The Role Access Plays in Getting Your House Sold

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So, you’ve decided to sell your house.  You’ve hired a real estate professional to help you with the entire process and you’ve been asked what level of access you want to provide to potential buyers.

 There are four elements to a quality listing. At the top of the list is Access, followed by Condition, Financing, and Price. There are many levels of access you can provide to your agent to be able to show your home.

Here are five levels of access you can provide to a buyer, each with a brief description:

  • Lockbox on the Door – This allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.
  • Providing a Key to the Home – Although the buyer’s agent may need to stop by an office to pick up the key, there is a little delay in being able to show the home.
  • Open Access with a Phone Call – The seller allows showing with just a phone call’s notice.
  • By Appointment Only – Example: 48-hour notice. Many buyers who are relocating for a new career or promotion start working in that area prior to purchasing their home. They often like to take advantage of free time during business hours (such as their lunch break) to view potential homes. Because of this, they may not be able to plan their availability far in advance or may be unable to wait 48 hours to see the house.
  • Limited Access – Example: the home is only available for a couple of hours a day. This is the most difficult way to be able to show your house to potential buyers.

In a competitive marketplace, access can make or break your ability to get the price you are looking for, or even sell your house at all.

 

What Is the Probability That Home Values Sink?

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With the current uncertainty about the economy triggered by a potential trade war, some people are waiting to purchase their first home or move-up to their dream house because they think or hope home prices will drop over the next few years. However, the experts disagree with this perspective.

 

 

Here is a table showing the predicted levels of appreciation from six major housing sources:0 down mortgage Elk River, 0 down mortgage Monticello, 0 down mortgage Zimmerman, down payment assistance Elk River, FHA approved lenders Elk River, FHA loan application Elk River, FHA loan application Ramsey, FHA mortgage interest rates Elk River, FHA streamline loan Elk River, home construction loans Elk River, home loans with no down payment Elk River

As we can see, every source believes home prices will continue to appreciate (albeit at lower levels than we have seen over the last several years). But, not one source is calling for residential real estate values to depreciate.

 

Additionally, ARCH Mortgage Insurance Company in their current Housing and Mortgage Market Review revealed their latest ARCH Risk Index, which estimates the probability of home prices being lower in two years. There was not one state that even had a moderate probability of home prices lowering. In fact, 34 of the 50 states had a minimal probability.

 

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Those waiting for prices to fall before purchasing a home should realize that the probability of that happening anytime soon is very low. With mortgage rates already at near historic lows, now may be the time to act. home loans with no down payment Zimmerman, mortgage broker Elk River, mortgage broker Monticello, mortgage broker St. Michael, mortgage broker Zimmerman, mortgage interest rates Ramsey, zero down home loans Elk River, zero down home loans Zimmerman, zero down mortgage Elk River, zero down mortgage Ramsey, zero down mortgage Zimmerman

 

 

For a Hassle-Free consultation on: Home Refinancing, First-Time Home Buyer Mortgage, Zero-Down Mortgage, Home Construction Loan or VA Home Loan, contact DJ Riley today at 763-276-3960 or via email djriley@unitedfamilymortgage.com.

 

 

 

 

*Re-posted by: https://www.mykcm.com/2019/09/10/the-role-access-plays-in-getting-your-house-sold-2/ and https://www.mykcm.com/2019/09/12/what-is-the-probability-that-home-values-sink/

Buyers: Do You have the Buying Power?

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Millennial Buying Power Poised to Boost Home Ownership

In a recent article by Realtor Magazine, Mark Fleming, Chief Economist of First American Financial Corporation, notes,

“The largest group of Millennials by birth year will turn 30 in 2020, which puts them entering their prime home buying years”.

The article continues to describe how Millennials have more buying-power than the generations that preceded them, making their interest in embracing home ownership stronger than ever,

“Millennials—the most educated generation—have the highest incomes across their generational cohorts, even when salaries are adjusted for inflation.”

This combination of power and desire has the potential to drive positive growth in the home ownership rate heading into the near future. According to Fleming,

‘“The gap between the potential and actual home ownership in 2018 narrowed slightly as the growth in home ownership modestly exceeded the increase in potential demand,” he says, citing First American’s Home ownership Progress Index.

