August 2016

Found 29 blog entries for August 2016.

It has been discussed recently that homeownership has been slowing down, particularly among millennials. While this has taken place, rental household formation has been increasing, with millennials making up a large share of this growing population. A new analysis from CoreLogic has revealed that 60 percent of rental housing applicants applying from 2011-2015 were millennials.

With this in mind, CoreLogic notes that student loan debt has become a growing burden nationwide, especially among millennials. The aggregated outstanding student loan debt in the U.S. has more than tripled over the past decade, increasing from $380 billion in 2004 to $1.3 trillion in 2015, according to CoreLogic. This is the second-highest level of consumer debt only behind

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Having a real estate lawyer is a wise choice to provide valuable assistance and general advice for anything throughout the fix and flip process that investors may be unclear about, according to a recent report from RealtyTrac.

According to the report, there are five specific problem areas that investors would benefit from having legal counsel in. These include: creating entity documents, reviewing loan documents, evaluating purchase and sales contracts, understanding the closing process, and dealing with title issues.

When starting a real estate investing business, the report states that one of the first pieces of legal trouble investors can potentially fall into is creating entity documents. The report also states that because many investors choose

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Sell Your Home with a Professional: Our tried and true marketing plan will take the guesswork out of selling your home.

We are very proud of this glowing review we received from one of our recent Home Seller's.

★★★★★ Google Review - We found the Anarumo Group through an online search and were impressed by how quickly they contacted us. Not only did we receive an almost immediate email, they sent us a physical packet of information on sales in the area the next morning.

We set up an meeting with Bob Anarumo and went into it fully expecting 1) that we would need to make major, potentially costly, changes to our home to get it to sell and 2) that it would take at least 6 months on the market. We also did not know if it would be better to just keep it

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Those among the older millennial generation (ages 30 to 34) who own a home are likely to tap into their home equity when they need extra cash, according to a survey from Discover Home Equity Loans.

In fact, that age cohort was twice as likely than baby boomers ages 55 to 64 to take out a home equity loan, according to the survey of 1,428 adults in March 2016 conducted by research firm Toluna for Discover.

A report from Realtor.com, though, says that they believe that looking at past data from the housing market, some homeowners who took money out of their homes ended up owing more than the homes were worth — leading to a rise in foreclosures and short sales.

“It mystifies me that they’re taking out additional debt,” said Jackson Mueller, deputy

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Cash sales accounted for 30 percent of total home sales in May 2016, down 2.5 percentage points year over year from May 2015, with resales having the biggest impact on total cash sale shares, according a recent report from CoreLogic.

The report shows that on a month-over-month basis, the cash sales share fell by 1.7 percentage points in May 2016. This was compared with April 2016. Additionally, for the first five months of 2016, the cash sales share averaged 33 percent. This was the lowest start to any year since 2008, compared to the cash sales share peak in January 2011 when cash transactions accounted for 46.6 percent of total home sales nationally and prior to the housing crisis, when the cash sales share of total home sales averaged approximately

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By all accounts, recent good economic news combined with solid demand and low mortgage rates have all resulted in single-family home sales reaching levels not seen since before the crisis. Homes are selling at a higher rate—but are they more affordable?

An analysis of 27 metro areas conducted byHSH.com on the salary one would need to afford the principal, interest, and taxes on a median-priced home in their market revealed that only three of those 27 metros were more affordable in the second quarter compared to the first (all were in Florida: Tampa, Orlando, and Miami).

Though mortgage rates fell from Q1 to Q2 in all 27 metro areas in the analysis—but several of the metros saw notable price gains. In Cleveland, the median home price spiked by 24

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Home sales for 2016 thus far have been in good shape, but it could be coming to an end, at least temporarily and especially for sales of existing homes that must eventually face the harsh reality of tight inventory and rising prices according to Zillow’s recent July home sales forecast.

The report states that despite tight inventory, existing home sales have been surprisingly buoyant lately, beating or meeting expectations in each of the four months from March to June. This streak is anticipated to end in July, though, as stated by Zillow. They say that the odds that home sales continue to rise are increasingly dim. Since the series began in February 1999, Zillow shows that runs of five months or more of consecutive monthly gains have only occurred

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Buying Your First Home: The Down Payment

First-time home buyers face a few hurdles as compared to other types of buyers.

A first-time home buyer may less money saved for a downpayment; may have a collection of  student loans and other large debt; may be just starting a career; and may have less experience with the home-buying process.

A first-time home buyer may even be about to live on their own for the very first time.

According to the National Association of REALTORS®, first-time home buyers account for 1-in-3 homes sold nationwide. This is the lowest rate in close to 30 years.

Yet, with mortgage rates low and an abundance of low- and no-downpayment mortgages available from mortgage lenders, there's never been a simpler time to get

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First-time home buyers face challenges that more experienced home buyers do not.

For example, a first-time home buyer may not be able to show the same stable work history that a more experienced buyer can show; and a first-time home buyer not have as much money saved.

But, perhaps, the biggest difference between a first-time home buyer and an experienced one is that first-time home buyers are less likely to have credit history.

First-time home buyers have had no mortgage, may own their car outright, and may reach for debit cards over credit cards when given the chance.

These three traits put first-time buyers "off the credit grid" and can make getting mortgage-approved a bit of a challenge.

Call it the unintended consequence of

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What Is A Short Sale?

A "short sale" is a home that sells for less than the amount owed on the property. Lenders allow short sales to avoid foreclosure proceedings, which can be more expensive.

Short sale homes, however, are not necessarily priced below market value, and not all short sales are bargains.

Plus, these transactions can take months to complete. You may miss out on other homes while waiting for the bank to accept your offer.

Still, the right home can provide instant equity and solid value to the new buyer.

Weigh the advantages with the drawbacks, and make sure your discount is steep enough to justify the extra work that comes with a short sale home purchase.

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