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OUR MOTTO: Good People Doing Good Things, One House At A Time. 
GOOD PEOPLE: Eleanor Roosevelt, said it best, to handle yourself use your head, to handle others use your heart. 
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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
Oct. 16, 2019

What You Need to Know About the Mortgage Process [INFOGRAPHIC]

What You Need to Know About the Mortgage Process [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Many buyers are purchasing homes with down payments as little as 3%.
  • You may already qualify for a loan, even if you don’t have perfect credit.
  • Your local professionals are here to help you determine how much you can afford, so take advantage of the opportunity to learn more.
Posted in Mortgage
Oct. 15, 2019

Existing-Home Sales Report Indicates Now Is a Great Time to Sell

Existing-Home Sales Report Indicates Now Is a Great Time to Sell | MyKCM

The best time to sell anything is when demand for that item is high and the supply of that item is limited. The latest Existing-Home Sales Report released by the National Association of Realtors (NAR), reveals that demand for housing continues to be strong, but the supply is struggling to keep pace. With this trend likely continuing throughout 2020, now is a great time to sell your house.

THE EXISTING-HOME SALES REPORT

The most important data revealed in this report was not actually sales. In reality, it was the inventory of homes for sale (supply). The report explained:

  • Total housing inventory at the end of August decreased 2.6% to 1.86 million homes available for sale.
  • Unsold inventory is lower than the 4.3-month figure recorded in August 2018.
  • This represents a 4.1-month supply at the current sales pace.

According to Lawrence Yun, Chief Economist at NAR,

“Sales are up, but inventory numbers remain low and are thereby pushing up
home prices.”

In real estate, there is a simple guideline that often applies here. Essentially, when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see greater appreciation. Between a 6 to 7-month supply is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and can expect depreciation in home values (see below):Existing-Home Sales Report Indicates Now Is a Great Time to Sell | MyKCMAs we mentioned before, there is currently a 4.1-month supply of homes on the market, and houses are going under contract fast. The Existing Home Sales Report also shows that 49% of properties were on the market for less than a month when they were sold. In August, properties sold nationally were typically on the market for 31 days. As Yun notes, this should continue,

“As expected, buyers are finding it hard to resist the current rates…The desire to take advantage of these promising conditions is leading more buyers to the market.” 

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market, and supply will fail to catch up with demand if a sizable supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers who are out there searching for your house to become their dream home.

Posted in Market Analysis
Oct. 10, 2019

Homeownership is the Top Contributor to Your Net Worth

Homeownership is the Top Contributor to Your Net Worth | MyKCM

Many people plan to build their net worth by buying CDs or stocks, or just having a savings account. Recently, however, Economist Jonathan Eggleston and Survey Statistician Donald Hays, both of the U.S. Census Bureau, shared the biggest determinants of wealth,

“The biggest determinants of household wealth [are] owning a home and having a retirement account.” (Shown in the graph below):

Homeownership is the Top Contributor to Your Net Worth | MyKCMThis does not come as a surprise, as we often mention that homeownership can help you to increase your family’s wealth. This study reinforces that idea,

 “Net worth is an important indicator of economic well-being and provides insights into a household’s economic health.”

Having equity in your home can help your family move in that direction, building toward substantial financial growth. According to the report noted above, people are not only creating net worth in the homes they live in, but many are also earning equity in rental property investments too. (See below):Homeownership is the Top Contributor to Your Net Worth | MyKCMJohn Paulson said it well,

If you don’t own a home, buy one. If you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home.”

Bottom Line

There are financial and non-financial benefits to owning a home. If you would like to increase your net worth, let’s get together so you can learn all the benefits of becoming a homeowner.

Posted in Interesting
Oct. 7, 2019

What Is the Cost of Waiting Until Next Year to Buy? [INFOGRAPHIC]

What Is the Cost of Waiting Until Next Year to Buy? [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The “cost of waiting to buy” is defined as the additional funds necessary to buy a home if prices and interest rates were to increase over a period of time.
  • Freddie Mac forecasts interest rates will rise to 3.8% by Q4 2020.
  • CoreLogic predicts home prices will appreciate by 5.4% over the next 12 months.
  • If you’re ready and willing to buy your dream home, now is a great time to buy.
Posted in Real Estate
Oct. 7, 2019

62% of Buyers Are Wrong About Down Payment Needs

62% of Buyers Are Wrong About Down Payment Needs | MyKCM
According to the ‘2019 Home Buyer Report conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market:

“More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.”

