There is no doubt that mortgage credit availability is expanding, meaning it is easier to finance a home today than it was last year. However, the mortgage market is still much tighter than it was prior to the housing boom and bust experienced between 2003 - 2006.The Housing Financing Policy Center at the Urban Institute just released data revealing two reasons for the current exceptionally high credit standards:Additional restrictions lenders put on borrowing because of concerns that they will be forced to … [Read more...]
Mortgage Interest Rates Just Went Up… Should I Wait to Buy?
Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Along with Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors are all calling for mortgage rates to continue to rise over the next four quarters.This has caused some purchasers to lament the fact they may no longer be able to get a rate less than 4%. However, we must realize that current rates are still at historic lows.Here is a chart … [Read more...]
5 Reasons to Hire a Real Estate Professional When Buying & Selling!
Whether you are buying or selling a home, it can be quite an adventurous journey; you need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO.The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but rather have been strengthened, due to the projections of higher mortgage interest rates & home prices as the market continues to pick up … [Read more...]
Existing Home Sales Surge Forward Through Fall [INFOGRAPHIC]
Some Highlights:The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.First-time homebuyers made up 33% of all sales in October.Homes are selling quickly with 43% of homes on the market for less than a month.A limited supply continues to drive up prices for the 56th consecutive month. … [Read more...]
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Thinking of Selling? Don’t Overlook an Outdated Kitchen, Buyers Won’t
If you are planning on listing your home for sale, make sure that you don’t overlook the condition of your kitchen. A recent article on realtor.com listed “7 Signs Your Kitchen Is Way Overdue for a Renovation,” in which they warned:“Dated kitchens—just like bathrooms—are a major barrier for resale. Buyers want modern amenities and styling, and most aren’t interested in renovating post-purchase.”Kitchen remodels can be pricey, with many complete remodels costing … [Read more...]
Why Are Mortgage Interest Rates Increasing?
According to Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed rate mortgage interest rate jumped up to 3.94% last week. Interest rates had been hovering around 3.5% since June, and many are wondering why there has been such a significant increase so quickly. Why did rates go up?Whenever there is a presidential election, there is uncertainty in the markets as to who will win. One way that this is noticeable is through the actions of investors. As we get closer to the first Tuesday of … [Read more...]
Winter Is Coming… 5 Reasons to Sell Now!
People across the country are beginning to think about what their life will look like next year. It happens every fall; we ponder whether we should relocate to a different part of the country to find better year-round weather, or perhaps move across the state for better job opportunities. Homeowners in this situation must consider whether they should sell their house now or wait.If you are one of these potential sellers, here are five important reasons to sell now instead of in the dead of winter.1. Demand Is … [Read more...]
Homes Across the Country Are Selling Fast! [INFOGRAPHIC]
Some Highlights:The National Association of REALTORS® surveyed their members for the release of their Confidence Index.The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.Homes sold in 60 days or less in 42 out of 50 states, and Washington D.C.Homes sold in 30 days or less in 17 states. … [Read more...]
From Empty Nest to Full House… Multigenerational Families Are Back!
Multigenerational homes are coming back in a big way! In the 1950s, about 21%, or 32.2 million Americans shared a roof with their grown children or parents. According to a recent Pew Research Center report, the number of multigenerational homes dropped to as low as 12% in 1980 but has shot back up to 19%, roughly 60.6 million people, as recently as 2014.Multigenerational households typically occur when adult children (over the age of 25) either choose to, or need to, remain living in their parent’s home, and … [Read more...]
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