Blue Bell and Beyond

Thursday, August 4, 2016

3 Crucial Questions Most Home Buyers Don’t Know the Answer To...DO YOU?

Whether you are considering the purchase of your first home or trading up to the home your family frequently fantasizes about, there are three crucial questions you must know the answer to:

What is the minimum down payment required to purchase a home?
What is the minimum FICO score required to qualify for a mortgage?
What is the maximum Back-End DTI Ratio allowed?

A survey conducted by Fannie Mae revealed startling information: most Americans don’t know the answer to these three crucially important questions. Here is a graphic showing the results of the survey:

The percentages are quite disturbing but can explain why so many people believe they are not eligible to purchase a home whether it is a first home or a trade-up home. Here are the actually requirements as per Fannie Mae:

Bottom Line

If you are considering purchasing a home, make sure you are aware of all your options before moving forward.

Call me for all your Real Estate needs!

Debbie Mignogna, ABR, SRS

Your Blue Bell Realtor

BHHS Fox & Roach Realtors

267-640-1120

Housing Rents Skyrocket at Highest Rate in Almost a Decade

Rents Skyrocket at Highest Rate in Almost a Decade

Rent Set to Exceed $535 Billion Paid Last Year | MyKCM

The Consumer Price Index (CPI) was released by the Labor Department last week. An analysis by Market Watch revealed the cost of rent was 3.8% higher than a year ago for the second straight month in June.That’s the strongest yearly price gain since 2007.

This coincides with a report released earlier this month in which AxioMetrics announced that rents are continuing to increase in 2016. The report revealed:

There was a 3.7% increase in effective rents in the second quarter of 2016 as compared to the same period last year.
That the effective rent growth this quarter compared to last quarter was 2.3%.
Annual effective rent growth was positive in 49 of the top 50 markets, based on number of units. Only Houston was negative, at -1.4%, as the fallout from energy-industry job losses and excess construction continues.

Here is a graph to illustrate the rate of increase over the last several years:

Bottom Line

With rents continuing to rise and mortgage interest rates still at historic lows, let's meet up today to determine if you could turn your monthly rental cost into a home of your own.

Call me for all your Real Estate needs!

Debbie Mignogna, ABR, SRS

Your Blue Bell Realtor

BHHS Fox & Roach Realtors

267-640-1120

Home Sales Accelerate During The “Dog Days of Summer”

Some Highlights:

Existing home sales have accelerated to the highest pace since February 2007 at an annual pace of 5.57 million.
Inventory of homes for sale remains below the historically normal 6-month mark at a 4.6-month supply, down 5.8% year-over-year.
Median home sales prices rose to $247,700, 4.8% higher than a year ago and replaced the previous peak in May of $238,900.

Call me for all your Real Estate needs!

Debbie Mignogna, ABR, SRS

Your Blue Bell Realtor

BHHS Fox & Roach Realtors

267-640-1120

Why You Should Hire a Real Estate Professional When Buying a Home!

Many people wonder whether they should hire a real estate professional to assist them in buying their dream home or if they should first try to go it on their own. In today’s market: you need an experienced professional!

You Need an Expert Guide if You Are Traveling a Dangerous Path

The field of real estate is loaded with land mines. You need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and ready for you to move in to can be tricky. An agent listens to your wants and needs, and can sift through the homes that do not fit within the parameters of your “dream home.”

A great agent will also have relationships with mortgage professionals and other experts that you will need in securing your dream home.

You Need a Skilled Negotiator

In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands of dollars. Each step of the way – from the original offer, to the possible renegotiation of that offer after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes.

Realize that when an agent is negotiating their commission with you, they are negotiating their own salary; the salary that keeps a roof over their family’s head; the salary that puts food on their family’s table. If they are quick to take less when negotiating for themselves and their families, what makes you think they will not act the same way when negotiating for you and your family?

If they were Clark Kent when negotiating with you, they will not turn into Superman when negotiating with the buyer or seller in your deal.

Bottom Line

Famous sayings become famous because they are true. You get what you pay for. Just like a good accountant or a good attorney, a good agent will save you money…not cost you money.

Call me for all your Real Estate needs!

Debbie Mignogna, ABR, SRS

Your Blue Bell Realtor

BHHS Fox & Roach Realtors

267-640-1120

New Home Sales Up 25.4% Last Month!

According to the latest Census Bureau Report, sales of newly constructed homes soared to new heights in June to a seasonally adjusted rate of 592,000. This marks the highest annual rate in 8 years.

Trulia’s Chief Economist, Ralph McLaughlin had this to say:

“New home sales jumped sharply in June, and marked the best month since February 2008. This is a continued sign that demand for homes remains solid and aptly reflects increasing homebuilder confidence.”

Sales have been climbing consistently over the last six months as shown in the graph below.

One of the many reasons why many homeowners turn to the new homes market to find their dream home is due to the lack of existing homes for sale. As we have mentioned before, buyer demand is outpacing the supply of homes for sale at record rates.

Bottom Line

If you are a homeowner who is debating listing your home for sale this year, now may be the time. Let’s get together to help you take advantage of the buyers that are ready, willing and able to buy in our area.

Call me for all your Real Estate needs!

Debbie Mignogna, ABR, SRS

Your Blue Bell Realtor

BHHS Fox & Roach Realtors

267-640-1120

Thinking of Selling Your House? Pick the Right Agent!

Today, more and more sellers are stepping back, taking a look at the advice real estate professionals give them, and asking themselves whether they can trust that advice. And that is exactly what they should do.

The most important question you can ask when you are choosing a real estate agent is whether you feel you can trust them. You must know that they’re giving you great advice, and that they’re going to be able to help you accomplish your family’s goals. You must trust your listing agent enough to allow them to:

Handle the liquidation of possibly the largest asset your family has
Help set the market value of that asset (get the price right)
Set the timetable for the liquidation of that asset
Set a fair fee for the services required to liquidate that asset

All four of these require a tremendous amount of trust. They’re going to sell your prized possession, set its value, set a time schedule as to when your family will be able to move, and determine the fee that you’re going to pay to get those three things accomplished.

You have to trust your agent enough to allow them to help you and your family reach your dreams.

Whether you’re a grandfather up North looking to move to Florida to spend your later years with your grandkids, or a young person who wants to take that job in San Francisco but first has to get your house sold in Chicago, you need an agent you can trust to help you move on with what's important.

Call me for all your Real Estate needs!

Debbie Mignogna, ABR, SRS

BHHS Fox & Roach Realtors

267-640-1120