4 Reasons to Sell this Fall

Infographic Courtesy of Keeping Current Matters/The KCM Blog

Things to Avoid After Applying for a Mortgage

Article Courtesy of Keeping Current Matters/The KCM Blog

Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home, but before you make any large purchases, move your money around, or make any big-time life changes, consult your loan officer – someone who will be able to tell you how your decisions will impact your home loan.

Below is a list of Things You Shouldn’t Do After Applying for a Mortgage. Some may seem obvious, but some may not.

1. Don’t Change Jobs or the Way You Are Paid at Your Job. Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.
2. Don’t Deposit Cash into Your Bank Accounts. Lenders need to source your money, and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.
3. Don’t Make Any Large Purchases Like a New Car or Furniture for Your New Home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios…higher ratios make for riskier loans…and sometimes qualified borrowers no longer qualify.
4. Don’t Co-Sign Other Loans for Anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payments against you.
5. Don’t Change Bank Accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer any money, talk to your loan officer.
6. Don’t Apply for New Credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO® score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.
7. Don’t Close Any Credit Accounts. Many clients erroneously believe that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those determinants in your score.

Bottom Line

Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.

A+ Reasons to Hire a Real Estate Pro

Infographic Courtesy of Keeping Current Matters/The KCM Blog

Some Highlights:

• Hiring a real estate professional to help you buy your dream home or sell your current house is one of the most powerful decisions you can make.
• A real estate professional has the experience to help you confidently navigate through the entire process.
• Make sure you work with someone who knows the current market conditions and can simply and effectively explain them to you and your family.

August was an active month for sales in Sun City Carolina Lakes!

Lots of activity since the end of August!
Click HERE for the most current stats.  

Click HERE for
 ALL CURRENTLY ACTIVE/UNDER CONTRACT/CLOSED LISTINGS SINCE 1/1/19 
Information includes model, status, type, street name, days on market, bedrooms, bathrooms, heated living space (square footage), list price, under contract date, close price, ratio closed price to list price, ratio closed price to original list price (if there was a price change).
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 5 YEAR COMPARISON

5 YEAR COMPARISON

The charts below are not interactive, but you can go to 

the interactive version of these and additional charts by clicking HERE 

or using the UP-TO-DATE STATS FOR SCCL tab 

at the top of this page.

Home Inventory Determines What Kind of Market We Are In
Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale. 

• Less than 6 months of inventory = Seller's Market with upward pressure on prices
• More than 6 months of inventory = Buyer's Market with downward pressure on prices

See "Months Supply of Homes for Sale" charts below.

SINGLE FAMILY HOMES

 VILLAS AND CARRIAGE HOMES

A Recession Does Not Equal a Housing Crisis

Infographic Courtesy of Keeping Current Matters/The KCM Blog

Some Highlights:

• There is plenty of talk in the media about a pending economic slowdown.
• The good news is, home values actually increased in 3 of the last 5 U.S. recessions, and decreased by less than 2% in the 4^th.
• Many experts predict a potential recession is on the horizon. However, housing will not be the trigger, and home values will still continue to appreciate. It will not be a repeat of the crash in the 2008 housing market.

What's the Latest on Interest Rates?

Article Courtesy of Keeping Current Matters/The KCM Blog

Mortgage rates have fallen by over a full percentage point since Q4 of 2018, settling at near-historic lows. This is big news for buyers looking to get more for their money in the current housing market.

According to Freddie Mac’s Primary Mortgage Market Survey,

“the 30-year fixed-rate mortgage (FRM) rate averaged 3.60 percent, the lowest it has been since November 2016.”

Sam Khater, Chief Economist at Freddie Mac, notes how this is great news for homebuyers. He states,

“…consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.”

As a potential buyer, the best thing you can do is work with a trusted advisor who can help you keep a close eye on how the market is changing. Relying on current expert advice is more important than ever when it comes to making a confident and informed decision for you and your family.

Bottom Line

Even a small increase (or decrease) in interest rates can impact your monthly housing cost. If buying a home is on your short list of goals to achieve, reach out to a local real estate professional to determine your best move.

Experts Predict a Strong Housing Market for the Rest of 2019

Article Courtesy of Keeping Current Matters/The KCM Blog

We’re in the back half of the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the predictions are for the remainder of 2019.

Here’s what some of the experts have to say:

Ralph McLaughlin, Deputy Chief Economist for CoreLogic

“We see the cooldown flattening or even reversing course in the coming months and expect the housing market to continue coming into balance. In the meantime, buyers are likely claiming some ground from what has been seller’s territory over the past few years. If mortgage rates stay low, wages continue to grow, and inventory picks up, we can expect the U.S. housing market to further stabilize throughout the remainder of the year.”

