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Affordable Housing Bond Measures Pass in Three States

While most of the national attention in last night’s election coverage focused on prominent personalities in key states, a number of local referendums addressed issues related to housing affordability. Portland voters approved a $652.8 million bond measure to build more affordable housing. Two North Carolina cities also passed bond measures to finance affordable housing. The measure will finance the creation of new low-income housing and the rehabilitation of foreclosed, blighted or dilapidated single-family houses and apartments. Separately, voters in Chapel Hill approved a $10 million bond to build and preserve more than 700 affordable homes and apartments. Paying off the bond could add a penny to the town’s tax rate of 52.80 cents per $100 in property value. In Texas, Austin voters approved a $250 million proposal for affordable housing. “We’re excited for this historic bond to have passed with such an overwhelming margin,” said John Lawler, the Head of the Keep Austin Affordable coalition organized in support of the bond, in an interview with the Austin Statesman. “We see it as a mandate for the city of Austin to invest heavily in affordable housing.” However, one proposition that went down in defeat. Sponsored

The Best And Worst States For Millennial Homebuyers

In order to help Millennials find affordable housing, a recent study conducted by finance website GOBankingRates analyzed median home prices across the U.S. relative to the national median income for Millennials, defined as people ages 25 to 34, due to the Census Bureau’s data parameters. This served as the basis for determining the amount of time it would take to afford the down payment and the estimated monthly mortgage payment in every state based on a 30-year, fixed-rate mortgage. Some of the states with the biggest influx of Millennials in recent years — Oregon, Colorado and, of course, California — are among the top five worst for them to buy a home. Here’s a look at the top five least affordable states for prospective Millennial homebuyers: 5. Oregon Median list price: $375,500 Monthly mortgage payment: $2,014 4. Hawaii Median list price: $615,000 Monthly mortgage payment: $3,256 Most Affordable States for Millennials A tough issue some of the most affordable states face with Millennials is their appeal, whether real or perceived. Here’s a look at the top five most affordable states for prospective Millennial homebuyers: 5. Indiana Median list price: $180,000 Monthly mortgage payment: $1,000 4. Ohio Median list price: $169,900 Monthly mortgage payment: $948 2. Trending Now: 58% of Americans Have Less Than $1,000 in Savings

Juggling real estate, second job not uncommon for agents

“Starting a new career as a real estate agent can be intimidating, to say the least. She spells out a few tips for part-time agents seeking to get into real estate full time and for workers jumping into the field while holding down another job. One key starting point is to find a broker who’s used to part-time or newer agents. “Obviously it’s not easy to be available for your clients at a time that is good for them if you work limited hours. “But if you work elsewhere during this time period getting things done might become quite difficult.” Another potential problem are situations when it’s not possible to meet certain timing requirements. “You already know that evenings and weekends are prime time for agents, and finding the time for a day off or vacation is going to be difficult if you want to succeed.” She says many prospective agents “decide to ‘test the waters’ before devoting themselves full time as a new agent.” Many associates begin as part-timers and some stay that way, Ford says, noting that it fits “single parents, persons looking to supplement an existing income, or retired persons who want to stay active and involved.” For potential real estate investors, there are income streams “to sustain you” while pursuing the career full time, says Jaren Barnes, writing for BiggerPockets.com. It takes “a little bit of a hassle” to get things set up, he says. “But once they are, you’re looking at making $200-$400 per appraisal.” Barnes acknowledged that becoming an appraiser “definitely takes a time investment.” The outcome, however, can be “working less than 10 hours and making a decent income.” Assistant Property Manager. Broker price opinion professional. Barnes says that becoming a stager “is something you can do right out the gate, without any professional experience.” Moreover, it can be fun, lucrative and fairly easy to develop a schedule so the work is part time.

Is the highest offer when selling a home always better?

