February 3, 2016 rummy

First American Title issues a quarterly report, the Real Estate Sentiment Index (RESI), which “measures title agent sentiment on a variety of key market metrics and industry issues”. Their 2015 4th Quarter Edition revealed some interesting information regarding possible challenges with appraisal values as we head into 2016. “The fourth quarter RESI found that title agents continue to believe that property valuation issues will be the most likely cause of title order cancellation over the coming year.”  This shouldn’t come as a surprise. In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in…

February 2, 2016 rummy

Is spring closer than we think? Depending on which Groundhog you witnessed today, you may have less time than you think to get your home on the market before the busy spring season. Many sellers feel that the spring is the best time to place their home on the market as buyer demand traditionally increases at that time of year. However, the next six weeks before spring hits also have their own advantages. Here are five reasons to sell now.  1. Demand is Strong Foot traffic refers to the number of people out actually physically looking at homes right now….

January 19, 2016 rummy

Whether you are buying or selling a home, it can be quite an adventurous journey. You need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO. The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but have rather been strengthened due to the projections of higher mortgage interest rates & home prices as the market continues to recover. 1. What do you do with all this paperwork? Each state has different regulations regarding the…

January 4, 2016 rummy

In a recent post, Trulia examined whether homeownership was again being seen by adults in the US as a “part of their personal American Dream.” Over the last five years: § The percentage of U.S. adults who believe homeownership is part of their American Dream increased from 70% to 75% § The percentage of 18-34 Year-olds who believe homeownership is part of their American Dream increased from 65% to 80% Here is a graph of the survey over the last five years: Bottom Line As the housing industry recovers from the crisis of 2008-2010, Americans belief in homeownership as part of their own personal American…

December 14, 2015 rummy

As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As a buyer, you must be concerned not about price but instead about the ‘long term cost’ of the home. The Mortgage Bankers Association (MBA), the National Association of Realtors, Fannie Mae and Freddie Mac all projected that mortgage interest rates will increase by about three-quarters of a percentage point over the next twelve months. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 5.2% over the next 12 months. What Does This Mean as a Buyer? Here is a simple demonstration of…

October 21, 2015 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 throughout the 100 largest metro areas in the United States. The updated numbers actually show that the range is from an average of 16% in Honolulu (HI), all the way to 55% in Sarasota (FL), and 35% Nationwide! The 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. “In the past year, these two trends have made homeownership even more affordable…

July 27, 2015 rummy

As the temperature continues to rise, buyers are coming out ready to purchase their dream home. Here are five reasons that you should list your house for sale now. 1. Strong Buyer Demand Foot traffic refers to the number of people out actually physically looking at homes right now. The latest foot traffic numbers show that there are significantly more prospective purchasers currently looking at homes than at any point in the last two years! These buyers are ready, willing and able to purchase… and are in the market right now! Take advantage of the buyer activity currently in the…

July 17, 2015 rummy

Kitchen trends may come and go, but one thing never changes: Whether you’re whipping up a four-course gourmet meal for 12 or reheating a slice of pizza, this room is the heart of the home. In fact, the kitchen’s multipurpose role as a place to entertain friends, tackle homework and school projects, answer emails, or just hang out with the family is on the upswing, according to local kitchen experts like Jason Landau, a professional interior designer with a master’s in architecture and owner of Amazing Spaces in Briarcliff Manor.  Perhaps the strongest trend in kitchen design is the open…

July 13, 2015 rummy

The results of Fannie Mae’s June 2015 National Housing Survey, were just released showing that more and more homeowners are warming up to the idea that now may be a great time to sell their home. The amount of respondents that stated that now is a good time to sell rose three percentage points to a survey high of 52%; which may translate to a healthier market as more homes are listed in the coming months. At the same time “the percentage of respondents who expect home rental prices to go up rose to 59% – a new survey high.” Doug…

June 8, 2015 rummy

Where Will Mortgage Rates Be in 12 Months?   One of the biggest questions plaguing the current housing market is where mortgage interest rates will be at this time next year. Over the last two months, rates have begun to creep up (see chart). Though we don’t like to project rates moving forward, we do want you and your family to have the information you need in order to decide whether to wait before buying your first house or moving up to your ultimate dream home. Here are the most current mortgage rate projections from Fannie Mae, Freddie Mac, the…