Home Sales Price Increase For 49th Consecutive Month

The National Association of Realtors (NAR) released their monthly numbers on total existing-home sales for March recently. The result? Once again - for the 49th consecutive month - the data was strong and shows year-to-year gains from 2015. Existing home sales are defined as closed transactions that include single-family homes, townhomes and condos. They generally account for 90 percent of the overall housing market. The March numbers continue to show the strength of the housing market in nearly every market nationwide. Nationally, the numbers hopped up 5.1 percent to a seasonally adjusted annual…continue reading →

FHA Changes Can Help More Buyers With Student Loans To Qualify

Millennials have two things in common, other than their age, they have student loan debt and they make up the primary market of first-time homebuyers. Sometimes, they have a lot of student loan debt which affects their ability - or perceived ability - to remove their renter tag and add the homeownership badge. American students borrow twice as much as they did two decades ago and the total student debt mountain has increased fourfold over that period. In 2012, students carried a median loan amount of $26,885 versus $12,434 two decades ago. Student…continue reading →

These Charts Will Convince You To List Your Home Today

In school we all learned the Theory of Supply and Demand. When the demand for an item is greater than the supply of that item, the price will surely rise. SUPPLY The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 4.4-month supply. This is considerably lower than the 6-month inventory necessary for a normal market. DEMAND Every month NAR reports on the amount of buyers that are actually out in the market looking for homes, or foot traffic. As seen in the graph below, buyer demand in February significantly outpaced the…continue reading →

2016 Mortgage Rate Outlook

2015 was an easier year than most, for mortgage rate shoppers. Consistency was the standard,  with rates generally hovering  below 4% for most of the year. That consistency was a mortgage market anomaly though. In fact, it’s been nearly 20 years since we’ve had such a consistent mortgage rate environment. You have to go all the way back to 1998 according to Freddie Mac’s mortgage rate benchmark survey - the Primary Mortgage Market Survey® (PMMS®) - to find such a small amount of rate movement. Get PreApproved for a MortgageGet PreApproved for a Mortgage The “Primary Mortgage…continue reading →

6 Predictions For 2016 Housing and Mortgage Market

2015 was an eventful year in the housing market. Plagued by lack of inventory, housing markets did what they could to keep up with the demand as rates defied prognosticators and stayed near historically lows throughout the year. Rents increased far beyond normal, stretching affordability in the rental market. Those increase will force some decisions to be made in 2016 amongst non-committal millennials and boomerang buyers who were biding their time before re-entering the market. Get PreApproved for a Mortgage #1 - Expect a wave of Boomerang Buyers to return to ownership During the Great…continue reading →

The 2015 Housing Market Recap

It was an eventful year in the housing market. Demographic shifts, inventory issues, skyrocketing rents, historically low mortgage rates, sweeping changes in the mortgage industry, increasing reliance on technology by home shoppers and those pesky millennials - who continue to be the subject of housing market consternation. The post-crash hangover still lingers in some markets, but many have completely shrugged of the funk of the Great Recession. Get PreApproved for a Mortgage for a Mortgage Build baby build is the tune that most of California is singing as inventory continues to dog housing markets statewide. The lack…continue reading →

How the Fed Rate Increase Affects Mortgage Rates

The Federal Open Market Committee - also known as the Federal Reserve or just the “FED” -  makes big decisions that impact the future of the American (and even the world) economy. The Federal Open Market Committee (FOMC) is a rotating, 12-person sub-committee within the Federal Reserve, headed by Federal Reserve Chairwoman Janet Yellen. The FOMC meets eight times annually on a pre-determined schedule, and on an emergency basis, when needed (like in 2008). What they say matters. They move markets of all kinds with their actions and also their words. This time…continue reading →

15 or 20 or 30 Year Fixed – Which Mortgage is Right for You?

While most mortgage lenders and borrowers focus on the omnipresent 30 year fixed rate mortgage, other mortgage terms do exist. Many of them offer lower interest rates in addition to the added benefit of paying off your loan quicker. So, is the 30 year mortgage always the right choice? Are there drawbacks to choosing the status quo? I’ll let you decide. Get PreApproved  for a Mortgage 30-Year Mortgages Drawbacks When it comes down it, 30-year mortgages have some drawbacks, with the most obvious one being the long amortization period. They also come with the…continue reading →

[Infographic] Home Sales Data Continues to Highlight Inventory Issues

With mortgage rates remaining below 4 percent for the third straight month, existing-home sales in October were at a healthy pace but failed to keep up with September's jump, according to the National Association of Realtors®. All four major regions saw no gains in sales in October. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 3.4 percent to a seasonally adjusted annual rate of 5.36 million in October from 5.55 million in September. Despite last month's decline, sales are still 3.9 percent above a year…continue reading →