Should You Ever Pay Off a Low-Interest Mortgage Early? The Pros and Cons
October 14, 2024
By Julie TaylorOct 14, 2024Practically every homeowner fantasizes about the day their house is finally paid off, and they can kiss those mortgage payments goodbye.However, a whopping 56.2% of Americans have an outstanding mortgage with a rate of 4% or lower.When your mortgage rate is so low, does it make more sense to pay off your ...
Loan Options for Investors Purchasing Foreclosed Homes
October 14, 2024
Foreclosed homes can offer significant investment opportunities, but securing the necessary financing is crucial. Understanding the available loan options can help investors make informed decisions and maximize their returns.Traditional MortgagesConventional Mortgages: These are standard home loans offered by banks and mortgage lenders. They typically require a down payment (usually 20%) and credit score above 620.FHA Loans: Backed ...
Fall Checklist: Start Preparing Your Home Now
October 11, 2024
Fall Checklist: Start Preparing Your Home NowAutumn is here. There is no escaping it, and you know it. If you're like me, then you knew this and had a plan in place for the summer-to-fall transition. If this is new to you, then you'd better read the rest of this article! This fall checklist will help you ...
Interest rate reduction
October 07, 2024
The interest rate reuction, how will that affect the real estate market?As of the beginning of October, home prices are still rising, but at a much slower rate. The demand is tepid at best, and inventories are rising.The Fed just made a half point rate reduction in September, but for now buyers are remaining mostly ...
How To Effectively Declutter A Messy Yard
October 04, 2024
How To Effectively Declutter A Messy YardA dirty, disorganized, and unkempt backyard is an eyesore. It devalues your property and creates a negative impression about you and your home. Even if you don’t care about what others think, too much clutter can affect health in many ways. For example, it can dampen your mood and cause stress. It ...
Accreditations are essential for real estate agents for several key reasons:
October 01, 2024
Accreditations are essential for real estate agents for several key reasons:### 1. **Enhanced Credibility**Accreditations bolster an agent's credibility, signaling professionalism and adherence to high industry standards, which is crucial in attracting and retaining clients.### 2. **Specialization and Expertise**They allow agents to specialize in market niches, improving their ability to cater to specific client needs and stand out ...
Boost Your Home's Value: Top Energy-Efficient Upgrades Buyers Want
October 01, 2024
IntroductionIn today’s real estate market, energy efficiency has become a top priority for buyers. Homeowners who invest in energy-efficient upgrades are not only doing their part to reduce environmental impact but also enhancing their home’s appeal to potential buyers. With energy-efficient features, homes can sell faster and for a higher price, making these upgrades a valuable investment ...
Buyer Myths
September 30, 2024
Buyer Myths:I need 20% down in order to purchse a Home.False-Most buyers can finance a home with as little as 3 or 3% downI need a credit score of 700 or Higher.False- There are some programs that you may be able to qualify for with as little asa 500 score. There are some details that are ...
Top 7 tips for 1st time Homebuyers
September 23, 2024
Top 7 tips for 1st time HomebuyersHere are some tips to prepare yourself in order to purchase your first home!Maintain your credit – pull your credit report and review for accuracy. If you see any errors or areas you need to work on, do that first before getting pre-approved with a lender.Nail down your budget – ...
Case Study: Property Renovation Management
September 23, 2024
Client: Institutional Real Estate Investment FirmThe ChallengeThis bank owned condominium in Chicago was in poor condition and being marketed as-is. After a few weeks on the market it was determined that most buyers did not want to remodel a unit in a building that had a strict homeowners association and that finding contactors willing to do the work ...
Fall Means Falling Leaves!
September 18, 2024
FALL MEANS FALLING LEAVES!By Tom Nelson, HUD LLB-Real Estate One-Rochester, MIBuying a HUD Property Series September 2024It is hard to believe that Fall is here. Fall means falling leaves. Before the leaves fall, they are a burst of beautiful red and gold color.But, when they fall, they have to end up somewhere. In yards, ...
Fed announces 50 bps rate cut, here’s what it means for mortgage rates
September 18, 2024
The Federal Reserve of the United States announced Wednesday it would be cutting benchmark interest rates from their two decade high of 5.25% to 5.50% in an effort to spur economic growth. The 50 bps cut is the first rate cut from the board responsible for U.S. monetary policy since the COVID-19 pandemic, and one that ...
Mortgage Rates Drop!
