With home prices continuing to deliver double-digit increases, some are concerned were in a housing bubble like the one in 2006. However, a closer look at the market data indicates this is nothing like 2006 for three major reasons. 1. The housing market isn't driven by risky mortgage loans. Back in 2006, nearly everyone could qualify for a loan. The Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers Association is an indicator of the availability of mortgage money. The higher the index, the easier it is to obtain a mortgage. The MCAI more … Continue reading...
All About Your Financial Commitment if You are Getting Divorced
COVID-19 has done more than kill people, shut down schools, destroy small businesses, and instill fear in the populace. It also caused the divorce rate to rise. Between April and June 2020, the divorce rate in the U.S. rose by 34%. This increase is attributed to a combination of fear, financial strain, illness, death of loved ones, isolation from extended families, home schooling children, increased alcohol and drug use, and too much togetherness for those in lock-down. Going through divorce is unpleasant at best, and when there's a house to "split," it can be even … Continue reading...
Interest Rates July 16, 2021
Home Borrowing Costs Decline Again After a spike in the 30-year fixed-rate mortgage (from the lows seen in early January of 2.65% to a high of 3.18% by April 1st), home borrowing costs declined in April and May, now resting just above their historic lows. The run-up in rates from January to April was due in part to the specter of rising inflation as the U.S. economy emerged from the pandemic shutdowns. Pent-up consumer demand along with stimulus checks pushed prices for most goods and services higher while supply constraints added fuel to the fire. Lumber costs skyrocketed while oil … Continue reading...
Selling Now
Now is a great time to take out a new home loan because mortgage rates continue to hover near historic lows. As a result, many homeowners are refinancing to a lower rate. This is also the perfect time to move because homeowners can take out a new home loan with a lower interest rate. Mortgage rates will not remain at historic lows forever and have already begun to rise slowly this year. Homeowners should sell now and take out a new home loan before they rise too much. Homeowners Can Take Advantage Of A Bidding War Because the real estate market is so competitive right now, homeowners … Continue reading...
My What You Need to Know
When it comes to buying a house, you're looking for the perfect place to call home. The problem is, in todays market there just aren't that many homes available to purchase. With inventory hovering near record lows and sky-high buyer demand, a multi-offer scenario is the new normal. Here are five things to keep in mind when you're ready to make an offer. 1. Know Your Numbers Having a complete understanding of your budget and how much house you can afford is essential. That's why you should connect with a lender to get pre-approved for a … Continue reading...
Hang in There, Buyers
Tips on Moving
Ruthlessly Cut The Clutter The reason moving costs become exorbitant and boxes take up so much space is simply because you have too much stuff! Try cutting the clutter out of your life before you move and ruthlessly purge what you're not using. This will make your move less overwhelming and stressful while also giving you the ability to start fresh in your new home. If you have older things that need repair or replacement, this is a good time to let them go! Organize Paperwork In regards to your move, you will generate quite a bit of paperwork in the form of … Continue reading...
Things to Think About When Selling a Home
Do you have 56 days to wait for your home to sell? Unfortunately, that's the average amount of time a home sits on the market these days. Luckily, if you're selling a house and want to get it done fast, there are a few things you can do to speed up the process. Follow the five tips below to speed up the selling process. 1. Price to Sell If you want to sell your home quickly, you can't be picky about your offers. Buyers are coming to you to negotiate. If you don't have reasonable offers to work with, you'll need to settle for below what you want for your … Continue reading...
Things to Think About
There’s a lot of discussion about affordability as home prices continue to appreciate rapidly. Even though the most recent index on affordability from the National Association of Realtors (NAR) shows homes are more affordable today than the historical average, some still have concerns about whether or not it’s truly affordable to buy a home right now. When addressing this topic, there are various measures of affordability to consider. However, very few of the indexes compare the affordability of owning a home to renting one. In a paper just published by … Continue reading...
What to Expect Listing Your Home!
You’ve signed the listing agreement. You’ve filled out your property disclosure. The photographer has taken photos and your pictures are ready. All the details of your home have been researched, a fantastic description has been written, and your Multiple Listing Service entry is ready to go live. What’s next? Your house will sell within days, if not the first day. (47% of homes sell within 7 days. 90% of homes sell within 30 days.) Here are the scenarios that may occur after you “hit the market”, and how you may handle them: You have several … Continue reading...