Why Do Americans Consider Moving To Another State?

Why Do Americans Consider Moving to Another State? 

Why Americans Consider Moving to Another State? [INFOGRAPHIC] | MyKCM

Some Highlights:

  • In a recent Harris Poll, Americans listed “change in climate/weather” as their top reason for wanting to relocate.
  • 41% would move for a “better job opportunity.”
  • Being closer to loved ones filled out 3 of the top 6 reasons why Americans move.

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Spring Cleaning, Areas That Deserve Your Attention!

Spring Cleaning, Areas That Deserve Your Attention!

Are you feeling the urge to tackle home maintenance this season? While you’re probably up on the basics of spring-cleaning, like washing windows, cleaning blinds and shampooing rugs, there are several areas you may overlook.

Smoke Alarms

• Rather than wait for the telltale chirp signifying low power, use daylight saving time or a holiday like Memorial Day as a reminder to replace the batteries in all of your home’s smoke and carbon monoxide alarms.

Medicine Cabinets

• If vitamins, prescriptions and other medication are unused or expired, safely purge them. Not everything should go in the trash, though. Determine if you can flush what you have or if you need to find a location that will dispose of it for you.

Pantry

• Stale spices and expired canned goods are candidates for the waste bin. Take this opportunity to areaswipe down shelves, reorganize the contents and make a list of needed supplies.

Appliances

• Have you thought about cleaning the machines that do the cleaning for you? This simple task can help your washing machine, dishwasher and other gadgets run more efficiently.

Ceiling Fans

• When was the last time you removed the dust that’s accumulated on the ceiling fans? If it’s been a while, now’s the time to tackle it. Simplify the process and trap the dust by slipping a damp pillowcase over each blade and slowly pulling it back. There’s no point in cleaning if you’re using dirty tools for the job. Be sure to replace sponges regularly and run cleaning cloths through a hot-water cycle in the washer. And don’t forget the broom, which deserves a shake, vacuum and hose down to keep it clean and useful.
References: Summit Funding, Chris Hartman

Donald Horne, Broker / Owner
Team Success Listing LLC
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Are You Down Payment Literate?

Are You Down Payment Literate?

One of the biggest financial decisions you’ll make in your life is buying a home. It’s a top goal for the majority of millennials. More than nine of out 10 renters ages 25 to 34 aspire to own a house, according to Fannie Mae’s National Housing Survey. But, renters said they view saving for a down payment as the top barrier to home ownership.

However, the larger problem may be that many aspirational homebuyers are actually down payment illiterate. What do we mean by that? It means you aren’t sure of the down payment requirement or options when buying a home. For example, do you think 20 percent down is required? You’re not alone—39 percent of non-homeowners think they need more than 20 percent down for a home purchase.

One home buyer recently told us that he planned to cash out his 401k to come up with his down payment. Both are misunderstandings about down payments and could set you back from your longer term goals.

Home buyer education is another critical step. Most education is required if you use a down payment program. But, it’s a resource that can benefit all types of buyers. In a recent Down Payment Resource survey of future home buyers, 72 percent of the respondents said they plan to complete an online or in-person home buyer education course.

You’ll walk away understanding the complete home buying process, how to budget and common pitfalls to avoid. Today, you’ll find both in person (classroom setting) or online options to choose from.

Know Your Options.

paymentTo be down payment literate, means you know you have options. What down payment is best for you depends on many factors. While 20 percent down isn’t required, it could be the better option for you, or maybe not. If takes you 5 more years to save for the 20 percent down, all while your rent increases, then it may be advantageous to buy sooner and use a low down payment loan. Plus, you may qualify for a program that can help with your down payment and/or closing costs. In our survey of future and recent buyers, more than 90 percent said they wanted information on programs from their agent or lender.

Most home buyers don’t know there are more than 2,400 different programs available across the country. A national survey by NeighborWorks America found that 71 percent of Americans are not aware of or unsure about the down payment assistance open to middle class home buyers. Home buyer programs can be used with both low down payment and conventional loans.

Before you cash out your 401k or other retirement investments for a down payment, put on the breaks and consult with your lender, financial adviser or nonprofit that offers loan counseling. There are often more options for your down payment that won’t deplete your retirement savings.

While your home purchase can also be a long-term wealth builder, it’s first and foremost your home and your community. It’s important to diversity your investments. So, keep your 401k and let it continue to grow. Find out if you may qualify for a home buyer program that could help fund your down payment.  There are also tax credit programs that can help you save over the life of the loan.

