Buying a home is likely the biggest purchase you’ll make in your lifetime. There’s a reason why people joke they feel “house poor” when they leave the closing table. Too often the burden of the down payment leaves homebuyers’ cash reserves empty.
And, new data shows that can be a recipe for financial stress.
A better measure: Cash on hand
Research by the JPMorgan Chase Institute flips the script on homebuyer risk. It turns out that having a cash cushion trumps a big down payment.
Historically, a big down payment is associated with lower risk, but the report found that liquidity — having at least three months of mortgage payments available — is a better measure of homeownership success. In fact, borrowers with less than one month of
This in from the Northwest Multiple Listing Service:
KIRKLAND, Washington (September 9, 2019) -
Depleted inventory continues to frustrate would-be buyers in Western Washington. Many of these potential homeowners are expanding their search beyond the major job centers in King County, according to market watchers who commented on the latest statistics from Northwest Multiple Listing Service.
The MLS report summarizing August activity shows less than two months of supply system-wide, and only about 1.6 months of supply in the four-county Puget Sound region. The sparse selection is pushing up prices. For last month's sales of single family homes and condos across the 23 counties served by Northwest MLS, prices rose nearly 6.2% compared to a year
Do open houses actually sell homes in todays age of technology available at every persons fingertips? Well let me tell you about my experience thus far hosting opens for our clients. We have found that with a well presented home, supported by strong marketing program and techniques can generate an overwhelming amount of guests for successful open house! Of course, this is possible because of the internet.
In fact, I hosted an open house that went on the market that same weekend as the open. These sellers received multiple offers after the weekend wrapped up! Whoah! We saw an increase of in foot traffic from knowledgeable, able, and ready buyers. This particular open home had 20-30 different guests touring the home!
As unfortunate as it can be when homeowners fall behind on mortgage payments and must face the possibility of losing their homes, short sales and foreclosures provide them options for moving on financially. The terms are often used interchangeably, but they’re actually quite different, with varying timelines and financial impact on the homeowner. Here’s a brief overview.
A short sale comes into play when a homeowner needs to sell their home but the home is worth less than the remaining balance that they owe. The lender can allow the homeowner to sell the home for less than the amount owed, freeing the homeowner from the financial predicament.
On the buyer side, short sales typically take three to four months to complete and many of the closing and
How To Compete With Other Home Buyers and Win in the Bellevue-Seattle Area
The Bellevue-Seattle real estate market is hot for sellers right now. If you're a home seller, this is great news! You may get multiple offers and possibly over asking price! If you are a home buyer, well, this is a completely different story. There are not enough homes to go around to all of the buyers who are ready to buy, so that is why we are getting multiple offers --- a simple case of supply and demand.
Below are some tips to help you on how to compete with other home buyers and WIN in the Bellevue-Seattle area:
1. Get your finances in order. Find a great mortgage broker/lender to give you a pre approval letter or better yet, get underwritten for a loan prior
Leveraging Real Estate Technology In Today's Changing Market!
A solid real estate marketing plan is very important. It takes more than a MLS listing, sign, some paper fliers, and an open house to sell your home in today’s market. Make sure your real estate agent has real leading edge housing market intelligence. Our leading edge marketing plan is designed to sell your house as quickly as possible. If you have a home to sell in Arizona, please CLICK HERE as our listings commissions are different.