Montgomery County, PA Real Estate News

By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s scheduled economic reports included readings on inflation, Fed Chair Jerome Powell’s testimony before the House Financial Services Committee, and the University of Michigan’s Consumer Sentiment Index. Weekly readings on mortgage rates and jobless claims were also released.Consumer Price Index: June Inflation Grows at Fastest Pace Since 2008June’s Consumer Price Index showed the fastest pace of inflationary growth in 13 years; inflation grew by 5.40 percent on a seasonally-adjusted annual basis. Used car sales accounted for one-third of the growth, but prices also rose for clothes, food, energy, and travel/hospitality. The year-over-year inflation rate for May was 5.00 percent.Inflation grew by 0.90 percent month-to-month, which exceeded analyst’s expectations of 0.50 percent...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Curb appeal is important in the home sales process, and this is because it will impact the overall first impression that potential home buyers have about the property. Some homeowners can easily spend a small fortune and a considerable amount of time improving curb appeal, but others may be looking for faster and easier results. The good news is that boosting curb appeal is easy and affordable to do when these three tips are followed.Spruce Up The Front DoorThe front door and patio area are focal points for those driving by the home, and this area receives even more scrutiny by those home buyers who walk up to the home to take a tour of the interior. Re-staining or re-painting the front door can be highly beneficial to dressing up the look of this focal area, and this can give the impre...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s scheduled economic reporting included readings from the Fed’s Federal Open Market Committee, news on changing FHA home loan requirements for borrowers with student loans, and reporting on job openings. Weekly reports on mortgage rates and jobless claims were also released.FOMC Minutes Show Fed’s Reluctance to Raise Target RateThe Federal Open Market Committee of the Federal Reserve released minutes of its meeting held via teleconferencing on June 15 and 16. The Committee resumed its consideration of creating “domestic and foreign repurchase agencies that would have a backdrop role in fostering implementation and support of monetary policy and smooth functioning of markets,” but no decisions were made. FOMC members did not change the current federal funds rate range of  0.00 ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Right now, there are not a lot of houses for sale, as inventory and new home construction continue to lag behind buyer demand. In addition, low mortgage rates are accelerating demand, meaning that in many situations the sellers are receiving multiple offers. Therefore, it is important for potential buyers to do everything they can to win a bidding war. What are a few ways buyers can give themselves an advantage?Get Pre-Approved For A Home LoanThe first thing interested buyers need to do is to get pre-approved for a home loan. Because many sellers have options, they might be more willing to take a cash offer because they know the money is going to be there. In order for potential buyers to compete with cash offers, they need to get pre-approved for a home loan, which tells the seller tha...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
There are thousands of people who turn 65 every day, which is the typical retirement age. Before the development of the pandemic, most people had to wait to retire before they could move to their retirement homes. Due to the pandemic, a lot of people are working remotely, giving them a chance to move to their retirement homes before they actually retire. Is it a smart idea to move before retiring? If the next phase of life is calling, now might be a time to make the move to a retirement home, whether this is a home on the beach or a sprawling property located in the countryside.Workers Can Be Just As Productive Working From HomeWhile the pandemic was unexpected, workers have been gradually becoming more remote during the past few years. The pandemic simply accelerated this trend, showin...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings from the National Association of Home Builders on housing markets and  Commerce Department readings on housing starts and building permits issued. Weekly reports on mortgage rates and jobless claims were also published.NAHB: Home Builder Sentiment Slips Amid High Materials Prices, Labor ShortagesThe National Association of Home Builders Housing Market Index fell two points to a May index reading of 81. Readings above 50 indicate that most home builders are confident in market conditions, but builder sentiment has fallen from its peak reading of 90 before the pandemic. The NAHB Housing Market reached its lowest reading of 37 during the pandemic. Readings above 50 indicate that most builders surveyed were confident about housing market condition...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The Federal Open Market Committee of the Federal Reserve said in its post-meeting statement that the Federal Reserve expects to raise its benchmark interest rate range twice during 2023. No rate changes will be made during 2022 as the economy continues to recover from the Covid-19 pandemic. The Fed’s current interest rate range is 0.00 to 0.25 percent.Fed Expects “Transitory” InflationThe Fed’s post-meeting FOMC statement said that although Committee members adjusted their forecast for raising the Fed’s benchmark interest rate range, members did not predict long-term inflation and described current upward inflation as “transitory.”The Consumer Price Index reported that the cost of living jumped in May and drove inflationary growth to a 13-year high of five percent.11 of 18 FOMC members ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
