Posts Tagged ‘homeowners’

Why should I refinance?

Positive statements by the Federal Reserve Board regarding the pace of future hikes in interest rates and the release of weak employment data have served to bring rates down moving into the spring selling season. This unexpected move in rates give Americans a unique opportunity to save money through refinancing or making their new dream home more affordable. From mid-September of last year to early-April of this year, Freddie Mac has reported that average rates on a 30-year fixed loan have moved down slightly more than one-half of one percent. This amounts to a savings of more than $1,500 annually for a $300,000 mortgage and $45,000 over the life of the mortgage. Recently, Black Knight Financial Services found that, in light of recent interest rate decreases on home loans, 7.1 million Americans would currently benefit by refinancing. In addition, Zillow has reported that 5.2 million renters are planning to purchase a home in the next year. Sources: Freddie Mac, Zillow & HousingWire

Fifty-four percent of for-sale listings of existing homes are within reach for a median-income household in the U.S., according to a new analysis by realtor.com®. Their analysts used the national median income of $51,801 to determine how many of the site’s 1.6 million listings would be affordable to an average family, while also assuming a 20 percent down payment and 30-year fixed-rate mortgage. The monthly payment couldn’t exceed 28 percent of the family’s income. “So far this year we are hearing from home shoppers that finding a home that meets their needs or budget is the biggest impediment to buying,” says Jonathan Smoke, realtor.com®’s chief economist. “The good news from this data is that more than half of the listings nationwide are by definition affordable.” Realtor.com® analysts also found that existing homes tended to be much more affordable than new homes. In February, realtor.com® had more than 7,700 actively selling new-home communities listed, with an inventory of nearly 57,000 homes available for sale. Only 21 percent of those new homes, however, were deemed affordable. Source: realtor.com®

As Millennials begin to enter the homebuying market in larger numbers, homes will get a little smaller, laundry rooms will be essential, and home technology will become increasingly prevalent, said panelists during an International Builders’ Show press conference on home trends and Millennials’ home preferences. NAHB Assistant Vice President of Research Rose Quint predicted that the growing numbers of first-time homebuyers will drive down home size in 2015. Three million new jobs were created in 2014, 700,000 more than the previous year “and the most since 1999,” Quint said. At the same time, regulators have reduced downpayment requirements for first-time homebuyers from five percent to three percent and home prices have seen only moderate growth. “All these events lead me to believe that more people will come into the market, and as younger, first-time buyers, they will demand smaller, more affordable homes,” Quint said. “Builders will build whatever demand calls out for.” Of the Top 10 features mentioned by home builders, four have to do with energy efficiency: Low-E windows, Energy Star-rated appliances and windows and programmable thermostats. The top features: a master bedroom walk-in closet and a separate laundry room.

Source: National Mortgage Professional

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Did you know?

According to the 2013 annual report from the Wilson County, TN Joint Economic & Community Development Board (JECDB), presented by Executive Director, G.C. Hixson, here are a few stats we thought our readers might find interesting:

2,314 residential homes were sold in 2013 (increase of 18.7%)

$217,000 – Median Home price (increase of 14.2%)

74 Days – average days on the market

 

Wilson County is the place to be!!! Call us to make your move! 615-466-3030

Simple Tips on Selling your Home

1. Less is more. Get rid of any unnecessary items. You want potential buyers to view themselves living in your home not like they are invading your space. Consider taking down personal family photos or hiding highly personal taste. 

2. Make your rooms roomier. Something as simple as changing the position of your furniture can change the whole feel of a room. Another idea would be to repaint using a color that brightens up the space making it appear larger. 

3. Go Neutral. Not all potential buyers can see past that adorable magenta & lime green polka dot colored bedroom your 6 year old daughter insisted she must have. Before putting your house on the market consider painting walls a beige, white, or grey hue.

4. Make a great 1st impression. Curb appeal is the first place a homeowner can show off their home..make sure the outside of your home is saying the right things. Take a weekend to trim your bushes, paint the front door or shutters, replace light fixtures, or even plant some flowers. The old saying “You never have a second chance to make a first impression” really applies here. 

5. Revamp the backyard. Add an outdoor table set, lawn ornaments, plants to add some character to the backyard. You want buyers to envision being able to utilize every space in your home. 

6. Re-purpose the “junk room”.  Do you have a room that is dedicated to projects you hope to get to one day? Take the time to clear out this space and show other possibilities for the space. It could be an office, work out room, media room or even a spare bedroom. 

7. Update the kitchen. There are several things you can do to update your kitchen without spending thousands (i.e. new faucet set, updated light fixtures, new cabinet door handles, re-paint the cabinets..)

8. Accessorize the bathroom. Spruce up the bathroom with a new shower curtain, a nice towel set, new rugs to add a pop of color or even a new toilet seat! 

9. Presentation really is EVERYTHING. Be sure to empty the trash regularly, use light air fresheners throughout the house (be considerate in choosing a fragrance), add a welcome mat and even deep clean the carpets.  

Buying after Bankruptcy

You’ve filed for bankruptcy, now what? It’s no secret that bankruptcy can leave your credit score at the bottom of the barrel but you are not alone. On average, one million Americans file bankruptcy every year.
Today, I’m going to give you some information on buying into the American Dream, home-ownership, after filing bankruptcy. The first step is repairing your credit score. In this day and time, your credit score follows you around like a cloud above your head. We want to give you the tools to turn that cloud into a ray of sunshine instead of a black cloud raining on your head. The quickest way to rebuild credit is with either a secured credit card (a secured card gives you credit that’s limited to an amount you have on deposit with the issuing bank) or an installment loan (personal loan, student loans, etc…). This is the most effective way of letting potential lenders know that you can be trusted to pay back any money that is owed to them.
Next, you will want to review your credit report. According to ABC, one in five people have an error on their credit report. Did you know you’re entitled to a free credit report from each of the credit rating agencies each year? And the Fair Credit Reporting Act provides you with a clear process for having the errors on your report corrected.
After your bankruptcy has been discharged, you can begin talking to a lender about getting prequalified for a home loan. If you are unsure of who to call, call US! The G Team (615.466.3030) will be happy to help you in the buying process. We will get you set up with a qualified lender and stay by your side every step of the way.
Generally, the waiting period to buy a home after filing bankruptcy is only 2 years. In some cases, it could even be sooner. During this time you will want to rebuild your credit, learn to budget and educate yourself. With a little hard work and planning you too can be a home owner.
Here are some tips to remember:
– Use only a small portion of your credit
– Don’t max out any new credit cards
– Don’t apply for too much credit too soon
– Pay ALL your bills on time (I cannot stress how important this is!)
– Pay more than the monthly minimum, if possible
– Stay at the same job for a good length of time
– SAVE MONEY
– Watch out for “repair your credit fast” type schemes

COMING SOON: Topics on buying after a foreclosure, money management, THDA loans, USDA loans…

Tax Tips

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Copyright 2013 NATIONAL ASSOCIATION OF REALTORS®