Financial Literacy Resources To Help.

Your student loans and degree may still not have have prepared you for managing your finances. The good news is there are many resources to help solve that problem.

Here are few to try during Financial Literacy Month:

  •  Neighborworks America, a network of community development and housing counseling counselors. Find one in your area.
  • eHomeAmerica, provides online certified home buyer education and counseling for home buyers and homeowners
  • Down Payment Resource, searchable database of 2,400 programs that can help home buyers save on down payment and closing costs.
  • MyMoney.Gov, provided by the Federal Financial Literacy and Education Commission of more than 20 Federal entities that are coordinating and collaborating to strengthen financial capability and increase access to financial services for all Americans.
  • AnnualCreditReport.com, provides a free credit Report to decipher where you stand, initially, with your credit profile position before preceding to the Bank for pre -approval on a loan.
  • CreditSmart, Freddie Mac’s signature programs of 12 modules and a curriculum designed to help consumers understand, build and maintain better credit.
  • HOME, Fannie Mae’s app for home buyers, provides step-by-step information on the home buying process.
  • Think Glink, articles, tips and resources on a wide range of personal finance, home buying and consumer topics.
  • NerdWallet, consumer content on banking, investments, mortgages and more designed to provide clarity for all of life’s financial decisions.
    References: Workforce Resource LLC

Donald Horne, Broker / Owner
Team Success Listing LLC
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Big Issues For Today’s Buyers

Big Issues For Today’s Buyers.

We know the big issues for today’s buyers: lack of starter home inventory, rising interest rates, student loan debt and the hurdle of saving for a down payment. According to the Housing Aspiration Report saving for a down payment was a barrier for 70 percent of renters, topping other hurdles such as job security and qualifying for a mortgage. In a new Down Payment Resource survey of future home buyers, 85 percent said they were looking to buy a home in the next six months, but 63 percent did not have money saved for a down payment…

Down Payment Resource Center.

Is the down payment your only obstacle between you and having your own home?

Although most potential homeowners aren’t aware, there are hundreds of home ownership programs available to home buyers across the country. In fact, just within this area, there are many different programs to assist home buyers just like you in their path to home ownership!

We invite you to see which programs you may be eligible for by searching through the homes currently for sale in this area. In seconds, the free Down Payment Resource tool will identify the number of local programs you may qualify for, and if you’d like, you can request for us to contact you with more information about the home or the assistance programs available!

Donald Horne, Broker / Owner
Team Success Listing LLC
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Walking Trails Overtaking Golf Communities

Walking Trails Overtaking Golf Communities.

A golf course is no longer the showpiece of a master-planned community. Instead, buyers are showing a greater preference to live near extensive trail networks and shared gardens. Developers are responding with new developments that are pushing out golf courses in favor of other outdoor areas that foster a sense of community.

“What we’re seeing is this trend toward helping people interact with each other and helping them interact in natural environments,” says Ken Perlman, a principal at John Burns Real Estate Consulting in San Diego. “There is a real desire to be outside, to have their space, and to get their breath of fresh air.”

In response, developers are adding in more walking trails in a community. But the trails can’t just be in a straight line, they say.

But, if you still prefer to live in a golf community

“When you talk about trails, they should be meandering,” says Dean Naef, president of Rise Communities, based in Katy, Texas. “No one wants to be on a linear trail where they can see what’s coming. We want curvilinear where the landscape changes. We like to create monuments along the way, respites to work out on, or take a rest to enjoy art.”

trails The New Home Company’s upcoming Russell Ranch community in Folsom, Calif., is adding mountain biking and hiking trails that rise and fall with the topography. A community known as Daybreak, outside of Salt Lake City, will use its mountain backdrop to have a looping walking trail and a separate bicycle lane for riders. The community also features public gardens, kayaking, and 30 miles of trails.

Jessica Lautz, managing director of survey research at the National Association of REALTORS®, says that millennials are a big driver behind the trend of more nature incorporated into developments. More millennials rate living near parks and recreation facilities more important than do older generations.
References: Realtor Magazine, Construction Dive

Donald Horne, Broker / Owner
Team Success Listing LLC
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The Economy and Housing News for 04/06/2017

The Economy and Housing News for 04/06/2017

The Economy:

Another sign of the improving economy is the strong labor market. This weeks jobs data shows continued new job growth and low unemployment.

