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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Housing inventory is it’s lowest point since when?!

The National Association of Realtors issued their most recent housing report, at the end of last week.  Thinking of selling?  The housing inventory is at it’s lowest point in 10 years.  While that is good news for sellers, it will make buying a home a bit more challenging.  Buyer demand is expected to be greater than seller supply.  Exposing your property to the market before the spring rush may help you achieve top dollar as a seller.  And starting the search property earlier may help a buyer beat the competitive spring market.  Not sure what to do?  Call me, and we will discuss your options.

Existing Home Sales Rebound in December | Keeping Current Matters

The National Association of Realtors (NAR) just released their latest Existing Home Sales Report on Friday. Sales of existing homes rose by the largest increase ever recorded as they rebounded 14.7% over November’s numbers and now stand at 7.7% higher than a year ago.

While this is great news for the housing market, let’s take a look at one of the main reasons why there was such a large increase in sales.

As we explained last month, the implementation of the “Know Before You Owe” (TRID) initiative delayed some closings, pushing a portion of November’s would-be transactions to close in December.

“December’s rebound in sales is reason for cautious optimism that the work to prepare for ‘Know Before You Owe’ is paying off,” says NAR President Tom Salomone.

Lawrence Yun, NAR’s Chief Economist, had this to say about the surge in December sales:

“While the carryover of November’s delayed transactions into December contributed greatly to the sharp increase, the overall pace taken together indicates sales these last two months maintained the healthy level of activity seen in most of 2015. Additionally, the prospect of higher mortgage rates in coming months and warm November and December weather allowed more homes to close before the end of the year.”

The most important realization to come out of the report is the fact that inventory of existing homes for sale dropped dramatically from a 5.1-month supply in November to the lowest figure since January 2005, at a 3.9-month supply.

A normal market, where prices rise with inflation, is defined as having a 6-7-month supply of homes for sale. As you can see in the chart below, inventory levels in 2015 were at or below a 5.2-month supply for the entire year.

2015 Months Inventory of Homes For Sale | Keeping Current Matters

If inventory levels do not recover, this could be a challenge for sales moving forward as buyer demand remains strong and competition for the homes that are on the market continues to rise.

Bottom Line

If you are considering listing your home for sale in 2016, now is the time! With inventory levels at their lowest mark in over 10 years, listing your home for sale before the busy spring buying season will give you the most exposure to buyers and allow you to get the best price for your home.


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I have loved following this story..

Earlier this week, a story went viral.  A wonderful, heartwarming story.  A group of kids were playing basketball in the street, and someone in the neighborhood called the police to complain about the noise.  Keep in mind, this was during daylight hours.  The police officer who responded to the call treated those kids with compassion and respect.  He explained why he was there, and then played some hoops with them.  Before he left, he told the kids that he would return, with basketballs and backups.  As the story went viral, a very famous professional basketball player stepped up and wanted to be a part of the return visit.  Such a great lesson in community involvement, respect, keeping your word and yes, even basketball. “I will become whatever I want to be” – Shaq  
 
Take a few minutes to watch the Gainesville Police Department’s video.  It is well worth the time.  To see the video, click HERE
 



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If money were no object…

… and you could pick any of these celeb’s features to go into YOUR home…which would you choose? I like Gaga’s bowling alley 🙂 HGTV Canada put together a spread featuring some well known homeowners.  Some of the amenities that their homes include are impressive!  And some are down right enviable. Click on the link HERE to view the photo gallery
 

 
 


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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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Do you believe that “owing a place of your own” is one of the most appealing aspects of homeownership?

You aren’t along. Twenty-six percent of US households agree with you. What’s the number one reason…  
 

The Most Appealing Aspects of Homeownership | Keeping Current Matters

The National Association of Realtors (NAR) just released their first issue of the Housing Opportunities & Market Experience Survey (HOME). In the report, NAR revealed what Americans believe to be the most appealing aspects of homeownership.

Here is a graph showing the results:

The Most Appealing Aspects of Homeownership | Keeping Current Matters

It is interesting to see that the two most appealing aspects had nothing to do with money, but instead, addressed the non-financial benefits of homeownership.