Blog — Page 685 of 918 — First Rate Financial Group

02

Mar

Housing Market

Case-Shiller: December Home Prices Highest in More Than Two Years

December home prices continued to rise per December readings for Case-Shiller’s National and 20-City Home Price Indices. On average, national home prices increased by 5,80 percent year-over-year and exceeded November’s year-over-year reading of 5.60 percent. The 20 City Index, which analysts follow more closely than the National Home Price Index, posted a year-over-year gain of 5.60 percent in December, which exceeded an expected reading of 5.40 percent and November’s year-over-year reading of 5.20 percent growth.

West Posts Highest Home Price Growth

The West continued to dominate home price growth rates with Seattle, Washington posting 10.80 percent year-over-year growth while Portland, Oregon and Denver, Colorado posted year-over-year gains of 10.00 percent and 8.90 percent respectively. New York, New York posted the lowest year-over-year gain in home prices with year-over-year growth of 3.10 percent. Washington, D.C. followed with 4.20 percent growth in home prices; Cleveland, Ohio posted a year-over-year gain of 4.40 percent.

Home Price Growth Rate Doesn’t Indicate a New Housing Bubble

David M. Blitzer, Chairman and Managing Director of the S&P Indices Committee that oversees Case-Shiller Home Price Indices, said that home prices adjusted for inflation averaged a year-over-year growth rate of 3.80 percent. While higher than average, Mr. Blitzer said the current rate of home price growth “is not alarming.”

While rising home prices may sideline moderate-income and first-time homebuyers, high demand for homes and ongoing shortages of homes for sale continued to drive prices up. Real estate pros typically consider a six-month supply of available homes an average inventory reading, but the current supply of homes for sale averages three to four months. Recently rising mortgage rates were also cited as contributing to higher home prices; rates for a 30-year fixed rate mortgage average 4.20 percent as compared to 6.40 percent on average since 1990.

Questions of affordability and rising rates could impact first-time buyers who enable current homeowners to sell their homes and “move up.” If large numbers of first-time buyers are sidelined by rising home values and mortgage rates, home prices could be impacted if investors and cash buyers fail to fill in gaps between high home prices and affordability.

01

Mar

By support

Home Seller Tips

Selling Your Home? 3 Ways You Can Use Your Social Network to Speed up Your Sale

Selling Your Home? 3 Ways You Can Use Your Social Network to Speed up Your Sale There are many traditional ways to sell your home, from the MLS listings to a sign in the front yard. However, the ease of the Internet and the utility of social media can make it easier than ever to find the right buyer. If you’re getting prepared to put your home on the market and are trying to determine a strategy, here are some ways you can use social media to improve your selling odds.

Tweet Out The Details

Twitter accounts may more frequently be linked with a person, but because of the short burst of information involved in a tweet, it’s actually a great way to market your home. Whether you want to shout out a particular detail that’s worthy of recognition or make a more general statement about what it offers to potential homebuyers, this can be a clever means of getting the attention of interested parties. It’s just important to make sure you don’t overdo it, so stick with a few tweets per day.

Create Your Own Website

Most homes will have a page on their real estate agent’s website, but having your own website for your home can be an easy means of drawing people in to its best features. While it doesn’t have to cost money or be too fancy to attract the right people, you’ll want to make sure that you have professional photos and pertinent information so the right buyers will be able to determine if it’s a good option for them.

Post On Facebook

According to Postling, up to 80% of real estate agents use Facebook to market their properties online, and this means that Facebook can be an ideal site for you to find an audience. It might seem surprising, but many people search for homes for sale on Facebook, so having a page set up that provides the right details and has some striking images may just snag you the homebuyer you’re looking for. It’s also a great way to leverage your group of friends and reach even more potential buyers.

It’s beneficial to utilize more traditional methods when it comes to selling your home, but there are plenty of ways that you can use social media to enhance your home’s profile and find unexpected leads.

28

Feb

By support

Home Mortgage Tips

3 Mortgage Scams to Be Aware of and How to Protect Yourself From Them

3 Mortgage Scams to Be Aware of and How to Protect Yourself From Them It’s easy to be enthusiastic and excited about the prospect of home ownership, but it’s important to be aware that there are many ways potential buyers can be taken advantage of. From courses for homeowners to companies trying to make a quick buck, there are many things to avoid. If you’re on the market for a home and are trying to find the mortgage that will best benefit you, here are some of the tricks you may want to be wary of.

Forgetting About The Finances

The amount of home you can afford and will be approved for largely comes down to your debt-to-income ratio and your credit history, so if you’re not getting the tough questions about money, this may be a bad sign. While it’s not the lender’s job to make a budget for you and decide your month-to-month expenses, if they’re embellishing your financial well-being and presuming you can take on more house, you may want to look into another lender.

High Loan Costs

Since a mortgage generally requires the homebuyer to borrow money, there is an associated interest rate on the loan that is a percentage of the total price. While this is the cost of doing business, rates that exceed more than 5% should be questioned to determine what they’re made up of. While there can be a legitimate reason for a higher cost, it’s important to understand your options and costs with a variety of lenders so you can make an informed, financially-wise decision.

Mortgage Offers For Everyone

For those who have a poor credit history and do not have any savings, the idea of home ownership can seem like a pipe dream. Unfortunately, there are lenders that are willing to capitalize on this hope and will feed people – particularly those at high risk – the idea that they have the ability to buy. Instead of relying on a company that may take advantage and charge high interest rates, research the lender you’re dealing with to ensure they’re known on the market and have your best interests in mind.

The ultimate dream for many people is to own a home of their own, but it’s important to be aware of your mortgage options and your financial stability so you can avoid a bad experience. If you’re currently on the market for a home, you may want to contact one of our mortgage professionals for more information.