Wednesday, April 17, 2019 / by Jeff Mistretta
The average down payment for first-time homebuyers is only 6%!
Mortgage interest rates have been on the decline since November! Hop in now to lock in a low rate!
88% of property managers raised their rents in the last 12 months!
The average credit score on approved loans continues to fall across many loan types!
Monday, April 15, 2019 / by Jeff Mistretta
If you are thinking of buying a home, you may not know where to start.
Here is a simple list of 10 steps that you will go through to purchase a home.
Make sure to ask your agent for details about each step and what else may be required in your area!
Saturday, April 13, 2019 / by Jeff Mistretta
There has been a lot written about the benefits of homeownership. One benefit that continues to rise to the top is the added wealth homeowners gain simply by paying their mortgage while their home increases in value over time.
The National Association of Realtors (NAR) recently broke down the equity gained from price appreciation and principal payments in their Economists Outlook Blog. Homeowners who purchased their homes five years ago have already gained almost $80,000 in equity over that time with 80% of the gains coming from price appreciation.
For a homeowner who purchased their home 30 years ago, they have gained nearly $250,000 in equity with 70% coming from price increases. The full results can be seen in the chart below.
According to the Home Price Expectation Survey, a family who purchased a median priced home this January can expect to gain more than $42,000 over the next five years simply from price appreciation alone.
Thursday, April 11, 2019 / by Jeff Mistretta
“I have observed that not the man who hopes when others despair, but the man who despairs when others hope, is admired by a large class of persons as a sage.” - John Stuart Mill (1840s)
Even back in the mid-1800s, people knew that negative news sells. That is still true today. All forms of media realize that they will get more eyeballs, clicks, likes, and engagement by posting something negative. However, they must realize that negative headlines impact markets.
Just last week, the National Association of Home Builders released a survey revealing:
“Negative media reports making buyers cautious was a significant problem for 48% of builders in 2018, but 62% expect it to be a problem in 2019.”
Even today, good news is headlined with a negative spin in order to get attention. Here are two recent examples from mainstream media:
Actual Headline #1: Cash-out refis are back – will homes become ATMs again?
The real stor ...
Wednesday, April 10, 2019 / by Jeff Mistretta
Here are five compelling reasons listing your home for sale this spring makes sense.
1. Demand Is Strong
The latest Buyer Traffic Index from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other for the same home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing inventory is still under the 6-month supply needed for a normal housing market. This means that, in most of the country, there are not enough homes for sale to satisfy the number of buyers.
Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire to move, as ...