by The KCM Crew on December 16, 2016 in First Time Home Buyers, For Buyers, Infographics, Interest Rates, Move-Up Buyers
Some Highlights: Your monthly housing cost is directly tied to the price of the home you purchase and the interest rate you secure for your mortgage.Over the last 30 years, interest rates have fluctuated greatly with rates in the double digits in the 1980s, all the way down to the near 4% we are experiencing now.Your purchasing power is greatly impacted by the interest rate you secure. Act now before rates go up! . . .

by The KCM Crew on November 22, 2016 in First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers
According to Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed rate mortgage interest rate jumped up to 3.94% last week. Interest rates had been hovering around 3.5% since June, and many are wondering why there has been such a significant increase so quickly.  Why did rates go up? Whenever there is a presidential election, there is uncertainty in the markets as to who will win. One way that this is noticeable is through the actions of investors. As we get closer to the first Tuesday of November, many investors pull their funds from the more volatile and less predictive stock market and instead, choose to invest in Treasury Bonds. When this happens, the interest rate on Treasury Bonds does not have to be . . .

by The KCM Crew on November 1, 2016 in First Time Home Buyers, For Buyers, Move-Up Buyers
Are you thinking of buying a home? Are you dreading having to walk through strangers’ houses? Are you concerned about getting the paperwork correct? Hiring a professional real estate agent can take away most of the challenges of buying. A great agent is always worth more than the commission they charge, just like a great doctor or great accountant. You want to deal with one of the best agents in your marketplace. To do this, you must be able to distinguish an average agent from a great one. Here are the top 4 demands to make of your real estate agent when buying a home: 1. Tell the Truth About the Price When making an offer on the home you want to buy, make sure that your agent walks you through their plan for getting both the seller – and the . . .

by The KCM Crew on October 24, 2016 in Distressed Properties, For Sellers
The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report revealing 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. 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 necessary for a normal market, . . .

Why We All Need a ‘Phil Dunphy’ on Our Side by The KCM Crew on September 28, 2016 in First Time Homebuyers, For Buyers, For Sellers, Move-Up Buyers
Whether or not you’ve ever seen an episode of Modern Family, or know who Phil Dunphy’s character is, the concept of knowing that you have someone in your corner who is looking out for your best interests is something we all want. When it comes to buying a home, whether you are a rookie homebuyer or have gone through the process many times, having a local real estate expert who is well versed in the neighborhood you are looking to move into, and the trends of the area, should be your goal. For those who aren’t familiar, the character Phil Dunphy is a Realtor with a huge heart who always strives to do the best for his family and his clients. In one recent episode, Phil even shared the . . .

There are some experts questioning whether the current pace of residential home sales is sustainable. Are too many people buying homes like in 2004-2006? Are we headed for another housing crisis? Actually, if we look closely at the numbers, we can see that we are looking at a very healthy real estate market. Why the concern? Some are looking at the last three years of home sales and comparing them to the three years just prior to the housing bubble. Looking at the graph below, we can understand that thinking. However, if we go further back in history, we can see the real picture. After taking out the “boom & bust” years, the pace of sales is growing at a quite natural pace. And new home sales are way below historic numbers. Trulia’s Chief Economist Ralph McLaughlin explains: “Adjusted for population, [new home sales] are at about 63% of their fifty-year . . .

by The KCM Crew on August 31, 2016 in First Time Homebuyers, For Buyers, For Sellers, Housing Market Update, Move-Up Buyers, Pricing
There are some industry pundits claiming that residential home values have risen too quickly and that current levels are on the verge of another housing bubble. It is easy to see how this thinking has taken form if we look at a graph of home prices from 2000 to today. The graph definitely looks like a rollercoaster ride. And, as prices begin to reach 2006 levels again, it “seems logical” that the next part of the ride would be downhill. However, this graph includes the anomaly of the price bubble and the correction (the housing crash). What if the bubble & bust didn’t occur? Let’s assume that instead of the rise and fall in home prices that we saw last decade, we just had normal historic . . .

by The KCM Crew on June 7, 2016 in First Time Homebuyers, For Buyers Agents, did you know you can share a personalized version of this post? Learn more!
There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family. Others may think they are too young. And still others might think their current income would never enable them to qualify for a mortgage. We want to share what the typical first-time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first time buyer: Bottom Line You may not be much different than many people who . . .

by The KCM Crew on June 8, 2016 in First Time Homebuyers, For Buyers, Move-Up Buyers Agents, did you know you can share a personalized version of this post? Learn more!
According to the National Association of Realtors’ (NAR) 2015 Profile of Home Buyers and Sellers, single women made up 18% of all first-time homebuyers last year, second only to married couples who made up 54% of total buyers. Whether they are young, single and no longer want to rent, or newly divorced, the amount of single women becoming homeowners greatly outnumbers single males (11%). A survey of recent home buyers revealed some interesting trends about this rapidly growing group: Average Age: 32 years oldAverage Income: $49,400Single women are more likely to become preapproved for a mortgage in order to know their budget at the . . .

by The KCM Crew on June 13, 2016 in First Time Homebuyers, For Buyers, Move-Up Buyers Agents, did you know you can share a personalized version of this post? Learn more!
We have reported many times that the American Dream of homeownership is alive and well. The personal reasons to own a home differ for each buyer, but there are many basic similarities. Eric Belsky is the Managing Director of the Joint Center of Housing Studies (JCHS) at Harvard University. He authored a paper on homeownership titled - The Dream Lives On: The Future of Homeownership in America. In his paper, Belsky reveals five financial reasons why people should consider buying a home. Here are the five reasons, each followed by an excerpt from the study:  1) Housing is typically the one leveraged investment . . .