June 18, 2019 rummy

If you ask prospective home buyers what they think the biggest obstacle they need to tackle is, sure enough, you’ll hear two constant answers come up in almost all of them. Let’s find out what they are and see if any of them holds ground. Freddie Mac recently released a report entitled, “Perceptions of Down Payment Consumer Research.” Their research revealed that, “For many prospective homebuyers, saving for a down payment is the largest barrier to achieving the goal of homeownership. Part of the challenge for those planning to purchase a home is their perception of how much they will…

June 14, 2019 rummy

More and more baby boomers sell their home for a lot of different reasons. But despite what triggered them to sell in the first place, there is something in common with every home put on the market by boomers – they all consider these things important. The National Association of Realtors recently released their 2019 Home Buyer and Seller Generational Report. The report revealed many interesting tidbits about both categories of baby boomers: younger boomers (ages 54 to 63) and older boomers (64 to72). Here are a few of the more interesting topics. Percentage of Buyers who Looked Online First…

June 6, 2019 rummy

Many buyers worry about home prices because of news about “affordability crisis” here and there, although there is truth to some statements that home prices now is less affordable than it was a decade ago, we cannot overlook other factors in today’s overall markets. On a monthly basis, the National Association of Realtors (NAR), produces a Housing Affordability Index. According to NAR, the index… “…measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.” Their…

June 5, 2019 rummy

Recent studies show a new trend in the buyers market. There is a slow build-up of demand for multigenerational homes. This good news for homeowners thinking of selling their home this season. The average life expectancy in the U.S. is 78 years old! As a result, 41% of Americans in the market are searching for a home that can accommodate a multigenerational family. The graph below shows the number of people by generation that purchased a multigenerational home because they will either be taking care of an aging parent or they just want to spend time together. Of those buyers,…

June 4, 2019 rummy

Despite the lack of inventory all across the United States, prices of homes for sale are increasing slowly. In fact, slower than what most home sellers expect. Therefore, we have been observing quite a gap between expectations and reality. In the mind of the homeowner, annual home price appreciation over 6% has become the new normal. This becomes a challenge when a homeowner looks to refinance or sell their home, as the expectation of what the homeowner believes the home should be worth does not always line up with the bank’s appraisal. Every month, the Home Price Perception Index (HPPI)…

May 15, 2019 rummy

Believe it or not, the longtime rivalry between owning a house and renting are showing signs of handicap of one against the other. If this trend continues, it could tip the scale to hugely favor homeownership. In a recent Insights Blog, CoreLogic reported that rent prices have skyrocketed since 2005. Meanwhile, the typical mortgage payment has actually decreased. “CoreLogic’s national rent index was up 36% in December 2018 compared with December 2005, while the typical mortgage payment was down 4% over that period.” Why the difference between the costs of renting versus owning? It makes sense that rents have risen….

May 14, 2019 rummy

📣 Just Listed 🏡 Charming ranch style home for sale located at 8 Hemlock Lane Dover, NY 12594. This single family home has ✅ 3 beds ✅ 3 baths ✅ Balcony ✅ Hardwood Floors ✅ Driveway and more! ➡️ Direct link: http://bit.ly/2VoxKYo For inquiries and showing request: ☎️ 914.920.2299   www.NYREEX.com

May 9, 2019 rummy

To many first time homebuyers, the down payment is the biggest obstacle to tackle. For those who plan ahead and would like to save for their down payment, you might find this break down handy. Using data from HUD, Census and Apartment List, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense. By determining the percentage of income spent renting in each state,…

May 7, 2019 rummy

Even though the supply of houses has yet to catch up with the demand as we wished it would. Home prices have remained affordable to many of the buyer’s delight. This is all thanks to two positive trends we all are enjoying this year. These two factors have helped keep housing affordable despite low supply of houses for sale driving up prices. First American’s Chief Economist, Mark Fleming, explains the impact, “Ongoing supply shortages remain the main driver of the performance gap as the housing market continues to face an inventory impasse – you can’t buy what’s not for sale….

April 3, 2019 rummy

Time and again, the truth is often compromised for the sake of selling. Overextending headlines are one of the most common examples of this. People are smarter and there are less and less who will fall victim to false claims. Nevertheless, here are two recent headlines that are deviated from facts that you should know about. Actual Headline #1: Cash-out refis are back – will homes become ATMs again? The real story: The headline is accurate – to a point. It is true that the percentage of refinances in which the homeowner received cash at the closing has increased to…