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Real Estate - Mortgage

The housing market is cooling off — and uncertainty isn’t helping

The housing market has been losing momentum, with inventories rising to 2011 highs. Wage growth could help bridge the disconnect. From rising prices to the new tax law, economists say there are a number of conditions contributing to a slowdown in the US housing market. "Usually, consumers are used to seeing the housing market perform in tandem with the economy," said Jonathan Miller, an appraiser and market analyst. "But what's been especially confusing over the last year and a half or so is that they seem to be disconnected." Together with rising rates, an increasing number of Americans have been priced out of the market. That could be especially discouraging for Americans living in states with high taxes and expensive housing markets, like New York and California. "This isn't too surprising given the growing gap between what homebuyers can afford and where home prices stand today," BAML said. "What's clear in the responses is that consumers believe the housing market has favored the seller this year." "If you look at wage growth with inflation factored in and then at housing prices, there's a big disconnect."

The Real Estate Concierge

The best travel concierges are not only well-trained and well-connected professionals, but they are passionate and resourceful in fulfilling their clients’ needs. However, while your connection with a travel industry concierge typically concludes at checkout, the Real Estate Concierge looks to build a relationship with clients that lasts long after the real estate transaction is completed. Moving is said to be among the most stressful experiences in life, falling just behind death and divorce. While a Realtor will provide an assessment of your home’s value and market and list your home, he or she could leave you on your own when it comes to making decisions on repairs or upgrades to your property and finding trusted reliable and affordable vendors to do the necessary work. One of the most important services a concierge can offer is organizing a pre-inspection period of your home. This inspection is specifically for the seller to ensure there are no unwanted surprises when the buyer comes to inspect your house. When it comes to moving and storage, your concierge service can connect you with trusted vendors to coordinate cleaning up and clearing out. Real Estate Concierge professionals aim to help you present your home in its best possible light by coordinating with a valuable network of best-in-class service providers for general home inspection, roof inspection, staging inside and outside, general contracting, handiwork, and professional cleaning. A Real Estate Concierge goes the extra mile to connect buyers with a vetted list of service providers for superior assistance in preparing their homes for move-in. Concierge service goes beyond by acclimating buyers to their new community.

How student loan debt hurts Millennial home buyers

The impact of student loans It’s no secret that crippling student loan debt keeps many Millennials from buying a home. But according to new data, Millennials with student loan debt aren’t just less likely to own a home. Verify your new rate (Oct 24th, 2018) Buying a home with student loan debt According to a new study from MagnifyMoney, the homeownership rate among Millennials with student loans is just 34 percent — two percentage points lower than those without loans. Homeowners with student loan debt have properties valued 5 percent lower than those without it. According to MagnifyMoney’s Rebecca Safier, there are lots of ways this cohort can get ahead on those loans and open the door to better financial health. “If you can make extra payments, you can get out of debt faster and save money on interest,” Safier said. Look for areas where you can cut down on spending. As a result, refinancing could save you money on interest and help you pay off your student loans ahead of schedule.” Get today’s mortgage rates Millennials now make up the largest share of homebuyers, so hope isn’t lost for these debt-saddled Americans. Shop around and see what mortgage rates you qualify for today. Show Me Today's Rates (Oct 24th, 2018)

Getting a mortgage is now easier, but it could backfire

Your debt-to-income ratio, or DTI, is the percentage of monthly income you pay toward your monthly debts, including a new mortgage payment. Fannie Mae increased its maximum DTI ratio to 50 percent, up from 45 percent, in July 2017. However, you’ll pay private mortgage insurance when you put less than 20 percent down — and you might not be able to borrow as much as you need to buy a home. “We’re still about one-quarter of where we were compared to the pre-housing boom,” says Kan of mortgage credit accessibility. “Standards are looser now than they were from 2010 to 2012 when credit access was the tightest, but it’s not subprime.” The share of new, conventional conforming home-loans with a DTI ratio above 45 percent spiked after Fannie Mae raised its DTI limit, according to research from CoreLogic. Even as high DTI loans gain popularity, lenders haven’t budged on credit score standards. Borrowers’ average credit score for conventional, conforming purchase loans remained unchanged at 755 in the first quarter of 2018 compared to the same period a year ago, CoreLogic found. That’s significantly higher than homebuyers’ average credit score of 705 in 2001 — before the downturn. A high LTV ratio increases borrowing costs, and you’ll likely have to pay mortgage insurance to offset the lender’s risk. “Today, people have significantly less savings in reserve.

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.

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

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.

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.

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.


Great Tenant, Bad Credit: What Are A Landlord’s Options?

In any case, it's important to know your options when it comes to dealing with a good tenant with bad credit. While you don't want to ask those references what caused the poor credit — that's a question for your tenant applicant — you can ask them about the tenant's responsibility and behavior in the past. On the other hand, a tenant who was frequently late or who didn't pay their rent every month might not be a smart risk. • Did the tenant take good care of the property? Were they a good neighbor, or were there frequent complaints about them? If a tenant left the property in great shape when they moved out, they were likely responsible with the property in other ways. Offer Options For Bad Credit If you're considering renting to a tenant who has a bad credit score, you may want to have options available that will make you more comfortable and confident with your choice. When you have a tenant with poor credit, you might want to charge them more in rent. If you're worried about a poor credit score, consider what milestones you'd like them to meet in order to prove that they are a responsible renter and that you'll get the funds you need on time each month. Good credit can indicate a tenant who is in a better position to make sure that their rent is paid on time every month, which will make it easier for you to manage your finances.