5 Reasons Homeowners Can Throw Better Super Bowl Parties!

All renters and first time home buyers! Time to get ready for next year’s Super Bowl party. Let’s have it at your new place! We will bring the nachos!

 

5 Reasons Homeowners Can Throw Better Super Bowl Parties! [INFOGRAPHIC] | Simplifying The Market

Highlights:

  • Watching the big game at home with your friends & family offers many advantages.
  • There’s more room to entertain a large crowd and you don’t have to worry about complaints to your landlord if you cheer too loudly!
  • The kitchen is big enough to make as many appetizers as you want, and if some of your guests are only there to watch the commercials, they can do so on a different TV in another room!
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Gap Between Homeowners & Appraisers Narrows to Lowest Mark in 2 Years

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Gap Between Homeowners & Appraisers Narrows to Lowest Mark in 2 Years | Simplifying The Market

In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 4% or more over the next twelve months. One major challenge in such a market is the bank appraisal.

When prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank.

Every month in their Home Price Perception Index (HPPI), Quicken Loans measures the disparity between what a homeowner who is seeking to refinance their home believes their house is worth and what an appraiser’s evaluation of that same home is.

In the latest release, the disparity was the narrowest it has been in over two years, as the gap between appraisers and homeowners was only -0.5%. This is important for homeowners to note as even a .5% difference in appraisal can mean thousands of dollars that a buyer or seller would have to come up with at closing (depending on the price of the home)

The chart below illustrates the changes in home price estimates over the last two years.

Gap Between Homeowners & Appraisers Narrows to Lowest Mark in 2 Years | Simplifying The Market

Bill Banfield, Executive VP of Capital Markets at Quicken Loans urges homeowners to find out how their local markets have been impacted by supply and demand:

“Appraisers and real estate professionals evaluate their local housing markets daily. Homeowners, on the other hand, may only think about their housing market when they see ‘for sale’ signs hit front yards in the spring or when they think about accessing their equity.”

“With several years of growth, owners may have more equity than they realize. Many consumers use the tax season at the beginning of the year to reevaluate their entire financial life. It also provides a good opportunity for them to consider how best to take advantage of their equity while mortgage interest rates and borrowing costs are still near record lows.”

Bottom Line

Every house on the market must be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). With escalating prices, the second sale might be even more difficult than the first. If you are planning on entering the housing market this year, let’s get together to discuss this and any other obstacles that may arise.

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Gorgeous Condo in Sterling VA!

You must see this first floor James model condo meticulously maintained and upgraded! 2 bedrooms and 2 full baths, granite counter tops and bathroom counters, gorgeous wood floors, beautiful appliances, and lovely bathroom tile all await you! Gas fireplace, built in shelving, security system and master bedroom with a walk in closet round out this wonderful, centrally located condo. Call now! 540-710-4205.

VIEW THE SLIDESHOW HERE

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As we adjust our clocks for Daylight Saving Time this weekend…

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Every Hour in the US Housing Market:

  • 624 Homes Sell
  • 347 Homes Regain Positive Equity
  • Median Home Values Go Up $1.13

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JUST LISTED! Top Floor Condo in Stafford VA! Great Amenities! Affordable Pricing!

Near Quantico, this brightly lit, westward facing, top floor condo with a balcony was fully remodeled in 2015. New blinds, new refrigerator with ice-maker, newer dishwasher, well maintained. Currently rented with a stable tenant. lease expires in February. Community offers pool, community and fitness centers as well as a playground. Not financeable due to high investor ratio. Cash buyers only. Call 540-710-4205 today for a showing!

View The Slideshow HERE!

 

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Affordable Handyman Special in Lake Anna!!

Handyman special in Lake Anna! Comes with a boat slip! Renovations were begun, but halted. This is a great opportunity to customize a home on Lake Anna at an affordable price! Call Michelle today for a showing at 540-710-4205!

Click HERE for a slideshow!

