home buying: Is Your Credit Score Good Enough To Buy A House? - 03/20/19 12:17 PM
A lot of Americans are holding back on buying homes because of their credit score. The sad truth is the majority of this group are misinformed and should have already started earlier than they plan to.
Only 25% of the Americans have a FICO Score between 740 and 800. Here is the breakdown according to Experian: 1
6% Very Poor (300-579)
18% Fair (580-669)
21% Good (670-739)
25% Very Good (740-799)
20% Exceptional (800-850)
Randy Hopper, Senior Vice President of Mortgage Lending for Navy Federal Credit Union said,
"Just because you have a low credit score doesn't mean you can't purchase a … (2 comments)

home buying: We Can Expect Good Things In The Housing Market This Spring - 03/15/19 02:22 PM
With the volume of sellers who held back from selling the entire winter, we can expect the inventory to climb up as more and more sellers join in and balance out the demand.
Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right.
Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially in areas of the country impacted by arctic conditions.
That hasn't happened this year.
Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with an increase in rates … (1 comments)

home buying: No Better Time To Sell Than Now - 03/14/19 03:51 PM
Following common practice of holding back from selling until Spring may be a cliche. But truth be told, it's a wise and conservative choice that has proven beneficial to the housing market. Nevertheless, with the number of sellers popping up from all directions. Holding off now is not the best thing to do.

Let's dive a little deeper into some of the recent reports that have been released and what they mean for the spring buying season!
1. National Association of Realtor's Existing Home Sales Report
Sales of existing homes were down for the third consecutive month in January. Some of this … (0 comments)

home buying: How To Stand Out From Competition In The Housing Market - 03/13/19 11:33 AM
Although setting an attractive price on your home definitely boosts its sellability, it's not the only way to go. Here are other ways to put up a great show to leave a solid impression to your potential buyers and give them the WOW factor they all subconsciously crave for. Here are a few ideas for how to do this in this era of technology.

1) Facebook Live Virtual Open HouseThis can also work as a 'preview' before an official Open House. Let your agent walk potential buyers through your home using a webcam or cell phone, highlighting the unique features of your … (0 comments)

home buying: Increasing Family Wealth Through Homeownership - 03/12/19 11:35 AM
For most Americans, buying a home is the most important financial investment that we will ever make. Nevertheless, the recent housing bubble has left many people wondering if buying a home is still an effective way for people to save money and build wealth for the future.

The answer is 'yes,' according to recent studies.
The study revealed that the median net worth of a homeowner is $231,400 - a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of … (1 comments)

home buying: Housing Prices Coming In For A Soft Landing - 03/08/19 03:17 PM
We are definitely headed to a balanced market this year. As things start to unfold, we are beginning to realize that last year's worries are nothing more than speculations. Price hikes are starting to soften as more inventory is introduced, this is good news to sellers and buyers alike.
The previous housing market was fueled by an artificial demand created by mortgage standards that were far too lenient. When this demand was shut off, a flood of inventory came to market. This included heavily discounted distressed properties (foreclosures and short sales).
Today's market is totally different. Mortgage standards are tighter than … (2 comments)

home buying: Mortgage Interest Rate At Its Lowest In The Last 12 Months - 03/07/19 10:52 AM
As the rates continue on its slow and steady descent, it is now in its lowest by far in the last 12 months. This is good news to prospective buyers looking to buy their first house or existing homeowners planning to move up to their dream home.
According to Freddie Mac's Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven't been seen since February 2018! Last week's survey results reported an interest rate of 4.35%.
This is a welcome change from the near 5% rates seen in … (1 comments)

home buying: Benefits Of Owning A Home - 03/06/19 03:16 PM
Although it can be said that the amount of the benefits depend on where you live, the fact remains that there are many financial and non-financial reasons favoring homeownership
Non-Financial Benefits
Educational Achievement: Homeownership has a positive impact on academic achievement, including reading and math performance in children 3-12 years old. Civic Participation: "Owning a home means owning a part of the neighborhood." Homeowners have a stronger connection to their neighborhood and are more committed to volunteer. Health Benefits: Adjusting for a range of demographic, socioeconomic and housing-related characteristics, homeowners have a substantial health advantage over renters. Public Assistance: The report shows … (0 comments)

home buying: Three Key Indicators Of A Healthy Real Estate Market - 03/05/19 03:33 PM
With the traumatic devastation caused by the last housing bubble, it's understandable why a lot of Americans can be a little paranoid when it comes to market fluctuations. We tend to worry about heading into another housing crash whenever we see changes in the market. Good news is, we no longer have to go through all that unnecessary stress for here are three indicators to let us know how the market then and now are different from each other.
Home Prices Mortgage Standards Foreclosure Rates HOME PRICES
A decade ago, home prices depreciated dramatically, losing about 29% of their value over … (3 comments)

home buying: Bright Future Ahead For Buyers And Sellers This Year - 03/01/19 03:07 PM
There have been reports that a lot of sellers are holding off from listing their homes in the market due to a forecasted decrease of buyers this year. They speculate that potential buyers were scared off by the rising interest rates and home prices. This may be true in some areas, however, this same reason opens an opportunity to dedicated sellers to take advantage of the number of buyers who are still out there looking to buy their dream homes.

