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October 2016

Found 26 blog entries for October 2016.

Taking the Fear out of the Mortgage Process | Simplifying The Market

A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification.

For many, the mortgage process can be scary, but it doesn’t have to be!

In order to qualify in today’s market, you’ll need to have saved for a down payment (the average down payment on all loans was 11% last month, with many buyers putting down 3% or less), a stable income and good credit history.

Throughout the entire home buying process, you will interact with many different professionals, all of which perform necessary roles. These professionals are also valuable resources for you.

Once you’re ready to apply, here are 5 easy steps

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Please stop by...OPEN 1-4pm Saturday, October 29th

3817 Garfield Street NW, Washington, DC 20007

Sunny, semi-detached brick home with a large front porch, entry foyer, updated kitchen, living room with fireplace, separate dining room and den on the first level. Upstairs are three bedrooms, two full baths and a den, downstairs is a large room for guests, full bath, family room or office, storage and sliding doors to a huge, flat, fenced in yard with a carport.  Close to Cathedral Commons grocery and shops, National Cathedral, Shops on New Mexico Avenue, Georgetown, more.

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Please stop by...OPEN 1-4pm Sunday, October 30th

3031 Macomb Street NW, Washington, DC 20008

Historic Sherman cottage built in 1909. 4 bedrooms, 4 1/2 baths with wraparound front porch. Entry foyer, living room with fireplace, formal dining room & expanded kitchen with skylights. Patio, separate pool house with "endless pool" & 2 car parking. Located on the corner of Macomb and Ross Place in the heart of the Cleveland Park.

Visit www.3031Macomb.com for architectural photos and color floor plan.

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Buying a Home Can Be Scary... Know the Facts [INFOGRAPHIC] | Simplifying The Market

 

Some Highlights:

  • 36% of Americans think they need a 20% down payment to buy a home.
  • 44% of Millennials who purchased a home this year have put down less than 10%.
  • 71.8% of loan applications were approved last month.
  • The average credit score of approved loans was 731 in September.

Thinking about buying or selling? You probably have questions. CLICK the link below for a free, confidential 17 minute conversation... LET'S TALK! 

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Percentage of Homeownership by Decade and by State | Simplifying The Market

There has been a lot of talk about the falling homeownership rate in the United States. In December 2004, the homeownership rate reached an all-time high of 69.4%, while the current rate is 62.9%. When comparing these two figures, there is some room for concern regarding the difference.

However, today we want to shine some light on the issue by:

  1. Showing what historic homeownership rates have looked like over the last 130 years.
  2. Breaking down the current percentages by state.

Historic Homeownership Rates:

Percentage of Homeownership by Decade and by State | Simplifying The Market

Current Homeownership Rates by State:

Percentage of Homeownership by Decade and by State | Simplifying The Market

All of the states that you see in blue on the map above have a greater homeownership rate than the national average.

Bottom Line

Though the homeownership rate has fallen

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What to Expect When Home Inspecting | Simplifying The Market

So you made an offer, it was accepted, and now your next task is to have the home inspected prior to closing. More often than not, your agent may have made your offer contingent on a clean home inspection.

This contingency allows you to renegotiate the price paid for the home, ask the sellers to cover repairs, or even, in some cases, walk away. Your agent can advise you on the best course of action once the report is filed.

How to Choose an Inspector

Your agent will most likely have a short list of inspectors that they have worked with in the past that they can recommend to you. Realtor.com suggests that you consider the following 5 areas when choosing the right home inspector for you:

  1. Qualifications – find out what’s included in your
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Buying is Now 37.7% Cheaper Than Renting in the US | Simplifying The Market

The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers actually show that the range is an average of 17.4% less expensive in Honolulu (HI), all the way up to 53.2% less expensive in Miami & West Palm Beach (FL), and 37.7% nationwide!

Other interesting findings in the report include:

  • Interest rates have remained low, and even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation.
  • Home prices would have to appreciate by a range of over 23% in Honolulu (HI), up to over 45% in Ventura County (CA), to reach the
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Sales of Distressed Properties Hit New Low | Simplifying The Market

The National Association of Realtors (NAR) recently released their latest Existing Home Sales Reportrevealing that distressed property sales accounted for 4% of sales in September. This is down from 7% in 2015, and is the lowest figure since NAR began tracking distressed sales in October 2008.

Below is a graph that shows just how far the market has come since January 2012 when distressed sales accounted for 35% of all sales.

Sales of Distressed Properties Hit New Low | Simplifying The Market

Existing Home Sales Hit 2nd Highest Figure Since June 

Mortgage interest rates remained well below 4% in September at 3.46%, prompting existing home sales to stay at a healthy annual pace of 5.47 million. Month-over-month sales were up 3.2%.

Inventory of homes for sale remains below the 6-month supply that is

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Looking for your next home? SEARCH HERE!

How much is your house worth? FIND OUT HERE!

Recently, I asked you to send me your questions about buying and selling real estate. Ale asked about the pros and cons of selling your current house before buying the next one. He also asked about doing a rent-back.

First of all, if you have a house and want to buy another one, selling your current home first is a great way to go. You’ll have time to clean up your house and put it on the market. Plus, once your home sells, you will have enough money in your pocket to purchase another home. Since you are all ready to go, purchasing your next home will go a lot smoother.

Although it is more difficult to buy a new home before selling your current one,

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Please stop by...OPEN 1-4pm Sunday, October 23rd

3031 Macomb Street NW, Washington, DC 20008

Historic Sherman cottage built in 1909. 4 bedrooms, 4 1/2 baths with wraparound front porch. Entry foyer, living room with fireplace, formal dining room & expanded kitchen with skylights. Patio, separate pool house with "endless pool" & 2 car parking. Located on the corner of Macomb and Ross Place in the heart of the Cleveland Park.

Visit www.3031Macomb.com for architectural photos and color floor plan.

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