The thought of a big property tax bill can leave many buyers questioning if they can really afford to own. But that doesn’t have to be the case.
With an escrow account, property taxes could be included in their monthly mortgage payment instead of being paid in a huge bill once or twice a year.
Spreading that cost out over time could help your buyers feel more prepared.
If property taxes have your clients on the fence, let’s talk through how an escrow account could help.
Weekly Market Update
Mortgage rates decreased this week as oil prices cooled and the latest inflation news came in without any major surprises.
When prices rise too fast, mortgage rates often feel the pressure. This week, oil prices moved lower after a jump earlier in the month. Since oil can affect the cost of gas, shipping and many everyday goods, lower oil prices helped calm some worries about inflation.
We also got a better-than-expected PCE report, which is used to track what people pay for goods and services. This week’s report helped show that prices aren’t rising as much as some had feared.
These two factors combined helped mortgage rates move in a better direction this week.
While this week didn’t fix affordability, it did bring some relief. If your clients paused their home search, delayed a refinance, or assumed their payment would still be too high, this is the week for them to check their numbers again before making a final decision.