“We expect the home ownership rate to further close the gap with potential in the years ahead as Millennials continue to make important decisions, such as attaining an education and, later in life, getting married and having children.”’ home loans with no down payment Zimmerman,  mortgage broker Elk River,  mortgage broker Monticello, mortgage broker St. Michael,  mortgage broker Zimmerman,  mortgage interest rates Ramsey,  zero down home loans Elk River,  zero down home loans Zimmerman, zero down mortgage Elk River,  zero down mortgage Ramsey,  zero down mortgage Zimmerman

That said, the shortage of sell able inventory in the entry and mid-range levels that’s attractive to potential millennial buyers may be a contributing factor as to why many Millennials haven’t yet purchased a home. According to another recent report citing Frank Martell, President and CEO of CoreLogic,

“Lower rates are certainly making it more affordable to buy homes and millennial buyers are entering the market with increasing force. These positive demand drivers, which are occurring against a backdrop of persistent shortages in housing stock, are the major drivers for higher home prices, which will likely continue to rise for the foreseeable future.”

With millennials aging-up into mortgage-ready and home-buying territory, along with their strong buying interest and buying power, this generation is poised and ready to have positive impact on home ownership rates across the country. Many of them just need to find a home they’re excited to buy in this competitive end of the market.

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If you’re thinking of selling, let’s connect and determine if now is a great time for you to list your house and move-up. More Millennials are getting ready to jump into the market and join the ranks of home ownership, so demand for homes in the starter and mid-level range will continue to be strong.

For a Hassle-Free consultation on: Home Refinancing, First-Time Home Buyer Mortgage, Zero-Down Mortgage, Home Construction Loan or VA Home Loan, contact DJ Riley today at 763-276-3960 or via email djriley@unitedfamilymortgage.com.

 

 

 

*Re-posted by: https://www.mykcm.com/2019/09/11/millennial-buying-power-poised-to-boost-homeownership/

Cash Out Refinance for a Vacation or Start a College Fund

For a Hassle-Free consultation on: Home Refinancing, First-Time Home Buyer Mortgage, Zero-Down Mortgage, Home Construction Loan or VA Home Loan, contact DJ Riley today at 763-276-3960 or via email djriley@unitedfamilymortgage.com.

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Refinance My Home Now or Wait?

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With the recent lower interest rates, many homeowners are wondering if they should refinance.

To decide if refinancing is the best option for your family, start by asking yourself these questions:

Why do you want to refinance?

There are many reasons to refinance, but here are three of the most common ones:

  1. Lower your interest rate and payment– This is the most popular reason. If you have a 5% interest rate or higher, it might be worth seeing if you can take advantage of the current lower interest rates, hovering below 4%, to reduce your monthly payment and overall cost of the loan.
  2. Shorten the term of your loan– If you have a 30-year loan, it may be advantageous to change it to a 15 or 20-year loan to pay off your mortgage sooner.
  3. Cash-out refinance– With home prices increasing, you might have enough equity to cash out and invest in something else, like your children’s education, a vacation home, or a new business.

Once you know why you might want to refinance, ask yourself the next question:

How much is it going to cost?

There are fees and closing costs involved in refinancing, and Lenders Network explains:

“If you were to refinance that loan into a new loan, total closing costs will run between 2%-4% of the loan amount.”

They also explain that there are options for no-cost refinance loans, but be on the lookout:

“A no-cost refinance loan is when the lender pays the closing costs for the borrower. However, you should be aware that the lender makes up this money from other aspects of the mortgage. Usually pay charging a slightly higher interest rate so they can make the money back.”

If you’re comfortable with the costs of refinancing, then ask yourself one more question:

Is it worth it?home loans with no down payment Zimmerman, mortgage broker Elk River, mortgage broker Monticello, mortgage broker St. Michael, mortgage broker Zimmerman, mortgage interest rates Ramsey, zero down home loans Elk River, zero down home loans Zimmerman, zero down mortgage Elk River, zero down mortgage Ramsey, zero down mortgage Zimmerman

To answer this one, we’ll use an example. Let’s assume you have a $200,000 home loan. A 4% refinance cost will be $10,000. If you want to lower your interest rate from 6% to 4%, then refinancing is going to save you $244 per month. To break even ($10,000/$244), you need to continue owning your home for over 40 months.

