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Four Excellent Reasons You Should Check Your Real Estate Agent’s References and Testimonials

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Four Excellent Reasons You Should Check Your Real Estate Agent's References and Testimonials There are different methods that home buyers may use to find a real estate agent to work with. While some may use the services of a real estate agent who they know personally, others may reach out to a professional who they have located online. Regardless of whether you previously knew the individual in a non-professional setting or not, it is important that you check your agent’s reference and testimonials before you get started with the home buying process. There are several good reasons for this.

The Importance Of Accessibility

Whether you are trying to find the perfect property and submit an offer before anyone else or you are actively negotiating with a seller, you need your real estate agent to be accessible to you. Simply because you are friends with the agent or they were friendly to you with the first phone call does not mean that they will continue to be accessible to you until you close on the home. References and testimonials can give you more information about this.

Professional Demeanor Throughout The Process

The right real estate agent is one who remains cool and composed throughout the transaction with all parties. Negotiations can become heated at times, and you want your real estate agent to have a professional demeanor under pressure. References and testimonials can give you first-hand insight about the agent’s demeanor.

Skilled With Negotiations

It is not enough to have a real estate agent represent you in negotiations. You also want the real estate agent to have some skills and a track record for success. You may not get everything you want with negotiations because of the need to compromise, but your real estate agent should be able to structure a deal that works well for you.

An Overall Great Experience

There will inevitably be times of stress and anxiety when you are buying a new property, and it is not reasonable to expect otherwise. However, a real estate agent should be by your side to facilitate the process, to explain concepts and to help you make better decisions from start to finish. When you read reviews and testimonials, pay attention to how satisfied the clients were with the overall process.

There are many factors to consider when selecting the right real estate agent to work with. While you want to have a great interactive dynamic with your real estate agent, you also need to focus on these factors to make the best decision possible. You can begin by contacting an agent today and requesting references from the professional.

A Complete Guide: What Is A Credit Freeze And Why Is This Helpful?

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A Complete Guide: What Is A Credit Freeze And Why Is This Helpful?Due to recent changes in federal regulations, consumers are now allowed to freeze their credit free of charge. Prior to changes in these regulations, credit bureaus would charge consumers for freezing their credit. What does this mean, and why might someone want to do this?

Freezing Credit Restricts Access To Confidential Information

There are certain situations where consumers may need to have access to their credit reports. For example, they may be applying for a home loan or a car loan. There are other situations where consumers may not need access to their credit reports for an extended amount of time. In this case, it is possible to freeze the credit report to restrict all access. This makes it harder for hackers to access confidential credit information, preventing them from opening an account in someone else’s name.

Who Can Freeze Their Credit Reports?

All consumers have the ability to freeze their credit reports. Even some children may have a credit history, so it is possible for parents to freeze the profile of a child for a certain amount of time. This prevents hackers from stealing credit information regarding children as well. 

How Can Consumers Freeze Their Credit Reports?

It is relatively easy to conduct a credit freeze at any of the three major credit bureaus including Equifax, Experian, and Trans Union. All consumers need to do is request a credit freeze via a phone call,  letter, or an online request. The bureau has to comply, freezing someone’s credit report within one business day. Furthermore, consumers should be able to access free fraud alert services as well. That way, individuals will automatically be alerted if someone tries to open an account in their name. 

What Happens When Applying For A Loan?

If applying for a loan, consumers need to unfreeze their credit reports. Therefore, they should file a request with all three major credit bureaus. They will have to comply within one hour. Then, after the lender has the information he or she requires, consumers can simply request a credit freeze again. That way, they limit the opportunities of hackers who might be trying to steal confidential information and commit identity theft. 

 

What’s Ahead For Mortgage Rates This Week – September 7, 2021

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What's Ahead For Mortgage Rates This Week - September 7, 2021Last week’s economic news included readings on home prices from Case-Shiller; readings on construction spending and pending home sales were also released. Weekly data on mortgage rates and jobless claims were also released.

