Monday, November 4th, 2013

by The KCM Crew

Chicken LittleAfter the harrowing challenges experienced by so many homeowners over the last few years, many housing experts had predicted that the belief in homeownership as a major element of the American Dream would soon die. There is now conclusive evidence that these experts were wrong. As we reported back in September, The Joint Center of Housing Studies at Harvard University completed a study which concluded:

“The long term cultural preference for owning seems to have weathered the recent housing crisis.”

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Sunday, November 3rd, 2013

 

ForeclosureBuying a foreclosed home can seem like a dream. What could be better than getting a home for a fraction of the market value? Some may even say that the deals sound like they could be too good to be true. In some cases, those doubters aren’t too far off the mark. There are some hidden dangers in buying foreclosure properties that, if you’re not aware of them, could be disheartening and disappointing. If you are pursuing this route in buying your new home, be sure to look out for these hazards and hidden costs.

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Tuesday, October 29th, 2013

Written by First Time Real Estate

1.    Start Building Equity

You want to build equity because it is one of largest sources of net worth for an individual and can be borrowed against if you need it in the future. You build equity on a home as you pay off your mortgage. Home equity is the value you own on your property calculated by the current market value minus what you owe on the mortgage. Value builds over time as the property appreciates and you pay off your mortgage – and property values are increasing as the housing market heals along with the economy.   Why keep throwing your money away on rent when you could start putting it toward investment in your future?

2. Mortgage Rates Are Low

Interest rates for 30-year fixed rate mortgages are around 4.3 right now which is historically low. They’ve been rising for the past year or so but they’re still below the average or 6 or 7%. Now is the time to secure your rate, chances are they’re only going to rise as the economy continues to heal and normalize.

3. It’s Cheaper!

Rent is on the rise in California and you don’t want to spend your money year after year with nothing to look forward to except further inflated pricing. Most home buyers choose a 30-year fixed rate mortgage which means they will pay the same rates no matter inflation for the entire duration of their loan. And the more money you put down, the lower your payments are. The best thing to look forward to? Once you pay off your mortgage, you’ll no longer have monthly “rent” payments.

Read The Full Article Here

Tuesday, October 29th, 2013

Nationally, we are starting to see some of the impact of the government shutdown on the housing market. Applications for government mortgage products dropped to the lowest level since 2007, according to a release from the Mortgage Banker’s Association. This was while overall applications were up marginally. Most FHA lenders  were able to process loans while Veterans Administration loans were slowed considerably and USDA Rural Development financing was cut off entirely. That said, there was still plenty of activity locally, much of it positive.

In the Twin Cities region, for the week ending October 19:

• New Listings increased 16.3% to 1,291
• Pending Sales decreased 11.4% to 867
• Inventory decreased 3.9% to 16,275

For the month of September:

• Median Sales Price increased 11.7% to $195,000
• Days on Market decreased 29.7% to 71
• Percent of Original List Price Received increased 1.8% to 96.5%
• Months Supply of Inventory decreased 14.0% to 3.7

Click Here to View Full Weekly Activity Report

Posted in Weekly Market Activity Reports |
Thursday, October 24th, 2013

Posted in Monthly Skinny Videos |

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