Thinking of Selling? Act Now!

Buyer demand continues to outpace the supply of homes for sale across the country and it does not appear to be slowing down. If you are debating whether or not to list your house for sale this year, let’s get together to discuss the supply conditions in our neighborhood so that I can assist you in gaining access to the buyers who are ready, willing, and able to buy right now!

Posted on July 31, 2018 at 5:45 pm
Bradley Mulliner | Category: Buying/Selling Tips, clients, Helpful Articles, new home, new home owners, Real Estate Activity, Uncategorized

Will Your Current House Fit Your Needs in Retirement?

As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.

According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.1

1. Affordability

“It may be easy enough to afford your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.”

Would moving to a complex with homeowner association (HOA) fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?

2. Equity

“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”

The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $16,300 in equity last year.

read more:

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For more information about the sale or purchase of your new home contact me today at http://bradmulliner.com/contact-me

Posted on July 25, 2018 at 3:14 pm
Bradley Mulliner | Category: Buying/Selling Tips, clients, Helpful Articles, new home, Real Estate Activity

Be Careful Not to Get Caught in The Rental Trap!

Be Careful Not to Get Caught in The Rental Trap!

There are many benefits to homeownership. One of the top benefits is being able to protect yourself from rising rents by locking in your housing cost for the life of your mortgage.

Don’t Become Trapped
A recent article by ConsumerAffairs addressed the continuous rise in rents, stating:

“The cost of putting a roof over your head continues to go up. Not only are home prices still rising, but the cost of rent rose 0.5% in June.”
Additionally, in the Joint Center for Housing Studies at Harvard University’s 2017 State of the Nation’s Housing Report, it was revealed that,

“Despite a slight improvement from 2014, fully one-third of US households paid more than 30 percent of their incomes for housing in 2015. Renters continue to be more likely to face cost burdens…the number of cost-burdened renters (21 million) considerably outstrips the number of cost-burdened owners (18 million) even though nearly two-thirds of US households own their homes.”
These households struggle to save for a rainy day and pay other bills, including groceries and healthcare.

It’s Cheaper to Buy Than Rent
As we have previously mentioned, the results of the latest Rent vs. Buy Report from Trulia shows that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!

Know Your Options
Perhaps you have already saved enough to buy your first home. A nationwide survey of about 24,000 renters found that 80% of millennial renters plan to eventually buy a house, but 72% cite affordability as their primary obstacle. Aside from affordability, one in three millennial renters have concerns about their credit scores, and another 53% said that a down payment is an obstacle.

Many first-time home buyers who believe that they need a large down payment may be holding themselves back from their dream homes. As we have reported before, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!

Bottom Line
Don’t get caught in the trap that so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Let’s get together to determine if you can qualify for a mortgage now! https://goo.gl/qno7mv

 

 

 

Posted on August 1, 2017 at 2:55 pm
Bradley Mulliner | Category: Buying/Selling Tips, Helpful Articles, new home owners | Tagged , , , ,

Why Are Mortgage Interest Rates Increasing?

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According to Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed rate mortgage interest rate jumped up to 3.94% last week. Interest rates had been hovering around 3.5% since June, and many are wondering why there has been such a significant increase so quickly. 

Why did rates go up?

Whenever there is a presidential election, there is uncertainty in the markets as to who will win. One way that this is noticeable is through the actions of investors. As we get closer to the first Tuesday of November, many investors pull their funds from the more volatile and less predictive stock market and instead, choose to invest in Treasury Bonds.

When this happens, the interest rate on Treasury Bonds does not have to be as high to entice investors to buy them, so interest rates go down.  Once the elections are over and a President has been elected, investors return to the stock market and other investments, leaving the Treasury to raise rates to make bonds more attractive again.

Simply put, the better the economy, the higher interest rates will go. For a more detailed explanation of the many factors that contribute to whether interest rates go up or down, you can follow this link to Investopedia.

The Good News

Even though rates are closer to 4% than they have been in nearly 6 months, they are still slightly below where we started 2016, at 3.97%.

The great news is that even at 4%, rates are still significantly lower than they have been over the last 4 decades, as you can see in the chart below. Continue reading

Posted on November 22, 2016 at 5:41 pm
Bradley Mulliner | Category: Buying/Selling Tips, Helpful Articles, new home, new home owners, Real Estate Activity | Tagged , ,

A Lack of Listings Remains ‘Huge’ Challenge in the Market

A Lack of Listings Remains ‘Huge’ Challenge in the Market | MyKCM

The housing crisis is finally in the rear view mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures & short sales) are at their lowest mark in over 8 years. This has been, and will continue to be, a great year for real estate.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. According to the National Association of Realtors (NAR), buyer traffic and demand continues to be the strongest it has been in years. The supply of homes for sale has not kept up with this demand and has driven prices up in many areas as buyers compete for their dream home.