Case-Shiller Posts New Record for Home Price Growth in June

U.S. home prices continued to gain at record levels in June according to S&P Case-Shiller Home Price Indices. The National  Home Price Index rose from May’s seasonally adjusted annual reading of 16.80 percent growth to 18.60 percent year-over-year home price growth in June.

Case-Shiller’s 20-City Home Price Index reported no change in the top three cities for home price growth in June. Phoenix, Arizona, San Diego, California, and Seattle, Washington retained the top three positions in the 20-City Home Price Index. Analysts said that the current pace of home price growth isn’t sustainable. Demand for homes slowed in June as affordability sidelined would-be buyers. Less demand for homes was expected to ease home price growth and provide an additional inventory of available homes.

Pending Home Sales Slow in July as Construction Spending Increases

The National Association of Realtors® reported that pending home sales slowed in July. Pending sales are sales for which purchase offers are received but are not yet closed. Pending sales of previously-owned homes fell by -1.80 percent in July;  analysts expected pending sales to rise by 0.50 percent from June’s reading of -1.90 percent. Pending home sales fell by 8.50 percent year-over-year in July. Pending home sales provide real estate pros a compass for estimating home sales completed in the future.

Homebuilders faced with an ongoing shortage of available homes for sale increased construction spending in July. Lumber and materials prices have stabilized from earlier in 2021 and should help builders complete more homes. Shortages of buildable land and skilled labor continued to impact optimum home-building conditions.

Mortgage Rates Hold Steady as Jobless Claims Fall

Freddie Mac reported no change in rates for 30-year fixed-rate mortgages, which averaged 2.87 percent; rates for 15-year fixed- rate mortgages averaged 2.18 percent and one basis point higher than in the previous week. Rates for 5/1 adjustable rate mortgages averaged one basis point higher at 2.43 percent. Discount points averaged 0.60 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

Jobless claims fell last week as 340,000 first-time claims were filed as compared to the previous week’s reading of 354,000 initial claims filed. Continuing jobless claims were also lower with 2.75 million continuing claims filed as compared to the previous week’s reading of 2.91 million ongoing claims filed.

What’s Ahead

This week’s scheduled economic reports will be limited due to the Labor Day holiday. Readings on job openings and the Federal Reserve’s Beige Book report will be released. Weekly readings on mortgage rates and jobless claims will also be published.

 

The Average Length Of Homeownership For Most Families

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The Average Length Of Homeownership For Most FamiliesIt is critical for everyone to find a home that is right for them. Given the current lack of inventory, this can be a significant challenge. Fortunately, the National Association of Realtors (NAR) keeps track of numerous market aspects, including how long the average family stays in a home. For the past few decades, the average family has stayed in their home for approximately six years; however, during the past few years, that average has gone up to nine years. This means that the average homeowner is keeping his or her house longer than he or she did in the past. Why is this happening?

Why Are Families Staying In Their Homes Longer Than Before?

There are numerous reasons why this might be taking place. First, the real estate market crashed just over ten years ago. When home prices fell, homeowners were worried that they would not be able to sell their home at a price that would pay off their mortgage, also known as a home sale. Therefore, they decided to stay in their homes longer until their homes recouped their value.

In addition, there was a lot of uncertainty about the economy, causing some homeowners to think twice about making a move. They might have been worried that they wouldn’t have the money to cover emergency expenses if they paid for a move.

Finally, the homeownership rate among the younger generation, including those getting ready to have kids, has still not caught up to previous generations. When this generation starts to look for better school districts or more room, they might start looking for houses, causing them to move more frequently. Because they might not currently own homes, they are not selling homes, and thus not bringing down the median tenure.

What Is The Impact On The Housing Market?

So, what does this mean for the housing market? If families are moving frequently, they might not be in houses that are right for their family circumstances. As a result, baby boomers who are looking to downsize or parents with multiple children in a 2-bedroom house might be looking to move in the foreseeable future.  Given the current lack of inventory, this might be a bit of a challenge.