Now that you know how the math shakes out, think about how much longer you’d like to own your current home. If you plan to stay for more than 3 years, then maybe it is advantageous for you to refinance.

If, however, your current home does not fulfill your present needs, you might want to consider using your potential refinance costs for a down payment on a new move-up home. You will still get a lower interest rate than the one you have on your current house, and with the equity you’ve already built, you can finally purchase the home of your dreams.

Bottom Line

There are many opportunities for growth in the current real estate market. To find out what’s right for your family, let’s get together to help you understand your options and guide you toward the best decision.

 

Here’s the home price appreciation these experts are projecting over the next few years:

 

Bottom Line

Every source sees home prices continuing to appreciate, which is great news for the strength of the market. The increase is steepest throughout the rest of 2019, and prices should continue to rise as we move through 2020 and beyond.

 

What a Difference a Year Makes for Sellers

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Over the last few years, many sellers have been hesitant to put their houses on the market because they feared not being able to find another home to buy.

 

 

We’ve reported on inventory shortages in the past, and it’s been a constant concern for potential buyers throughout recent years. New research shows the inventory concern is starting to decrease among potential buyers.

According to First American, the two leading obstacles to homeownership that buyers feel today are Affordability and Limited Inventory. This means the feeling that homes are less affordable has risen, while the fear of limited inventory has decreased, delivering a wealth of good news for sellers.At the same time, over the past 12 months, we’ve seen a steady month-over-month increase in the number of homes coming to market for purchase. In the past, the lack of listings and available inventory slowed down the real estate market. This recent increase in current inventory has many buyers and sellers now thinking it is time to make their move – and rightfully so! For the last two months, we’ve seen over 4 months of inventory become available for sale, a promising number that’s been slowly increasing this year and creating more buying opportunities.To further support the idea of an improving real estate market, Sam Khater, the Chief Economist at Freddie Mac says,0 down mortgage Elk River, 0 down mortgage Monticello, 0 down mortgage Zimmerman, down payment assistance Elk River, FHA approved lenders Elk River, FHA loan application Elk River, FHA loan application Ramsey, FHA mortgage interest rates Elk River, FHA streamline loan Elk River, home construction loans Elk River, home loans with no down payment Elk River

“…In the near-term, we expect the housing market to continue to improve from both a sales and price perspective.” 

Many experts, like Sam, believe the second half of 2019 will drive a stronger market than we saw at the beginning of the year. This is great news for homeowners who have put off getting their houses on the market and are now ready to make a move.

Bottom Line

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For a Hassle-Free consultation on: Home Refinancing, First-Time Home Buyer Mortgage, Zero-Down Mortgage, Home Construction Loan or VA Home Loan, contact DJ Riley today at 763-276-3960 or via email djriley@unitedfamilymortgage.com.

 

 

*Re-posted by Keeping Current Matters at: https://www.mykcm.com/2019/07/16/should-i-refinance-my-home/;The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

Are You Spending TOO Much on Rent?

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Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering other expenses.

According to new data released from ApartmentList.com49.5 million renters in the United States were cost-burdened in 2017, meaning they spent more than 30% of their monthly incomes on rent. This accounts for nearly half of all renter households in the country and is up 3.1 million from 2007.

When a household is cost-burdened by their monthly housing expense, they are not as easily able to save money for the future. This is a big factor for many renters who dream of owning their own homes someday.

But there is hope for those who are able to save at least a 3% down payment! The percentage of income needed in the US to buy a home is significantly less than renting at 17.1%!

The chart below compares the historic percentage of income needed to rent and buy from 1985-2000 to the first quarter of 2018. As you can see, the cost of renting has climbed above historic numbers while the cost of buying dropped over the same period of time.

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Bottom Line

If you are one of the many renters who is spending too much of their monthly income on rent, consider saving money by getting a roommate, moving into a less expensive apartment, or even moving in with family. These are all ways to save for a down payment so that you can put your housing costs to work for you!

To schedule a hassle-free mortgage consultation, contact DJ Riley today at 763-276-3960, or via email @djriley@unitedfamilymortgage.com.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.