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Monthly Archives: January 2017

    2 Myths That May Be Holding Back Buyers

    By Danny Cheung | January 30, 2017

    Fannie Mae’s article, “What Consumers (Don’t) Know About Mortgage Qualification Criteria,” revealed that “only 5 to 16 percent of respondents know the correct ranges for key mortgage qualification criteria.” Myth #1: “I Need a 20% Down Payment” Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According... Read More

    Sales at Highest Pace in 10 Years!

    By Danny Cheung | January 27, 2017

    Highlights: 45 million existing homes were sold in 2016! This is the highest mark set since 2006. Inventory of existing homes for sale dropped to a 3.6-month supply, the lowest level since NAR began tracking in 1999. The median price of homes sold in December was $232,200. This is the 58th consecutive month of year-over-year... Read More

    Thinking of Selling? Why Now is the Time

    By Danny Cheung | January 26, 2017

    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 homes 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... Read More

    Buying a Home is More Affordable Than Renting in 66% of US Counties

    By Danny Cheung | January 25, 2017

    According to ATTOM Data Solutions’ 2017 Rental Affordability Report, buying a home is more affordable than renting in 354 of the 540 U.S. counties they analyzed. The report found that “making monthly house payments on a median-priced home — including mortgage, property taxes and insurance — is more affordable than the fair market rent on... Read More

    How Low Interest Rates Increase Your Purchasing Power

    By Danny Cheung | January 24, 2017

    According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 4.09%, which is still very low in comparison to recent history! The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power. Purchasing power, simply put, is... Read More

    Have You Saved Enough for Closing Costs?

    By Danny Cheung | January 23, 2017

    There are many potential homebuyers, and even sellers, who believe that they need at least a 20% down payment in order to buy a home or move on to their next home. Time after time, we have dispelled this myth by showing that many loan programs allow you to put down as little as 3%... Read More

    Tips for Preparing Your House For Sale

    By Danny Cheung | January 20, 2017

    Highlights: When listing your house for sale your top goal will be to get the home sold for the best price possible! There are many small projects that you can do to ensure this happens! Your real estate agent will have a list of specific suggestions for getting your house ready for market and is... Read More

    Will Housing Affordability Be a Challenge in 2017?

    By Danny Cheung | January 19, 2017

    Some industry experts are saying that the housing market may be heading for a slowdown in 2017 based on rising home prices and a jump in mortgage interest rates. One of the data points they use is the Housing Affordability Index, as reported by the National Association of Realtors (NAR). Here is how NAR defines... Read More

    What Would a Millennial Baby Boom Mean for Housing?

    By Danny Cheung | January 18, 2017

    Recently released data from the National Center for Health Statistics revealed that 1.3 million Millennial women gave birth for the first time in 2015. There are now over 16 million women in this generation who have become mothers. “All told, Millennial women (those born between 1981 to 1997) accounted for about eight in ten (82%)... Read More

    5 Myths About Real Estate Reality TV Explained

    By Danny Cheung | January 17, 2017

    Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV binge session? We’ve all been there… watching entire seasons of “Love it or List it,” “Fixer Upper,” “House Hunters,” “Property Brothers,” and so many more, just in one sitting. When you’re in the middle of your... Read More