As Home Equity Rises, So Does Your Wealth | MyKCM

Homeownership is still a crucial part of the American dream. For those people who own a home (and those looking to buy one), it’s clear that being a homeowner has considerable benefits both emotionally and financially. In addition to long-term stability, buying a home is one of the best ways to increase your net worth. This boost to your wealth comes in the form of equity.

Equity is the difference between what you owe on the home and its market value based on factors like price appreciation.

The best thing about equity is that it often grows without you even realizing it, especially in a sellers’ market like we’re in now. In today’s real estate market, the combination of low housing supply and high buyer demand is driving home values up. This…

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Why It’s Still Safe To Sell Your Home | MyKCM

 

If you’re on the fence about whether or not you want to sell your house this year, there’s good news. Real estate professionals are highly experienced in how to sell houses safely during the pandemic. Over the last year, agents have adopted new technologies and safety measures designed to keep you safe. And experts say these practices are here to stay. As Bob Goldberg, CEO of the National Association of Realtors (NAR), puts it:

“The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate.”

Below is a closer look at some of the new tools real estate professionals are using to better serve sellers.

New and Existing Technology Are Impacting the Process

In the 2021 Realtor…

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Two Reasons Why Waiting a Year To Buy Could Cost You

Two Reasons Why Waiting a Year To Buy Could Cost You | MyKCM

If you’re a renter with a desire to become a homeowner, or a homeowner who’s decided your current house no longer fits your needs, you may be hoping that waiting a year might mean better market conditions to purchase a home.

To determine if you should buy now or wait, you need to ask yourself two simple questions:

  1. What will home prices be like in 2022?
  2. Where will mortgage rates be by the end of 2022?

Let’s shed some light on the answers to both of these questions.

What will home prices be like in 2022?

Three major housing industry entities project continued home price appreciation for 2022. Here are their forecasts:

  • Freddie Mac: 5.3%
  • Fannie Mae: 5.1%

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Justice Department probe, civil lawsuits pose challenge to real-estate industry practices.

“Plaintiffs’ allegations plausibly show that the Buyer-Broker Commission Rules prevent effective negotiation over commission rates and cause an artificial inflation of buyer-broker commission rates,” the judge wrote last year. “But-for Defendants’ conspiracy, each Plaintiff would have paid ‘substantially lower commissions.’”

Transparency in Commissions

Fact: Real estate brokers commission rates are not regulated in any state and are ALWAYS 100% negotiable.

The end goal of this lawsuit is for “Buyer Agent Commissions” to be fully seen as a fee paid for and financed in the buyer’s loan.

For example, on a $1 million home with a 3% commission the…

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WHO PAYS FOR WHAT AT CLOSING?

The Seller can normally be expected to pay for the following:

  • Real estate commission
  • Owner’s title insurance premiums
  • ½ of the Escrow fee
  • Payoff of all loans in Sellerʹs name including the interest accrued to lender being paid off, Statement Fees, re‐conveyance Fees and prepayment penalties
  •  Any loan fees required by Buyerʹs lender per the contract
  • Home warranty according to the contract
  • Any judgments, tax liens, etc. against the Seller
  • Recording fees to clear all documents of record against the Seller
  • Tax pro‐ration ‐ this is for any unpaid taxes at the time of transfer of title until the deed is recorded in your name
  • Any unpaid Homeowners Association dues
  • Any bonds or assessments…

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Justice Department probe, civil lawsuits pose challenge to real-estate industry practices

“Plaintiffs’ allegations plausibly show that the Buyer-Broker Commission Rules prevent effective negotiation over commission rates and cause an artificial inflation of buyer-broker commission rates,” the judge wrote last year. “But-for Defendants’ conspiracy, each Plaintiff would have paid ‘substantially lower commissions.’”

Transparency in Commissions

Fact: Real estate brokers’ commission rates are not regulated in any state and are ALWAYS 100% negotiable.

The end goal of this lawsuit is for “Buyer Agent Commissions” to be fully seen as a fee paid for and financed in the buyer’s loan.

For example, on a $1 million home with a 3% commission the…

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5 Tips for Making Your Best Offer

5 Tips for Making Your Best Offer | MyKCM

In today’s sellers’ market, standing out as a buyer is critical. Multi-offer scenarios and bidding wars are the norm due to the low supply of houses for sale and high buyer demand. If you’re buying this fall, you’ll want every advantage, especially when you’ve found the home of your dreams.

Below are five things to keep in mind when it’s time to make an offer.

1. Know Your Budget

Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it:

“This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller…

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  • August show month-to-month drops in new listings, total inventory, pending sales, close sales, and median prices
  • NWMLS statistics show the volume of new listings added during August declined from July (down 11.5%)
  • “We are seeing homes stay on the market slightly longer and more instances of sellers overpricing their properties."
  • Prices showed signs of moderating during August. The average price was down $10,000 from July.

Northwest MLS brokers say August housing activity follows patterns of seasonal slowing KIRKLAND, Washington (September 7, 2021) – August typically brings a dip in housing activity and this year was no different, according to representatives from Northwest Multiple Listing Service when commenting on newly-released…

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  •       August show month-to-month drops in new listings, total inventory, pending sales, close sales, and median prices.
  •          NWMLS statistics show the volume of new listings added during August declined from July (down 11.5%)
  •          “We are seeing homes stay on the market slightly longer and more instances of sellers overpricing their properties.
  •          Prices showed signs of moderating during August. The average price was down $10,000 from July.

Northwest MLS brokers say August housing activity follows patterns of seasonal slowing KIRKLAND, Washington (September 7, 2021) – August typically brings a dip in housing activity and this year was no different, according to representatives from Northwest Multiple Listing Service…

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The flaming-hot housing market has seen median home prices soar an unprecedented 24% since the outbreak of the Coronavirus last year. But in recent weeks, that fire has lost some of its heat as buyers finally start to push back at sky-high prices. Simply put: The housing market is slowing a bit.

Already, a growing list of doomsayers point to the shifting market as taking us one step closer to a bursting housing bubble. In their minds, housing went up too fast and now must come back down.

But what does the data say? When you look under the hood, the run-up to 2008 housing bubble and the hot 2021 housing market are very different bull markets. While there are several reasons why our latest frenzy won’t result in a bust, there’s one reason…

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