#Home Sales mortgage loans National Association of Realtors

[kmrealtygroup]

The Current State of the Housing Market

If you've been feeling uncertain about the current state of the housing market and are concerned about a potential housing crash, it's important to understand the data and factors that indicate a different scenario. Let's dive into the facts and dispel any fears or misconceptions.

Stricter Lending Standards Ensure Stability

Before the 2008 housing crisis, it was easier to get a home loan with more lenient lending standards. However, today's lending landscape has changed. Mortgage companies have implemented stricter lending criteria, making it harder to qualify for loans.

This shift in standards has reduced the risk of mass defaults and foreclosures, ensuring greater stability in the housing market.

Limited Inventory Supports Price Stability

During the housing crash, there was an oversupply of homes on the market, causing prices to tumble. However, the current housing market has a shortage of available homes for sale. The limited inventory is preventing a repeat of the past crash.

According to data from the National Association of Realtors (NAR) and the Federal Reserve, there is a significantly lower supply of homes today compared to the peak levels seen during the previous crisis. This scarcity of inventory has supported price stability in the market.

Homeowners' Cautious Approach

Another factor contributing to the market's strength is homeowners' cautious behavior. Unlike in the early 2000s, homeowners today are not tapping into their home equity for non-essential expenses.

Black Knight reports that homeowners have more equity available than ever before, but they are not extensively using it. This responsible approach reduces the risk of foreclosure and distressed properties flooding the market.

Conclusion

In conclusion, the current data and analysis provide reassurance that we are not headed for a housing crash. Stricter lending standards, limited inventory, and homeowners' cautious approach all contribute to a stable housing market.

To gain more insights and expert guidance on navigating the real estate landscape, reach out to KM Realty Group LLC, Chicago's top-rated real estate experts.

Learn more about the current state of the housing market and dispel any remaining fear and uncertainty.

[bondstreetmortgage]

What’s Ahead For Mortgage Rates This Week – December 23rd, 2019

Last week’s economic reports included readings from the National Association of Home Builders on housing markets; the National Association of Realtors® released data on sales of previously-owned homes and the Commerce Department released readings on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were also released.

NAHB: Builder Confidence Rises in December

According to the National Association of Home Builders, builder confidence in housing market conditions rose in December to an index reading of 76 as compared to November’s reading of 71. Any reading over 50 indicates that most home builders surveyed were confident about housing market conditions.

Builder confidence in current market conditions rose seven points to an index reading of 84; builder confidence in housing market conditions in the next six months rose one point to 79 and the index reading for buyer traffic in new single-family housing developments rose four points to 58. Analysts noted that the index reading for buyer traffic rarely reaches a reading of 50.

Regional readings were mixed with builder confidence in the Northeast falling two points; the Midwestern region showed builder confidence five points higher than in November and builder confidence readings in the South and West rose one point and three points respectively.

Analysts said that low mortgage rates, a slim supply of pre-owned homes for sale and low unemployment contributed to rising builder confidence. Negative factors impacting builder confidence included high land and labor costs, and a disparity between builders focusing on high-end construction while entry-level homes were most in demand.

The National Association of Realtors ®reported fewer sales of pre-owned homes in November; 5.35 million previously-owned homes sold on a seasonally-adjusted annual basis as compared to October’s reading of 5.44 million sales of previously-owned homes.

Fewer sales were caused by slim inventories of affordable homes for sale. This data supported home builders’ assertion that fewer available pre-owned homes boosted builder confidence in current housing markets.

Housing Starts, Building Permits Issued Rise in November

The Commerce Department reported 1365 million single-family housing starts in November as compared to 1.323 million starts in October. Building permits issued also rose in November with 1.482 million permits issued as compared to October’s reading of 1.461 million building permits issued. Housing Starts and building permits supply estimates for future inventories of available homes.

Mortgage Rates Unchanged, New Jobless ClaimsFall

Fixed mortgage rates were unchanged last week according to Freddie Mac. Rates for 30-year fixed-rate mortgages averaged 3.73 percent and rates for 15-year fixed-rate mortgages averaged 3.19 percent. Rates for 5/1 adjustable rate mortgages averaged one basis point higher at 3.37 percent.

New jobless claims fell to 234,000 claims filed as compared to expectations of 235,000 new claims filed and the prior week’s reading of 252,000 first-time claims filed.

What’s Ahead

This week’s scheduled economic news is limited due to the Christmas holiday. Data on new home sales will be released along with weekly readings on mortgage rates and new jobless claims.

Get In Touch With Us

115 West Century Road Suite Paramus,NJ 07652 888-588-5522 loaninfo@bondstreetloans.com

[nsrealestate]

Today’s Biggest Housing Market Myths

Have you ever heard the phrase: don’t believe everything you hear? That’s especially true if you’re thinking about buying or selling a home in today’s housing market. There’s a lot of misinformation out there. And right now, making sure you have someone you can go to for trustworthy information is extra important.

If you partner with a real estate agent, they can clear up some common misconceptions and reassure you by backing them up with research-driven facts. Here are just a few misconceptions they can help disprove.

1. I’ll Get a Better Deal Once Prices Crash

If you’ve heard home prices are going to come crashing down, it’s time to look at what’s actually happening. While prices vary by local market, there’s a lot of data out there from numerous sources that shows a crash is not going to happen. Back in 2008, there was a dramatic oversupply of homes that led to prices crashing. Across the board, there’s an undersupply of homes for sale today. That makes this market a whole different scenario (see chart below):

So, if you think waiting will score you a deal, know that data shows there’s not a crash on the horizon, and waiting isn’t going to pay off the way you’d hoped.