Do you need a higher price to pay off your mortgage and other costs? Buyers can write any contingencies they want into their offers. Common ones include: Mortgage finance — If the buyers don’t get their mortgage approval, they are off the hook Home appraisal — If the home falls short according to the valuation of an independent appraiser, the deal’s dead Home inspection — If the property has significant defects, you’re done Clear title — Any issues with your title (your ownership of the property and your right to sell it) and it’s all over Home sale — If the buyer can’t sell her own place, she can walk away Of course, buyers don’t have to withdraw if a contingency is triggered. Cash vs. mortgage Clearly, your buyer won’t be able to trigger a mortgage finance contingency if she’s paying cash. Pre-approved buyers can close on a deal as long as the property meets their lender’s guidelines. As long as your property appraises for at least the selling price and has no inspection or zoning issues, your sale should close. Cost of keeping your existing home vacant If you face the possibility of moving on and leaving your existing home empty, you’re probably worried about the prospect of paying two mortgages. For unoccupied homes, the cost of maintaining coverage isn’t typically too great. But most sellers want only to accept offers that are likely to survive all the way to closing. They can’t afford to deal with buyers whose contingencies and mortgage applications pose high risks.

5 Inconvenient Truths About Real Estate Agents

Buying or selling a home is likely the biggest financial transaction you’ll ever complete. They sometimes work for both sides In some states, the same real estate agent can represent both the buyer and the seller in a transaction. Their commission is negotiable Listing agents may expect you to accept their commission — generally around 6% of the sale price — without question, but you certainly don’t have to. Most sellers never think about the fact that anyone can come through the door of an open house, Gasset said. If you view an open house and decide to make an offer, the listing agent can take credit for your interest. Don’t provide your name, sign any documentation or discuss your opinion of the house with the listing agent unless you have to, Miller says. If you really like an open house, leave and find a buyer’s agent who can help you make an offer. Consumers should interview several potential providers and make their own decision about whom to hire, Harty says. Interview multiple real estate agents. Get a real estate attorney involved.

Affordable housing set for spotlight of next presidential campaign

Affordable housing is poised to become a more prominent issue in the 2020 presidential race, with several potential Democratic candidates releasing proposals on the topic in recent months. — have all introduced bills aimed at reducing housing burdens. Harris’s bill, introduced in July, would create a refundable tax credit for renters who pay more than 30 percent of their income on rent and utilities. Besides Harris, Gillibrand, Booker and Warren, other possible Democratic presidential candidates may also be poised to make housing a key plank in their campaigns. He added that he thinks the bills show that every Democratic presidential candidate will have to include addressing housing issues as part of their platform. Democratic strategists said that housing could be an issue that can help politicians in the party show they are attentive to voters’ needs. Experts on Democratic politics also said that housing is an issue of importance to parts of the party’s base, including millennials and minority voters. Booker’s office said that the senator’s bill includes safeguards against rent increases. Harris's office said that there are a number of things that need to be done to address the housing crisis, including addressing limited supply, but that the senator's bill is one thing that could be done to help. Democrats have been critical of some of the Trump administration’s housing proposals, such as proposals in the president’s budget to cut funding for Department of Housing and Urban Development (HUD) programs.

The number of Utahns worried about housing costs is rising, particularly in Salt Lake...

The ranks of Utahns worried about affordable housing have grown dramatically since 2015 and conditions appear to be the worst for renters living in Salt Lake County, according to a new study. The nonprofit Utah Foundation reports that of 20 measures in its yearly Community Quality of Life Index, public perceptions on housing affordability have seen the largest declines in recent years. Statewide, about 12 percent of respondents to Utah Foundation surveys said their personal housing costs were not affordable this year. That number hovered between 7 percent and 8 percent in Utah, Weber and Davis counties, and at 6 percent for Utah’s rural counties. But in Salt Lake County — home to a third of the state’s population — that number was at 20 percent, or one in five residents. "That's a big difference," Utah Foundation President Peter Reichard said in an interview. "That indicates the sore spot is Salt Lake County." Housing advocates with Salt Lake City estimate a gap of at least 7,500 apartments affordable to low-income renters making $20,000 or less. And one in four renters told the Utah Foundation their housing was unaffordable, compared to 4 percent of homeowners. Foundation analysts said that contrast was probably due to a relative stability in costs in recent years for homeowners with fixed-rate mortgages, while rents have risen much faster than the cost of living, especially in Western states and those enjoying rapid economic growth, including Utah.

