lake county real estate. and then some…

selling homes…a family tradition


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Fannie Mae recently surveyed Americans on their knowledge of the mortgage process.

Almost 60% were uninformed, on items such as minimum FICO and various mortgage programs available. Do you have questions? I can connect you with some reputable mortgage brokers to walk you through the process.
 
What Do You Actually Need to Get a Mortgage? | Keeping Current Matters

Fannie Mae recently released their “What do consumers know about the Mortgage Qualification Criteria?” Study. The study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home. Here are three takeaways:

  • 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary
  • 86% of Americans either don’t know (59%) or are misinformed (25%) about what an appropriate Back End Debt-to-Income (DTI) ratios is
  • 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required

To help correct these misunderstandings, let’s take a look at the latest Ellie Mae Origination Insight Report, which focuses on recently closed (approved) loans.

FICO SCORES

Average FICO Score | Keeping Current Matters

BACK END DTI

Average Back End DTI | Keeping Current Matters

DOWN PAYMENTS

Average Down Payments | Keeping Current Matters

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will definitely make the mortgage process easier. Your dream home may already be within your reach.

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Did you know that unmarried couples purchase their first home an average of 3 years before a married couple does?

Are You Wondering What It Takes To Buy Your First Home? | Keeping Current Matters

There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family. Others may think they are too young. And still others might think their current income would never enable them to qualify for a mortgage.

We want to share what the typical first time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first time buyer:

First-Time Homebuyer Statistics | Keeping Current Matters

Bottom Line

You may not be much different than many people who have already purchased their first home. Meet with a local real estate professional today who can help determine if your dream home is within your grasp.


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Prices AND mortgage rates are projected to rise in 2016. Waiting will cost you money…

 

Prices and Mortgage Rates Going Up in 2016 | Keeping Current Matters

The monthly mortgage payment on a home is determined by two elements: the price of the house and the interest rate you pay on your mortgage. Recently released reports are revealing that the experts expect both elements to increase in 2016.

HOME PRICES

CoreLogic has projected a nationwide 5.2% home value appreciation for the next twelve months. Here is their breakdown by state:

Pricing Forecast | Keeping Current Matters

MORTGAGE INTEREST RATES

All four of the entities that provide projections on mortgage interest rates agree: they’re going up in 2016. Here are the predictions over the next four quarters:

Interest Rates | Keeping Current Matters

Bottom Line

With both home values and interest rates projected to increase over the next twelve months, buying (or moving-up), sooner rather than later, makes sense.


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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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This doesn’t apply in all areas, however it is still positive news!

Buyer Demand Continuing to Outpace Housing Supply | Keeping Current Matters

The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.

Inventory Levels & Demand

Sales of existing homes rose 3.2% from May, outpacing year-over-year figures for the ninth consecutive month. Total unsold housing inventory is at a 5.0-month supply.

This is down from May’s 5.1-month supply and remains below the 6 months that is needed for a historically normal market.

Consumer confidence is at the highest level in over a decade. Pair that with interest rates still around 4%, new programs available for down payments as low as 3%, and you have an attractive market for buyers.

Buyer demand for housing surged to it’s highest level since June 2013.

Prices Rising

June marked the 40th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $236,400 (up 6.5% from 2014).

So What Does This Mean?

The chart below shows the impact that inventory levels have on home prices.

Inventory & Pricing | Keeping Current Matters

NAR’s Chief Economist, Lawrence Yun gave some insight into the correlation:

“Limited inventory amidst strong demand continues to push home prices higher, leading to declining affordability for prospective buyers.”

NAR’s President, Chris Polychron added:

“The demand for buying has really heated up this summer, leading to multiple bidders and homes selling at or above asking price.”

Bottom Line

If you are debating putting your home on the market in 2015, now may be the time. The number of buyers ready and willing to make a purchase is at the highest level in years. Contact a local professional in your area to get the process started.


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What do rising house prices mean to a buyer?

Housing inventory remains low, and buyer demand is beginning to rise. A diminished supply will lead to increasing home prices. Thinking of buying? You may want to purchase sooner than later!

http://goo.gl/fyRXKo


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Top 13 tips for homebuyers to follow…

Is buying a home on your list of 2015 resolutions? Zillow has compiled a true, and amusing, list of 13 hints to follow. Spoiler – sex, drugs and rock n’ roll aren’t in the top 13…

Click here to see the list