2. I Won’t Be Able To Find Anything To Buy

If this nagging fear about finding the right home if you move is still holding you back, you probably haven’t talked with an expert real estate agent lately. Throughout the year, the supply of homes for sale has grown. Data from Realtor.com helps put this into context. While there are still fewer homes on the market than in a more normal year like 2019, inventory is still above where it was at this time last year (see graph below):

So, if you’re remembering all that media coverage about record-low supply during the pandemic, you can rest a bit easier. While the market isn’t back to normal just yet, inventory is moving in a healthier direction. And that means as your options improve, you can let go of this now outdated myth because finding a home to buy won’t feel quite so impossible anymore.

3. I Have To Wait Until I Have Enough for a 20% Down Payment

Many people still believe you need a 20% down payment to buy a home. To show just how widespread this myth is, Fannie Mae says:

“Approximately 90% of consumers overstate or don’t know the minimum required down payment for a typical mortgage.”

And if you look at the data from the National Association of Realtors (NAR), you can see the typical homeowner isn’t putting down as much as you might expect (see graph below):

First-time homebuyers are typically only putting down 6%. That’s far less than the 20% so many people think they need. And if you’re looking at that graph and you’re more focused on how the number for repeat buyers is closer to 20%, here’s what you need to realize. That’s only because they have so much equity built up in their current house that can be used to make a larger down payment for their next move.

This goes to show you don’t have to put 20% down, unless it’s specified by your loan type or lender. Many people put down a lot less. Not to mention, depending on the type of home loan you get, you may only need to put 3.5% or even 0% down. So, if you’re buying your first home, you likely don’t need nearly as much for your down payment as you may think.

An Agent’s Role in Fighting Misconceptions

If you put your move on pause because you heard one or more of these myths yourself, it’s time to talk to a trusted agent. An expert agent has more data and the facts, just like this, to reassure you and help break through any misconceptions that may be holding you back.

Bottom Line

If you have questions about what you’re hearing or reading, let’s connect. You deserve to have someone you can trust to get the facts.

[thelistingteammiami]

Today’s Biggest Housing Market Myths

Today’s Biggest Housing Market Myths

Have you ever heard the phrase: don’t believe everything you hear? That’s especially true if you’re thinking about buying or selling a home in today’s housing market. There’s a lot of misinformation out there. And right now, making sure you have someone you can go to for trustworthy information is extra important.

If you partner with a real estate agent, they can clear up some common misconceptions and reassure you by backing them up with research-driven facts. Here are just a few misconceptions they can help disprove.

1. I’ll Get a Better Deal Once Prices Crash

If you’ve heard home prices are going to come crashing down, it’s time to look at what’s actually happening. While prices vary by local market, there’s a lot of data out there from numerous sources that shows a crash is not going to happen. Back in 2008, there was a dramatic oversupply of homes that led to prices crashing. Across the board, there’s an undersupply of homes for sale today. That makes this market a whole different scenario (see chart below):

So, if you think waiting will score you a deal, know that data shows there’s not a crash on the horizon, and waiting isn’t going to pay off the way you’d hoped.

2. I Won’t Be Able To Find Anything To Buy

If this nagging fear about finding the right home if you move is still holding you back, you probably haven’t talked with an expert real estate agent lately. Throughout the year, the supply of homes for sale has grown. Data from Realtor.com helps put this into context. While there are still fewer homes on the market than in a more normal year like 2019, inventory is still above where it was at this time last year (see graph below):

So, if you’re remembering all that media coverage about record-low supply during the pandemic, you can rest a bit easier. While the market isn’t back to normal just yet, inventory is moving in a healthier direction. And that means as your options improve, you can let go of this now outdated myth because finding a home to buy won’t feel quite so impossible anymore.

3. I Have To Wait Until I Have Enough for a 20% Down Payment

Many people still believe you need a 20% down payment to buy a home. To show just how widespread this myth is, Fannie Mae says:

“Approximately 90% of consumers overstate or don’t know the minimum required down payment for a typical mortgage.”

And if you look at the data from the National Association of Realtors (NAR), you can see the typical homeowner isn’t putting down as much as you might expect (see graph below):

First-time homebuyers are typically only putting down 6%. That’s far less than the 20% so many people think they need. And if you’re looking at that graph and you’re more focused on how the number for repeat buyers is closer to 20%, here’s what you need to realize. That’s only because they have so much equity built up in their current house that can be used to make a larger down payment for their next move.

This goes to show you don’t have to put 20% down, unless it’s specified by your loan type or lender. Many people put down a lot less. Not to mention, depending on the type of home loan you get, you may only need to put 3.5% or even 0% down. So, if you’re buying your first home, you likely don’t need nearly as much for your down payment as you may think.

An Agent’s Role in Fighting Misconceptions

If you put your move on pause because you heard one or more of these myths yourself, it’s time to talk to a trusted agent. An expert agent has more data and the facts, just like this, to reassure you and help break through any misconceptions that may be holding you back.

Bottom Line

If you have questions about what you’re hearing or reading, let’s connect. You deserve to have someone you can trust to get the facts.

[dertaglichedan]

Sales of previously owned homes fell 1% in December compared with November to 3.78 million units on a seasonally adjusted annualized basis, according to the National Association of Realtors. Sales were 6.2% lower than in December 2022, marking the lowest level since August 2010.