Traditionally, the winter months create a natural slowdown in the market. Jonathan Smoke, Chief Economist at realtor.com, points to low interest rates as one of the many reasons why buyers are still out in force looking for a home of their own.

“Overall, the fundamental trends we have been seeing all year remain solidly in place as we enter the traditionally slower sales season, and pent-up demand remains substantial as buyers seek to get a home under contract while rates remain so low.”

NAR’s Chief Economist, Lawrence Yun, points out that the inventory shortage we are currently experiencing isn’t a new challenge by any means:

“Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in. Unfortunately, there won’t be much relief from new home construction, which continues to be grossly inadequate in relation to demand.”

Bottom Line

Healthy labor markets and job growth have created more and more buyers who are not just ready and willing to buy but are also able to. If you are debating whether or not to put your home on the market this year, now is the time to take advantage of the demand in the market.

https://goo.gl/ZNROnm

Posted on November 15, 2016 at 8:16 pm
Bradley Mulliner | Category: Buying/Selling Tips, Helpful Articles, new home owners | Tagged , ,

Why Waiting Until After the Holidays to Sell Isn’t a Smart Decision

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Every year at this time, many homeowners decide to wait until after the holidays to put their homes on the market for the first time, while others who already have their homes on the market decide to take them off until after the holidays. Here are six great reasons not to wait: https://goo.gl/eyosVz

Posted on November 14, 2016 at 5:36 pm
Bradley Mulliner | Category: Buying/Selling Tips, Helpful Articles | Tagged , , ,

Taking the Fear out of the Mortgage Process

 

Taking the Fear out of the Mortgage Process | Simplifying The Market

A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification.

For many, the mortgage process can be scary, but it doesn’t have to be!

In order to qualify in today’s market, you’ll need to have saved for a down payment (the average down payment on all loans was 11% last month, with many buyers putting down 3% or less), a stable income and good credit history.

Throughout the entire home buying process, you will interact with many different professionals, all of which perform necessary roles. These professionals are also valuable resources for you.

Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests to follow:

https://goo.gl/sylSJD

Posted on October 31, 2016 at 5:02 pm
Bradley Mulliner | Category: Buying/Selling Tips, Helpful Articles | Tagged , , ,

Starting to Look for a Home? Know What You WANT vs. What You NEED

In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search.

If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or Pinterest, and start looking at the countless homes listed for sale with rose-colored glasses.

http://https://goo.gl/0PD3ql

Posted on October 19, 2016 at 4:41 pm
Bradley Mulliner | Category: Buying/Selling Tips, Helpful Articles, new home | Tagged ,

“2016” Best Real Estate Markets!

Just how strong is our real estate market? According to an article recently reported by New York Times citing the U.S. Census Burear data, the sales of new single family homes were higher this past July that in nearly the past 10 years.

In a study performed by Wallet Hub's analysts which compared 300 U.S. cities across 16 key metrics to help prospective home buyer find the most attractive real estate markets, Portland, Hillsboro and Beaverton all ranked in the top 50.

Based of the findings o

Source: WalletHub for article.

 

 

 

Posted on September 12, 2016 at 5:19 pm
Bradley Mulliner | Category: Helpful Articles

Yes Curb Appeal Matters in a “HOT MARKET”

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In todays “HOT MARKET” it is still a matter of importance before listing your home to remember – You only make a first impression once.

Many sellers are under the assumption that their home will sell as it is.  This may be so, but do you want to risk not getting the highest price possible.  This all starts with the first impression.  This first photo seen on line is usually the outside of the home, this first thing a buyers see when driving past the home is the exterior.  Why not take the extra effort in making  the curb appeal of your home the best you absolutely can before listing your home.

Here are a few simple suggestions that will not break the bank but will have a tremendous effect on the curb appeal of your home.

Entrance

  • Repaint the front door and replace the hardware
  • Update the house numbers
  • Add or update light fixtures by the entrance
  • Rinse or sweep the driveway regularly and reseal holes and cracks

Roof

  • Check your roof for any missing or badly curled or damaged shingles that need to be replaced.
  • Clear all gutters and downspouts of any debris

Landscaping

  • Trim any overgrown shrubs, remove weeds and tidy up planting areas.
  • Add colorful flowers and shrubs where possible
  • Add new barkdust if this is something that you already have in place.
  • Keep the lawn trimmed

Fence

  • Walk the fence looking for loose slats or missing components. Make sure all the latches and gate are working properly
  • repaint if necessary

Overall

  • Wash everything- the windows, front door, porch and garage doors.
  • Pressure wash the driveway and sidewalks and siding.

These are just a few simple things that will help improve the overall curb appeal of your home.

Remember Selling your home is work and buying a home is fun, make your home stand out to the buyers.

 

Posted on May 20, 2016 at 4:15 pm
Bradley Mulliner | Category: Buying/Selling Tips, Helpful Articles | Tagged , , ,