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How the Real Estate Market is Affected by  Natural disasters

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Selling Your Home in Houston? Make Sure the Price is Right!

Selling Your Home? Make Sure the Price is Right!

If you’ve ever watched “The Price is Right,” you know that the only way to win is to be the one to correctly guess the price of the item you want without going over! That means your guess must be just slightly under the retail price.

In today’s shifting real estate market, where more inventory is coming to market and home values are projected to appreciate at lower rates, homeowners will not be able to price their homes as aggressively as they were able to just last year.

They will have to employ the same strategy: be the closest without going over!

As I have explained before, pricing your home at or slightly below market value actually increases the number of buyers who will see your home in their search!

Over the last six months, more inventory has come to market while the months’ supply of inventory available has dropped. This means that the demand for homes to buy is still very strong throughout the country!

Homeowners who make the mistake of overpricing their homes will eventually have to drop the price. This leaves buyers wondering if the price drop was caused by something wrong with the homes when in reality nothing was wrong, the price was just too high!

Bottom Line

If you are thinking about listing your home for sale this year, let’s get together to properly price your home from the start!

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Where Are Interest Rates Headed in 2019?

The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate, the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.

Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily throughout 2019.

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly. But don’t let the prediction that rates will increase stop you from purchasing your dream home this year!

Let’s take a look at a historical view of interest rates over the last 45 years.

Bottom Line

Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

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Buying a Home vs Planning a Wedding

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Wage Increases Make Home Buying More Affordable

Everyone knows that housing affordability has been negatively impacted by rising prices and increasing mortgage rates, but there is another piece to the affordability equation – wages.

How much a family earns obviously impacts how easy or difficult it is for them to afford to own a home. Because of an improving economy, wages are finally beginning to increase – and that dramatically affects home affordability.

According to the National Association of Realtors’ (NAR) September 2018 Housing Affordability Index, wages have increased in every region of the country:

After applying current salaries, home prices, and mortgage rates to their Home Affordability Index equation, the index, though still lower than this time last year (160.1 to 146.7), increased over the last month (141.2 to 146.7). For the complete methodology used by NAR, click here.

The percentage of income needed to own a home has also decreased each of the last three months. It currently sits at 17% which is substantially lower than historic numbers.

Bottom Line

If you are a first-time buyer or a move-up buyer who believes that purchasing a home is not within your budget, let’s get together to determine if that is still true.

Google announced on October 8th, 2018 that they will begin transitioning away from Google+ for consumers and will fully remove the service by August 2019 due to low usage and engagement in the platform. Due to these changes, we will be removing the Google+ share button from the KCM Member Area as of November 22nd. If you have any questions, please feel free to contact our Member Support Team.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

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It’s Cheaper to Buy in these 38 States (Infographic)

According to a study by GOBankingRates, it is cheaper to buy a home than rent in 38 states across the country.

In six states the difference between buying & renting would account for less than a $50 monthly difference, leaving the choice up to the individual family.

Nationwide, it is now 26.3% cheaper to buy.

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5 Secrets For  A Stress-Free Home Purchase

Lay the Groundwork - Collect financial documents, such as bank statements, tax returns, pay stubs, etc. and avoid big purchases until you've met with a mortgage professional. Adding to your monthly payments can affect your ability to get a loan. If you can, start saving as early as possible to ensure you have adequate funds for a down payment and moving expenses. These steps will make your loan application process easier and you'll be able to start house shopping right away.

Work with an agent - An agent will guide you through the process and make sure you are informed every step of the way. In almost all circumstances, the seller pays the real estate commission for both their own agent and the buyer's agent. This means you get to reap the benefits of working with an agent for no out-of-pocket expense. Whether it's finding the best mortgage broker or helping you negotiate through a multiple offer situation, your agent will be there to help you succeed.

Communicate Effectively - Ask questions. If something in your contract seems confusing, ask about it before you sign. You don't want to have questions after you've committed. Pick a communication method since there will be a lot of back and forth between you and the team. Finally, be direct with your team and don't hesitate to speak up if you don't like something.

Be patient, persistent, and decisive - Buying a home is an important decision. You have to balance patience with your ability to be decisive when you find the right home. Depending on market conditions, your first offer may not get accepted but be persistent. Trust your intuition when you've found the right house and go for it!