Full-year sales for 2023 came in at 4.09 million units, the lowest tally since 1995.

Regionally, on a month-to-month basis, sales were unchanged in the Northeast and fell 4.3% in the Midwest. Sales were down 2.8% in the South but rebounded 7.8% in the West. On a year-over-year basis, sales were lower in all regions.

The count of home closings is based on contracts likely signed in late October and November, when mortgage rates were considerably higher than they are now. The average rate on the 30-year fixed loan rose to about 8% in October before falling to the 7% range in November. It is now at 6.89%, according to Mortgage News Daily.

“The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” said Lawrence Yun, NAR’s chief economist, in a release. “Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months.”

[28northgroup]

Why You May Want To Seriously Consider a Newly Built Home

Are you putting off your plans to sell because you’re worried you won’t be able to find a home you like when you move? If so, it may be time to consider a newly built home and the benefits that come with one. Here’s why.

Near-Record Percentage of New Home Inventory

Newly built homes are becoming an increasingly significant part of today’s housing inventory. According to the most recent report from the National Association of Home Builders (NAHB):

“Newly built homes available for sale accounted for 31% of total homes available for sale in November, compared to an approximate 12% historical average.”

That means the percentage of the total homes available to buy that are newly built is well over two times higher than the norm. And even more new homes are on the way.

Recent data from the Census shows there’s been an uptick in both housing starts (where builders break ground on more new homes) and housing completions (homes where construction just wrapped).

And while some people may worry builders are building too many homes, that isn’t a concern – if anything, the recent increase is really good news. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“Even more home building will be needed with the housing shortage persisting in most markets . . . Another 30% rise in home construction can easily be absorbed in the marketplace . . .”

How This Helps You 

Since the supply of existing homes for sale is still low right now, the increase of new-home construction can be a game changer because it gives you more options for your search.

Picture yourself in a home that’s new from the ground up: new appliances, fresh paint, fewer maintenance needs because everything is new, and so much more. Doesn’t that sound nice?

And it may be more within reach than you ever imagined. In addition, some builders are offering things like mortgage rate buy-downs for homebuyers right now. This can help offset today’s affordability challenges while also getting you into your dream home. In a recent article, Patrick Duffy, Senior Real Estate Economist at U.S. News, explains:

“Builders have been using mortgage interest rate buydowns for many years as a sales incentive whenever interest rates are relatively high, . . .Today more builders are offering rate buydowns for the entirety of the loan, allowing buyers to finance more home for the same payment amount.”

Just remember, the process of buying from a builder is different from buying from a home seller, so it’s important to partner with a trusted real estate advisor who knows the local market. They’ll be your go-to resource for coordinating with the builder, reviewing contracts, and more.

Bottom Line

If you’re trying to sell so you can make a move but you’re having a hard time finding a home you like, connect with a local real estate advisor to explore all of your options, including the newly built homes in our area.

[luxury-real-estate-south-florida]

"Home Sales Plunge to Lowest Level Since 2008 Housing Bust!"

Home Sales on Track for Slowest Year Since Housing Bust - The Wall Street Journal

According to the latest data from the National Association of Realtors, home sales are on track for the slowest year since the housing bust in 2008. This is due to a number of factors, including climbing mortgage rates, a lack of inventory, and a cooling housing market.

Mortgage rates have been steadily increasing since the start of the year, making it more difficult for potential buyers to qualify for a loan.

The inventory of available homes is at a record low, with the number of homes for sale down nearly 10% from last year.

The housing market is cooling off, with home prices dropping and sales slowing down.

These factors have made it difficult for potential buyers to purchase a home, and the slowest year since the housing bust is expected to continue. Hiring a trusted Real Estate advisor can help you find your new ultra-luxury home in South Florida. A Real Estate advisor can provide you with the latest market insights and help you navigate the complexities of the home buying process. They can also help you find the best deals and negotiate the best terms for your purchase. At Premier Estate Properties, we have a team of experienced Real Estate advisors who are dedicated to helping you find the perfect home. We have access to exclusive listings and our advisors can provide you with the latest market insights and advice. Click here to learn more about how we can help you find your dream home.

[mcclicandlist]

Dear USA Today:

Nontraditional realtors, welcome to my Licensure Agency and Listing Agency! I welcome you to strike up the living environment you would like to be obtaining by connecting with me in DOUBLE CURTAIN; please make sure you HINDER BOTH sides of the CONFIDENTIAL MODE in order to reach out to me. I specialize in the INVENTIVE AND INNOVATIVE route in LISTING AGENCY; feel free to AUDIO REC., CALL, TEXT, OR WRITE ME, ICLOUD, MASS, OR VIDEO REC. ME. Here is my BUSINESS RESUME:

Michael Chang, Licensure Agent and Listing Agent

Cellular Distributor: Apple; Serial #: DNPDGEVQ0DY2 Technology Distributor: Apple; Serial #: C1MN8J72DTY3

(408) 533-5577 (local) 1-(408) 533-5577 (national) +1-(408) 533-5577 (International)

Call OR text, YES VIDEO REC., NO VIDEO CAM

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Facebook+1 (michaelc0814@gmail.com) Facebook+3, Tumblr+2 (michaelcchang3@gmail.com) Facebook+4 (michaelcchang3@yahoo.com) Facebook+2, Tumblr+3 (08141993michaelc@gmail.com) Twitter+1 (michaelc0814@outlook.com) mcc0814@icloud.com Facebook+13 (michaelcchang3@aol.com) 2x Facebook+14 (michael0814chang1993@yahoo.com) Facebook+15 (michael1993chang0814@yahoo.com) Facebook+16 (michael0814chang1993@gmail.com) Facebook+17 (michael1993chang0814@gmail.com) Facebook+18 (michaelc0814@aol.com) Facebook+19 (michaelcchang3@aol.com) 3x Tumblr+8 (mcchang0814@aol.com)

