August 15, 2018 rummy

Whether it’s because of proximity to work or business or simply because your family has grown. You will come to think at some point that your home cannot keep up with your needs anymore. It may seem hard to imagine that the first home you purchased (which made your dreams come true) might not be the home that will allow you to achieve the rest of your dreams. The good news is that it’s okay to admit that your home no longer fits your needs! ​ According to CoreLogic’s latest Home Price Index, prices in the starter home market have appreciated faster than…

August 14, 2018 rummy

Currently, sellers are enjoying huge if not undivided attention from buyers as their visibility is at peak. There are reports, however, that this will change in the following months to come as permits for single-family units are granted. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of building permits issued in June was 850,000, a 0.8% increase from May. ​ How will this impact buyers? ​ More inventory means more options. Mark Fleming, First American’s Chief Economist, explained that this is good news for the housing market – especially for those looking to buy: “The continued year-over-year growth…

August 10, 2018 rummy

The law of supply and demand has been an existential issue in basically all known market (real estate included) since the early days of commerce. This has been seen and used time and again by power players in the arena as an opportunity to dominate and earn more. A lot of studies and speculation points at the recent mortgage rate changes as the main reason for home value increase this year. Here’s the reason why we think otherwise. “The amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.”…

July 26, 2018 rummy

Many can’t help but worry that we may be on the verge of another housing bubble. Believe it or not, despite what statistics may seem, experts say that we shouldn’t be too concerned about an impending housing bust. Here are four key metrics that will explain why: Home Prices Mortgage Standards Foreclosure Rates Housing Affordability 1. HOME PRICES There is no doubt that home prices have reached 2006 levels in many markets across the country. However, after more than a decade, home prices should be much higher based on inflation alone. Last week, CoreLogic reported that, “The inflation-adjusted U.S. median sale price in…

July 19, 2018 rummy

With experts forecasting the next recession in the horizons, how will the real estate industry be affected? The good news is, it will not fall victim to the next economic storm at all. Here are the opinions of several experts on the subject: Reference: https://bit.ly/2NxaFQ3 www.NYREEX.com

July 18, 2018 rummy

Despite the forecasts of mortgage rate rise, demand for homes has continuously outnumbered its supply. Let’s find out why. According to the National Association of Realtors (NAR), the inventory of homes for sale “has fallen year-over-year for 36 consecutive months,” and now stands at a 4.1-month supply. A 6-month supply of inventory is necessary for a balanced market and has not been seen since August of 2012. NAR’s Chief Economist Lawrence Yun had this to say, Is There Any Relief Coming? According to the CoreLogic’s 2018 Consumer Housing Sentiment Study, four times as many renters are considering buying homes in the next 12 months than homeowners who are planning to…

July 12, 2018 rummy

It is given that purchasing power is always desired. But with all the current trends in the real estate industry, how true is it that many believe that house-buying power is near historic levels? We keep hearing that home affordability is approaching crisis levels. While this may be true in a few metros across the country, housing affordability is not a challenge in the clear majority of the country. In their most recent Real House Price Index, First American reported that consumer “house-buying power” is at “near-historic levels.” Their index is based on three components: Median Household Income Mortgage Interest Rates Home Prices…

July 10, 2018 rummy

Nowadays, people buy insurance for all sorts of things they hold dear. Jewelry, pets, computer equipment and believe it or not, even body parts. It gives one peace of mind and a sense of security to know their possessions are safe. All the more reason why your home should be insured with the best insurance provider you can find. Here a few things you need to know about home insurance and the top providers of 2018. The first thing you need to know about homeowners insurance is what it covers. One well-known aspect of homeowners insurance is that it covers…

July 5, 2018 rummy

Overall price, initial cash out, monthly amortization etc. are the things we look out for in buying a home. A lot of these may seem higher than it used to last year, but what most do not know is that it is lower compared to how it used to way back. However, it is not just the price of a home that determines its affordability. The monthly cost of a home is determined by the price and the interest rate on the mortgage used to purchase it. Today, mortgage interest rates stand at about 4.5%. The average annual mortgage interest rate from…

June 21, 2018 rummy

We have a lot of potential homeowners and families having second thoughts about buying today. Current mortgage rates and home prices intimidate buyers and it’s completely understandable. ​ With both home prices and mortgage rates increasing this year, many are concerned about a family’s ability to purchase a major part of the American Dream – its own home. However, if we compare housing affordability today to the average affordability prior to the housing boom and bust, we are in much better shape than most believe. In Black Knight’s latest monthly Mortgage Monitor, they revealed that in the vast majority of the country, it…