2/16/2022 Mortgage rates have been kept artificially low by the Federal Reserve since the Great Recession in 2010.  There is a whole generation of people who have never known what might be called normal mortgage rates.  And then, most of the rest of the adults in America have forgotten what average rates were in the 60's, 70's, and especially, in the 80's when they hit 18.45%. The bottom of the market was February 2021 with 30-year fixed rates were 2.73%.  Current rates, as of February 10th, according to Freddie Mac, are at 3.69%.  Earlier predictions ..read more

  ​ How Does the Home Sale Exclusion Work? Your capital gain—or loss—is the difference between the sales price and your basis in the property, which is what you paid for it plus certain qualifying costs. You would have a gain of $200,000 if you purchased your home for $150,000 and you were to sell it for $350,000. You wouldn't have to report any of that money as taxable income on your tax return if you're single, because $200,000 is less than the $250,000 exclusion. Now let's say that you sold the property for $450,000. Your gain would be $300,000 in this case: $450,000 less your $150,00 ..read more

As you set out on your homebuying journey, you likely have a plan in place, and you’re working on saving for your purchase. But do you know how much you actually need for your down payment? If you think you have to put 20% down, you may have set your goal based on a common misconception. Freddie Mac says: “The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.” Unless specified by your loan type or lender, it’s typically not required to put 20% down. According to the Profile of Home Buyers and Se ..read more

Many things are easily facilitated on the Internet but securing a mortgage on the largest asset most people invest in has concerns that borrowers should consider.   ..read more

4 Things Every Renter Needs To Consider As a renter, you’re constantly faced with the same dilemma: keep renting for another year or purchase a home? Your answer depends on your current situation and future plans, but there are a number of benefits to homeownership every renter needs to consider. Here are a few things you should think about before you settle on renting for another year. 1. Rents Are Rising Quickly Rent increasing each year isn’t new. Looking back at Census data confirms rental prices have gone up consistently for decades (see graph below):I ..read more

Are You Moving to Another State? Protect Yourself From Moving Fraud.   More than 35 million Americans move each year for personal reasons and career opportunities. It’s a significant event in anyone’s life. Your money and your life’s memories are at stake. It can be stressful, even under the best of circumstances. The Federal government, state and local law enforcement agencies, and the legitimate moving industry have joined forces to combat moving fraud, but you have an important role to play as well. If you’re planning to move, it’s important to do your research and plan for a smooth m ..read more

  Buyers in today’s market often have questions about the importance of getting a home appraisal and an inspection. That’s because high buyer demand and low housing supply are driving intense competition and leading some buyers to consider waiving those contingencies to stand out in the crowded market. But is that the best move? Buying a home is one of the most important transactions in your lifetime, and it’s critical to keep your best interests in mind. Here’s a breakdown of what to expect from the appraisal and the inspection, and why each one can potent ..read more

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Is the Number of Homes for Sale Finally Growing? An important metric in today’s residential real estate market is the number of homes available for sale. The shortage of available housing inventory is the major reason for the double-digit price appreciation we’ve seen in each of the last two years. It’s the reason many would-be purchasers are frustrated with the bidding wars over the homes that are available. However, signs of relief are finally appearing. According to data from realtor.com, active listings have increased over the last four months. They define active ..read more

What You Can Do Right Now To Prepare for Homeownership As rent prices continue to soar, many renters want to know what they can do to get ready to buy their first home. According to recent data from ApartmentList.com: “The first half of 2021 has seen the fastest growth in rent prices since the start of our estimates in 2017. Our national rent index has increased by 11.4 percent since January . . . .” Those rising rental costs may make it seem impossible to prepare for homeownership if you’re a renter. But the truth is, there are ways you can – and should – prepare to pu ..read more