expert advisor: Homeowners Equity Position Update! - 06/24/16 04:36 AM


Yesterday, we reported that according to CoreLogic's latest Equity Report, nearly 268,000 homeowners regained equity and are no longer underwater on their mortgage in the first quarter. Homes with negative equity have decreased by 21.5% year-over-year. A study by Fannie Mae suggests that many homeowners are not aware of how their equity position has changed as their home has increased in value. For example, their study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, CoreLogic's report shows that only 8% of homes are in that position. The study also revealed that … (1 comments)

expert advisor: After Selling: Upkeep or Downscale? - 05/17/16 05:50 AM


A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their house in the near future are planning to scale down. Let's look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller's market. In a recent blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:
A smaller home means less space, but it also means less time, stress … (0 comments)

expert advisor: Breaking Bad Habits - 05/16/16 06:26 AM

Our brains work on a trigger and reward basis—the so-called “habit loop”—which means it is easy to slip into a routine and difficult to fight back when the undesired behavior occurs.Of course, life moves so much smoother when we are able to do certain things on auto-pilot, however, that has definitely had an effect on breaking your bad habits.Identifying that bad habit is a great start. Once you are aware, you can start making a plan.Here are some great tips to breaking that bad habit once and for all! Create a habit diary – remember that awareness thing we talked about? … (0 comments)

expert advisor: You Don't Need 20% Down to Buy a Home Now - 05/02/16 06:21 AM


A survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today's housing market. The study pointed out two major misconceptions that we want to address today.
1. Down PaymentThe survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less. Many renters may actually be able to enter the housing market sooner than … (1 comments)

expert advisor: How Much Less is Buying a Home Than Renting? - 04/19/16 05:02 AM

In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. The updated numbers actually show that the range is an average of 5% less expensive in Orange County (CA) all the way up to 46% in Houston (TX), and 36% Nationwide!
Other interesting findings in the report include:Interest rates have remained low and even though home prices have appreciated around the country, they haven't greatly outpaced rental appreciation.Some markets may tip in favor of renting if home … (1 comments)

expert advisor: Top Reasons Why Americans Buy Homes - 04/13/16 01:27 AM
 
Last week, the inaugural "Homebuyer Insights Report" was released by the Bank of America. The report revealed the reasons why consumers purchase homes and what their feelings are regarding homeownership. Consumer Lending Executive, D. Steve Boland, explained:
"Homebuyers today are motivated by both emotional and practical reasons. Nearly all want more space, but a majority of homebuyers, especially those purchasing their first home, are also looking for a place to call their own, put down roots and make memories. They value the emotional benefits of owning a home as much as the financial ones."
Boland went on to say:
"The path to homeownership is … (1 comments)

expert advisor: Home Prices Are Rising! And No, It's Not a New Housing Bubble Forming - 03/14/16 04:25 AM


We recently reported that home prices are continuing to rise across most of the nation. This has created concern in some pundits that a housing bubble, like we saw ten years ago, is forming again. We want to explain why these concerns are unfounded. The current increase in home values can be easily explained by the theory of supply and demand. Right now, the number of families looking to purchase a home is greater than the supply of homes on the market. Here is a chart that explains how the months’ supply of housing inventory impacts home values:
 
According to the latest Existing Home … (1 comments)

expert advisor: A Survey on Future Home Values - 02/22/16 03:30 AM


Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.
The results of their latest survey:Home values will appreciate by 3.7% over the course of 2016, 3.3% in 2017 and 3.2% in the next two years, and finally 3.1% in 2020 (as shown below). That … (0 comments)

expert advisor: 2016 Household Formations - Are the Kids Finally Moving Out? - 02/18/16 04:36 AM


During the recession, many young adults graduating from college were forced to move back in with their parents. This caused new household formations to drop dramatically from the long term average of 1.2 million formations annually to half that number. However, this may be the year this turns back around. According to the Urban Land Institute’s report, Emerging Trends in Real Estate, household formations will increase dramatically. They project that 3.68 million additional households will be formed in the next three years. This brings household formations back to pre-recession numbers of 1.2 million a year.
What will happen in 2016?One of the key indicators … (0 comments)

expert advisor: Why Having Your Own Home Is Better Than Renting - 02/17/16 05:10 AM

Every three years the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). In a Forbes article the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun predicts that in 2016 the net worth gap will widen even further to 45 times greater. The graph below demonstrates the results of the last two Federal Reserve studies and Yun’s prediction:


Put Your Housing Cost to Work For You Simply put, home ownership is a form of ‘forced savings’. Every time you pay your mortgage … (0 comments)

expert advisor: You Don't Need To Hear These From Your Real Estate Agent... - 02/10/16 01:20 AM

You’ve decided to sell your house. You begin to interview potential real estate agents to help you through the process. You need someone you trust enough to:
1.    Set the market value on possibly the largest asset your family owns (your home)
2.    Set the time schedule for the successful liquidation of that asset
3.    Set the fee for the services required to liquidate that asset
An agent must be concerned first and foremost about you and your family in order to garner that degree of trust. Make sure this is the case.Be careful if the agent you are interviewing begins the interview by:
§ Bragging … (0 comments)

 
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Rummy Dhanoa

Rummy Dhanoa

Bronx, NY

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