How Interest Rates Affect Payment

Since the election, rates have started going up and it will have a direct effect on the cost of housing. There is a rule of thumb that a ½% change in interest is approximately equal to 5% change in price. As the interest rates go up, it will cost you more to live in the very same home or to…

It Isn’t Final Until It’s Funded

    Mortgage approval isn’t final until it’s funded.  Things can change prior to the loan being closed that can affect a pre-approval such as changes in the borrowers’ financial situation or possibly, factors beyond their control like interest rate changes. Good advice to buyers is to do nothing that can affect your credit report until the loan closes. Opening…

2017 – Great Time to Sell!

2017 Projections Show Tight Housing Market: It has already started, the wave of projections for 2017. And as we are seeing more and more start to hit, they have a common theme: 2017 will continue to be a very tight market. The latest prognosis comes from Money magazine which reported that nationally, home prices are expected to keep rising, albeit…

5 Signs Your Home is Overpriced

You Are Priced Higher Than Your Neighbors – when you interview agents, they should provide you with a market analysis (CMA) using data for homes sold in the previous 6 months that are similar in size and style and are within a 1 mile radius. Very often sellers want to list at a price that is higher than the market…

TOP 10 THINGS TO KNOW ABOUT THE NEW SETTLEMENT CHANGES

Settlements for real estate property are going to change drastically on October 3, 2015. This is the new TILA-RESPA Integrated Disclosures, commonly referred to as TRID. These changes will apply to loan applications submitted on or after 10/3/2015. If you made a loan application prior to this date, it will not apply to your transaction even if your settlement…

Can You Guess Which Room is the Latest “Must Have” Room?

What “must have” room are buyers looking for in your house? It isn’t the Man-Cave! For the answer, we look first to new home builders who are generally on the cutting edge of home design and consumer demand for home layout and amenities. According to designers and new home builders, the home office is becoming one of a home’s must-have…

Home Improvement Projects – Cost vs. Value 2013-2014

Top 10 Midrange Projects 1. Entry Door Replacement (steel) Job Cost: $1,162 Resale Value: $1,122 Cost Recouped: 96.6% 2. Deck Addition (wood) Job Cost: $9,539 Resale Value: $8,334 Cost Recouped: 87.4% 3. Attic Bedroom Job Cost: $49,438 Resale Value: $41,656 Cost Recouped: 84.3% 4. Garage Door Replacement Job Cost: $1,534 Resale Value: $1,283 Cost Recouped: 83.7%…

Why Buy Now?

Interest rates are low, but steadily on an upward trend.  Homes are gaining value in most areas so now is the best time to make your move into a new home!  If you wait until next year, chances are you will pay a lot more. For example: a home purchased today for $200,000 at 4.5% interest your mortgage would be…