homebuying: Can I Qualify for a Mortgage After Declaring Bankruptcy? - 06/27/22 06:10 AM
It may feel like a very daunting task to consider buying a home after you've declared bankruptcy, and there's no doubt that it's an uphill battle. Fortunately, while you'll have hard work ahead, there are things you can do in order to make your dream of home ownership a possibility. Whether you've just declared bankruptcy or some time has passed, here are some things you should consider before getting into the market.
Wait It Out
It might not be what you want to hear, but it's, unfortunately, the case that you'll have to wait at least two years before you purchase a home … (2 comments)

homebuying: Don’t Let Rising Inflation Delay Your Homeownership Plans - 05/20/22 06:53 AM

Some Highlights If recent headlines about rising inflation are making you wonder if it’s still a good time to buy, here’s what experts have to say. Housing is an asset that typically grows in value. Plus, your mortgage helps stabilize your monthly housing costs, and buying protects you from rising rents. Experts say owning a home is historically a good hedge against inflation. Let’s connect if you’re ready to start the homebuying process today. … (3 comments)

homebuying: The One Thing Every Homeowner Needs To Know About a Recession - 05/20/22 06:22 AM
The One Thing Every Homeowner Needs To Know About a Recession
A recession does not equal a housing crisis. That’s the one thing that every homeowner today needs to know. Everywhere you look, experts are warning we could be heading toward a recession, and if true, an economic slowdown doesn’t mean homes will lose value.
The National Bureau of Economic Research (NBER) defines a recession this way:
“A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy … (1 comments)

homebuying: How Homeownership Can Help Shield You from Inflation - 04/27/22 11:58 AM

If you’re following along with the news today, you’ve likely heard about rising inflation. You’re also likely feeling the impact in your day-to-day life as prices go up for gas, groceries, and more. These rising consumer costs can put a pinch on your wallet and make you re-evaluate any big purchases you have planned to ensure they’re still worthwhile.
If you’ve been thinking about purchasing a home this year, you’re probably wondering if you should continue down that path or if it makes more sense to wait. While the answer depends on your situation, here’s how homeownership can help you combat the rising costs … (4 comments)

homebuying: Are Home Prices Continuing To Rise? - 03/03/22 10:11 AM
Are Home Prices Continuing To Rise?
Many analysts projected home price appreciation would slow dramatically in the fall of 2021 and then continue to soften throughout 2022. So far, that hasn’t happened. The major price indices are all revealing ongoing double-digit price appreciation. Here’s a look at their reports on year-over-year price appreciation for December:
Federal Housing Finance Agency (FHFA): 17.6% S&P Case-Shiller: 18.8% CoreLogic: 18.5% To show that they’re not seeing signs of softening, here’s a graph that gives the progression of all three indices for each month of 2021.

As the graph above reveals, last year, home price appreciation accelerated … (2 comments)

homebuying: Millennials: Do You Need a Home with More Space? - 02/28/22 08:05 AM
Millennials: Do You Need a Home with More Space?
If you’re a millennial, homebuying might be top of mind for you. Your generation is the largest group of homebuyers in the market today and has been since 2014, according to the National Association of Realtors (NAR). And while other millennials are looking to buy for the first time, you may be one of the many who are now discovering you’ve outgrown your home.
If that’s the case, you’re not alone. The past two years brought about significant changes for many people, and today, homeowners are reevaluating what they truly need in a home. … (2 comments)

homebuying: How Supply and Demand Can Impact Your Buying and Selling Goals - 02/25/22 10:37 AM