BA Architecture, Tel Aviv University MA Architecture, Tel Aviv University

Full-Time MBA, University of Georgia School of Business

Recommended Websites:

Recommended Municipal Codes and Municipalities:

Arlington County, VA, USA Athens County, GA, USA Bexar County, TX, USA The Bronx, NY, USA Collin County, TX, USA Cook County, IL, USA Dallas County, TX, USA Davidson County, TN, USA Denton County, TX, USA El Paso County, TX, USA Galveston County, TX, USA Hamilton County, TN, USA Harris County, TX, USA Hays, TX, USA Hillsborough County, FL, USA Kaufmann County, TX, USA King County, WA, USA Knox County, TN, USA Leon County, FL, USA Los Angeles County, CA, USA* Miami-Dade County, FL, USA Queens County, NY, USA Rockwell County, TX, USA San Diego County, CA, USA Shelby County, TN, USA Suffolk County, MA, USA Travis County, TX, USA Williamson, TX, USA

In-Person Availabilities **

CV:

I would be available from Mondays to Fridays NEITHER WEEKLY NOR BIWEEKLY BUT TRIWEEKLY in the sought out WEEKDAY TRIPLING. With DISREGARD and CANCELLATION to ALL TIME TELLING SYSTEMS, each WEEKDAY TRIPLING may lead to SIX DAY ABSENCE, from Saturdays to Sundays 3x. From SIX TO FIFTEEN BUSINESS DAYS, with the NUMERICAL TIMELY MANNER of 216 HRS., the NUMERICAL TIMELY MANNER lasting up to the PNEUMATICAL TEN BUSINESS DAYS may have INCREASED by an entire 24 HRS., from 216 HRS. TO 240 HRS. From 216 HRS. TO 240 HRS., available LISTING AGENCY would be ready to ASSIST in the sought out PRIVATE MODE PRIVATE ADDRESS. To ASSIST in the sought out PRIVATE MODE PRIVATE ADDRESS, I would be ready to PROVIDE AND COVER each LOAN OR INVESTMENT to REIMBURSE each valid LIVING ENVIRONMENT. To obtain each REIMBURSEMENT, feel free to AUDIO REC., CALL, TEXT, OR WRITE ME, ICLOUD, MASS, OR VIDEO REC. ME. My number is (408) 533-5577; to access national hotline, dial 1; to access international hotline, dial +1. My e-mail AND social correspondence is michaelcchang3@aol.com and Tumblr+9. My available TIME CAPSULES are 13/8, 12/7, 24/7, 24/8, 24/8+1, 56/7, and 56/7+1.

Sincerely, Michael Chang

[coronarealty]

One Easy Trick to Save Huge Money When Buying a Home | May 5th, 2023 |

Home Buyers Are Missing Out on Thousands of Dollars From One Easy Trick In today's economic climate, Canadians are tightening their belts and looking for ways to save money wherever they can. They are clipping coupons, shopping at discount stores, and buying in bulk to stretch their dollars further. While these efforts can help save money in the short term, there is one way Canadians can save thousands of dollars immediately and even more over the long term, when making one of their largest financial investments. Buying a home is likely to be the biggest investment most Canadians will ever make. But with the help of a Realtor who offers a Cash Back Rebate, the savings can be even greater. A Cash Back Rebate is a portion of the commission earned by the Realtor that is returned to the buyer in cash after the sale of the home is complete. This can add up to thousands of dollars, depending on the price of the home. For example, if a Realtor offers a Cash Back Rebate of 1% on the sale of a $500,000 home, that's a savings of $5,000. And if that money is put towards paying down the mortgage, it can save even more in interest payments over the life of the loan. Consider this scenario: A Canadian couple buys a $500,000 home with a 25-year mortgage at a 5% interest rate. They put down 20% ($100,000) and receive a Cash Back Rebate of $5,000 from their Realtor. If they apply that $5,000 to their mortgage principal, they will save an additional $12,028 in interest payments over the life of the loan. This means that their $5,000 Cash Back Rebate has effectively saved them $17,028 over the 25-year term of their mortgage. When buying a home, it's important to work with a Realtor who not only has expertise in the local market but also offers a Cash Back Rebate to help buyers save even more money. By putting the Cash Back Rebate towards the mortgage, buyers can save thousands of dollars in interest payments and potentially pay off their mortgage sooner. This is an often overlooked way to save money that will pay dividends for years to come. If you found this video and information useful - please smash the Subscribe button. #HomeBuyers, #CashBackRebates, #MortgageSavings,  #SavingsTips, #SmartInvestment, #FinancialAdvice, #MoneySavingTips, #InvestmentTips, #HomeOwnership #TorontoRealEstate #GTARealEstate #hamiltonrealestate #hamont #Canadianrealestate _______________________________________________________________________ FREE RESOURCES : 1)Corona Realty Inc. - Low Commission Free Pre-Listing Package https://coronarealty.ca/Corona_Realty... 2)Corona Realty Inc. - Net More Money Buying and Selling by Doing 3 Simple Things: https://coronarealty.ca/3_Ridiculousl... CONNECT WITH ME: https://coronarealty.ca/ https://onepercenthamiltonrealtly.ca/   / coronarealty   https://twitter.com/CoronaRealty https://www.facebook.com/CoronaRealty/ WHO AM I: Andrew Ielasi is the Broker of Record of Corona Realty Inc., Brokerage. He is a Licensed REALTOR® in the Hamilton and Surrounding Area for more than 30 years and Principle of the Brokerage since 1992. Andrew and the Brokerage provide Low Commission Rates for his Home Seller Clients and Cash Back Rebates to his Home Buyer Clients. Previously, Corona Realty Inc., Brokerage was an Independent Member Franchise of the Prudential Real Estate Affiliates and before that, it was a Franchise of a Ontario Regional Minimum Commission Real Estate Network known as MinCom Realty Systems. Andrew has had experience working at both Local Independent Brokerages as well as Franchises associated with National and International Real Estate Franchise Organizations. Disclaimers: --- Note: this video is not real estate, legal, financial nor accounting/tax advice and should be used for entertainment purposes only. It may contain our own independent comments and/or opinions which should not be considered as advice of any kind. Consult with your own real estate, legal, financial, accountant and/or tax advisor for specific advice related to your business or personal situation and needs.