Lawrence Yun, Chief Economist at NAR

“We expect the second half of year will be notably better than the first half in terms of home sales, mainly because of lower mortgage rates.”

Freddie Mac

“The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months…The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity.”

Bottom Line

The housing market will be strong for the rest of 2019. If you’d like to know more about your specific market, contact a local real estate professional to find out what’s happening in your area.

A Latte a Day Keeps Homeownership Away [INFOGRAPHIC]

Infographic below courtesy of Keeping Current Matters/The KCM Blog

Do you know someone who would love to own a home, but they don't have enough funds saved for a down payment?  Today's younger folks often haven't saved enough to even start thinking about purchasing a home.  Some are strapped with college loans, car expenses, medical bills, and other daily costs that prevent them  from creating a fund for a future down payment.  Yet, they do manage to stop by at their favorite coffee shop each day... Hey!  What's a few bucks for a latte gonna matter in my life?  Well, the infographic below, courtesy of Keeping Current Matters/the KCM blog, offers some insight into how eliminating those daily lattes can add up to a down payment in as little as 5 years.

Please share with your kids and grandkids!

BTW, going back to a good ol' coffee maker instead of the store-bought latte or even the single-serve coffee pods, is an inexpensive way to get your fix of joe. Contrary to what coffee aficianados might tell you, making a big pot of coffee and drinking it over a couple of days is not unthinkable. This time of year, my husband reheats and I make iced coffee from a carafe that sits on the counter for a couple of days. My kids would be aghast and turn up their noses at such a thing. Oh, well. It works for us. And let me assure you, my sugar free iced coffee tastes every bit as good as (or maybe even better than) what I might buy at you know where. Though, I must say, the sugar free iced coffee at a certain fast food chain is darn good!

Seniors Are on the Move in the Real Estate Market

 Article Courtesy of Keeping Current Matters/The KCM Blog

Did you know August 21^st is National Senior Citizens Day? According to the United States Census, we honor senior citizens today because,

 “Throughout our history, older people have achieved much for our families, our communities, and our country. That remains true today and gives us ample reason…to reserve a special day in honor of the senior citizens who mean so much to our land.”

To give proper recognition, we’re going to look at some senior-related data in the housing industry.
According to the Population Reference Bureau,

“The number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group’s share of the total population will rise from 16 percent to 23 percent.”

Seniors Believe in Homeownership

In a recent report, Freddie Mac compared the homeownership rates of two groups of seniors: the Good Times Cohort (born from 1931-1941) and the Previous Generations (born in the 1930s). The data shows an increase in the homeownership rate for the Good Times Cohort because seniors are now aging in place, living longer, and maintaining a high quality of life into their later years.

This, however, does not mean all seniors are staying in place. Some are actively buying and selling homes. In the 2019 Home Buyers and Sellers Generational Trends Report, the National Association of Realtors® (NAR) showed the percentage of seniors buying and selling:

Here are some highlights from NAR’s report:

• Buyers ages 54 to 63 had higher median household incomes and were more likely to be married couples.
• 12% of buyers ages 54 to 63 are first-time homebuyers, 5% (64 to 72), and 4% (73 to 93).
• Buyers ages 54 to 63 purchased because of an interest in being closer to friends and families, job relocation, and the desire to own a home of their own.
• Sellers 54 years and older often downsized and purchased a smaller, less expensive home than the one they sold.
• Sellers ages 64 to 72 lived in their homes for 21 years or more.

Bottom Line

According to NAR’s report, 58% of buyers ages 64 to 72 said they need help from an agent to find the right home. The transition from a current home to a new one is significant to undertake, especially for anyone who has lived in the same house for many years. If you’re a senior thinking about the process, work with a local real estate professional who can help you make the move as smoothly as possible.

JUST LISTED IN SCCL

VIRTUAL TOUR

MLS LINK

This beautiful Surrey Crest with full brick veneer front is located on a large corner lot adjacent to a quiet double cul-de-sac street in the highly sought after Grey Hawk neighborhood. The bright sunroom, large screened porch, and large patio w/sitting wall overlook a lovely open green space and are perfect for relaxing or entertaining friends and family. Upgraded fans throughout. MBR has tray ceiling & huge walk-in closet. Master bath has dual sinks, walk-in shower, large separate tub. Kitchen has large dining area, center island, stainless steel appliances, and granite counters. Built-in media shelves in living room. Brand new A/C. Come and enjoy all the beautiful amenities and diverse activities this premier active adult community has to offer - hiking trails, indoor pool, 2 outdoor pools, state-of-the-art fitness center, pottery studio, community gardens, tennis, pickleball, bocce, softball, canoe & kayak center, woodworkers shop, dog park, golf course, and much more!

If interested, please contact me.