Be Flexible - Remember, you can always update your home, the neighborhood may change in a few years, or you may decide to move again so this might not be your final home. Besides your financial capabilities, almost everything else is beyond your control so be flexible with the process.

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4 Reasons To Sell Your Home This Fall!

Housing inventory is still under the 6-month supply that is needed for a normal housing market.

Buyers are often competing with one another for the listings that are available.

Perhaps the time has come for you and your family to move on and start living the life you desire.

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Tips for Pricing Your Home

Consider comparables. What have other homes in your neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities?

•           Consider competition. How many other houses are for sale in your area? Are you competing against new homes?

•           Consider your contingencies. Do you have special concerns that would affect the price you’ll receive? For example, do you want to be able to move in four months?

•           Get an appraisal. For a few hundred dollars, a qualified appraiser can give you an estimate of your home’s value. Be sure to ask for a market-value appraisal. To locate appraisers in your area, contact your REALTOR® for some recommendations.

•           Ask a lender. Since most buyers will need a mortgage, it’s important that a home’s sale price be in line with a lender’s estimate of its value.

•           Be accurate. Studies show that homes priced more than 3 percent over the correct price take longer to sell.

•           Know what you’ll take. It’s critical to know what price you’ll accept before beginning a negotiation with a buyer.

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What States Give You The Most  “Bang For Your Buck”?

The majority of states in the Midwest and South offer a lower cost of living than states in the Northeast and West.

The ‘biggest bang for your buck’ comes in Mississippi where, compared to the national average, you can actually purchase $115.74 worth of goods for $100.

For more information regarding the methodology used to create this map, visit the Tax Foundation.

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6 Tips: Before Selling Your Home

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8 Reasons Why You Should Work With a Realtor!

8 Reasons Why You Should Work With a REALTOR®

Not all real estate practitioners are REALTORS®. The term REALTOR® is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics. Here are five reasons why it pays to work with a REALTOR®.  

1. Navigate a complicated process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multipage settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.

2. Information and opinions. REALTORS® can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

3. Help finding the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your REALTOR® to find all available properties.

4. Negotiating skills. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Property marketing power. Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

6. Someone who speaks the language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.

7. Experience. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. Even if you have done it before, laws and regulations change. REALTORS®, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.

Reprinted from REALTOR® Magazine (RealtorMag.Realtor.org) with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Copyright 2018. All rights reserved.

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8 Quick Fixes to Increase Your Home’s Value

To attract buyers, sellers must up the ante to convince them that their property offers what many want most — top value for dollar expended. Here are eight fast fixes:

1. Buff up curb appeal. You’ve heard it before, but it’s critical to get buyers to want to look on the inside. Be objective. View listings from the street. Check the condition of the landscaping, paint, roof, shutters, front door, knocker, windows, house number, and even how window treatments look from the outside. Add something special — such as big flower pots or an antique bench — to help viewers remember house A from B.

2. Enrich with color. Paint’s cheap, but forget the adage that it must be white or neutral. Just don’t let sellers get too avant-garde with jarring pinks, oranges, and purples. Recommend soft colors that say “welcome,” lead the eye from room to room, and flatter skin tones. Think soft yellows and pale greens. Tint ceilings a lighter shade.

3. Upgrade the kitchen and bathroom. These make-or-break rooms can spur a sale. But besides making each squeaky clean and clutter-free, update the pulls, sinks, and faucets. In a kitchen, add one cool appliance, such as an espresso maker. In the bathroom, hang a flat-screen TV to mimic a hotel. Room service, anyone?

4. Add old-world patina. Make Andrea Palladio proud. Install crown molding at least six to nine inches in depth, proportional to the room’s size, and architecturally compatible. For ceilings, nine feet high or higher, add dentil detailing, small tooth-shaped blocks used as a repeating ornament. It’s all in the details, after all.

5. Screen hardwood floors. Buyers favor wood over carpet, but refinishing is costly and time-consuming. Screening cuts dust, time, and expense. What it entails: a light sanding, not a full stripping of color or polyurethane, then a coat of finish.

6. Clean out, organize closets. Get sorting — organize your piles into “don’t need,” “haven’t worn,” and “keep.” Closets must be only half-full so buyers can visualize fitting their stuff in.

7. Update window treatments. Buyers want light and views, not dated, fancy-schmancy drapes that darken. To diffuse light and add privacy, consider energy-efficient shades and blinds.