Click on the image below to enlarge.

Lake Anna Handyman Special

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Just Listed!! 219 Bailey Drive, Louis VA 23093

Awesome opportunity to own in Lake Anna! Sold as is and priced right! This is a renovation in progress with enormous potential! Come put your finishing touches on this home! Two septic systems on the land, and a boat slip is included! Listed as 1 bedroom, but can easily be finished as 2! Garage on first level has been converted to living space, with a kitchen area & full bath. Must see!! Perfect for a 203K renovation loan! Don’t miss this one! An additional 1.29 acre lot on Paddock Lane is also offered under LA9984016! Call for a private showing: 540-710-4205.

See the slideshow: http://slideshow.mris.com/slideshow/slideshow.htm?ListingKey=300172156674

Click on the image below to enlarge!

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3 Reasons the Housing Market is NOT in a Bubble

See the complete blog by clicking HERE.

With housing prices appreciating at levels that far exceed historical norms, some are fearful that the market is heading for another bubble. To alleviate that fear, we just need to look back at the reasons that caused the bubble ten years ago.

Last decade, demand for housing was artificially propped up because mortgage lending standards were way too lenient. People that were not qualified to purchase were able to attain a mortgage anyway. Prices began to skyrocket. This increase in demand caused homebuilders in many markets to overbuild.

Eventually, the excess in new construction and the flooding of the market with distressed properties (foreclosures & short sales), caused by the lack of appropriate lending standards, led to the housing crash.

Where we are today…

1. If we look at lending standards based on the Mortgage Credit Availability Index released monthly by the Mortgage Bankers Association, we can see that, though standards have become more reasonable over the last few years, they are nowhere near where they were in the early 2000s.

3 Reasons the Housing Market is NOT in a Bubble | Simplifying The Market

2. If we look at new construction, we can see that builders are not “over building.” Average annual housing starts in the first quarter of this year were not just below numbers recorded in 2002-2006, they are below starts going all the way back to 1980.

3 Reasons the Housing Market is NOT in a Bubble | Simplifying The Market

3. If we look at home prices, most homes haven’t even returned to prices seen a decade ago. Trulia just released a report that explained:

“When it comes to the value of individual homes, the U.S. housing market has yet to recover. In fact, just 34.2% of homes nationally have seen their value surpass their pre-recession peak.”

Bottom Line

Mortgage lending standards are appropriate, new construction is below what is necessary and home prices haven’t even recovered. It appears fears of a housing bubble are over-exaggerated.

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What You Need to Know About the Mortgage Process

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Some Highlights:

  • Many buyers are purchasing a home with a down payment as little as 3%.
  • You may already qualify for a loan, even if you don’t have perfect credit.
  • Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.

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Millionaire to Millennials: Buy Now!

See this blog in a different format at : http://www.simplifyingthemarket.com/en/2017/03/28/millionaire-to-millennials-buy-now/?a=322363-6c2bcc78980621505e112fdc5be2bb1e

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Self-made millionaire David Bach was quoted in a CNBC article explaining that “the single biggest mistake millennials are making” is not purchasing a home because buying real estate is “an escalator to wealth.”

Bach went on to explain:

“If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter.”

In his bestselling book, “The Automatic Millionaire,” Bach does the math:

“As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!”

Who is David Bach?

Bach is a self-made millionaire who has written nine consecutive New York Times bestsellers. His book, “The Automatic Millionaire,” spent 31 weeks on the New York Times bestseller list. He is one of the only business authors in history to have four books simultaneously on the New York Times, Wall Street Journal, BusinessWeek and USA Today bestseller lists.

He has been a contributor to NBC’s Today Show appearing more than 100 times, has been a regular on ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS, and has been profiled in many major publications, including The New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, The Washington Post, The Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes.

Bottom Line

Whenever a well-respected millionaire gives investment advice, people usually clamor to hear it. This millionaire gave simple advice – if you don’t yet live in your own home, go buy one.

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