Today is a Skills Market

Posted by on May 24, 2022 in Uncategorized | 0 comments

In today’s ultra-competitive real estate market where there is only 1.7 months supply of inventory compared to 6 months in a balanced market, and the average home is getting 4.8 offers per sale, it is more important than ever to have the right person "champion" your cause. In the Middle Ages, it became customary for a person of nobility to appoint a "champion" to fight for them in their stead. Trial by combat ended in the 15th to 16th centuries but the practice of "fighting" or speaking in one’s...

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Existing Homeowners May be Facing Higher Payments

Posted by on May 17, 2022 in Uncategorized | 0 comments

As a current homeowner, you may be basking in the consolation that you bought before the market got crazy with higher prices and interest rates. However, it doesn’t mean that you may not be facing higher mortgage payments for next year. Most homeowners pay their taxes and insurance into an escrow account with their mortgage payment. The lender monitors the account to be sure there are enough funds available when the taxes and insurance are due. If there is a shortage, it could cause your payment to increase. In 2021, the national...

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Homeownership and the Three M’s

Posted by on May 10, 2022 in Uncategorized | 0 comments

Homes are valuable assets and must be maintained so they function properly, are safe, enjoyable and hold their value. Attention to maintenance, minimizing expenses and managing debt & risk will protect your investment. Maintenance It is interesting that people understand the necessity to maintain a car and regularly have the car inspected, repaired and do regular maintenance. Even though a house could be worth many times more than a car, homeowners regularly neglect what should be routine maintenance. Failure to maintain a home properly...

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Will Selling Your Home Increase Your Tax Bill?

Posted by on May 3, 2022 in Uncategorized | 0 comments

With home prices rising 20% nationwide in the past year and in some markets, even dramatically more, many homeowners are excited about the equity in their homes. In the past, most homeowners were not concerned about profit from the sale being taxed but some may be surprised. The profit homeowners make on the sale of their homes have enjoyed a generous exclusion. Since 1997, for qualified sales, single taxpayers exclude up to $250,000 of capital gain and married taxpayers filing jointly, can exclude up to $500,000 of gain. Prior to the...

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Buying a Home…Ask for a CLUE Report

Posted by on Apr 26, 2022 in Uncategorized | 0 comments

People purchasing a used car have most likely heard of CARFAX vehicle history reports to help them avoid buying a car with costly hidden problems. Less likely are buyers to know that there is a way to discover some of the repair history of homes they are interested in. Lexis Nexis C.L.U.E. (Claims Loss Underwriting Exchange) is a claims history database that enables insurance companies to access consumer claims for the previous seven years when they are underwriting a risk or rating an insurance policy. An insurance underwriter could identify...

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Coordinating the Sale and Purchase of Your Home

Posted by on Apr 19, 2022 in Uncategorized | 0 comments

Usually, it is easier to buy a home than to sell a home but that isn’t necessarily the case currently. In today’s market, it can be scary to sell your home before buying another because you could find yourself without a home. Most sellers will not accept a contingency on the sale of a buyer’s home in today’s market. So, let’s look at some of the alternatives that homeowners are using to facilitate the transactions. If you have the income, credit, and cash available, the replacement home can be purchased with a...

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A New Opportunity for Homebuyers

Posted by on Apr 12, 2022 in Uncategorized | 0 comments

You may not have heard of anyone assuming an existing mortgage for over thirty years and didn’t know they were even possible any longer. The reason is simple, it didn’t make financial sense but now that interest rates are increasing, it may be an opportunity for some homebuyers. Conventional loans added clauses to mortgages back in the early 80’s that gave the noteholder the right to raise the interest rate if a loan was assumed, as well as require the new buyer to qualify for the loan. This essentially ended the practice of...

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Cost of Waiting to Buy in Both Price and Interest Rates

Posted by on Apr 6, 2022 in Uncategorized | 0 comments

Have you ever been shopping on a website where you were looking at something that was on sale? You were interested in it but there wasn’t a sense of urgency and maybe, you had a lot going on and didn’t get back to it for a few days. When you did go back to the website, the price on the item had returned to its regular price. How did you feel? Did you go ahead and purchase it for the current price? How did that make you feel knowing that if you had acted more decisively, you would have saved money and had the product by now? In...

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Why a Home Should Be Your First Investment

Posted by on Feb 8, 2022 in Uncategorized | 0 comments

Real estate has been described as the basis of all wealth. Without considering income or investment property, buying a home to live in is an incredibly powerful way to build wealth or financial net worth. A home is an asset measured by the size of the equity. Equity is simply the difference between the value of the home and the amount owed. There are two powerful dynamics at work to increase the equity which include appreciation and amortization. Appreciation occurs when the fair market of the home increases. The shortage of available...

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Paying Points to Lower the Rate

Posted by on Feb 1, 2022 in Uncategorized | 0 comments

Two commonly known ways to lower your mortgage payments are to make a larger down payment especially if it eliminates private mortgage insurance and improve your credit score before applying for a mortgage. Another way to lower your payment would be to buy down the interest rate for the life of the mortgage with discount points. A discount point is one percent of the mortgage borrowed. Lenders collect this fee up-front to increase the yield on the note in exchange for a lower interest rate. A permanent buy down on a fixed-rate mortgage is...

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