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Dec. 5, 2019

CoreLogic expects home prices to do this in the next 12 months

Home Sales

BY: Julia Falcon

Nationally, home prices increased 3.5% year over year in October, according to CoreLogic‘s latest Home Price Index Report.

To be more specific, prices rose on lower-priced homes. A big trend seen in the 2019 housing market saw was tight inventory of both single-family and multifamily, creating a increase in prices.

The lowest priced home tier increased 5.5% year over year in October 2019, compared to 4.7% for the low- to middle-price tier, 4% for the middle- to moderate-price tier, and 3.1% for the high-price tier, according to CoreLogic.

Going forward, CoreLogic expects home prices to increase 5.4% from October 2019 to October 2020.

Over the last six months, home prices have been increasing from between 3.2% to 3.5%, which means the rate of home price growth is leveling off.

n September this year, home prices rose 3.5% compared to September last year. At the time, CoreLogic predicted home prices will increase by 5.6%, come September 2020.

Idaho saw the largest and highest amount of price increase, with annual home price appreciation of 10.9% in October 2019.

Connecticut saw the lowest price appreciation increase, hovering just around zero. Connecticut home prices in October 2019 were also the farthest below their all-time HPI high, still 16.5% below the July 2006 peak.

Overall, home prices in 41 states (including the District of Columbia) have risen above their nominal pre-crisis peaks, CoreLogic states.

While annual price increases slowed in 38 states compared to 2018, prices in Nevada increased by 3.2% year over year in October 2019, an 8.7-percentage-point tick down from the 11.9% annual increase in October 2018, signaling a slow down.

VIA: HousingWire

Posted in Market Analysis
Dec. 5, 2019

Freddie Mac: Mortgage rates hold steady amid economic uncertainty

Mortgage Rates

BY: Alcynna LLoyd

This week, the average U.S. fixed rate for a 30-year mortgage came in at 3.68%. Although this rate is left unchanged from last week’s percentage, it’s still more than a percentage point below the 4.75% of the year-earlier week, according to the Freddie Mac Primary Mortgage Market Survey.

“This week the economy sent mixed signals, leaving mortgage rates unchanged,” said Sam Khater, Freddie Mac’s chief economist. “Survey data for manufacturing and service industries varied while construction spending fell modestly. However, homebuyer demand continued to improve, rising 8%. Clearly homebuyers remain bullish on the real estate market.”

The 15-year FRM averaged 3.14% this week, slightly retreating from last week’s 3.15%. This time last year, the 15-year FRM came in at 4.21%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.39%, falling from last week’s rate of 3.43%. Last year, the 5-year ARM was much higher at 4.07%.


VIA: HousingWire

Posted in Mortgage
Nov. 23, 2019

This is Not 2008 All Over Again: The Mortgage Lending Factor

This is Not 2008 All Over Again: The Mortgage Lending Factor | MyKCM

Some are afraid the real estate market may be looking a lot like it did prior to the housing crash in 2008. One of the factors they’re pointing at is the availability of mortgage money. Recent articles about the availability of low-down payment loans and down payment assistance programs are causing concern that we’re returning to the bad habits of a decade ago. Let’s alleviate the fears about the current mortgage market.

The Mortgage Bankers’ Association releases an index several times a year titled: The Mortgage Credit Availability Index (MCAI). According to their website:

“The MCAI provides the only standardized quantitative index that is solely focused on mortgage credit. The MCAI is…a summary measure which indicates the availability of mortgage credit at a point in time.”

Basically, the index determines how easy it is to get a mortgage. The higher the index, the more available the mortgage credit.

Here is a graph of the MCAI dating back to 2004, when the data first became available:This is Not 2008 All Over Again: The Mortgage Lending Factor | MyKCM  As we can see, the index stood at about 400 in 2004. Mortgage credit became more available as the housing market heated up, and then the index passed 850 in 2006. When the real estate market crashed, so did the MCAI (to below 100), as mortgage money became almost impossible to secure.

Thankfully, lending standards have eased since. The index, however, is still below 200, which is half of what it was before things got out of control.