NerdWallet's 2018 Home Buyer Report revealed that:
"Approximately one-third (32%) of Americans plan to purchase a home in the next five years. … (0 comments)

home buying: David Bach's Advice To Millennials - 02/28/19 04:23 PM
A self-made Millionaire David Bach gave a piece of simple yet compelling advice to Millennials; "Don't Get Stuck Renting A Home... Buy One!" plain and straight, Bach pointed out a common mistake a majority of millennials tend to make with their life decisions.

In a CNBC article, self-made millionaire David Bach explained that: "The biggest mistake millennials are making is not buying their first home." He goes on to say that, "If you want to build real financial security, real wealth for your lifetime, then you need to buy a home."
Bach went on to explain:
"Homeowners are worth 40 times more … (0 comments)

home buying: A Normal Market Is Just What We Need - 02/27/19 04:14 PM
With the home prices cooling down, a lot of Americans are worried that we may be heading off for another housing crash. With the current ratio of demand and supply, we have nothing to worry about. On the contrary, this is something we should thankful for as home price hikes are expected to move on a much normal pace.
This 'seller's market' has driven home prices to new heights. Home price appreciation averaged over 65 across the country.
However, home price growth has recently started to cool down. The latest report from CoreLogic shows that home prices have only risen by … (2 comments)

home buying: Buying A House Is Easier With The Power Of Two - 02/22/19 03:21 PM
Statistics show that the majority of homebuyers last year were couples, this totally makes sense as the down payment is particularly easier to tackle when shared with a partner.

According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once again dominated the first-time homebuyer statistics in 2018 at 54% of all buyers.
If you're single, don't fret! Single women made up 18% of first-time buyers in 2018, while single men accounted for 10% of buyers. One recent article pointed to a sense of responsibility and commitment that drives many single women to want to … (2 comments)

home buying: Setting The Best Price For Your Home - 02/21/19 03:00 PM
Pricing your home right is one of the most challenging part of the sales process, too low may mean a loss on your end, on the other hand, you can be at risk of having a stale listing if you price it too high.
If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the course of 2018. The map below shows the results of the latest index by state.

Real estate is … (0 comments)

home buying: The Value Of Homeownership - 02/20/19 03:11 PM
We have discussed time and again the advantages of owning a home over renting, and not only has the majority of Americans agree to these, but surveys say the same things too. Money spent on a mortgage is money well spent and help build one's financial wealth.

For Americans approaching retirement age, one of the greatest benefits to homeownership is the added net worth they have been able to achieve simply by paying their mortgage!
The Joint Center for Housing Studies at Harvard University focused on homeowners and renters over the age of 65. Their study revealed that the difference in net … (0 comments)

home buying: Now Is The Perfect Time To Put Your House On Sale - 02/19/19 12:35 PM
If you're thinking of selling your house this year, now is the best time to do it. The saying "the early bird catches the worm" may sound cliche, but it's on point with the law of supply and demand. A lot of sellers hold off until spring, and it's a great opportunity for others to take advantage of less competition to have the prospective buyers all to themselves.
The other listings that come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market during this season in comparison to … (0 comments)

home buying: Prepping House For Sale Made Easier - 02/15/19 12:01 PM
One of the things that add up to the stress of selling a house is cleaning up. Believe it or not, most people spend days to weeks on end trying to tidy up their home in preparation for selling. Well, we have good news for all you prospective sellers.
The KonMari Method is here to save the day. Marie Kondo, the inventor of the KonMari Method of Tidying Up, has gained popularity with her new Netflix series. She gives some great tips for sorting through years of accumulated possessions that we all collect in our homes.
"The KonMari Method encourages tidying … (0 comments)

home buying: Are You Spending Your Money On Your Own Mortgage? - 02/14/19 03:43 PM
Would you rather pay rent so someone else can afford to pay the mortgage or buy your own home so all the money you spent on it monthly will leave you with something to call your own?
As Entrepreneur Magazine, a premier source for small business explained in their article, "12 Practical Steps to Getting Rich":
"While renting on a temporary basis isn't terrible, you should most certainly own the roof over your head if you're serious about your finances. It won't make you rich overnight, but by renting, you're paying someone else's mortgage. In effect, you'e making someone else rich." … (0 comments)

home buying: 20% Down Payment To Buy A Home is Not Accurate For Everyone - 02/13/19 02:11 PM
One of the biggest rock potential buyers face is saving up for the down payment, and the sad truth is a lot of Americans find it as a deterrent and just give up their dreams of buying a home of their own.
The truth of the matter is, you don't need 20% Down to buy a home. In combination with higher rents, survey after survey has shown that non-homeowners (renters and those living rent-free with family or friends) believe they need to save upwards of 20% for their down payment!
According to the "Barriers to Accessing Homeownership" study commissioned in partnership … (0 comments)

home buying: Knowing Your Home's Actual Value Helps In Selling - 02/12/19 03:51 PM
The value of a certain property plays a vital role in pricing during the selling process. It is essential to know your home's current value to reinforce and be able to competitively set a price for it. Here is a list of factors that affect a home's value.
"Homeowners with mortgages have seen their home equity more than double since 2011, increasing to a record-setting $8.3 trillion in 2017."
The average homeowner gained $16,200 in home equity between Q2 2017 and Q2 2018 according to the latest release of CoreLogic's Home Equity Report. Since 2011 home values have increased significantly throughout … (2 comments)

 
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Rummy Dhanoa

Rummy Dhanoa Real Estate Experts

Eastchester, NY

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Rummy Dhanoa Real Estate Experts

Address: 760 White Plains Rd, Scarsdale, ny , 10583

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