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…

October 30, 2018 rummy

Nowadays, it is quite typical for the majority of the people suspect bigger forces are at work behind everything that is happening to our lives that we do not necessarily want. The government, the 1% or simply big companies conspiring to make our lives miserable beyond belief. Recently, there have been rumors about why and what is causing the home prices to go up. Let’s shed light on this matter by reminding everyone about the law of supply and demand. Whenever there is a limited supply of an item that is in high demand, prices increase. It is that simple….

October 26, 2018 rummy

How can owning a home be beneficial for you financially? To some, the thought would seem counter-intuitive, but unknown to many, a homeowner’s net-worth is forty-four times greater than that of a renter. Federal Reserve survey of Consumer Finances revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013). Owning a home is a great way to build family wealth As we’ve said before, simply put, homeownership is a form of ‘forced savings.’…

October 25, 2018 rummy

Despite the popularity, it’s hard to believe that there are still a few brave Americans out there that’s out of the loop on the information circle on their benefits. Let’s extend a helping hand to make sure all of them get these well-deserved benefits for themselves. If you are a veteran or you know someone who is, here is a breakdown of the VA Home Loan benefits that can be used to achieve the American Dream! Top 5 Benefits of a VA Home Loan The greatest benefit of a VA Loan is that borrowers can buy a home with a…

October 24, 2018 rummy

It’s normal to hesitate on big decisions such as buying your first home, you don’t want to jump the gun only to regret it afterward. Some may say you can never tell until you give it a try, wrong! Truth is, owning a home is costly enough as it is, what more is real estate mistake. There are ways to find out how you fare in the market, and the outcome may pleasantly surprise you. We want to share what the typical first-time homebuyer actually looks like based on the National Association of Realtors’ most recent Profile of Home Buyers…

October 23, 2018 rummy

We all know how competitive the real estate market has become due to the recent mortgage interest rate increase and scarcity of inventory. You don’t want to jump into the market unprepared and waste time an effort, so we came up with a guide for your buying experience to be as smooth and pleasant as possible. Below are 4 steps provided by Freddie Mac to help buyers make offers, along with some additional information for your consideration: 1. Determine Your Price “You’ve found the perfect home and you’re ready to buy. Now what? Your real estate agent will be by…

October 18, 2018 rummy

As most of us know, real estate markets in most areas have been very competitive due mortgage interest rate increase and low inventory of homes for sale. Now that the inventory has loosened up a lot of people have conflicting impressions about it. New listings jumped 8% year-over-year nationally, the largest increase since 2013 Total listings in the 45 largest markets are now up 6% on average over last year This increase in housing inventory has sparked two different reactions. Some are saying this is the first sign of a potential collapse while others are saying it is a welcomed…

October 17, 2018 rummy

The real estate market has become competitive and intimidating place in some areas. It’s best to prepare yourself before entering the market for your home purchase. In a recent realtor.com article entitled, “How to Find Your Dream Home-Without Losing Your Mind,” the author highlights some steps that first-time homebuyers can take to help carry their excitement of buying a home throughout the whole process. 1. Get Pre-Approved for a Mortgage Before You Start Your SearchOne way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even…

October 16, 2018 rummy

Reports both recent and old imply that one of the reasons for the current home price inflation is the dwindling supply. Low inventories are due to Baby Boomers’ unwillingness to sell their homes. Let’s find out how this is wrong. Here’s what some of the experts have to say on the subject:Aaron Terrazas, Senior Economist at Zillow, says that “Boomers are healthier and working longer than previous generations, which means they aren’t yet ready to sell their homes.” According to a study by Realtor.com, 85% of baby boomers indicated they were not planning to sell their homes. It is true…

October 15, 2018 rummy

You’ll be missing out on a lot of things if you skip pre-approval in your checklist. Fear of down payment and credit score hinder a lot of potential home buyers’ decision-making process, with pre-approval you can do away with hesitation and show sellers that you mean business. Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website: “It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence,…