There are a lot of people who are wondering if now is the right time to move or refinance their current home loan. With interest rates still favorable, a lot of homeowners have the potential to save a lot of money if they are able to secure a home loan with a lower interest rate. There are two ways homeowners can secure a home loan with a lower interest rate. The first is to refinance. The second is to move. Which option is better? There are a few key points to keep in mind.Taking A Closer Look At RefinancingThere are a lot of homeowners who have an abundance of equity currently built up in their homes, making this a great time to refinance. With a refinance, there are multiple options available. Some homeowners might refinance to access the equity in their homes, allowing them to compl...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
If you are planning on purchasing a home in the near future, you need to make sure you have enough money saved up. While there are a lot of expenses that go along with purchasing a home, the biggest expense is the down payment.The common belief is that people have to put 20 percent down; however, even if you don’t have 20 percent saved up, you might still be able to purchase a home. It will depend on whether you can get a lender to provide a loan that is greater than 80 percent of the purchase price of a home. If you have a strong credit history, you may be able to get one.Getting A Loan With Less Than 20 Percent DownFirst, many lenders realize that many people do not have enough money saved up to put down 20 percent. After all, this could be tens of thousands of dollars.  Although some...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included readings on job openings, inflation, and consumer sentiment. Weekly reports on mortgage rates and jobless claims were also released.Job Openings Increase as Employers Struggle to Fill PositionsJob openings rose in April according to the Labor Department, but workers were quitting jobs in record numbers. 9.30 million openings were reported as compared to expectations of 8.20 million job openings and 8.30 million job openings reported in March. Increasing job openings indicate a stronger post-pandemic economy as businesses and service providers return to full capacity. Employers faced multiple obstacles to filling job openings including early retirements taken during the pandemic, difficulty in finding childcare options, and continued fear of covid-...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
When a homeowner is preparing to sell a home, it can be beneficial to determine the target audience that is most likely to be interested in the property as an important initial step. In some cases, it is advantageous for a homeowner to position a home as a great rental property or investment property, but this requires the right strategy. By adopting a few niche marketing steps, homeowners can work with their trusted real estate agent to market a property appropriately.Create A Cash Flow SheetBuyers who are searching for a rental or investment property are looking for a return on their investment in most cases, and they also may want to see how large of a down payment is needed in order for the property to realistically turn a profit. A real estate agent can work with a property owner t...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
With COVID and social distancing keeping people apart, buying a home in person has become a real challenge. Digital tools and online presentations of homes for sale have ramped up in response, making it possible to see properties with both static images/photos and with “360 degree” views or interactive walkthroughs. However, these are not real-time images of the home itself. They are professionally-developed representations of a property, and a lot of software work goes into making those images marketing ready.Photographic Tools of the TradeIf a listing has included images created by a professional photographer, he or she will have used a number of resources to produce what a consumer sees. First, the camera will be a high-grade, professional unit with enhanced features in it for differ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
It can be a bit of a surprise if your home turns out to be valued at less than the purchase price offered, but this is the type of thing that can occur in an appraisal situation. While this can change everything from your contract to the amount of your down payment if your home has been appraised at less than you envisioned, here are some options you may want to consider.Review The Appraisal Contingency ClauseIf an appraisal contingency clause is built into the terms of your contract, this means that the terms of your contract can be re-evaluated and re-negotiated if an appraisal happens to come up short. While this is meant primarily to protect the homebuyer against a lower appraisal, it doesn’t mean that the terms of a new deal can’t be met for the good of both parties.Get A Second Ap...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included readings on construction spending and public and private-sector employment data. Weekly reports on mortgage rates and jobless claims were also released.Census Bureau Reports Construction Sending Up by 9.8 Percent Year-Over-YearConstruction spending rose by nearly 10 percent year-over-year in April. Overall construction spending rose by $1.542 billion on a seasonally-adjusted annual basis. Construction spending rose by 0.20 percent in April, which fell short of the expected 0.50 percent reading, and was lower than the March reading of 1.0 percent growth in construction spending.Residential construction spending increased by one percent in April as compared to the March reading of 2.60 percent. Spending on single-family construction rose by 1.30 per...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
When applying for a new mortgage or after closing, many may have the option to choose between a single monthly mortgage payment or smaller bi-weekly payments. There are benefits and drawbacks associated with both options, and some personal financial considerations may need to be reviewed in order to make a decision that is best for the individual. With a closer look at the pros and cons of both options, homeowners or home mortgage applicants can make a more informed decision.Easy Budget Management For SomeWith a single monthly mortgage payment, there is often a need for those who get paid two or more times per month to properly budget so that they can comfortably manage the large mortgage payment with all of their other expenses throughout the month. With bi-weekly payments, the two sma...
