January 31, 2019 rummy

Even calm waters have a lot going underneath, needless to say, shifting real estate market are caused by a myriad of different driving factors. Here are 3 things you need to know to stay on top of it. 1. What is happening in the housing market right now? Consumers must get past those fear-mongering headlines and gain a deep understanding of what is truly happening. How strong is buyer demand right now? How much competition do listings have today compared to what they will have in the spring? People want to make an educated decision on what is probably their…

January 30, 2019 rummy

Buying brand new things is always a delight, but recent surveys show that when it comes to buying homes, not all people prefer brand new units. This is good news to all homeowners who are thinking of moving out or upgrading. According to a recent survey by Zillow, of the 38% of total buyers that added new construction to their list, only 11% ultimately purchased a newly constructed home! They added that 71% of these buyers are repeat buyers who are financially secure, with 45% using the money from the sale of their previous homes to make a purchase. Below…

January 29, 2019 rummy

Compared to previous generations, when we look at it from a percentage of income basis, Home prices today are still relatively cheaper than what our uncles and aunts and grandparents used to deal with. So if you’re planning on buying a home for yourself, now might be the best time to do it. The COST of a home is determined by three major components: price, mortgage interest rate, and wages. The big question? Are we paying a greater percentage of our income toward our monthly mortgage payment today than previous generations? Surprisingly, the answer is no. Historically, Americans have paid…

January 25, 2019 rummy

It may sound like a cliche but the truth of the matter is, starting young in terms of owning a home truly helps build up a person’s wealth and be financially secured for early retirement. Homeowners who purchase their homes before the age of 35 are better prepared for retirement at age 60, according to a new Urban Institute study. The organization surveyed adults who turned 60 or 61 between 2003 and 2015 for their data set. “Today’s older adults became homeowners at a younger age than today’s young adults. Half the older adults in our sample bought their first…

January 23, 2019 rummy

Unlike last year when sellers can aggressively put a price on their houses and still come up successful in selling, this year will be slightly challenging. More inventory means more option for the buyers and they almost always certainly look at the price first. As we have explained before, pricing your home at or slightly below market value actually increases the number of buyers who will see your home in their search! Over the last six months, more inventory has come to market while the months’ supply of inventory available has dropped. This means that the demand for homes to…

January 18, 2019 rummy

When it comes to selling, one of the biggest thing we have to consider is competition as strict competition almost always ensures sellers get less than their intended price. Here’s a graph on the number of listing by month. In a recent interview discussing the housing market, First American’s Chief Economist Mark Fleming put it simply: “The biggest challenge is really the availability of supply.” When we look at available inventory numbers released by the National Association of Realtors (NAR), we see that the actual number of homes for sale has decreased in each of the last five months. What…

January 17, 2019 rummy

It’s safe to assume that the mortgage interest rate is on a downward path. But nothing is ever certain when it comes to the real estate industry as there are just too many driving factors that move the scale with its own individual weight. That’s why we constantly rely on expert analysis and forecast to have an educated guide for our decision-making process. After the first week of 2019, rates have continued their downward trend. As Freddie Mac’s Chief Economist Sam Khater notes, this is great news for homebuyers. He states, “Mortgage rates declined to start the new year with…

January 16, 2019 rummy

If you’re planning on selling your house this year and want to get the best out of your selling experience. We recommend you follow these two simple tips to avoid unnecessary sales costs. 1. Price it a LITTLE LOW This may seem counterintuitive, but let’s look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below). Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price…

January 15, 2019 rummy

Thinking of escaping the winter to a location with much better weather? Then now is a great time to take advantage of the equity in your home. For those homeowners staying at their first residence, AccuWeather warns: “The late-week cold shot should fade next week, but this is a warning shot for winter’s return late in the month and early February.” Given this, it’s time to go and stock up on winter weather supplies! However, if you’re tired of shoveling snow and dealing with the cold weather, maybe it’s time to consider obtaining a vacation home! According to the Investment…

January 11, 2019 rummy

Yes, the majority of Americans still believe that homeownership is still one of the best investments out there. We talked about how owning a home improves your family’s net worth and all other benefits that come with it in our previous articles. These numbers below prove them right. An end-of-the-year survey by the Federal Reserve Bank’s Center for Microeconomic Data revealed that: “The majority of households continue to view housing as a good financial investment.” And that percentage has increased over the last three years. Though there is some uncertainty as to how the real estate market will perform over…