There are some industry pundits claiming that residential home values have risen too quickly and that current levels are on the verge of another housing bubble. It is easy to see how this thinking has taken form if we look at a graph of home prices from 2000 to today.The graph definitely looks like a … Continue reading Home Values: DEFINITELY NOT in Bubble Range!!
We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each and every entry on the application form.Many buyers are being told by friends and family … Continue reading Why Is There So Much Paperwork to Sign to Get a Mortgage?
There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage.Don’t Become TrappedJonathan Smoke, Chief Economist at realtor.com, reported on what he calls a “Rental Affordability Crisis.” He warns that,“Low rental vacancies and a … Continue reading Don’t Get Caught in the Rental Trap!
Some Highlights:The Concept of Supply & Demand is a simple one. The best time to sell something is when supply of that item is low & demand for that item is high!Anything under a 6-month supply is a Seller’s Market!There has not been a 6-months inventory supply since August 2012!Buyer Demand continues to out-pace Seller … Continue reading How Supply & Demand Impacts the Real Estate Market [INFOGRAPHIC]
Some industry pundits are saying that the housing market may be heading for a slowdown. One of the data points they use is the falling numbers of the Housing Affordability Index, as reported by the National Association of Realtors (NAR).Here is how NAR defines the index:“The Housing Affordability Index measures whether or not a typical … Continue reading How Scary is the Housing Affordability Index?
Many experts have been calling upon home builders to ramp up construction to help with the lack of existing inventory for sale. For the past two months, new home sales have surged, with July’s total coming in at the highest since October 2007.The latest estimates from the US Census Bureau and Department of Housing and … Continue reading Housing Market Slowing Down? Don’t Tell Builders!
Fannie Mae’s “What do consumers know about the Mortgage Qualification Criteria?” Study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home.Myth #1: “I Need a 20% Down Payment”Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to … Continue reading 2 Myths About Mortgages That May Be Holding Back Buyers