September 17, 2024
Mortgage rates have recently reached their lowest level in over 18 months, offering significant news for those who have been patiently waiting to buy a home. Even a modest reduction in rates can lead to a more affordable monthly payment, and the current decrease is anything but modest. According to Sam Khater, Chief Economist at Freddie Mac, mortgage rates ...
Successfully Selling HUD Homes Seminar
September 16, 2024
It is vital that agents have the proper training when selling HUD Homes. From understanding the listing, placing the bid and getting the deal to closing. Our group of local listing brokers are holding a informational seminar on Successfully Selling HUD Homes for local agents on September 20, 2024 from 9:30 -12:30 at NOCBOR - 4400 W ...
Mortgage Interest Rates are Dropping
September 16, 2024
Mortgage Interest Rates Are Dropping: What It Means forHomebuyers in Late 2024As we move further into 2024, there’s a refreshing trend emerging in the housingmarket: mortgage interest rates are on the decline. This shift could havesignificant implications for potential homebuyers and those looking to refinance.Let’s dive into the statistics and explore what this means for you....
Home Price Appreciation Trends Upward in 2024
September 16, 2024
The Federal Housing Finance Agency published the 2024 Q1 Housing Price Index report and national data showshome prices rose 6.6 percent between the first quarter of 2023 and the first quarter of 2024. House prices were up 1.1 percent compared to the fourth quarter of 2023. Nationally, the U.S. housing market has experienced positive annual ...
Consumer Price Index Rose 0.2% in August—This Is What It Means for Housing
September 13, 2024
By Julie GersteinSep 11, 2024Consumer prices rose by 0.2% in August on a seasonally adjusted basis and were up 2.5% year over year, according to the latest consumer price index report released on Wednesday.That’s the lowest increase since March 2021 and is down from July (2.9%), June (3.0%), May (3.3%), and ...
Is your Home ready for Fall!
September 12, 2024
Here are some things you can do to prepare your home for fall: Check your heating systemEnsure your heating system is working and ready for winter. You can have a qualified technician clean and inspect your heating system annually. Clean guttersClean your gutters and downspouts to remove debris. Check for damage and make sure they are ...
The Power of Curb Appeal in Home Sales
September 09, 2024
The Power of Curb Appeal in Home SalesCurb appeal is more than just aesthetics; it's the first impression potential buyers have of your home and can significantly impact its marketability and value. An attractive exterior not only draws attention but also sets a positive tone that can carry through to the interior, potentially increasing the home's selling ...
Paying Rent is Hard. Paying a Mortgage is Hard. Richard Stewart says, choose your Hard
September 07, 2024
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Hidden Costs of Homeownership... Understanding the costs beyond the Mortgage Payment
September 06, 2024
Purchasing a home is a significant investment, many first time buyers focus only on the monthly mortgage payment and overlooking the other costs associated with homeownership. It's important to plan for expenses beyond the mortgage itself. Some hidden costs to look out for include: Property taxes: Property taxes vary and are included as a percentage of ...
Mortgage rates are falling. Here’s what you should know before buying a new home
September 06, 2024
Samantha Delouya, CNNAugust 26, 2024 Homebuying in the United States has recently slowed to a crawl, but falling mortgage rates could soon jolt it back to life.For potential homebuyers who may have been itching to come off the sidelines, the recent drop in mortgage rates may be a double-edged sword.Lower rates could give homebuyers more purchasing ...
Mortgage Rates
September 06, 2024
Facts: The average 30-year fixed mortgage rate from Freddie Mac remained unchanged at 6.35% this week from last week. At 6.35%, with 20% down, a monthly mortgage payment on a home with a price of $400,000 is $1,991. With 10% down, the typical payment would be $2,240.Positive: Although mortgage rates did not move, ...
How Reduced Interest Rates Affect Mortgage Costs
September 05, 2024
How Reduced Interest Rates Affect Mortgage CostsQuick Answer:Projected rate cuts could encourage buyers, previously put off by high mortgage rates, to buy homes. Lower mortgage rates could also reduce payments on adjustable-rate mortgages (ARMs) and home equity lines of credit (HELOCs) and make refinances more attractive.Rates on 30-year fixed-rate mortgages averaged 6.67% to close out 2023, according ...
Foreclosure Activity in First Half of 2024 Down from Previous Year
September 04, 2024
IRVINE, Calif. — July 11, 2024 — ATTOM, a leading curator of land, property and real estate data, today released its Midyear 2024 U.S. Foreclosure Market Report, which shows there were a total of 177,431 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of ...
