September 27, 2018 rummy

The way we plan and live our lives greatly depend on our ability to pay for the things we use and will be using. At the top part of most people’s list is mortgage. Changes in mortgage rate directly impact us and our day to day lifestyle. 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 over the course of the next year. Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can…

September 26, 2018 rummy

One of the main reasons why real estate have been at the top of the list of great investments is its structurally sound appreciation model. The premise is, as time goes, the population grows but the land mass of a region remains the same. Thus, circling back to the ever dependable law of supply and demand. The rate on increase of a home’s value varies greatly per location and it’s economic state. CoreLogic broke down appreciation even further into four price ranges, giving us a more detailed view than if we had simply looked at the year-over-year increases in national…

September 25, 2018 rummy

With the amount of time spent in its current state, it’s a little hard to establish the true norm for everyone. Newcomers to the industry who experienced the pre-bubble burst market may perceive what we have now as their norm. Some may have an ideal vision of how the normal market status should be and some may base it on how things were before the bubble burst. After the bubble burst in June 2007, values depreciated 6.1% annually until February 2012. From March 2012 to today, the market has been recovering with values appreciating 6.2% annually. These wild swings in…

September 21, 2018 rummy

If you’re debating on moving to your dream home, you might be in luck. In some areas in the U.S. home equities rise which could give way to spending less for the long-awaited dream home for the lucky 25% of homeowners with a mortgage. Home equity is defined as the difference between the home’s fair market value and the outstanding balance of all liens (loans) on the property. While homeowners pay down their mortgages, the amount of equity they have in their homes climbs each time the value of their homes go up! According to the latest Equity Report from…

September 20, 2018 rummy

Any process can prove tricky to someone new. Let alone, the complicated procedure of selling homes, to agents helping out the ordeal could be less difficult. Good thing we have this tips to make your life easier. Memorize the Market When a market turns and sudden transition occurs, study your potential market response with the sudden changes. As a listing agent and local market expert, mastery of the signs of a shift and having the means to communicate the new reality to your sellers is a must. Our job is to help our potential sellers understand the turns. We should…

September 18, 2018 rummy

Within the property market, there is much written about when the best time to buy and sell is. Just like trading other investments you can try to play the market to your advantage and this certainly applies with investment buyers, but when it comes to selling a home, it is often more about the right time for you rather than trying to judge the wider market. Lawrence Yun, Chief Economist at the National Association of Realtors, recently commented: “Contract signings inched backward once again last month, as declines in the South and West weighed down on overall activity.” Yun goes…

September 14, 2018 rummy

There are no complex forces at work here, just a normal case on Supply and Demand imbalance. Figures shown below are from the best and most reliable source explaining the future of the market. Let’s find out more. The Foot Traffic Report by the National Association of Realtors Methodology: Every month SentriLock, LLC provides NAR Research with data on the number of properties shown by a REALTOR. Lockboxes made by SentriLock, LLC are used in roughly a third of home showings across the nation. Foot traffic has a strong correlation with future contracts and home sales, so it can be…

September 12, 2018 rummy

If you’re ready to sell your home but just waiting for the right time, then you’re in luck my friend. There’s a saying that goes, “strike while the iron is hot” and right now, the iron is ablaze. You should put your property up in the market while it’s filled with able, willing and eager buyers. Between 1987 and 1999, which is often referred to as the ‘Pre-Bubble Period,’ home prices grew at an average of 3.6% according to the Home Price Expectation Survey. ‚Äč The chart below shows the forecasted year-over-year prices for 2018 (predictions made in 2017). According…

September 11, 2018 rummy

If you’re debating on buying a new home for your family in the future, the best time to buy is now. Here are four good reasons why you should buy a home this fall. 1. Prices Will Continue to Rise CoreLogic’s latest Home Price Insights report reveals that home prices have appreciated by 6.2% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.1% over the next year. Home values will continue to appreciate for years. Waiting no longer makes sense. 2. Mortgage Interest Rates Are Projected to Increase Freddie…

September 8, 2018 rummy

Research shows that a great number of prospective home buyers came from a family who owned a home as compared to those who grew up in a family who rents. This is great news as most millennials are raised by baby boomers which we all know to be a generation of homeowners. According to an analysis of millennial homeowners, the homeownership rate of those whose parents rent their homes is 14.4%, while the rate amongst millennials whose parents are homeowners is 31.7%! “A young adult’s odds of homeownership are highly correlated with their parent’s homeownership. Without controlling for such factors…