Housing News:

economyHome prices appreciated by 1% and 7% year over year. CoreLogic forecasts home prices will rise by 4.7% in the year going forward.

Newly built homes have gotten pricier over the last 10 years, with most homes selling above $250,000. Builders blame regulatory burdens for the increases.

The most recent Census Bureau stats show townhomes as the fastest growing segment of the single-family housing construction market, with a 17.8% surge.
References: Troy Rabidoux, Union Home Mortgage Corp.

Are you considering selling your home? If you are, we would love to meet with you soon to show you what comparable properties have recently sold for, give you an estimate of your home’s current market value and review with you our marketing program.

Donald Horne, Broker / Owner
Team Success Listing LLC
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Pending Home Sales Jump To 10 Year High

Pending Home Sales Jump To 10 Year High

Pending home sales posted a strong rebound in February, soaring to the highest level in nearly a year and the second highest level in more than a decade, the National Association of REALTORS® reported Wednesday. All major regions saw an uptick in sales contracts last month.

home sales jumpNAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 5.5 percent month over month to an 112.3 reading in February. The index is now 2.6 percent higher than a year ago and is at the highest level since last April (113.6) and the second highest since May 2006 (112.5).

“Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country,” says Lawrence Yun, NAR’s chief economist. “The stock market’s continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year.”

Further, the warmer-than-usual weather across the country may have helped give an earlier start to the spring buying season. Yun notes that last month was the warmest February in decades, which may have also “played a role in kick-starting prospective buyers’ house hunt.”

Yun expects activity to fluctuate over the spring season, however, as the lack of supply continues to limit the number of homes sold, particularly in the lower and mid-market price ranges.

“The homes most buyers are in the market for are unfortunately the most difficult to find and ultimately buy,” Yun says. “The country’s healthy labor market is translating to greater job security, but affordability is not improving because home prices in some areas are still outpacing incomes by three times or more because of tight supply. How much new and existing inventory there is on the market this spring will determine if sales can reach their full potential and finally start reversing the nation’s low home ownership rate.”
References: Realtor Magazine, NAR

Are you considering selling your home? If you are, we would love to meet with you soon to show you what comparable properties have recently sold for, give you an estimate of your home’s current market value and review with you our marketing program.

Donald Horne, Broker / Owner
Team Success Listing LLC
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Bidding Wars To Heat Up This Spring

Bidding Wars To Heat Up This Spring

Likely to be a hallmark of this year’s spring home selling season: Bidding wars. As home listings are scarcer and buyer demand remains high, home shoppers are finding a lot more competition this spring, particularly in hot markets.

bidding wars “Home buyers are going to find this spring that, in a lot of markets, the inventory of homes priced and sized at price levels they were hoping for will be very limited,” Thomas Lawler, a former Fannie Mae economist who’s now a housing consultant in Leesburg, Va., told Bloomberg. Even “unlikely places are getting significantly tighter.”

An improving job market, growing consumer confidence, and the threat of rising mortgage rates have Americans flocking to housing. But many markets remain tight for listings. Housing starts remain well below levels prior to the recession and are geared more toward the higher end of the market. Homeowners also are reluctant to sell their existing home because they’re unsure of where they’d move to with the dearth of listings.

Homes are selling at a rapid clip in places like Denver, Seattle, Oakland, Grand Rapids, Mich.; Boise, Madison, and Omaha, according to the real estate brokerage Redfin.

Grand Rapids has seen a 27 percent decrease in the number of homes for sale over the past year. One listing alone reportedly attracted 40 bids.

“People need to get their houses on the market, but they’re gun-shy,” Tanya Craig, an associate broker with the Katie K team at Keller Williams, told Bloomberg. “Unless they know where they want to go, everyone is hesitant.”

Home buyers certainly aren’t being hesitant, if they can find a home they want. They’re in a rush for financing too. The 30-year fixed-rate mortgage has risen by more than half a percentage point since November 2016. The Federal Reserve last week voted to increase its benchmark interest rate by a quarter point and strongly hinted it would do so two more times this year.

The 30-year fixed-rate mortgage is expected to increase to 4.7 percent by the end of 2017 and could reach 5.5 percent next year, according to Lawrence Yun, the chief economist for the National Association of REALTORS®.

“In today’s market, many buyers think the trough in rates is over,” says Sam Khater, deputy chief economist at CoreLogic. “If you don’t get in now, it’s just going to be worse later. Rates will be higher, prices will be higher, and maybe inventory selection will be lower.”
References: Realtor Magazine, Bloomberg

Are you considering selling your home? If you are, we would love to meet with you soon to show you what comparable properties have recently sold for, give you an estimate of your home’s current market value and review with you our marketing program.