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By Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line
(Long & Foster Real Estate Inc 610-225-7400)
1 Princeton Road in Plymouth Meeting, Montgomery County is now for sale. Open houses Saturday 6/5 and Sunday 6/6 from 10 am to 12 noon. Welcome to the newly remodeled 1 Princeton Rd. This remodeling has held nothing back, with great flow on the main floor, a large formal living room, an open plan dining room and a large kitchen with a peninsula island and eat in breakfast area. Access to the spacious backyard and pool from French doors in the dining area and slider in the breakfast area. Also enter the main floor in-law or au pair suite with full bath from the main-floor breakfast area or direct private entrance from outside, making this home a 6 bedroom, 3 full bathroom gem in a wonderful location. There is additionally a spacious family room with a fireplace that elegantly completes t...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The housing market has been through many ups and downs during the past 12 months. Now, buyers are facing a unique challenge as they try to find the right house in the perfect seller’s market. Right now, real estate is extremely competitive, as low inventory has continued for several months.As mortgage rates remain low, more people are looking for homes, increasing the competition. Some people are reluctant to sell because they know they will face the same challenges of trying to find a new home themselves. As a result, the housing market has record-low inventory making it difficult for buyers to find the right house in their budget.Builders Have Not Constructed As Many New HomesWhile a reluctance to sell is one reason why the housing market has become competitive, it is not the only one...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
March readings for S&P CoreLogic Case-Shiller Home Price Indices rose to their highest level since 2005 in March. National home prices rose by 13.20 percent year-over-year as compared to February’s reading of 12.00 percent growth. The Case-Shiller 20-City Home Price Index reported average year-over-year home price gains of 13.30 percent in March. Phoenix, Arizona continued to lead the 20-City Index with a year-over-year home price growth of 20 percent. San Diego, California followed with home price growth of 19.10 percent; Seattle, Washington reported year-over-year home price growth of 18.30 percent.How the Covid Pandemic Impacted  Home PricesReal estate pros said that the Covid epidemic continued to impact housing markets as homeowners were more willing to list their homes as Covid ca...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included readings on home price growth, new and pending home sales, and inflation. Weekly readings on mortgage rates and jobless claims were also released.Case-Shiller Reports Highest Gains in Home Prices Since 2005March home prices grew at a seasonally-adjusted annual rate of 13.20 percent according to S&P Case-Shiller’s National Home Price Index for March. National home prices gained 12.00 percent year-over-year in February; the corresponding 20-City Home Price Index reported that Phoenix, Arizona held the top spot for home price growth for the 22nd consecutive month; home prices rose by 20.00 percent year-over-year. San Diego, California followed with 19.10 percent growth in home prices, and Seattle, Washington posted year-over-year home price growth of 1...
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By Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line
(Long & Foster Real Estate Inc 610-225-7400)
TOO LATE - THIS HOME IS NOW UNDER CONTRACT! We just listed this 4 bed 3 1/2 bath town home in Coddington View in Pottstown at 192 Stone Hill Drive, priced at $300,000 it has a ton of upgrades selected by the original purchasers.   Open House Sunday May 30 10-12.  Wonderful end unit town home, with every upgrade they could get, Upgraded flooring, 9' ceilings on main level, main bedroom with trey ceiling, fans throughout the house, granite counter tops, stainless steel appliances, tiled showers, large step down rear deck 14' by 12' approx. size, sound system throughout, iron banister railings. Freshly painted. On top of all this, this home has 4 bedrooms, 3 FULL baths and a powder room. 1 car attached garage. Home has been fitted with pipes for central vacuum system, just needs canister a...
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