November 16, 2018 rummy

If you’re into real estate news, you’re probably aware that supplies have gone up again balancing the scale between supply and demand. Most of the inventory that helped make this happen came from newly constructed homes. If you’re thinking of buying a brand new home, here are some tips you ought to have to follow to make sure you get the best value for your money. 1. Hire an Inspector Despite the fact that builders must comply with town and city regulations, a home inspector will have your best interests in mind! When buying new construction, you will have between…

November 15, 2018 rummy

When the demand is high, it is normal to expect that the supply will dwindle at some point in time. It is safe to say that this phenomenon will open opportunities for prices to be pushed up giving sellers an edge. On the other hand, an increase in supply does not necessarily equate to a dip in demand. For over three years leading up to this point, the exact opposite was true; Inventory dropped as sales soared. NAR’s Chief Economist Lawrence Yun shed some light on what could be contributing to this shift, “This is the lowest existing home sales…

November 14, 2018 rummy

A notable percentage of the Americans who decided to rent over purchasing their own home have their decisions influenced by the notion that home prices are higher today than the last 10 years. Although there is a certain level of truth to this claim, it does not necessarily mean that renting is cheaper. For the last ten years, you could purchase a home at a dramatically discounted price and attain a mortgage at a historically low mortgage rate. Affordability skyrocketed. Now that home values have returned to where they should be, and mortgage rates are beginning to increase, it is…

November 13, 2018 rummy

Are you one of the millions of aspiring homeowners who are having second thoughts? Are you afraid that you will be required to shell out a huge chunk of the home’s total price as down payment? Do you hesitate because of your credit score? If your answer is yes, then you might be amazed and surprised to read this. Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership: Down Payment, Credit, and Affordability,” which revealed that, “Consumers often think they need to put more money down to purchase a home than is actually required. In a 2017 survey,…

November 9, 2018 rummy

With drastic events in the real estate industry like the mortgage interest rate increase this year, it’s not uncommon for one to wonder what the future has in store for us. Sources: Mortgage Bankers Association (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments. The National Association of Realtors (NAR) – The largest association of real estate professionals in the world. Freddie Mac – An organization which provides liquidity, stability, and affordability to the U.S. housing market in all…

November 8, 2018 rummy

If you are thinking of selling your home to take advantage of home price rise due to limited supply in your area, keep in mind that you are not the first to come up with this great idea. Despite the limited competition, jumping the gun can prove to be a handful if you did not do your research. Here is a list of things to expect before you enter the market. The buyer who wants the best deal possible The buyer’s agent who solely represents the best interests of the buyer The buyer’s attorney (in some parts of the country)…

November 6, 2018 rummy

It’s not unlikely for someone to spend too much on rent without their knowledge. The truth is, most people are unaware that they are spending too much on rent or what’s the threshold to consider to tell if they’re coming close to it. According to new data released from ApartmentList.com, 49.5 million renters in the United States were cost-burdened in 2017, meaning they spent more than 30% of their monthly incomes on rent. This accounts for nearly half of all renter households in the country and is up 3.1 million from 2007. When a household is cost-burdened by their monthly…

November 2, 2018 rummy

With the rate that we’re at, one can’t help but wonder how much will home prices go up to by next year. There’s no sure way to tell exactly as there are a lot of factor that come in to play when it comes to real estate. The best the we can do is rely on intelligent studies and researches to give as the closest forecast of what the future holds for us. The Home Price Expectation Survey – A survey of over 100 market analysts, real estate experts, and economists conducted by Pulsenomics each quarter. Zelman & Associates -…

November 1, 2018 rummy

One of the common misconception about buying a new home has to fall under the myth of ever so scary down payment. It’s not uncommon for people to say the 15%-20% is what the market demands to buy a home, which is true back then. The real estate market is an ever-changing environment, much of what we know before are either obsolete or holds little truth with our current market today. Now that the largest generation since baby boomers has aged into prime homebuying age, there will no doubt be an uptick in the national homeownership rate. The study from…

October 31, 2018 rummy

A lot of news and articles talk about the issue of housing affordability in the whole of the United States. Let’s take a closer look to find out if the same incline happens all across the board. According to NAR: “A value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that a family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.” The national…