lake county real estate. and then some…

selling homes…a family tradition


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SNEAK PEEK!

Updated Gurnee 4 bedroom. Wooded lot. Stainless Viking appliances. F-A-B-U-L-O-U-S! $447,000. Who do you know who is looking to move?  Call me to get into this home before it hits the market! 224-206-8813

 

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Renting? As you head into 2016, you may want to reconsider…

 

The Residential Rental Market Heading into 2016 | Keeping Current Matters

Below are quotes from experts as well as industry reports & articles that cover the residential rental market in the U.S.

The experts…

Zillow Chief Economist Svenja Gudell:

“Make no mistake: Despite this recent slowdown in rental appreciation, the rental affordability crisis we’ve been enduring for the past few years shows no signs of easing, especially as income growth remains weak. It will take a lot more supply, and a lot more renters-turned-homeowners, to fully reverse this.”

Lawrence Yun, Chief Economist of the National Association of Realtors

“Rents and home prices are expected to exceed income growth into next year because of the insufficient creation of new home construction and the detrimental impact its inadequacy continues to have on housing costs in several markets.”

David Brickman, Executive Vice President of Freddie Mac Multifamily

“We know rents are rising faster than incomes, and now we have data to show that many renters don’t have enough to pay all their debts each month, which is forcing them to make tradeoffs, such as cutting spending on other items.”

The reports and articles…

Zillow’s 2016 Housing Market Predictions

“Rising rents won’t let up in 2016, and will continue to set new records. The next year will bring the least affordable median rents ever.”

2015 rent.com Rental Market Report

“68% of property managers predict that rental rates will continue to rise in the next year by an average of 8%”

CNBC

“The primary reasons cited for the latest rises were increasing demand and low inventory. Vacancy rates for rental housing nationally dropped to a 20-year low of 6.8 percent in the second quarter…Rents and occupancies are currently hovering at historic highs as supply isn’t keeping up with demand.”

 Bottom Line

If you are one of the many renters debating a home purchase, meet with a real estate professional in your area who can show you your options, before your rent goes up!


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Pantone has announced their color for 2016.

It is the first time that two colors have been selected. In laymans terms – baby blue and pastel pink. Don’t know that I am crazy about either one of these becoming the decorating rage.

It seems so 1990’s…


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Not quite sure how equity works? Here’s a quick explanation…

 

Equity Matters A Lot... Just Ask Freddie Mac | Keeping Current Matters

There are many reasons, both financial and non-financial, that homeownership remains an important part of the American Dream. One of the biggest reasons is the fact that it helps build family wealth. Recently, Freddie Mac wrote about the power of home equity. They explained:

“In the simplest terms, equity is the difference between how much your home is worth and how much you owe on your mortgage. You build equity by paying down your mortgage over time and through your home’s appreciation. In a nutshell, your money is working for you and contributing toward your financial future.”

They went on to show an example where a person bought a home for $150,000 with a down payment of 10% ($15K), resulting in a loan amount of $135,000. The buyer secured a 30-year fixed-rate mortgage at 4.5% with a monthly mortgage payment of $684.03 (not including taxes and insurance).

The chart below demonstrates the home equity built after 7 years of making mortgage payments and assuming the historic national average of 3% per year home appreciation:

Home Equity Earned | Keeping Current Matters

And that number continues to build as you continue to own the home.

Merrill Lynch published a report earlier this year that showed the average equity homeowners have acquired by certain ages.

Average Home Equity | Keeping Current Matters

Bottom Line

Home equity is important to building wealth as a family. Referring to the first scenario above, Freddie Mac explained:

“Now, if you continued to rent, and made the same payment of $684.03 per month, you’d have zero equity and no means to build it. Building equity is a critical part of homeownership and can help you create financial stability.”

Put your housing cost to work for you and your family. Meet with a real estate professional today to explore your options.


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Did you know that 24% of recent buyers were this…

 

Singles Are Falling For Their Dream Home [INFOGRAPHIC] | Keeping Current Matters

Some Highlights: 

  • 24% of all recent home buyers were single at the time of purchase
  • 47% of single men cite the desire to own a home of their own as the primary reason to buy
  • 18% of first-time buyers were single women


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Interest rates have risen a bit lately, however are still low when compared to the past…

 

Should I Pay a Mortgage Interest Rate over 4%? | Keeping Current Matters

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Along with Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors are all calling for mortgage rates to continue to rise over the next four quarters.

This has caused some purchasers to lament the fact they may no longer be able to get a rate less than 4%. However, we must realize that current rates are still at historic lows.

Here is a chart showing the average mortgage interest rate over the last several decades.

Historic Mortgage Rates By Decade | Keeping Current Matters

Bottom Line

Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago; a lower rate than your parents did twenty years ago and a better rate than your grandparents did forty years ago.