[shubhmortgage]

How Long Does a Mortgage Pre-Approval Last? Shubh Mortgage

As a result of the enormous demand for homes over the previous two years, there hasn’t been much of an available housing supply in the U.S. real estate market. Due to this, prospective buyers’ home searches have grown longer. According to recent research by the National Association of Realtors, it will take buyers eight weeks on average to find a property that suits their criteria. After that, more than half of buyers will have to submit two or more offers on various properties before finalizing a deal. Long home searches can be more than simply a test of patience; they also run the risk of causing mortgage pre-approvals to lapse before a sale is finalized.

What is a Pre-Approval Letter?

A pre-approval letter is a preliminary assurance of financing for a mortgage. Lenders receive likely basic financial data from borrowers, such as their social security numbers for returns of taxes, bank statements, and credit checks. The lender analyses the data using their algorithms to decide whether and how much of a mortgage loan they would be prepared to make. Then they produce a letter that the borrower can give to any seller to show that they have the money to pay for the purchase of the home. Pre-approval letters help speed up the acceptance of offers by giving borrowers more credibility.

How Long Do They Last?

The typical letter of pre-approval for a mortgage is valid for 90 days. This is due to the fact that a lot can happen in three months, including the state of the housing market and the borrower’s financial situation. Even if the borrower loses their job or takes out a sizable new loan, the lender does not want to make an unlimited commitment to provide financing.

How To Renew a Mortgage Pre-Approval

Pre-approvals for mortgages can be easily renewed, which is good news. Keep an eye on the due date as a borrower and get in touch with your lender before it expires. After that, your lender can reapprove you after double-checking all of your paperwork to make sure nothing has changed. Updated pay stubs and asset statements might be requested. You must also identify any significant life changes, such as a divorce, job loss, or expensive medical expenses. The terms of your pre-approval are likely to alter if there are any significant changes.

Although the lender already has the majority of your information, this renewal process should go more quickly than the initial mortgage pre-approval process. However, it can still take several days to complete, so start the pre-approval process quickly. 

A Chance to Reconsider Options

Going to renew your mortgage pre-approval may be helpful. You have the option to switch loan types thanks to it. Perhaps you initially decided on a fixed-rate mortgage, but because of the recent increase in interest rates and the adjustable-rate mortgage’s lower starting rate, you may have changed your mind. You can specify that change in your new pre-approval letter.

In order to learn about new financing terms and ensure that your mortgage pre-approval remains valid in uncertain housing today, it is a good idea to stay in touch frequently.

Give us a call today if you would like to get Pre-Approved for a new home loan.

[kmrealtygroup]

Today’s Biggest Housing Market Myths

Blog by KM Realty Group LLC, Chicago, Illinois

Have you ever heard the phrase: don’t believe everything you hear? That’s especially true if you’re thinking about buying or selling a home in today’s housing market. There’s a lot of misinformation out there. And right now, making sure you have someone you can go to for trustworthy information is extra important.

If you partner with a real estate agent, they can clear up some common misconceptions and reassure you by backing them up with research-driven facts. Here are just a few misconceptions they can help disprove.

1. I’ll Get a Better Deal Once Prices Crash

If you’ve heard home prices are going to come crashing down, it’s time to look at what’s actually happening. While prices vary by local market, there’s a lot of data out there from numerous sources that shows a crash is not going to happen. Back in 2008, there was a dramatic oversupply of homes that led to prices crashing. Across the board, there’s an undersupply of homes for sale today. That makes this market a whole different scenario (see chart below):

So, if you think waiting will score you a deal, know that data shows there’s not a crash on the horizon, and waiting isn’t going to pay off the way you’d hoped.

2. I Won’t Be Able To Find Anything To Buy

So, if you’re remembering all that media coverage about record-low supply during the pandemic, you can rest a bit easier. While the market isn’t back to normal just yet, inventory is moving in a healthier direction. And that means as your options improve, you can let go of this now outdated myth because finding a home to buy won’t feel quite so impossible anymore.

3. I Have To Wait Until I Have Enough for a 20% Down Payment

Many people still believe you need a 20% down payment to buy a home. To show just how widespread this myth is, Fannie Mae says:

“Approximately 90% of consumers overstate or don’t know the minimum required down payment for a typical mortgage.”

