December 19, 2018 rummy

Many have been wondering whether the next crash is just around the bend. We can’t blame them, given the trauma the last big one has left us. No need to fret, as there are only clear skies on the horizon, all thanks to the loose but fair market standards we have today. As it becomes easier for buyers to obtain mortgages, many are suggesting that this is definite proof that banks are repeating the same mistakes they made a decade ago. Today, we want to assure everyone that we are not heading to another housing “bubble & bust.” Each month,…

December 18, 2018 rummy

Although we have seen the reports, analyzed the forecasts and enjoyed the projections of a stabilizing market of the real estate industry across all states. One thing that buyers should be concern about is the projected mortgage interest rate increase by the Q4 of next year. The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Insights Report, home prices will appreciate by 4.8% over the next 12 months. What Does This Mean as a Buyer? If home prices appreciate…

December 12, 2018 rummy

If you are planning to buy a house, knowing the interest rate at the time of your purchase will give you an idea on how much your monthly payment will look like. Keep in mind that even the slightest of change in the interest rate could significantly increase or decrease your mortgage depending on your loan amount. Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily throughout 2019. How Will This Impact Your Mortgage Payment? Depending on the amount of the loan that you…

December 11, 2018 rummy

One of the best things about Americans is that we learn quickly. The last real estate market crash in 2008 was a huge event that left the nation traumatized. A lot have been speculating about the future of real estate since then, paying close attention to all trends and changes, making them seem a bit paranoid. Good news is, everyone has is now more aware because of that, people are now more responsible and all signs point to a better more stable 2019 for the real estate industry. What happened then… When real estate values began to surge last decade,…

December 7, 2018 rummy

Let’s talk about what 2019 has in store for us and eliminate the fears and worries that it would be a repeat of 2018 once and for all. Forecasts and trend reports reveal light at the end of the tunnel; we are truly headed for a more normal average next year. However, some are seeing these adjustments as red flags and are suggesting that we are headed back to the same challenges we experienced in 2008. Today, let’s look at one set of statistics that prove the current market is nothing like the one that preceded the housing crash last…

December 4, 2018 rummy

Historically, people prefer to buy their dream houses in spring. Nevertheless, based on reports from our reliable sources, there is a new trend in our seasonal market that many sellers could take advantage of. According to Bank of America’s annual Home Buyer Insights Report, 41% of renters surveyed agree that spring is the best time to buy a home. The surprising result, however, is that when ranking the seasons, winter comes in second at 24%. In many areas of the country, the spring and summer are the most competitive seasons for buyers. Families with children often want to move over…

November 21, 2018 rummy

Often times when we talk about home affordability, we always mention mortgage rate increase and inventory as the key drivers. This time, we are bringing in a new player in the game that will change the way we look at home affordability. Although this may vary on a case-to-case basis, this is still definitely something you should look at. According to the National Association of Realtors’ (NAR) September 2018 Housing Affordability Index, wages have increased in every region of the country: After applying current salaries, home prices, and mortgage rates to their Home Affordability Index equation, the index, though still…

November 20, 2018 rummy

Contrary to the majority’s beliefs, homes sold in the third quarter of 2018 has been marked as one of the highest average price gains for years. This is great news for homeowners who are yet to take advantage of the home price appreciation. Let us take a closer look. According to a recent report by ATTOM Data Solutions, home sellers who sold their homes in the third quarter of 2018 benefited from rising home prices and netted an average of $61,232. This is the highest average price gain since the second quarter of 2007 and represents a 32% return on…

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 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…