January 12, 2017 rummy

  It appears that Americans are regaining faith in the U.S. economy. The following indexes have each shown a dramatic jump in consumer confidence in their latest surveys: The University of Michigan Consumer Sentiment Index National Federation of Independent Businesses’ Small Business Optimism Index CNBC All-America Economic Survey The Conference Board Consumer Confidence Survey It usually means good news for the housing market when the country sees an optimistic future. People begin to dream again about the home their family has always wanted, and some make plans to finally make that dream come true. If you are considering moving up…

May 2, 2016 rummy

  A survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today. 1. Down Payment The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less. Many renters may actually be able to enter the…

April 29, 2016 rummy

Some Highlights: 2015 marks the first year-over-year increase in investment home sales since 2011. 62% of all investment homes purchased were single family homes. The South saw the highest percentage of investment home sales (39%) with the West coming in second (28%). www.NYREEX.com    

April 19, 2016 rummy

In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. The updated numbers actually show that the range is an average of 5% less expensive in Orange County (CA) all the way up to 46% in Houston (TX), and 36% Nationwide! Other interesting findings in the report include: Interest rates have remained low and even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation. Some markets may tip in favor of…

April 13, 2016 rummy

  Last week, the inaugural “Homebuyer Insights Report” was released by the Bank of America. The report revealed the reasons why consumers purchase homes and what their feelings are regarding homeownership. Consumer Lending Executive, D. Steve Boland, explained: “Homebuyers today are motivated by both emotional and practical reasons. Nearly all want more space, but a majority of homebuyers, especially those purchasing their first home, are also looking for a place to call their own, put down roots and make memories. They value the emotional benefits of owning a home as much as the financial ones.” Boland went on to say:…

April 4, 2016 rummy

  Some Highlights: § Harvard University’s Joint Center of Housing Studies recently released the top financial & emotional reasons to own a home. § Owning is a good way to build up wealth that can be passed along to your family as it is usually a form of “forced savings.” § You’re paying for a house whether you own or rent, but owning gives you control over your living space.

March 16, 2016 rummy

  Every homeowner hopes to accomplish five goals when selling their home: 1.    Sell it for the best price 2.    Sell it within a predetermined time 3.    Sell it with the least amount of hassles 4.    Close on the sale the same day they move into their new home The fifth reason is the most obvious and the most important: 5.    They want to make sure it sells. In order to dramatically increase the chances that the house sells, a homeowner should list with a real estate professional in their market. Why? Because agents have access to the vast majority…

February 22, 2016 rummy

Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number. The results of their latest survey: Home values will appreciate by 3.7% over the course of 2016, 3.3% in 2017 and 3.2% in the next two years, and finally 3.1% in 2020 (as…

February 18, 2016 rummy

During the recession, many young adults graduating from college were forced to move back in with their parents. This caused new household formations to drop dramatically from the long term average of 1.2 million formations annually to half that number. However, this may be the year this turns back around. According to the Urban Land Institute’s report, Emerging Trends in Real Estate, household formations will increase dramatically. They project that 3.68 million additional households will be formed in the next three years. This brings household formations back to pre-recession numbers of 1.2 million a year. What will happen in 2016? One of…

January 22, 2016 rummy

Fannie Mae recently released their “What do consumers know about the Mortgage Qualification Criteria?” Study. The study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home. Here are three takeaways: § 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary § 86% of Americans either don’t know (59%) or are misinformed (25%) about what an appropriate Back End Debt-to-Income (DTI) ratios is § 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required To help correct these misunderstandings, let’s…