And if you look at the data from the National Association of Realtors (NAR), you can see the typical homeowner isn’t putting down as much as you might expect (see graph below):

First-time homebuyers are typically only putting down 6%. That’s far less than the 20% so many people think they need. And if you’re looking at that graph and you’re more focused on how the number for repeat buyers is closer to 20%, here’s what you need to realize. That’s only because they have so much equity built up in their current house that can be used to make a larger down payment for their next move.

This goes to show you don’t have to put 20% down, unless it’s specified by your loan type or lender. Many people put down a lot less. Not to mention, depending on the type of home loan you get, you may only need to put 3.5% or even 0% down. So, if you’re buying your first home, you likely don’t need nearly as much for your down payment as you may think.

An Agent’s Role in Fighting Misconceptions

If you put your move on pause because you heard one or more of these myths yourself, it’s time to talk to a trusted agent. An expert agent has more data and the facts, just like this, to reassure you and help break through any misconceptions that may be holding you back.

Bottom Line

If you have questions about what you’re hearing or reading, let’s connect with real estate agents from KM Realty Group LLC. You deserve to have someone you can trust to get the facts.

[holywizardtimetravel]

Selling Your House? This is the reason you should Think About Cash Buyers

Selling a home is a significant choice. It is a process that requires careful planning and investigation.

Cash buyers are an increasingly popular option as they can provide convenience and speed to the process of selling a home. This article will highlight the advantages for cash purchasers and ways that they could be beneficial to those who want to sell their house quickly.

The issue of whether or not to use cash buyers to purchase one's home has become more relevant in recent time. Cash buyers offer certain advantages over conventional methods, for instance, they can avoid the need for long discussions and mortgage finance.

Additionally, cash buyers often offer quick closing times, and they are more inclined to accept certain conditions as opposed to traditional buyers. This article will explore the advantages will be discussed in more depth, giving an understanding of how cash buyers can be an the best option for people looking to sell their property swiftly and efficiently.

## Meaning Of A Cash Buyer

Cash buyers are often lauded for their savings in cost fast closing times, and insufficient due diligence.

In reality, however they're just as guilty as traditional buyers for taking advantage of sellers' vulnerabilities.

A cash buyer is someone who can purchase a property without the need for a loan or using any other financing.

While this is often thought of as a huge benefit to buyers, it implies that the buyer will not be required to complete an inspection of the home or transfer procedures that normally be required as part of the selling process.

Sellers are at risk of not getting fair market value for their home and making a rushed sale decision without fully understanding all the details and terms.

Despite these risks however, cash buyers may be attractive to sellers looking to close quickly on their properties or who have properties with difficult financing terms.

With careful consideration of every aspect of the sale, cash buyers can offer a cost-effective way to move forward with selling the home.

## Benefits Of Working with Cash Buyers

If you work with cash purchasers one of the biggest benefits is that they can make a payment quickly. This is because they can get the cash right away and are able to close the transaction quickly without delays.

This also means that you do not have to worry about certain contingencies such as appraisals or financing, which could potentially hold up the sale process.

Cash buyers usually don't require any work on the property in its current condition and there are no commissions to be paid. This means you'll be able to save a significant amount of expenses and lengthy processes that come with selling a house through traditional methods.

Overall that is a great choice for sellers seeking the fastest and most hassle-free sales.

## Finding A Reliable Cash Buyer

The rising demand for cash-based buyers makes it easier to sell your home quickly and without hassle. According to the National Association of Realtors, all-cash sales accounted for 28% of all U.S. home sales in 2018.

When selling your house it is essential to look into possible cash buyers, and then evaluate the alternatives available. Before signing any agreement for cash buyers, be sure to investigate the business thoroughly by checking references and considering possible contingencies.

Be aware of any fees related to closing costs that could be requested by the buyer like title insurance costs or assessments on the property. If you are not satisfied with the terms provided by one of the buyers, you can always negotiate or find an alternative to negotiate the best deal that you can get.

It is also crucial to be aware of scams when dealing cash buyers, since they can take advantage of sellers who are not aware of their rights or are desperate for a quick sale. You must ensure that you are working with a genuine buyer by researching their business and double-checking their credentials prior to signing any documents or agreeing to any agreement.

## Negotiating A Fair Price

When selling a property it is essential to take into consideration the price. A valuation appraisal must be completed to determine the value of the property and to ensure that the seller does not lose out on any potential profit. Additionally, legal paperwork should be prepared to safeguard the parties from any unexpected circumstances.

Price haggling is one of the most important factors when dealing in negotiations with buyers who are cash. Sellers must consider their cash flow as well as any structural issues that may arise with the property prior to agreeing on the price.

It is also beneficial for sellers to research the recent transactions of comparable properties within their local area to gain an understanding of their market value.

- Cash Flow:

- Consider how much money will be required in the beginning

Include any loan payments or other costs that might require repayment.

- Structural Issues:

Consider the costs of repairs and remodels prior to selling

- Determine if these questions can have an impact on the value of your product

When putting up a property to sell, it's essential for sellers to be aware of all these elements prior to negotiating an agreement with buyers. Doing proper research can help make sure that all parties are satisfied with the result of the negotiation.

## How To Speed Up The Process

When selling a house, it is important to take into consideration the speed of the process. There are many strategies that can aid in the speed of the sale such as conducting thorough research and due diligence.

According to a study by Trulia, it takes an average of 68 days before closing on a house sale. But, with the right planning and preparation, this timeframe could be cut substantially.

