Category: For Buyers

The Cost of NOT Paying PMI

Buying Myths, Down Payment, First Time Buyers, For BuyersChrysti Tovani
Saving for a down payment is often the biggest hurdle for a first-time homebuyer as median incomes, rents, and home prices all vary depending on where you live. There is a common misconception among homebuyers that a 20% down payment is required, and it is this limiting belief that often adds months, and sometimes even years, to the home-buying process. So, if you can purchase a home with less than a 20% down payment… why aren’t more people doing just that? One Possible Answer: Private Mortgage Insurance (PMI) Freddie Mac defines PMI as: “An insurance policy that protects the lender…

Where Are Mortgage Interest Rates Headed In 2019?

First Time Buyers, For Buyers, For Sellers, Housing Market Updates, Interest RatesChrysti Tovani
The interest rate you pay on your home mortgage has a direct impact on your monthly payment; the higher the rate, the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search. Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next year. How Will This Impact Your Mortgage Payment? Depending on the amount of the loan that you secure, a half of a percent (.5%)…

How Much Has Your Home Increased in Value?

First Time Buyers, For Buyers, Housing Market Updates, Move Up Buyers, PricingChrysti Tovani
Home values have risen dramatically over the last twelve months. In CoreLogic’s most recent Home Price Index Report, they revealed that national home prices have increased by 6.2% year-over-year. CoreLogic broke down appreciation even further into four price ranges, giving us a more detailed view than if we had simply looked at the year-over-year increases in national median home price. The chart below shows the four price ranges from the report, as well as each one’s year-over-year growth from July 2017 to July 2018 (the latest data available).  It is important to pay attention to how prices are changing in your local market. The location of your…

4 Reasons to Sell This Fall [INFOGRAPHIC]

For Sellers, Infographics, Move Up BuyersChrysti Tovani
  Some Highlights: Housing inventory is still under the 6-month supply that is needed for a normal housing market. Buyers are often competing with one another for the listings that are available. Perhaps the time has come for you and your family to move on and start living the life you desire. Source: Keeping Current Matters Chrysti TovaniChrysti Tovani is a REALTOR® based in Fair Oaks, CA, serving the greater Sacramento area—including Orangevale, Carmichael, and nearby neighborhoods. She’s also a multimedia journalist and founder of I Love Fair Oaks, a local media platform spotlighting the people, places, and businesses that…

Is the Real Estate Market Finally Getting Back to Normal?

For Buyers, For Sellers, Housing Market UpdatesChrysti Tovani
The housing market has been anything but normal for the last eleven years. In a normal real estate market, home prices appreciate 3.7% annually. Below, however, are the price swings since 2007 according to the latest Home Price Expectation Survey: After the bubble burst in June 2007, values depreciated 6.1% annually until February 2012. From March 2012 to today, the market has been recovering with values appreciating 6.2% annually. These wild swings in values were caused by abnormal ratios between the available supply of inventory and buyer demand in the market. In a normal market, there would be a 6-month…

25% of Homes with a Mortgage are Now Equity Rich!

For Sellers, Housing Market Updates, Move Up BuyersChrysti Tovani
Rising home prices have been in the news a lot lately and much of the focus has been on whether home prices are accelerating too quickly, as well as how sustainable the growth in prices really is. One of the often-overlooked benefits of rising prices, however, is the impact that they have on a homeowner’s equity position. Home equity is defined as the difference between the home’s fair market value and the outstanding balance of all liens (loans) on the property. While homeowners pay down their mortgages, the amount of equity they have in their homes climbs each time the…

Home Prices: The Difference 5 Years Makes

For Buyers, Housing Market Updates, Move Up Buyers, PricingChrysti Tovani
CoreLogic recently released their Home Price Index Report. One of the key indicators used in the report to determine the health of the housing market was home price appreciation. CoreLogic focused on appreciation from July 2013 to July 2018 to show how prices over the last five years have fared. The graph below was created to show the 5-year change in price from July 2013 to July 2018 by price range. As you can see in the graph, the highest price appreciation occurred in the lowest price range with 48% growth, while the highest priced homes appreciated by 25%. This has been greatly…

Is Buying a Home Really More Stressful Than Planning a Wedding? [INFOGRAPHIC]

First Time Buyers, For Buyers, Generation X, Infographics, MillennialsChrysti Tovani
Some Highlights: According to a new survey from Open Listings, 62% of Americans ages 25-54 believe that buying a home is more stressful than planning a wedding. Many young couples are saving for a wedding and a home at the same time. The average US wedding now costs 66% of a median home down payment, according to The Knot. Source: Keeping Current Matters Chrysti TovaniChrysti Tovani is a REALTOR® based in Fair Oaks, CA, serving the greater Sacramento area—including Orangevale, Carmichael, and nearby neighborhoods. She’s also a multimedia journalist and founder of I Love Fair Oaks, a local media platform…

Are Homebuyers Starting to Hit the ‘Pause’ Button?

First Time Buyers, For Buyers, For Sellers, Housing Market UpdatesChrysti Tovani
For the last several years, buyer demand has far exceeded the housing supply available for sale. This low supply and high demand have led to home prices appreciating by an average of 6.2% annually since 2012. With this being said, three of the four major reports used to measure buyer activity have revealed that purchasing demand may be softening. Here are the four indices, how they measure demand (methodology), what their latest reports said, and a quick synopsis of the report. The Foot Traffic Report by the National Association of Realtors Methodology: Every month SentriLock, LLC provides NAR Research with…

Home Prices Have Appreciated 6.9% in 2018

For Sellers, Housing Market Updates, Move Up Buyers, PricingChrysti Tovani
Between 1987 and 1999, which is often referred to as the ‘Pre-Bubble Period,’ home prices grew at an average of 3.6% according to the Home Price Expectation Survey. Every month, the economists at CoreLogic release the results of their Home Price Insights Report, which includes the actual year-over-year change in prices across the country and their predictions for the following year. The chart below shows the forecasted year-over-year prices for 2018 (predictions made in 2017). According to their predictions, the average appreciation over the course of 2018 should be 4.8%, which is still greater than the ‘normal’ appreciation of 3.6%.…

NAR Reports Show It’s A Great Time to Sell!

For Sellers, Housing Market Updates, Move Up BuyersChrysti Tovani
We all realize that the best time to sell anything is when the demand for that item is high and the supply of that item is limited. The last two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that right now continues to be a great time to sell your house. Let’s look at the data covered in the latest Pending Home Sales Report and Existing Home Sales Report. THE PENDING HOME SALES REPORT The report announced that pending home sales (homes going into contract) are down 2.3% from last year and have continued to fall on an annual…

4 Reasons Why Fall Is A Great Time to Buy A Home!

First Time Buyers, For Buyers, Move Up BuyersChrysti Tovani
Here are four great reasons to consider buying a home today instead of waiting. 1. Prices Will Continue to Rise CoreLogic’s latest Home Price Insights report reveals that home prices have appreciated by 6.2% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.1% over the next year. Home values will continue to appreciate for years. Waiting no longer makes sense. 2. Mortgage Interest Rates Are Projected to Increase Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have already increased by half of a percentage point, to around 4.5%…
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