Author: Elaine Hilton

Future Home Values

/ Elaine Hilton

Here is another great article from Keeping Current Matters:

Future Home Values: Where Do The Experts Think They Are Headed?

 

Future Home Values: Where Do The Experts Think They Are Headed? | Keeping Current Matters Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey:

Home values will appreciate by 3.7% over the course of 2016, 3.3% in 2017 and 3.2% in the next two years, and finally 3.1% in 2020 (as shown below). That means the average annual appreciation will be 3.3% over the next 5 years. Future Home Values: Where Do The Experts Think They Are Headed? | Keeping Current Matters The prediction for cumulative appreciation slowed slightly from 21.6% to 17.7% by 2020. The experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of 10.9%.Future Home Values: Where Do The Experts Think They Are Headed? | Keeping Current Matters

Bottom Line

Individual opinions make headlines. We believe the survey is a fairer depiction of future values

Now, Not Spring, May Be The Time To Sell

/ Elaine Hilton

Another great article from Keeping Current Matters!

 

Thinking of Selling? Why Now May Be The Time | Keeping Current Matters It is common knowledge that a large number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their home on the market until then. The question is whether or not that will be a good strategy this year. The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring, as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed which months most people listed their home in for 2015. Here is a graphic showing the results:2015 Popular Selling Months | Keeping Current Matters The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,860,000.

That number spiked to 2,280,000 by May!

What does this mean to you?

With the national job situation improving, and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring. They are out looking for a home right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition for a buyer.

Bottom Line

It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today.

What Do You Actually Need To Get A Mortgage

/ Elaine Hilton
Another Great Article From:  Keeping Current Matters

What Do You Actually Need to Get a Mortgage? | Keeping Current Matters Fannie Mae recently released their “What do consumers know about the Mortgage Qualification Criteria?” Study. The study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home. Here are three takeaways:

  • 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary
  • 86% of Americans either don’t know (59%) or are misinformed (25%) about what an appropriate Back End Debt-to-Income (DTI) ratios is
  • 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required

To help correct these misunderstandings, let’s take a look at the latest Ellie Mae Origination Insight Report, which focuses on recently closed (approved) loans.

FICO SCORES

Average FICO Score | Keeping Current Matters

BACK END DTI

Average Back End DTI | Keeping Current Matters

DOWN PAYMENTS

Average Down Payments | Keeping Current Matters

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will definitely make the mortgage process easier. Your dream home may already be within your reach.

Apply to Artscapes

/ Elaine Hilton

Click to see more and view Tacoma Art Work.  Cool stuff!

Spaceworks Tacoma's avatarSpaceworks Tacoma

Seeking-apps-banner.jpg From left: mural by Angela Larsen, Tollbooth video installation by China Faith Star, and storefront window installation by Becky Frehse.

Spaceworks Tacoma is seeking artists and artist teams from the Pacific Northwest who:
• Can develop a site responsive, temporary, public art display.
• Can successfully and fully activate a public space that is visible 24/7.
• Is an experienced artist seeking a unique location to exhibit artwork.
• Can create an enticing destination-quality visual display for passersby.

ARTSCAPES DESCRIPTION
Artscapes temporarily places 2-dimensional, 3-dimensional, mural, or multi-media art installations in storefront windows, outdoor spaces, and an outdoor video gallery in the City of Tacoma. The program offers an artist stipend to support the creation of new work and site-specific projects, or the installation of existing work. Since launching in 2010, Spaceworks has commissioned 125 art installations! Click here to view them all.

ELIGIBILITY
• Any individual artist or…

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Buy Now or Wait Until 2017

/ Elaine Hilton
 

Should I Buy Now Or Wait Until Next Year? [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
  • Freddie Mac predicts interest rates to rise to 4.8% by next year.
  • CoreLogic predicts home prices to appreciate by 5.3% over the next 12 months.
  • If you are ready and willing to buy your dream home, find out if you are able to!

FICO Score To Buy A House May Be Lower Than You Think!

/ Elaine Hilton

Millennials: What FICO Score is Needed to Buy a Home?

by

Millennials: What FICO Score is Needed to Buy a Home? | Keeping Current Matters

In a recent article by the Wharton School of Business at the University of Pennsylvania, it was revealed that some Millennials are not looking to purchase a home simply because they don’t believe they can qualify for a mortgage.

The article quoted Jessica Lautz, the National Association of Realtors’ Managing Director of Survey Research, as saying that there is a significant population that does not think they will be approved for a mortgage and doesn’t even try. The article also quoted Fannie Mae CEO Tim Mayopoulos :

“I do think that there’s a sense out there in the marketplace among borrowers that credit may not be available, especially for people with lower credit scores.”

So what credit score is necessary?

A recent survey reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780.

In actuality, the FICO score on closed loans (as reported by Ellie Mae) is much lower and has been dropping over the last several months.

FICO Score Requirements | Keeping Current Matters

Bottom Line

Millennials who are considering a home purchase should get advice from a local real estate or mortgage professional now. They may be surprised how much the requirements for a mortgage have eased.

Like A Virgin

/ Elaine Hilton

Buying A Home Can Be Scary... Until You Know the FACTS! [INFOGRAPHIC] | Keeping Current Matters

Some Highlights From Keeping Current Matters

  • 36% of Americans think they need a 20% down payment to buy a home. 44% of Millennials who purchased a home this year have put down less than 10%.
  • 71% of loan applications were approved last month
  • The average credit score of approved loans was 723 in September (the lowest recorded score since Ellie Mae began tracking in August 2011).