When looking for potential buyers, it is essential to conduct a quick search on cash offers and avoid frauds. Review the price estimates of the local realtors to determine the value of your house. It is also advisable to seek legal advice prior to you are negotiating any type of contract or purchase agreement.

Doing this will ensure that you are informed regarding your rights as seller and are protected against any potential risks associated in the process of selling. If you follow these steps, you will make sure that you are prepared for any challenges throughout the process while also speeding the entire process.

Following through on these steps will put you in a better position when it comes the time for you to bargain a reasonable value for your home.

## How To Ensure An Easy Transaction

When selling a home it is essential to ensure that the process runs as smoothly as possible. A streamlined process can reduce delays and reduce the potential for issues that could arise in the course of selling.

It is also important to take into consideration any liens that may be against the property, and ensure that they are handled properly. Inspections should not be conducted unless absolutely required, since they could add more delays in the process of selling.

Understanding contracts in depth and knowing all the clauses is vital when selling a home. Doing so can help find areas where there might be potential problems in the future and make sure that all parties understand their rights and responsibilities under the contract.

In addition engaging experts in fields like real estate law or tax will often give you helpful advice when making decisions related to the sale of a property.

## Potential Risks To Consider

If you're selling a home, conducting a transaction that involves cash buyers could be an appealing option, but there are risks to consider.

Although cash buyers appear more trustworthy and reliable as compared to other financing options however, they aren't free from the risk of fraud. Home sellers should research the buyer in depth and double check whether any fees or legal implications of the sale are fair and transparent.

Furthermore it is crucial to carefully analyze cash flow and make sure the amount exchanged is in line with the agreed-upon sale price. If possible, home sellers must also consider other financing options in case an cash buyer does not have enough funds for closing costs, or if unanticipated charges occur.

Moreover, hidden fees should be discussed prior to the purchase with the buyer in order to avoid any unexpected financial costs later on.

Ultimately, it is essential for sellers of homes to exercise their due diligence when dealing with cash buyers in order to protect themselves from any legal or financial loss that may arise out of a mismanaged transaction.

## Conclusion

Paragraph 1:

Concluding a real estate transaction can be a daunting task, particularly in the case of the possibility of working with cash purchasers. Cash buyers require an additional layer of diligence when it comes to ensuring an efficient transaction as there are numerous risks that need to be managed.

Paragraph 2:

In order to ensure that the sale process goes as smoothly and swiftly as is possible to ensure that the process is as smooth and quick as possible, it is crucial that sellers conduct their research and find a reliable cash buyer. Negotiating the right price is crucial as is understanding the benefits of working with these buyers can assist in sell my house fast chicago selling.

Paragraph 3:

The truth is that selling your home in cash may have many advantages, but taking the necessary precautions will ensure that all parties involved profit from the sale. With a little planning and diligence, sellers are able to make informed decisions that will benefit them both emotionally and financially in this significant life-changing moment.

[nsrealestate]

How To Determine if You’re Ready To Buy a Home

If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind. You’re thinking about your finances, today’s mortgage rates and home prices, the limited supply of homes for sale, and more. And, you’re juggling how all of those things will impact the choice you’ll make.

While housing market conditions are definitely a factor in your decision, your own personal situation and your finances matter too. As an article from NerdWallet says:

“Housing market trends give important context. But whether this is a good time to buy a house also depends on your financial situation, life goals and readiness to become a homeowner.”

Instead of trying to time the market, focus on what you can control. Here are a few questions that can give you clarity on whether you’re ready to make your move.

1. Do You Have a Stable Job?

One thing to consider is how stable you feel your employment is. Buying a home is a big purchase, and you’re going to sign a home loan stating you’ll pay that loan back. That's a big commitment. Knowing you have a reliable job and a steady stream of income coming in can help put your mind at ease when making such a large purchase.

2. Have You Figured Out What You Can Afford?

If you have reliable paychecks coming in, the next thing to figure out is what you can afford. That’ll depend on your spending habits, debt, and more. To be sure you have a good idea of what to expect from a number's perspective, start by talking to a trusted lender.

They’ll be able to tell you about the pre-approval process and what you’re qualified to borrow, current mortgage rates and your approximate monthly payment, closing costs to anticipate, and other expenses you’ll want to budget for. That way you can make an informed decision about whether you’re ready to buy.

3. Do You Have an Emergency Fund?

Another key factor is whether you’ll have enough cash left over in case of an emergency. While that’s not fun to think about, it’s an important thing to consider. You don’t want to overextend on the house, and then not be able to weather a storm if one comes along. As CNET says:

“You’ll want to have a financial cushion that can cover several months of living expenses, including mortgage payments, in case of unforeseen circumstances, such as job loss or medical emergencies.”

4. How Long Do You Plan To Live There?

It was mentioned above, but buying a home involves some upfront expenses. And while you’ll get that money back (and more) as you gain equity, that process takes time. If you plan to move too soon, you may not recoup your investment. For example, if you’re looking to sell and move again in a year, it might not make sense to buy right now. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“Five years is a good, comfortable mark. If the price of your home appreciates considerably, then even three years would be fine.”

So, think about your future. If you plan to transfer to a new city with the upcoming promotion you’re working toward or you anticipate your loved ones will need you to move closer to take care of them, that’s something to factor in.

5. Above all else, the most important question to answer is: do you have a team of real estate professionals in place? 

If not, finding a trusted local agent and a lender is a good first step. The pros can talk you through your options and help you decide if you’re ready to take the plunge or if you have a few more things to get in order first.