In today’s housing market, there are far more buyers looking for homes than sellers listing their houses. Based on the concept of supply and demand, this means home prices will naturally rise. Why is that? When there are more people trying to buy an item than there are making that item available for sale, that drives prices up. And that’s exactly the case in today’s housing market. So, knowing what’s happening with the inventory of homes for sale and the demand for housing is crucial for today’s buyers and sellers.
Nationally, Demand Is High and Supply Is Very Low The latest … (3 comments)

homebuying: Everything Homeowners Need To Know About Down Payments - 02/25/22 10:31 AM
Buying a house is an exciting time, but homeowners also need to make the best financial decision to meet their needs. One of the biggest decisions potential homeowners will face is how much money to put down.
A down payment is the amount of money that homeowners pay upfront when they purchase a home. Many homeowners believe they need to put down 20 percent; however, this is not always the case. What do homeowners need to know about putting a down payment on a house? 
20 Percent Is Not Always Required
The reason why homeowners often believe they need to put down 20 percent … (0 comments)

homebuying: S&P Case-Shiller Indices: December Home Price Growth Hits Record High - 02/25/22 10:27 AM
While U.S. home prices grew at record speed in December, rising mortgage rates threatened rapid price appreciation as buyers were sidelined by affordability concerns. S&P Case-Shiller’s National Home Price Index reported 18.80 percent year-over-year home price growth in December.
The 20-City Home Price Index posted a year-over-year gain of 18.60 percent as compared to November’s year-over-year home price gain of 18.30 percent. Home prices rose by 1.50 percent from November to December 2020. Phoenix, Arizona held on to first place in the 20-City Index with year-over-year home price growth of 32.50 percent; Tampa, Florida held second place with 29.40 percent year-over-year home … (0 comments)

homebuying: The Perks of Owning More Than One Home - 02/22/22 06:29 AM

Many things have changed over the past couple of years, and real estate is no exception. One impact is an increased desire to own more than one home. According to the recent Luxury Market Report from Luxury Home Marketing:
“As trends such as remote working and flexi-hours took hold in 2021, so too did the flexibility of relocating as well as the growth of second homeownership.”
This may be because the pandemic has altered how we think about our homes. Where we live has become, more than ever, our safe space and our getaway. And with the rise in remote work, more people are reconsidering where they want to … (3 comments)

homebuying: Real Estate Voted the Best Investment Eight Years in a Row - 02/22/22 06:26 AM

In an annual Gallup poll, Americans chose real estate as the best long-term investment. And it’s not the first time it’s topped the list, either. Real estate has been on a winning streak for the past eight years, consistently gaining traction as the best long-term investment (see graph below):
If you’re thinking about purchasing a home this year, this poll should reassure you. Even when inflation is rising like it is today, Americans agree an investment like real estate truly shines.
Why Is Real Estate a Great Investment During Times of High Inflation? With inflation reaching its highest level in 40 years, it’s more important than … (3 comments)

homebuying: What's Ahead For Mortgage Rates This Week - February 22, 2022 - 02/22/22 06:20 AM
Last week’s economic reporting included readings from the National Association of Home Builders on housing markets, reports on sales of previously owned homes, housing starts, and building permits issued. Weekly readings on mortgage rates and jobless claims were also released.
NAHB: Rising Materials Costs, Supply Chain Problems Weigh on Builders
The National Association of Home Builders’ February housing market index reading was 82 and one point lower than in JanuaThis was the second consecutive month that builder confidence dropped by one point. Homebuilder confidence in housing market conditions remained relatively high as any index reading over 50 indicates that most builders … (1 comments)

homebuying: What's Ahead For Mortgage Rates This Week - February 14, 2022 - 02/14/22 08:06 AM
Last week’s economic reporting included readings on inflation and the University of Michigan’s preliminary February reporting on consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.
Inflation Rises as Fed Considers Raising Key Rate
The government’s Consumer Price Index for January reported that month-to-month inflation rose by 0.60 percent as compared to an expected increase of 0.40 percent which was based on December’s month-to-month increase of 0.50 percent.  Year-over-year inflation rose to a rate of 7.50 percent, which was the highest inflation rate in 40 years. Core inflation, which excludes volatile food and energy sectors, also rose … (1 comments)

homebuying: Don’t Let Student Loans Delay Your Homeownership Dreams - 02/11/22 08:15 AM

If you’re looking to buy a home, you may be wondering how your student loan debt could impact those plans. Do you have to wait until you’ve paid off your student loans before you can buy your first home? Or could you qualify for a home loan with that debt?
To give you the answers you’re searching for, let’s take a look at what recent data shows. That way, you know what to expect and what to do next to achieve your dream of becoming a homeowner. While everyone’s situation is unique, your goal may be more within your reach than you realize.

