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Tagged : Real Estate

Found 56 blog entries tagged as "Real Estate".

 

 

What’s the Difference Between a Seller’s Market and a Buyer’s Market? As we begin 2019, if you are about to start looking for a home, you may come upon these terms. Beyond a simple definition for each of these, it is very important to know the different factors that define each, and how the different markets can impact a buyer.  This article will examine these areas.

Seller’s Market Defined

A seller’s market exists when there are many more buyers seeking to purchase than there are homes available on the market. Stated differently, there are less houses available to satisfy a larger pool of buyers in the marketplace. This lack of listing inventory leads to rapid (at times excessive) price appreciation, very quick closings, many cash buyers,

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Written by Robert H. Ruth

Thanksgiving is like a fixed rate mortgage

I have to admit that my favorite Holiday is Thanksgiving.

I love the food: turkey and dressing …mashed potatoes slathered with gravy …mmm!

I love going for a run or a long walk in the late morning, and the smells that greet me when I come home are intoxicatingly good. Maybe the crisp, late fall air that I come in from enhances the aromas from the kitchen.  

I also love the traditions of Thanksgiving, knowing that the roasting pan we use belonged to my mother in law. I can’t help but think that it holds not only the flavors of the turkey, but the memories of all those Thanksgivings past, and I feel like she is still at the table with us, sharing her love and stories of

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Help your buyer clients fully understand homeownership

    Did you know that homeowners will spend between 1 percent and 2 percent of their home’s value on upgrades and upkeep annually? This percentage is in addition to their mortgage payments and typical monthly expenses. In this video, Tim Bray shares more on the true cost of owning a home. Below, you’ll find an infographic that shows how often various home maintenance tasks need to be performed. Real estate agents can use this information when discussing affordability with clients and share the infographic as well.     Infographic designed by Brittany Carr © 2018 - click here for a high resolution PDF
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These terms are utilized all the time by real estate professionals in describing properties. Tim Bray and Seaport Real Estate Group pull back the curtain and expose the true meanings. Take a look!!

 

 REAL ESTATE TERMS REDEFINED

  1. RELO -Up to 15% off the list price because the seller is being subsidized by a corporate relocation company.
  2. COZY – Small and cramped
  3. GOOD BONES – This place needs to be rehabbed
  4. LOCATION, LOCATION, LOCATION – Focus on location typically means that that structure is less than adequate, and focus is being placed on its positive attribute. Location.
  5. INVESTORS TAKE NOTICE – Ok, this property needs a massive cash infusion to bring life back to the old girl.
  6. PRIDE OF OWNERSHIP – This owner has put their
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Written by Robert H. Ruth

What is a concession?

A concession is some benefit usually offered from the seller to the buyer that helps in the negotiation to buy a home.  The concession is typically financial in nature, and is in essence, a type of deal sweetener for the buyer. In the real estate finance industry, concessions are also known as Interested Party Contributions (IPC’s).  For this article, I wanted to explain the 2 most common types of IPC’s: financing concessions, and sales concessions.

 Financing Concessions

These IPC’s are paid on the borrower’s behalf by the seller to help facilitate the transaction. Financing Concessions typically cover closing costs for the buyer who is financing the purchase with a mortgage. They are

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Written by Robert H. Ruth

According to two recent studies, one published by the National Association of Realtors, the other by Harvard University’s Joint Center for Housing, single women represent 17% of homebuyers throughout the US. That is a very significant number… it shows that single women are the second biggest demographic segment of the purchase market after married couples. By comparison, single men only account for 7% of homebuyers.

Here are a few significant findings from the studies:

  • More than one in five home buyers is a single woman
  • There are twice as many unmarried women buying homes than single men
  • Single women buyers equal more than 33% of the growth in home ownership since 1994

These statistics are even more

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Written by Robert H. Ruth

In last week’s post, I looked at the impact of waiting to buy a house when rates are rising, which is the situation we are experiencing at this point in time. As I explained, thus far in 2018, mortgage rates have risen about .75% to around 4.625% from the prevailing rate in December, which was 3.875%. I also looked at a scenario for first time buyers named John and Mary, who are attempting to purchase a $300,000 home with 10% down. Our analysis was predicated on the following assumptions …

  • John and Mary earn a gross monthly income of $7325. The house they want to buy will require escrows of $ 400 monthly for taxes and homeowners insurance and a 90LTV loan requires PMI at $ 112 monthly.
  • John and Mary’s monthly
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Written by Robert H. Ruth

There are 2 new realities in the Real Estate marketplace for this Spring. First, mortgage rates are going up, and it does not appear likely that this will change any time soon. Second, due to the shortage of housing inventory in the US, we are firmly in the grip of a seller’s market with prices rising at a rapid pace.

If you have been watching the news over the last few months you’ve probably noticed that mortgage interest rates have started going up. Thus far, the increase has not been dramatic: at the end of 2017 the average rate on a 30 Year Fixed Rate Mortgage was 3.875%, and today, March 21st, the beginning of Spring, the average 30 Year Fixed Rate is 4.625%. That is a rate increase or .75% in 3 months. This might

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Written by Robert H. Ruth

People attempting to buy a home are sometimes surprised by the true monthly cost of having a mortgage compared to what they are accustomed to paying each month for rent. So in an effort to help I have done the following exercise with some comparisons for you. This is intended to be a brief but informative little analysis so you can see how owning a home, and paying a mortgage, involves a little bit more than just comparing the payments.

Whenever I first sit down to discuss financing with buyers, I ask them how much their current rent is and what amount they would be comfortable paying each month on a mortgage payment. Let’s assume that a borrower is comfortable paying the same amount as they currently do for rent. I had

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Written by Robert H. Ruth

This is a question I deal with on a regular basis working with homebuyers, so I thought you might benefit from an explanation of the key difference between these 2 products. 

When I first speak with a new client who is looking to purchase a home, they frequently have been referred to me by a Realtor or a builder. The Realtor doesn’t want to spend time with people who are not able to purchase, or who do not know their price range for a purchase. So my job is to help the buyers understand the home buying process, and then determine the correct price range they should be shopping in and how much mortgage they can afford given their current income and monthly debt load. 

  • I do this by asking them careful questions that
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