A Comprehensive Home Maintenance Checklist For The Homeowner

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A Comprehensive Home Maintenance Checklist For The HomeownerThere are many people who purchase a home with a target monthly payment in mind. This monthly payment usually includes major expenses such as the monthly mortgage payment, real estate taxes, and homeowners’ insurance. At the same time, there are other costs as well, such as home repairs and maintenance.

In general, homeowners should budget between one and three percent of the home’s value every year to cover typical maintenance and repairs. This does not include renovation expenses, which might require additional funding. What are a few examples of maintenance expenses homeowners need to consider?

Monthly Home Maintenance Tasks

There are a few straightforward tasks that homeowners need to do every month. These maintenance tasks can help homeowners prevent larger bills down the road. A few examples include checking the filters on the HVAC system, looking for leaks that might be present around sinks and toilets, and taking a look at the filter in the kitchen vent hood. Homeowners also need to make sure their smoke and carbon monoxide filters are working properly. Finally, go for a walk around the outside of the house to look for any cracks in the foundation.

Winter Maintenance Tasks

There are a few maintenance tasks that need to take place during the winter as well. Homeowners in the colder climates need to watch for the buildup of ice dams on the roof, which could trap snow as it melts. Homeowners should also inspect the home for any drafts under the doors or windows, which could drive up heating bills. Finally, depending on where your home is located you may need to cover the air conditioning units to protect them against snow and ice.

Spring Checklist Tasks

While winter can be tough on a home, there are several maintenance tasks that should be done during the spring as well. It is important to order an HVAC inspection during the spring to make sure it is working properly. The roof should also be inspected by a professional for any signs of issues. Sometimes, the gutters can be clogged by leaves and ice buildup, which should be addressed before spring storms arise. Finally, make sure the doors and windows are sealed as well.

Following these spring maintenance tasks can reduce the risk of repairs down the road.

Case-Shiller: June Home Prices Higher

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Case-Shiller: June Home Prices HigherS&P Case Shiller Home Price Indices reported new record gains for home prices in June. The National Home Price Index rose by a seasonally-adjusted annual pace of 18.60 percent as compared to May’s home price increase rate of 16.80 percent. Home prices were 41 percent higher than they were during the 2006 housing boom; home price growth was driven by high demand for homes coupled with short supplies of homes for sale.  

20-City Home Price Index Posts Month-to-Month Home Price Gain of 2 Percent

The S&P Case-Shiller 20-City Home Price Index posted a two percent gain in June as compared to May. Home prices rose by 19.10 percent on a seasonally adjusted annual basis in June;  all 20 cities included in the index reported higher home prices. Phoenix, Arizona held first place for home price growth in June with a year-over-year price gain of 29.30 percent. San Diego, California held second place in the 20-City Home Price Index with a year-over-year price gain of 27.10 percent and Seattle Washington followed with year-over-year home price growth of 25.00 percent.

All 20 cities posted higher home price gains in June than in May. Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, said: “In June all 20 cities gained more in the 12 months ended in June than they did in the 12 months ended in May.”

Analysts Say Current Home Price Growth is Unsustainable

Rapidly rising home prices sidelined would-be homebuyers who expressed concerns over the fast pace of home sales, and limited choices of available homes. Cash buyers and bidding wars continued to challenge mortgage-dependent homebuyers, but low mortgage rates continued to draw homebuyers into the market.

Covid fueled an exodus from congested urban areas to less populated areas inland. Families who modified their lifestyles to include working from home and homeschooling their children needed larger homes. As workers switched from commuting to work to telecommuting, they were no longer constrained by physical proximity to their employers, but now that businesses and workplaces are reopening, it’s unknown how or if pre-covid housing and work trends will be re-established or if covid era home-based work and schooling options will expand.

In related news, the Federal Housing Finance Agency released data on sales of single-family homes owned or mortgaged by Fannie Mae and Freddie Mac. Home prices rose 17.4 percent from the second quarter of 2020 to the second quarter of 2021.FHFA reported that home prices rose 4.90 percent from the first quarter of 2021 through the second quarter of 2021, and were 1.60 percent higher for June 2021 than in May.