Bottom Line

It is easier to get a mortgage today than it was immediately after the market crash, but it is still difficult. The difference in 2006? At that time, it was difficult not to get a mortgage.

Posted in Market Analysis
Nov. 22, 2019

Buyers Are Looking Now. Are You Ready to List Your Home?

Buyers Are Looking Now. Are You Ready to List Your Home? | MyKCM

Inventory on the market today is low, especially among existing homes in the entry and middle-level tiers of the market. It is hovering well below the 6-month supply typically found in a more normal market, as shown in the graph below:Buyers Are Looking Now. Are You Ready to List Your Home? | MyKCMWith inventory being one of the biggest housing market challenges today, finding a starter home right now isn’t easy. According to the Q3 Housing Trends Report from the National Association of Homebuilders (NAHB), 68% of those searching for a home think their search will get harder or stay about the same over the next 12 months.

The same study reveals,

“In Qtr3’19, buyers actively engaged in the process of buying a home are more likely to have spent at least 3 months searching (58%) than a year earlier (55%).”

 This is certainly no surprise, given the current inventory status. So, what’s the good news? The NAHB continues to say,

“If still unable to find a home in the next few months, the next step for most long-time searchers is to continue looking for the ‘right’ home in the same preferred location (52%). The next step for 35% is to expand their search area and for 16% is to accept a smaller/older home. Only 15% will give up looking.”

What does this mean for homeowners?

 If you’re thinking of selling your home, buyer demand is high – and those looking in your neighborhood aren’t planning on giving up anytime soon. The majority of potential buyers who are still searching for their dream home are eager, willing, and ready to buy, so maybe it’s time to list your house and make your move.

Bottom Line

With buyer demand as high as it is today, and inventory in the entry and middle-tier markets remaining low, it’s never been a better time to move up. Let’s get together to determine if now is your time to sell.

Posted in Real Estate
Nov. 22, 2019

How Long Can This Economic Recovery Last?

How Long Can This Economic Recovery Last? | MyKCM

The economy is currently experiencing the longest recovery in our nation’s history. The stock market has hit record highs, while unemployment rates are at record lows. Home price appreciation is beginning to reaccelerate. This begs the question: How long can this economic recovery last?

The Wall Street Journal (WSJ) Survey of Economists recently called for an economic slowdown (recession) in the near future. The most recent survey, however, now shows the economists are pushing that timetable back. When asked when they expect a recession to start, 42.5% of the economists in the previous survey projected between now and the end of 2020. The most recent survey showed that percentage drop to 34.2%. Here are the most current results:How Long Can This Economic Recovery Last? | MyKCM Like the economists surveyed by the WSJ, most experts are still predicting a recession will likely occur sometime in the next few years. However, many are pushing back the date for the economic slowdown.

Bottom Line

Real estate is impacted by the economy (and the consumer’s belief in the strength of the economy). The fact that most economic experts are calling for the recovery to continue through 2020 means the housing market will also remain strong for the foreseeable future.

Posted in Market Analysis
Oct. 31, 2019

Taking the Fear Out of the Mortgage Process

Taking the Fear Out of the Mortgage Process | MyKCM

A considerable number of potential buyers shy away from the real estate market because they’re uncertain about the buying process – particularly when it comes to qualifying for a mortgage.

For many, the mortgage process can be scary, but it doesn’t have to be! 

In order to qualify in today’s market, you’ll need a down payment (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less), a stable income, and a good credit history.

Once you’re ready to apply, here are 5 easy steps Freddie Mac suggests to follow:

  1. Find out your current credit history and credit score– Even if you don’t have perfect credit, you may already qualify for a loan. The average FICO Score® for all closed loans in September was 737, according to Ellie Mae.
  2. Start gathering all of your documentation– This includes income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).
  3. Contact a professional– Your real estate agent will be able to recommend a loan officer who can help you develop a spending plan, as well as help you determine how much home you can afford.
  4. Consult with your lender– He or she will review your income, expenses, and financial goals in order to determine the type and amount of mortgage you qualify for.
  5. Talk to your lender about pre-approval– A pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change) and demonstrates to home sellers that you’re serious about buying.

