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 6, 2018 rummy

Everyone hates hidden charges, although closing cost is a requirement that majority of buyers are aware of, the actual amount is not fixed and often than not can come as a negative surprise to buyers who are on a budget. By law, a homebuyer will receive a loan estimate from their lender 3 days after submitting their loan application and they should receive a closing disclosure 3 days before the scheduled closing on their home. The closing disclosure includes final details about the loan and the closing costs. But what are closing costs anyway? According to Trulia: “Closing costs are…

December 5, 2018 rummy

Being the first always have more benefits than consequences. If season after season, people put up their house on sale during spring because the demand increases during that time, wouldn’t it be great if you can get ahead of the pack by putting your house on the list as early as today so buyers can see yours before they have visibility on your competition? The #1 Reason to List Your Home in the Winter Months is Less Competition! Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. The chart below was created…

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 28, 2018 rummy

Rumor has it that females are more eager, able and willing to buy homes than males do. We are curious to find out if this claim holds ground. We’ve gathered reports from one of the leading and trusted experts and this is what we found out. In 2018, for the second year in a row, single female buyers accounted for 18% of all buyers. In 2017, 60% of millennial women listed as the primary borrowers on mortgages were single. According to the 2018 Home Buyer and Seller Generational Trends Report by the National Association of Realtors, one in five homebuyers…

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 8, 2018 rummy

If you are thinking of selling your home to take advantage of home price rise due to limited supply in your area, keep in mind that you are not the first to come up with this great idea. Despite the limited competition, jumping the gun can prove to be a handful if you did not do your research. Here is a list of things to expect before you enter the market. The buyer who wants the best deal possible The buyer’s agent who solely represents the best interests of the buyer The buyer’s attorney (in some parts of the country)…