When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say,

“The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.” (as shown below):

62% of Buyers Are Wrong About Down Payment Needs | MyKCMThe lack of knowledge about the home-buying process is unfortunately keeping many motivated buyers on the sidelines.

Bottom Line

Don’t let a lack of understanding keep you and your family out of the housing market. Let’s get together to discuss your options today.

Posted in Tips and Advice
Sept. 26, 2019

Home Prices Increase in Every Price Range

Home Prices Increase in Every Price Range | MyKCM

CoreLogic’s Home Price Index (HPI) Report revealed,

National home prices increased 3.6% year over year in July 2019 and are forecast to increase 5.4% from July 2019 to July 2020.

They also analyzed four individual home-price tiers, showing the increase in each.

Here’s the breakdown:

Home Prices Increase in Every Price Range | MyKCM To clarify the methodology, CoreLogic explains,

“The four price tiers are based on the median sale price and are as follows: homes priced at 75% or less of the median (low price), homes priced between 75% and 100% of the median (low-to-middle price), homes priced between 100% and 125% of the median (middle-to-moderate price) and homes priced greater than 125% of the median (high price).”

What does this mean if you’re selling?

Price appreciation can differ depending on your price range. If you’re a homeowner thinking of selling, let’s get together to find out how much your home is increasing in value, so you can price it competitively for today’s market.

Posted in Market Analysis
Sept. 25, 2019

Should You Fix Your House Up or Sell Now?

MONEY AND YOUR HOUSE

With the fall season upon us, change is in the air. For many families, children are growing up and moving out of the house, maybe leaving for college or taking a jump into the working world. Parents are finding themselves as empty nesters for the first time. The question inevitably arises: is it finally time to downsize?

If you’re pondering that thought, you may also be wondering if you should fix-up your house before you sell it, or go straight to the market as-is, allowing a potential buyer to do the updates and remodeling. If you’re one of the many homeowners this camp, here are a few tips to help you decide which way to go.

1. Analyze Your Market

A real estate professional can help you to understand your market and the potential level of buyer interest and demand for your home. Are you in a seller’s market or a buyer’s market? This can change based on the price range of your home, too. A professional can also give you some insight on what you can change or remodel, and how to declutter your house to make it attractive to buyers in your area.

2. Get an Inspector

Right now, the average length of time a family stays in a home is between 9-10 years. That’s a little longer than the historical average, so if you’ve been living in your home for a while, it might be time to make some significant improvements. Think: electrical system, HVAC units, roof, siding, etc. An inspector can give you a better idea of the condition of your home, if it is up to current code standards, and recommendations on how to have your house ready before you put it on the market.

3. Decide If You Need to Remodel

You may also be thinking about driving buyer appeal with something like a kitchen or a bathroom remodel. If so, first dig into the market value of your home, and compare it to the actual cost of the remodel. A local real estate professional can help you determine your home’s market value, and you’ll want to get a few quotes from contractors on the potential remodel pricing as well. Once you have those two factors narrowed down, you can to decide if a remodel will give you a return on your investment when you sell. Oftentimes, it is actually more advantageous to price your house to sell, list it competitively, and then let the buyer pick the colors they want for their bathroom tiles and the type of countertop they prefer. The 2019 Cost vs. Value Report in Remodeling Magazine compares the average cost for remodeling projects with the value those projects typically retain at resale.

Bottom Line

Nationwide, inventory is low, meaning there is less than the 6-month housing supply needed for a normal market. This drives buyer demand, creating a perfect time to sell. If you’re considering selling your house, let’s get together to help you confidently determine what will be the best choice for you and your family.

BY: MyKCM

Posted in Tips and Advice
Aug. 28, 2019

Practice Leave No Trace Every Day

Leave No Trace

BY: The Outbound Collective

Make the outdoors better for you and for others.