homebuying: What's Ahead For Mortgage Rates This Week - January 18, 2022 - 01/18/22 10:34 AM
Last week’s scheduled economic reporting focused on inflation with monthly and year-over-year readings on overall and core inflation. Federal Reserve Chair Jerome Powell was confirmed for a second term as Federal Reserve chair.  The University of Michigan released its monthly survey on consumer sentiment and weekly readings on mortgage rates and jobless claims were also released.
Inflation Rises in December; Nears Fastest Growth Pace in 40 Years
Year-over-year inflation rose to a pace of seven percent in December and approached its fastest growth rate in 40 years according to the Bureau of Labor Statistics. Analysts expected year-over-year inflationary growth of seven percent … (2 comments)

homebuying: Achieving the Dream of Homeownership - 01/17/22 09:08 AM

Homeownership has long been considered the American Dream, and it’s one every American should feel confident and powerful pursuing. But owning a home is also a deeply personal dream. Our home provides us with safety and security, and it’s a place where we can grow and flourish.
Today, we remember the legacy of Dr. Martin Luther King, Jr. Many of us will remember his passion and determination for the causes he championed, including his famous “I Have a Dream” speech in 1963. As we reflect on his message today, it may inspire your own dream of homeownership. And if so, know you’re not … (1 comments)

homebuying: Getting Approved for a Mortgage Quickly - 01/10/22 08:19 AM
If you're ready to buy a home, getting approved for a mortgage is a critical step that you can't skip or rush. And although it may seem like the lenders can be a bit arbitrary in their approvals, there's actually a detailed set of criteria they look for when approving or denying an application.
So how can you ensure your mortgage gets approved quickly and without any hassles? Here's what you need to know.
Do: Have All Your Documents In Order Right Away
Processing the paperwork on a mortgage approval is one of the most time-consuming parts of getting a mortgage. And if you … (2 comments)

homebuying: An Overview Of Mortgage Points - 01/10/22 08:15 AM
There is a lot of terminologies involved in the mortgage application process, and one common term people come across is a mortgage point. What exactly is a mortgage point, and how might impact the price of the loan?
What Is A Point?
Points represent fees due at signing. Some lenders charge points while others do not. In some cases, applicants are given the option to pay points in exchange for a rate reduction. A single point is the equivalent of one percent of the loan's value. If the home loan is $200,000, then a single point is $2,000.
Origination Points And Discount Points
There are … (1 comments)

homebuying: What's Ahead For Mortgage Rates This Week - January 10, 2022 - 01/10/22 08:12 AM
Last week’s economic reporting included readings on construction spending and labor sector readings on jobs and unemployment. Weekly reports on mortgage rates and jobless claims were also released.
Construction Spending Unchanged, Falls Short of Expectations
The Commerce Department reported that construction spending rose by 0.4 percent in November to a seasonally-adjusted annual pace of $1.63 trillion and  9.30 percent year-over-year, Residential construction spending drove spending higher; month-to-month spending rose by 0.90 percent in November and was 16 percent higher year-over-year. Analysts expected overall construction spending to rise by 0.70 percent from October to November.
High demand for homes continued to drive … (1 comments)

homebuying: After Closing On A New Home: The Top Tasks To Complete - 10/15/21 09:54 AM
Closing on a new home is exciting and many people view their closing date as the finish line; however, even after closing a new home, there is still a lot that has to happen. What do new homeowners need to do after closing on a new home?
Mark The Date Of The First Payment
Every homeowner needs to know the first date of the new mortgage payment. They need to get their bank account set up for an automatic draft, or they need to send a physical check by that time. Keep in mind that the first payment might include a partial … (0 comments)

Bob Elliot, 20+ Yrs Industry Experience (eXp Realty)

Bob Elliot

20+ Yrs Industry Experience

Minneapolis, MN

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eXp Realty

Address: 15451 Founders Lane, Apple Valley, MN, 55124

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