8. Hire a home inspector. Do a preemptive strike, since busy homeowners seek a maintenance-free living. Fix problems before you list the home and then display receipts and wait for buyers to offer kudos to sellers for being so responsible.

Sources: Ernie Roth, Roth Interiors, Los Angeles; Angel Petragallo,abr, Group One, Boise, Idaho; Melissa Galt, Galt Interiors, Atlanta; Steve Kleiman, CEO, Oakington Realty, Houston; Sid Davis, Sid Davis & Associates, Farmington, Utah, and author of First-Time Homeowners’ Survival Guide (Amacom, 2007); Steve Hochman, Friendly Note Buyers, Roxbury, N.Y.; Margi Kyle, designer and spokesperson for Hunter Douglas.

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What You can Do to Improve Your Credit

Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following: 

1. Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management. 

2. Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score. 

3. Don’t charge your credit cards to the maximum limit. 

4. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year. 

5. Don’t order items for your new home on credit — such as appliances and furniture — until after the loan is approved. The amounts will add to your debt. 

6. Don’t open new credit card accounts before applying for a mortgage. Too much available credit can lower your score. 

7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time. 

8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the publication, Knowing and Understanding Your Credit, visit www.homebuyingguide.org.

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7 Reasons to own a home

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home. 

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing. 

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home. 

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax. 

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase. 

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home. 

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.  To calculate whether buying is the best financial option for you, contact me, I have a number of preferred lenders that I work with.

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Here’s what to kick to the curb and what to keep before you sell your home!

Here’s what to kick to the curb and what to keep before you sell your home

If you’ve chosen your listing agent wisely, he or she will determine the most likely buyer for your home and then laser-focus the marketing materials to that pool of buyers.

Various studies of what different types of buyers are seeking in a home help the agent figure out which of your home’s features will attract them.

Now, there’s one more survey to add to the arsenal and it was published at builderonline.com.

Overall, if your home offers better energy efficiency than your competition, expect it to be popular with potential buyers. Another preference for buyers includes floor plans that can be personalized and a home that is easy to maintain.

All of these features are more in-demand than a home with the latest technology, according to the survey.

Interior features that repel homebuyers

When asked what they dislike most about their current homes, the majority of homebuyers report that the outdated features drive them nuts. In fact, these are the most common features they are fleeing:

·        Linoleum floors

·        Popcorn ceilings

·        Wood paneling

·        Ceramic tile countertops in the kitchen

·        Shag carpet

·        Avocado green appliances

Yes, I’m sure you love that wallpaper you put up in 1988, but buyers will hate it. The same goes for the “gold” bathroom faucets or those with plastic faux crystal handles.

Features buyers love

Wood flooring is still the overwhelming favorite among buyers, with 65 percent of those surveyed showing a preference for it. Internet connectivity (Ethernet and USB ports) came in second, with 44 percent of respondents. Besides, wood floors are durable and easy to maintain.

Surprisingly, 56 percent said they were willing to give up square footage in a home if it meant having a larger yard. And, across all demographics, the most important exterior feature of a home is “distance from neighboring homes.”

Broken down by generations, here are the home feature preferences:

Millennials

·        Whirpool tub

·        Home theater

·        Wine refrigerator or cellar

·        Dining room

·        Darker, richer wall color

Gen Xers

If you have a larger home in the suburbs, members of this cohort may be your buyer. Gen X homebuyers are seeking:

·        A detached single-family house.

·        A home with lots of square footage (the average, according to study respondents, is 2,315 square feet).

·        A single-level home, or one with the master bedroom on ground level.

·        A home near trails or other amenities to help them keep fit.

Baby boomers

·        A home with 2,000 to 2,999 square feet of living space.

·        Planned community with amenities and a resort-like vibe

·        A community with a diverse age range, or “stroller-to-walker,” Tammy Barry, director of marketing for a marina resort master-planned community near Chicago tells newhomesource.com’s Camilla McLaughlin.

·        Boomers seek low-maintenance homes with large rooms and plenty of storage. 

Even homeowners on tight budgets can make minor changes to the home to attract more interest.

Small changes, such as changing outdated kitchen and bathroom faucets, buying new panels for the front of your appliances and replacing dated flooring with something attractive yet inexpensive can make a world of difference.

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