Selling your home? Target Millennials

Data shows that by the end of 2018, Millennials are expected to account for a whopping 43 percent of new mortgages — meaning nearly half of all home sales. Verify your new rate (Oct 9th, 2018) The growing Millennial cohort According to the Porch.com Millennial Home Buying Trends Report, Millennial buyers accounted for 36 percent of home sales in the last year. Half of Millennial homes purchased in the last year were located in the suburbs. They were also more likely to be in small towns than those bought by Baby Boomers or Generation Xers. “While plenty of Millennials are attracted to places like New York and Los Angeles, many are moving to more affordable cities in the Midwest and the South,” the report reads. So-called 18-hour cities, like Columbus, Ohio and Raleigh, North Carolina, are particularly popular with Millennials, according to the report — largely because of higher housing affordability. “As more and more Millennials have children, they’re much more likely to be concerned with affordability and the quality of local school districts (as well as how close schools are to home),” the report reads. “They’re even more interested in being close to friends and family than other generations — a fact that challenges preconceptions about Millennials as the ‘Me Me Me Generation.’” And once they move in, painting, remodeling the bathroom, adding new carpet and landscaping are among Millennials’ first home improvement to-dos. Verify your new rate (Oct 9th, 2018) Get today’s mortgage rates Looking to join America’s Millennials on the home buying journey? Show Me Today's Rates (Oct 9th, 2018)

Should you buy or rent after selling your home?

In this article: Your home is on the market, and you can probably count on moving soon. Should you buy or rent after selling your home? Should you buy or rent after selling your home? How costs affect whether you buy or rent after selling If you’re planning to live in the home you buy for a decade or more, these costs remain painful. Might home price inflation be so rapid as to make the cost of moving affordable? That brings us to the next point … Know the markets When deciding whether to buy or rent after selling, you need to get a feel for two markets in the place you want to move. What’s a realistic estimate for the money you stand to make in home price appreciation while you live there? What will it cost you to rent each month? Especially if you’re careful about when you pick your start and end points, it’s easy to prove that, on average, stock markets give better returns than property ownership. The decision to buy or rent after selling does depend — on many factors.

Blockchain expert: “It’s not going away”

In a conversation with HousingWire's Sarah Wheeler, Hoffman discussed blockchain technology in relation to the mortgage industry. "We’re still in early stages of this, so I equate it to an automobile on a dirt road behind a horse and buggy. Our infrastructure is not there yet, but it is being developed.” Hoffman said. It will not take away jobs but it will change how we do things.” Hoffman explained to conference attendees the originations of blockchain and stressed the differences between it and bitcoin, which is commonly confused with blockchain. "They’re not the same thing," Hoffman explained. "Blockchain is the technology behind digital currencies, such as bitcoin or others," Hoffman said. "Whatever comes of bitcoin or others, the technology still remains." In an interview with HousingWire, Hoffman explained her goal in the mortgage space is to help people understand the importance and the uses of blockchain technology. "Without any discussions, your executive leaders are not going to push the technology forward," she said. "Yes, it’s technology, but so was the Internet and you don’t need to understand all the inner-workings of the Internet, but you need to understand how you can power it to help your business move forward.”

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7 Ways to Get a Loan for an Investment Property

Here are seven options to consider for funding your investment property purchase or upgrade. Home improvement loan For the most part, getting a home improvement loan makes sense if you’re upgrading something you’ll keep for the long term. Home improvement loans also can be useful for income-producing properties. As with a home improvement loan, it’s possible to get a line of credit based on your long-term investment property. “That can make getting a home improvement loan impractical for any real estate investor.” The downside to using a home equity line of credit from your primary residence or your rental property is that you are putting your investment at risk. Instead, he pointed out, many real estate investors turn to more creative home loan solutions such as hard money lending. “This is used a lot by investors who flip homes,” said Machado. You could lose that money if you can’t make payments and the seller repossesses the home. Personal loan Is your home improvement project relatively small? Whether you need a home improvement loan to upgrade a revenue-producing rental property or you hope to buy a home to flip it, research your options and decide which one works best for you.