Bottom Line

Do your research, reach out to professionals, stick to your budget, and be sure you’re ready to take on the financial responsibilities of becoming a homeowner.

Posted in Mortgage
Oct. 25, 2019

Think Prices Have Skyrocketed? Look at Rents.

Think Prices Have Skyrocketed? Look at Rents. | MyKCM

Much has been written about how residential real estate values have increased since the housing market started its recovery in 2012. However, little has been shared about what has taken place with residential rental prices. Let’s shed a little light on this subject.

In the most recent Apartment Rent ReportRentCafe explains how rents have continued to increase over the last twelve months because of a large demand and a limited supply.

 “Continued interest in rental apartments and slowing construction keeps the national average rent on a strong upward trend.”

Zillow, in its latest Rent Index, agreed that rents are continuing on an “upward trend” across most of the country, and that the trend is accelerating:

“The median U.S. rent grew 2% year-over-year, to $1,595 per month. National rent growth is faster than a year ago, and while 46 of the 50 largest markets are showing deceleration in annual home value growth, annual rent growth is accelerating in 41 of the largest 50 markets.”

The Zillow report went on to detail rent increases since the beginning of the housing market recovery in 2012. Here is a graph showing the increases:Think Prices Have Skyrocketed? Look at Rents. | MyKCM

Bottom Line

It is true that home prices have risen over the past seven years, increasing the cost of owning a home. However, the cost of renting a home has also increased over that same time period.

Posted in Market Analysis
Oct. 25, 2019

5 Tips for Starting Your Home Search

5 Tips for Starting Your Home Search

5 Tips for Starting Your Home Search | MyKCM

In today’s market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. Here are five tips from realtor.com’s article“How to Find Your Dream Home—Without Losing Your Mind.”

1. Get Pre-Approved for a Mortgage Before You Start Your Search

One way to show you’re serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage. Even if you’re in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach. This will help you avoid the disappointment of falling in love with a home well outside your price range.

2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’

Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Before you start your search, list all the features of a home you would like. Qualify them as ‘must-haves’‘should-haves’, or ‘absolute-wish list’ items. This will help you stay focused on what’s most important.

3. Research and Choose a Neighborhood Where You Want to Live

Every neighborhood has unique charm. Before you commit to a home based solely on the house itself, take a test-drive of the area. Make sure it meets your needs for “amenities, commute, school district, etc. and then spend a weekend exploring before you commit.”

4. Pick a House Style You Love and Stick to It

Evaluate your family’s needs and settle on a style of home that will best serve those needs. Just because you’ve narrowed your search to a zip code doesn’t mean you need to tour every listing in that vicinity. An example from the article says, “if you have several younger kids and don’t want your bedroom on a different level, steer clear of Cape Cod–style homes, which typically feature two or more bedrooms on the upper level and the master on the main.”

5. Document Your Home Visits

Once you start touring homes, the features of each individual home will start to blur together. The article suggests keeping your camera handy and making notes on the listing sheet to document what you love and don’t love about each property you visit.

Bottom Line

In a high-paced, competitive environment, any advantage you can give yourself will help you on your path to buying your dream home.

Posted in Tips and Advice
Oct. 25, 2019

50 Simple Things You Need to Hear

Things You Need To Hear

A simple life is all about being intentional—with the things you do, with the things you own, and with the people you spend time with. It’s about holding onto the things that matter, and letting go of the things that don’t.