More of us are getting outdoors than ever before. We’re breathing the fresh air, getting the shot, taking in the view...and it’s great. To appreciate and protect the natural world, we need to experience it. But, as with any new experience, there’s a learning curve, and there are some things you need to figure out. Getting outside is no different.

That’s where Leave No Trace comes in. The folks at Leave No Trace have defined a list of principles for experiencing everything the outdoors has to offer while leaving minimal impact. These aren't just principles for the backcountry, they are a guide to reduce your impact whenever you're outdoors.

There are seven core principles of Leave No Trace:

  • Plan and prepare
  • Travel and camp on durable surfaces
  • Dispose of waste properly
  • Leave what you find
  • Minimize campfire impacts
  • Respect wildlife
  • Be considerate of other visitors 

To dig into more detail on the Leave No Trace principles check out this story by Sarah Seads.

It All Adds Up

The great thing about these principles is that they’re easy to practice anytime you go outdoors, whether you’re on a picnic at a local park, chilling with friends in the backyard, or spending a day at the beach. Leave No Trace will help you minimize impact in everything you do.

It’s the small things that can make a difference, like checking the weather and knowing that it might rain on your afternoon hike. You’ll be able to pull out a raincoat instead of going off-trail to seek shelter under a tree. Or, picking up crumbs off the picnic table so that wildlife doesn’t get habituated to human interaction. 

Want to make it a game? Use Litterati to map and track each piece of waste you pick up. You can keep a running count of your positive impact, and the data helps communities track litter patterns. You'll be surprised at how quickly your eye will begin to notice litter in the world around you, and you'll feel great about being a part of a community picking it up. 

Leave No Trace is all about learning the basics and passing them on. Though at first they may seem like big changes, these principles will quickly become a natural part of your outdoor experience. With a few small steps and a willingness to share your knowledge, the places you love can stay in great shape for other visitors and your next visit.

Leave No Trace Hot Spots

Around the United States, some natural areas are getting “loved to death." The Leave No Trace Center for Outdoor Ethics started the Hot Spot Tour to bring these areas into the spotlight and aid the local community in developing a recovery plan.

For the 2019 tour, Leave No Trace received over 120 nominations for landscapes in need. After selecting 19 landscapes, the organization started working with the National Park Service, Bureau of Land Management, U.S. Forest Service, state agencies, non-profits, and land trusts to build programs that address the core issues affecting these landscapes. 

Education programs, service projects, and follow-up programs put heavily impacted areas back on the road to recovery and give the core user groups tools to keep them healthy. Check out this year's hot spots–and the steps being taken to protect them–on the Leave No Trace website.

Keeping the lands and waters we enjoy ready for our kids, and our kid's kids, is up to all of us. Practicing Leave No Trace every day will help us get there.

Posted in Tips and Advice
Aug. 19, 2019

NAR: Cheap mortgage rates are improving home affordability

Low Rates - Affordable Homes

BY: Katheleen Howley

The cheapest financing in almost three years is making it easier for Americans to buy homes.

The Housing Affordability Index from the National Association of Realtors increased to 151.9 in June from 137.7 a year earlier in June. That’s a jump of 10 percent. A higher reading means homes are getting more affordable, per NAR’s magic sauce that measures prices, incomes and financing costs. 

Americans trying to buy homes have been challenged with a shortage of available properties and prices that have increased at a faster pace than incomes. 

The U.S. median price of an existing single-family home was $288,900 in June, up 4.5% from $276,500, according to the data behind NAR’s affordability index. The median family income was $78,916, up 3.5% from $76,217 a year ago.

The big difference between this June and a year earlier was mortgage rates. The average 30-year fixed rate was 3.84%, NAR said, compared to 4.74% last year. That meant the average monthly mortgage payment, measuring principal and interest, was $1,082 in June, compared with $1,153 a year ago. The payment as a percentage of income was 16% in June, down from 18% a year earlier.

Rates have dropped since June. The average U.S. rate for a 30-year fixed mortgage is 3.6% this week, matching last week, according to Freddie Mac. That’s the lowest rate since November 2016. A year ago, the rate was 4.53%, Freddie Mac said.

VIA: Housing Wire

Posted in Market Trends