Real Estate Blog - KCM

Market Updates: You May Have More Home Equity Than You Think

CoreLogic recently released their 2015 2nd Quarter Equity Report which revealed that 759,000 properties had regained equity in the last quarter. That means that 91% of allmortgaged properties (approximately 45.9 million) are now in a positive equity position. Anand Nallathambi, president and CEO of CoreLogic, reported:

“For much of the country, the negative equity epidemic is lifting. The biggest reason for this improvement has been the relentless rise in home prices over the past three years which reflects increasing money flows into housing and a lack of housing stock in many markets.”

Obviously, this is great news for the financial situation of many homeowners.

But, do they realize their equity position has changed?

A recent…

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Market Updates: How Much Should You Trust Your Listing Agent?

You and your family have decided to sell your house. It is now time to choose a real estate professional to help with the process. One of the major attributes this agent must possess is trustworthiness. To what degree do you need to trust them?

You must have enough trust in them that you feel comfortable they will accomplish all four things below:

1. Sell possibly the largest asset your family owns

In many cases, a home is the largest asset a family has. Studies have shown that the equity many families have in their home is the largest percentage of that family’s overall wealth.

2. Set the correct market value on that asset

Pricing is crucial even in the best of markets. You want to get the best price for your home without putting…

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Market Updates: 4 Reasons to Buy Before Winter Hits!

  It's that time of the year; the seasons are changing and with them bring thoughts of the upcoming holidays, family get-togethers, and planning for a new year. Those who are on the fence about whether now is the right time to buy don't have to look much further to find four great reasons to consider buying a home now instead of waiting.   

1. Prices Will Continue to Rise

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report released recently projects appreciation in home values over the next five years to be between 10.5% (most pessimistic) and 25.5% (most optimistic).

The bottom in home prices has come and gone. Home values…

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Market Updates: Here Come The Millennials!

  Many have been wondering when the much anticipates move by Millennials' into homeownership would actually take place. We know the belief in owning a home is there.    According to a recent Merrill Lynch study, eighty one percent of Millennials believe "homeownership is an important part of the American Dream." This compares favorably to previous generations.      The obstacle seemed to be employment, but it appears that is about to change.   The most recent jobs report disappointed many economists. However, the silver lining in that could of doubt was Millennials. Jonathan Smoke, realtor.com Chief Economist, reported:
“About 33% of civilian jobs created over the last 12 months have been for the young adults who are…

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Market Updates: Applying for a Mortgage - Why So Much Paperwork?

People often ask why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems the bank needs to know absolutely everything about us and requires three seperate sources to validate each entry on the application form. 

Many buyers are being told by their friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.

There are two very good reasons that the loan process is much more difficult on today's buyer than it was years ago.

1. The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of affording the mortgage. During the run-up in the housing market many people…

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Market Updates: Where Will Home Prices Be Next Year?

Today in our market updates series, we will be looking at another info-graphic from our friends at KCM and talking about where home prices could go in the next year. 

Some Interesting Facts:

• 25 states are forecasted to achieve higher levels of appreciation in the next 12 months than already achieved in the last year. 
• 25 states and the District of Colombia are forecasted to experience a slow in appreciation. 
• All 50 states and D.C. are forecasted to achieve some level of positive price appreciation. 

Even though all the states are appreciating at different levels, it's important to know the cost of waiting until next year to sell or buy your home!

Thanks to our friends at KCM (KeepingCurrentMatters.com) for the amazing market…

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Market Updates: Buying a Home can be SCARY...Until You Know The Facts

In today's Market Updates series we will be looking at another info-graphic, provided by our friends at KCM (KeepingCurrentMatters.com), that will take the fear out of buying a home!

A lot of the time, first time buyers will think buying a house is scary because they don't actually have all the facts. Many think they need at least a 20% down payment when buying a home, when in reality 44% of millennials put down under 10%. There is also the idea that you need a high credit score of 780 or above, but the average credit score on approved loans is 723. And getting approved isn't difficult either, about 71% of loan applications were approved last month! Plus, it's definitely NOT cheaper to rent. Buying a home is 35% less expensive than renting in the…

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Market Updates: Home Prices Up in 93% of Measurable Markets

In today's Market Updates series, we will be looking at another amazing info-graphic from our friends at KCM (KeepingCurrentMatters.com).

In the info-graphic above, we can see that the median price for single-family homes has gone up marginally throughout the country, with the income needed to purchase these homes lowering. 

Throughout the entire United States, the median price has gone up a total of 8.2%. It's up 5.2% in the Northeast, 8.7% in the Midwest, 8.7% in the South, and 9.6% in the West. 

These statistics make it the perfect time not only to sell your house, but to buy as well!

For more information call us! 718-442-4400

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Market Updates: Single Women and Homeownership

In today's Market Updates series, we bring you an amazing infographic from our friends over at KCM (KeepingCurrentMatters.com).

The above info-graphic shows that 16% of recent home buyers were single females, while 9% were single males. 

19% of first time home buyers were single females, while 11% were single males. 15% of repeat home buyers were single females and 8% were single males. Of all the people who live alone and own a home, 56% are female and 47% are male. And 25% of women spend more than half of their income on housing, while only 10% of males do. 

These statistics help paint a clearer picture of single women in the housing market. Anything is possible ladies!

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Market Updates: New Home Sales Surge by 5.7%

In today's Market Updates blog we will be using another amazing info-graphic from our friends at KCM (KeepingCurrentMatters.com).

According to the info-graphic above, newly released data from HUD and the U.s. Census Bureau shows that many Americans are turning to the new home market to fulfill their dream of homeownership.

"The report indicates the release of pent-up housing demand as the overall economy strengthens, consumer confidence grows and mortgage interest rates remain low." - NAHB Cheif Economist David Crowe.

40% of people purchase a new home to avoid renovations or existing problems, 24% for the ability to chose and customize design, 17% for the amenities of new home construction communities, 10% for lack of inventory of existing…

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