50 Simple Things

Over the years, there have been many quotes which have made a difference in my life. I hope these words inspire you as much as they have inspired me:

Alysa Bajenaru — Inspired RD

1. For the longest time, I thought I needed to be more organized. Now I know I just needed less stuff.

Anne Lamott — Anne Lamott

2. Almost everything will work again if you unplug it for a few minutes, including you.

Brian Gardner — No Sidebar

3. White space is where the magic happens.

4. The best way to get rid of things you don’t need, is to get rid of things you don’t need.

5. Make room for things that matter by removing everything that doesn’t.

6. The greatest thing about a simple life is having one.

7. Busy schedules make busy people.

8. Twenty pairs of jeans is fifteen too many.

Cait Flanders — Cait Flanders

9. You might get 85 years on this planet—don’t spend 65 paying off a lifestyle you can’t afford.

Courtney Carver — Be More with Less

10. Abundance is a full heart, not a full house.

11. If you don’t have time to do what matters, stop doing things that don’t.

12. I don’t say no because I’m so busy, I say no because I don’t want to be so busy.

13. If you have to buy stuff, to store your stuff, maybe you have too much stuff.

14. If organizing your stuff worked, you’d be organized by now.

15. Instead of working so hard to make ends meet, work on having fewer ends.

16. Just because everything is crazy around you, doesn’t mean it has to be crazy within you.

Erin Loechner — Design For Mankind

17. I learned that thinking about living is not the same as living.

18. Without grace, minimalism is another metric for perfection.

19. Here is the secret to subtraction. It doesn’t matter what you remove. What matters is that you stop adding it back.

Francine Jay — Miss Minimalist

20. My goal is no longer to get more done, but rather to have less to do.

21. Your home is living space, not storage space.

22. Decluttering is infinitely easier when you think of it as deciding what to keep, rather than deciding what to throw away.

23. At some point I realized that I wasn’t organizing my life; I was organizing my clutter.

Joshua Becker — Becoming Minimalist

24. Owning less is better than organizing more.

25. You can make more money, but you can’t make more time.

26. Owning less is great. Wanting less is better.

27. You don’t need more space, you need less stuff.

28. If you are not content today, there is nothing you can buy this weekend to change that.

29. Maybe everything you want is underneath everything you don’t.

30. If buying stuff hasn’t made you happy, maybe getting rid of it will.

31. The first step in crafting a life you want is to get rid of everything you don’t.

32. The best things in life aren’t things.

Joshua Fields Millburn — The Minimalists

33. Addition by subtraction.

34. Forget sale price. Everything is 100% off when you don’t buy it.

35. The things you own end up owning you.

36. Love people, use things. The opposite never works.

Leo Babauta — Zen Habits

37. Simplicity boils down to two steps: Identify the essential. Eliminate the rest.

38. Stop waiting for the right person to come into your life. Be the right person to come to someone’s life.

39. Slowly cut things out until you’re left only with what you love, with what’s necessary, with what makes you happy.

Melissa Camara Wilkins — Melissa Camara Wilkins

40. Spend less time worrying about what you might regret and more time doing what you won’t.

41. Simple living doesn’t solve all my problems, it just removes distractions.

42. You are not defined by your stuff—the stuff you keep or the stuff you give away.

43. Being busy isn’t the same as being productive.

44. Small matters, small gets you started, and small adds up.

45. If your stuff isn’t serving you, it won’t be serving you any better packed away in a box somewhere.

Sophia Amoruso — Girlboss

46. You’ve already taken the first step toward an awesome life by simply wanting one.

47. Spend money because it’s an investment in your own well-being, not because you’re bored and have nothing else to do.

Tsh Oxenreider — Art of Simple

48. A home that nourishes life embraces the little moments and appreciates the rhythmic seasons of life.

49. Do the choices I make line up with how I really want to live?

50. To realize that the real hidden cost of everything you buy—is how much life it cost you to get it.

Design a simple life. Start here. Start now.

Written by Brian Gardner via nosidebar

Posted in Just A Thought
Oct. 18, 2019

Homes Are Selling Quickly [INFOGRAPHIC]

Homes Are Selling Quickly [INFOGRAPHIC] | MyKCM

Homes Are Selling Quickly [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The National Association of REALTORS® surveyed their members for the release of their Confidence Index.
  • The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices, and market conditions.
  • Homes across the country are selling quickly, in an average of just 31 days.
  • 49% of homes sold in less than a month.
Posted in Market Analysis