Bottom Line

If you want to have a conversation about all the things you need to consider to determine if you’re ready to buy, let’s connect.

[thelistingteammiami]

How To Determine if You’re Ready To Buy a Home

How To Determine if You’re Ready To Buy a Home

If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind. You’re thinking about your finances, today’s mortgage rates and home prices, the limited supply of homes for sale, and more. And, you’re juggling how all of those things will impact the choice you’ll make.

While housing market conditions are definitely a factor in your decision, your own personal situation and your finances matter too. As an article from NerdWallet says:

“Housing market trends give important context. But whether this is a good time to buy a house also depends on your financial situation, life goals and readiness to become a homeowner.”

Instead of trying to time the market, focus on what you can control. Here are a few questions that can give you clarity on whether you’re ready to make your move.

1. Do You Have a Stable Job?

One thing to consider is how stable you feel your employment is. Buying a home is a big purchase, and you’re going to sign a home loan stating you’ll pay that loan back. That's a big commitment. Knowing you have a reliable job and a steady stream of income coming in can help put your mind at ease when making such a large purchase.

2. Have You Figured Out What You Can Afford?

If you have reliable paychecks coming in, the next thing to figure out is what you can afford. That’ll depend on your spending habits, debt, and more. To be sure you have a good idea of what to expect from a number's perspective, start by talking to a trusted lender.

They’ll be able to tell you about the pre-approval process and what you’re qualified to borrow, current mortgage rates and your approximate monthly payment, closing costs to anticipate, and other expenses you’ll want to budget for. That way you can make an informed decision about whether you’re ready to buy.

3. Do You Have an Emergency Fund?

Another key factor is whether you’ll have enough cash left over in case of an emergency. While that’s not fun to think about, it’s an important thing to consider. You don’t want to overextend on the house, and then not be able to weather a storm if one comes along. As CNET says:

“You’ll want to have a financial cushion that can cover several months of living expenses, including mortgage payments, in case of unforeseen circumstances, such as job loss or medical emergencies.”

4. How Long Do You Plan To Live There?

It was mentioned above, but buying a home involves some upfront expenses. And while you’ll get that money back (and more) as you gain equity, that process takes time. If you plan to move too soon, you may not recoup your investment. For example, if you’re looking to sell and move again in a year, it might not make sense to buy right now. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“Five years is a good, comfortable mark. If the price of your home appreciates considerably, then even three years would be fine.”

So, think about your future. If you plan to transfer to a new city with the upcoming promotion you’re working toward or you anticipate your loved ones will need you to move closer to take care of them, that’s something to factor in.

5. Above all else, the most important question to answer is: do you have a team of real estate professionals in place? 

If not, finding a trusted local agent and a lender is a good first step. The pros can talk you through your options and help you decide if you’re ready to take the plunge or if you have a few more things to get in order first.

Bottom Line

If you want to have a conversation about all the things you need to consider to determine if you’re ready to buy, let’s connect.

[bestnewhomes]

Preparing For Acquiring a New Home

Buying a brand-new house is an amazing as well as frequently demanding experience, but it likewise notes an important turning point in your economic life. Putting in the time to prepare for this major purchase will assist you prevent buyer's remorse later on, so make sure you prepare before entering! The primary step is getting pre-approved for a home mortgage. This means supplying loan providers with information on your income, debts and also cost savings so they can tell you just how much you're likely to be approved for. Learn more about St Albert realtors, go here. A preapproval letter is a vital paper that can assist you make an affordable offer on the ideal residence. After you have actually discovered the right house, your following action is to obtain a residence examination. A professional examiner will certainly evaluate the condition of your possible house as well as provide you a report of their findings. Find out for further details on st albert houses for sale right here. This can include anything from tiny products like the state of the roof covering to bigger concerns like mold and mildew or lead paint. Having an evaluation will assist you make a decision whether the residential property is worth your investment or if it's time to carry on. Prior to you purchase, it is essential to look around for insurance policy, house owner association fees as well as property tax, as these expenses can quickly accumulate. Talk to your real estate representative or home mortgage banker regarding just how these expenses compare to similar houses you've seen, as well as be clear on how much you can afford for them. Other than your regular monthly home loan settlement, you'll need to spend for home repair services and also upkeep. It's best to prepare for these expenditures in advance, and be prepared to put aside a percentage of your month-to-month net income to cover them. Once you have actually located a residence that meets your needs, it's time to get serious regarding conserving for a down payment. A deposit is the amount you require to put up in order to secure a home loan, and it can make the difference in between buying a home or renting out one. If you can not save a deposit, think about obtaining down payment aid programs readily available via national or local organizations. It's finest to look for a residence that sets you back no greater than three to five times your annual household earnings, although you should make this decision based on your private financial scenario. The home loan price calculator from Discover(r) Mortgage can aid you find out how much you may have the ability to afford, and it's constantly an excellent concept to utilize this tool while you're searching for homes. Depending upon the type of residence you're seeking, you might intend to think about a radon examination or termite examination. Radon can trigger lung damages at high levels, and termites can be unsafe if left untreated. Check the health and wellness department's radon as well as termite internet site for extra details concerning these examinations. In some cases, a termite or radon examination might be needed by the seller prior to shutting on the sale. Ask your realty agent regarding any evaluation contingencies that may relate to the house you want, as well as preferably, seek to include an assessment request in your agreement. Please click this link https://www.collinsdictionary.com/dictionary/english/new-home for more info.