA fees can fluctuate significantly in different locations) or looking at homes with slightly lower list prices (higher interest rates reduce your overall buying power) can be effective house hunting strategies for budget-conscious buyers in the current market. Looking to buy a home that fits your budget? [Talk to a Better Real Estate Agent]( Check out the Better Mortgage Home Affordability Calculator [See how much you can afford]( Home Advisor Hot Tips: “ If you’re staying in your home over 5 years, considering [a loan with points]( could be worth the extra upfront costs. It both lowers your monthly payments and saves you money over the life of your loan. ” Spencer Dalzell Better Mortgage Home Advisor Manager Pump up your property’s curb appeal Step aside, hot girl summer—hot curb summer is imminent. If the housing market supply increases in the coming weeks as predicted, homeowners looking to sell may need to step up their game. Curb appeal, or the attractiveness of a home when viewed from the street curb, is one way to stand out and spark that gotta-have-it excitement among potential buyers. Houses with curb appeal sell for an average of 7% more than similar houses that lack it, [according to one study]( in the Journal of Real Estate Finance and Economics. So freshen up your front door with a new coat of paint, invest in some light landscaping, and clean and pressure wash exteriors so they pop. A little effort can go a long way. [Refinance with Better Mortgage]( Questions? Let us know hello@better.com [415.523.8837](tel:1415-523-8837) This newsletter does not constitute an endorsement or recommendation of Better Mortgage Corporation; Better Real Estate, LLC; Better Cover, LLC; Better Settlement Services, LLC; or their services. Better Cover is solely responsible for homeowners insurance services. Better Mortgage is solely responsible for making all credit and lending decisions with respect to mortgage loans. [Better] [Better] [social]( [social]( [social]( [social]( © 2022 Better Holdco, Inc. and/or its affiliates. Better is a family of companies. Better Mortgage Corporation provides home loans; Better Real Estate, LLC provides real estate services; Better Cover, LLC provides homeowners insurance policies; and Better Settlement Services provides title insurance services. All rights reserved. Home lending products offered by Better Mortgage Corporation. Better Mortgage Corporation is a direct lender. NMLS #330511. 3 World Trade Center, 175 Greenwich Street, 57th Floor, New York, NY 10007. Loans made or arranged pursuant to a California Finance Lenders Law License. Not available in all states. Equal Housing Lender [Equal Housing Lender]. [NMLS Consumer Access]( The Better Home Logo is Registered in the U.S. Patent and Trademark Office BETTER MORTGAGE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, PROMOTIONS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. 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