February, 2020 RSS Icon
Found 15 entries for February, 2020.

 

Excited about that FHA loan because it means you can buy a home with 3.5% down? That minimal down payment is certainly an incentive. But is it your best option? It might not be, because of a little thing called mortgage insurance, which can end up being a BIG thing since it makes your monthly payments more expensive.  

First, a little primer on mortgage insurance. “Mortgage insurance protects lenders from losing money if you default on the loan,” said NerdWallet. “Most lenders require private mortgage insurance (PMI) for conventional loans when the home buyer makes a down payment of less than 20%. All FHA loans have mortgage insurance, regardless of down payment amount.”

Mortgage insurance can cost homebuyers hundreds of dollars

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 Courtesy of Keeping Current Matters

How the Housing Market Benefits with Uncertainty in the World | MyKCM

It’s hard to listen to today’s news without hearing about the uncertainty surrounding global markets, the spread of the coronavirus, and tensions in the Middle East, just to name a few. These concerns have caused some to question their investment plans going forward. As an example, in Vanguard’s Global Outlook for 2020, the fund explains,

“Slowing global growth and elevated uncertainty create a fragile backdrop for markets in 2020 and beyond.”

Is there a silver lining to this cloud of doubt?

Some worry this could cause concern for the U.S. housing market. The uncertainty, however, may actually mean good news for real estate.

Mark Fleming, Chief Economist at First American, discussed the

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(NWMLS February Release)

KIRKLAND, Washington (February 6, 2020) – “All indicators point to a vigorous spring market,” suggested broker Dean Rebhuhn when reviewing just-released statistics from Northwest Multiple Listing Service. The report covering 23 counties shows pending sales outgained new listings, record-low inventory that’s down 33% from a year ago, and double-digit price increases.

Matthew Gardner, chief economist at Windermere Real Estate (the largest regional real estate company in the Western U.S.), noted home buyers did not take very much time off during the holidays. “They hit the ground running as soon as the new year kicked off.” (Windermere has 140 offices in the NWMLS market area.)

Rebhuhn, the owner of Village Homes

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Courtesy of Keeping Current Matters

 

Homeownership Rate on the Rise to a 6-Year High | MyKCM

Regardless of the lack of inventory on the market, the U.S. homeownership rate has climbed to a 6-year high. The United States Census Bureau reported that it increased to 65.1% in the fourth quarter of 2019, representing the highest level in the past six years. See the graph below:

 

 

Homeownership Rate on the Rise to a 6-Year High | MyKCM

This increase does not come as a surprise. According to realtor.com,

“The largest cohort of the millennial generation turns 30-years-old in 2020 and they are hitting the housing market in full force. At the end of the fourth quarter of 2019, millennials made up the largest generational segment of homebuyers, growing their share of home purchase mortgages to 48 percent.”

With so many Millennials

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Home buyers in Western Washington “hit the ground running” in January
  Inventory down 33% from last year. Pending Sales TOP new listings Inventory at new All-Time lows
KIRKLAND, Washington (February 6, 2020) – “All indicators point to a vigorous spring market,” suggested broker Dean Rebhuhn when reviewing just-released statistics from Northwest Multiple Listing Service. The report covering 23 counties shows pending sales outgained new listings, record-low inventory that’s down 33% from a year ago, and double-digit price increases. 
 
Matthew Gardner, chief economist at Windermere Real Estate, noted home buyers did not take very much time off during the holidays. “They hit the ground running as soon as the new year kicked off.” 
 
Rebhuhn,…
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So much of our lives are online nowadays. Our social lives happen in online communities as much or more than in friends’ basements or bars. We meet people with similar interests by joining Facebook groups or following someone’s story on Snapchat. YouTube is where we learn to do almost everything, from simple home maintenance tasks to cooking dinner for the family.

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When it comes to buying your first home, are there two words that are more unpleasant and unwelcome than “down payment?” How about “closing costs?” That’s because first-timer buyers are often surprised by this expense, or at least confused about how much they will need to pay. 

Additionally, buyers may not understand that some of the fees under the closing costs umbrella are not set in stone. Yes, there are ways to save money on closing costs. We’re breaking down the potential savings. 

What are closing costs?

First, it’s important to understand the role closing costs play in your mortgage—especially because we’re not talking about a measly amount. Closing costs can range from 2–6% of the total cost of your loan. So, on a $250,000

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When you think of wellness, does your living space come to mind? Today, people are taking wellness beyond diet and exercise and into their homes. So, if you want to improve your quality of life, you might be interested in wellness-focused interior design.

 This style of design uses natural elements to boost your mood, increase your productivity and influence your mental well-being.

 Here are four ways you can bring this trend into your home:

1. Let in the light. The sun’s light can elevate your mood and promote alertness. Take advantage of daylight by arranging workspaces near windows, using light-filtering curtains or strategically hanging mirrors to reflect more light. Natural light can re-center your sleep cycle and promote vitamin D

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