Donald Horne, Broker / Owner
Team Success Listing LLC
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Forget The Snow, Spring Has Sprung In The Housing Market!

Forget The Snow, Spring Has Sprung In The Housing Market!

Entering real estate’s traditionally busiest time of year, the housing market is being buoyed by a stronger economy and consumer confidence. Job creation is 30 percent stronger this year compared to a year ago, unemployment is near a 9-year low, and wages and incomes are growing at the largest levels in about eight years, notes Jonathan Smoke, realtor.com®’s chief economist.

marketSome buyers are in more of a hurry this season too. In the last two weeks, the 30-year fixed-rate mortgage rose by nearly a quarter of a point. The Federal Reserve also has given strong indication that it plans to raise short-term rates later this week (even though mortgage rates aren’t directly tied to short-term rates, they do tend to have an influence). Smoke predicts three to four major increases in mortgage rates this year. He expects rates to rise by from 10 to 25 basis points in one- to two-week spurts, followed by some holding patterns.

“The upside of higher rates is that it is getting easier to get a mortgage,” Smoke says. Mortgage credit access has increased 6.5 percent since September, the Mortgage Bankers Association reports.

“Arguably the biggest challenge to buyers this spring will be simply finding a home to buy and getting it successfully under contract,” Smoke says. “That’s because the supply of homes for sale is at an all-time low, and yet demand is strong and getting stronger.”

In January, the nation saw the lowest inventory of homes available for sale ever at realtor.com®. Inventory did manage a 2 percent increase in February, but it’s still down 11 percent compared to last year.

With lower inventories and higher demand, homes are selling faster. Twenty-seven percent of listings sold in less than 30 days in February, according to realtor.com®’s data.

“The early birds who decided to buy in the winter faced less competition and enjoyed lower rates than we are seeing now,” Smoke says. “It gets more expensive and more competitive going forward, but the early-ish buyer, at this point, is still likely to come out on top, when you consider that prices and rates are likely to be much higher later in the year.”
References: Realtor Magazine, Realtor.com 

Are you considering selling your home? If you are, we would love to meet with you soon to show you what comparable properties have recently sold for, give you an estimate of your home’s current market value and review with you our marketing program.

Donald Horne, Broker / Owner
Team Success Listing LLC
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New Reality? Buyers Face Fewer Choices

New Reality? Buyers Face Fewer Choices.

Many markets are seeing so few new listings that they may not be able to meet the strong buyer demand heading into real estate’s traditionally busiest season. Listings are down more than 7 percent compared to a year ago across the country, according to the latest data by the National Association of REALTORS®.

Where Homes Are Selling the Fastest

choicesRealtor.com® inventory data shows the following metro areas had listings that stayed on the market the shortest amount of time in January:

  • San Jose-Sunnyvale-Santa Clara, Calif.: 43 days
  • San Francisco-Oakland-Hayward, Calif.: 47 days
  • San Diego-Carlsbad, Calif.: 55 days
  • Seattle-Tacoma-Bellevue, Wash.: 57 days
  • Nashville-Davidson-Murfreesboro-Franklin, Tenn.: 58 days
  • Vallejo-Fairfield, Calif.: 58 days
  • Greeley, Colo.: 58 days

“Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range,” says Lawrence Yun, NAR’s chief economist.

Realtor.com® notes that the following markets are particularly very light on listings:

  • Chicago: -13% (active listings compared to a year ago)
  • Philadelphia: -14%
  • Washington: -15%
  • Seattle: -17%
  • Minneapolis: -18%
  • St. Louis: -12%
  • Baltimore: -16%
  • Cleveland: -18%
  • Orlando, Fla.: -19%

On the other hand, home shoppers may find more choices this year in a few select markets. Notably, Las Vegas is seeing an 18 percent increase in active listings compared to a year ago; Pittsburgh is seeing a 9 percent increase; and Houston and San Antonio are posting a 6 percent increase.
References: Realtor Magazine, CNBC, NAR

Are you considering selling your home? If you are, we would love to meet with you soon to show you what comparable properties have recently sold for, give you an estimate of your home’s current market value and review with you our marketing program.

Donald Horne, Broker / Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com
810-338-0628
www.teamsuccesslisting.com
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