October 12, 2018 rummy

There have been countless reports saying that home prices nowadays are more expensive that is was 10 years ago. While this is accurate, most reports do not include why this is not necessarily a bad thing. Let’s find out why. The reason is that homes were less affordable 25, 20, or even 11 years ago than they are today. Obviously, buying a home is more expensive now than during the ten years immediately following one of the worst housing crashes in American history. Over the past decade, the market was flooded with distressed properties (foreclosures and short sales) that were…

October 11, 2018 rummy

As the shortage of existing homes continues to drive home prices up, new home sales are giving us a glimpse of how the foreseeable future home sales will look like. According to the latest New Residential Sales Report from the Census Bureau, new construction sales in August were up 3.5% from July and 12.7% from last year! This marks the second consecutive month with double-digit year-over-year growth (12.8% in July). Below is a table showing the change in starts, completions, and sales from last August. Other notable news from the report is that the percentage of new construction sales in…

October 11, 2018 rummy

Hosted by Rummy Dhanoa and David Upchurch. Today’s eXpand to the Cloud episode talks about the future of the real estate industry. No more brick and mortar office setups, no more running to your desk to input your work details. Everything is available to you anytime anywhere. With training and support is just a click away any time of the day. For this episode, our special guest Jose Arroyo talks about how easy it is for a Non-tech savvy people to use eXp Realty tools.   www.NYREEX.com

October 10, 2018 rummy

Welcome to expand to the cloud brokerage podcast. Where we’ll talk about why teams, agents, mega agents, and independent brokerages are making the switch to eXp Realty. We’ll share best practices, personal experiences and testimonials as to why and how more and more industry veterans and newbies alike are joining eXp Realty. In this episode, Rummy Dhanoa invited David Upchurch of David Upchurch Realty to share his career journey. How he started his real estate career and why he decided to move his company to eXp Realty. www.NYREEX.com

October 9, 2018 rummy

With recent market developments such as the mortgage interest rate increase and dwindling supplies, many of us expected a significant bump in home prices this year. But recent reports indicate that this year marks the first time since 2016 when home prices did not mark up by 6%. CoreLogic’s Chief Economist Frank Nothaft gave some insight into this change, “The rise in mortgage rates this summer to their highest level in seven years has made it more difficult for potential buyers to afford a home. The slackening in demand is reflected in the slowing of national appreciation, as illustrated in…

October 8, 2018 rummy

There are countless reasons why we should have a home of our own. financial benefits, social benefits, emotional benefit, and the list goes on. Today, let’s discuss the top 4 reasons backed up by studies. Realtor.com reported that: “Buying remains the more attractive option in the long term – that remains the American dream, and it’s true in many markets where renting has become really the shortsighted option…as people get more savings in their pockets, buying becomes the better option.” What proof exists that owning is financially better than renting? 1. In a previous blog, we highlighted the top 5…

October 5, 2018 rummy

Today’s real estate market are driven by two influential forces, interest rates & supply. Whether we like it or not our system are ultimately governed by these two which can stiffen or soften a particular market area with the slightest movements by its needle. Interest Rates Mortgage interest rates have been on the rise and are now over three-quarters of a percentage point higher than they were at the beginning of the year. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates climbed to 4.72% for a 30-year fixed rate mortgage last week. The interest rate you secure when…

October 3, 2018 rummy

Although it’s true that another increase just occurred recently, our current rates are still low compared to what we had back 10, 20, 30 and 40 years ago. Some buyers may have missed to take advantage of the lowest rate in history, but we’re still at the lower end to date historically speaking. Mortgage interest rates, as reported by Freddie Mac, have increased by close to a quarter of a percent over the last several weeks. Freddie Mac, Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors are all calling for mortgage rates to rise another quarter…

October 2, 2018 rummy

The simplest analogy I could give is a seesaw, imagine supply is on one end and demand is on the other. When supply drops the demand will rise accordingly, thus opening an opportunity to raise prices. Buyer Demand The map below was created after asking the question: “How would you rate buyer traffic in your area?” The darker the blue, the stronger the demand for homes is in that area. The survey showed that in 38 out of 50 states buyer demand was slightly lower than this time last year but remains strong. Only six states had a ‘stable’ demand…

October 1, 2018 rummy

For the sake of views and likes, some writers will intentionally use words that they think would make their headlines look more appealing despite of the fact that the thought and idea change greatly with it, misleading leading readers and netizens alike. Many of these headline writers will confuse ”softening home prices” with ”falling home prices,” but there is a major difference between the two. The data will begin to show that home values are not appreciating at the same levels as they had over the last several years (softening prices). This does NOT mean that prices are depreciating (falling…