What Happens Every Hour

November 5th, 2019

 

BOTTOM LINE:

  • Over 500 homes sell every hour
  • Positive equity is gained
  • The value of your home goes up

How to Determine If You Can Afford to Buy a Home

October 30th, 2019

How to Determine If You Can Afford to Buy a Home | MyKCM

The gap between the increase in personal income and residential real estate prices has been used to defend the concept that we are experiencing an affordability crisis in housing today.

It is true that home prices and wages are two key elements in any affordability equation. There is, however, an extremely important third component to that equation: mortgage interest rates.

Mortgage interest rates have fallen by more than a full percentage point from this time last year. Today’s rate is 3.75%; it was 4.86% at this time last year. This has dramatically increased a purchaser’s ability to afford a home.

Here are three reports validating that purchasing a home is in fact more affordable today than it was a year ago:

CoreLogic’s Typical Mortgage Payment

“Falling mortgage rates and slower home-price growth mean that many buyers this year are committing to lower mortgage payments than they would have faced for the same home last year. After rising at a double-digit annual pace in 2018, the principal-and-interest payment on the nation’s median-priced home – what we call the “typical mortgage payment”– fell year-over-year again.”  

The National Association of Realtors’ Affordability Index

“At the national level, housing affordability is up from last month and up from a year ago…All four regions saw an increase in affordability from a year ago…Payment as a percentage of income was down from a year ago.”

First American’s Real House Price Index (RHPI)

“In 2019, the dynamic duo of lower mortgage rates and rising incomes overcame the negative impact of rising house price appreciation on affordability. Indeed, affordability reached its highest point since January 2018. Focusing on nominal house price changes alone as an indication of changing affordability, or even the relationship between nominal house price growth and income growth, overlooks what matters more to potential buyers – surging house-buying power driven by the dynamic duo of mortgage rates and income growth. And, we all know from experience, you buy what you can afford to pay per month.”

Bottom Line

Though the price of homes may still be rising, the cost of purchasing a home is actually falling. If you’re thinking of buying your first home or moving up to your dream home, let’s connect so you can better understand the difference between the two.

Know The Facts About Buying A Home

October 28th, 2019

 

Bottom Line:

  • 78.1% of loan applications were approved last month
  • You don’t need to have more than 20% down
  • Over 90% of homeowners have positive equity

 

Buying a home doesn’t have to be a scary and stressful process!

We are here to help whenever you are ready, just give us a call at (651) 777-3434!

Housing Prices

October 21st, 2019

Borrower’s Market

Things To Keep In Mind:

  • It is currently easier to get loans from lenders
  • Loans that had negative amortization are gone
  • The number of unconventional loans has increased since 2018

Fall To Winter Fix Ups

October 18th, 2019

Make Sure Your Home Is Ready For The Winter!

 

With winter around the corner you need to check up on your home! Getting your HVAC serviced is more important than you may think, and here’s why.

  1. Higher Efficiency: Low efficiency makes your system work harder causing it to shorten its life and raise your monthly bill.
  2. Less Problems: With you system working all year round some of the parts can start to break, belts can snap, and some areas might need lubricant. When you get your HVAC serviced, they’ll look and make sure that every part of your system is working the way it’s supposed to.
  3. Better Air Quality: With hot and humid summers, coils and ductwork can have some mold growth on it. Having a technician look at your HVAC is the correct way to make sure that there is no mold growing in your system. Dust can also accumulate and spread through your house.

Bottom Line:

Getting your HVAC serviced gives you higher efficiency, less problems, and better air quality.

Mortgage Process

October 14th, 2019

Your Go-To Guide:


Bottom Line:

  • Once you have done all your research and have talked to professionals, the process is stress free!
  • If you have any questions about being a home owner don’t be afraid to reach out to us at 651-777-3434

New Listing!

October 9th, 2019

Absolutely adorable update rambler in Roseville schools! Quiet street, tucked away but with easy access to highways and both Minneapolis and St. Paul.

Contact The Smith Team at 651-777-3434 today if you believe this is your forever home!

The Acronyms You Need To Know

October 7th, 2019

New Listing!

October 3rd, 2019

Don’t miss out!

Located on a picturesque tree-lined street of mid-century modern homes, just blocks from the Mississippi River; this expansive rambler awaits you. From the rolling front lawn to the secluded and private back yard, this home has been lovingly maintained for years and is ready for a new owner.

Contact The Smith Team at 651-777-3434 today if you believe this is your forever home!

Get Ready For Your Successful Remodel!

October 2nd, 2019

Are You Ready To Remodel Your Home?

 

Thinking about remodeling your home?

Read this article from Family Handyman for 20 tips on remodeling your home!