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Tag Archives:Realtors

Jul 28

Affordability

Affordability

Each month, the National Association of Realtors comes out with their Housing Affordability Index. The number is a composite of the median home price, average interest rate and median household income.  This gives you a reading on how affordable it is for the average family to own a home. On the graph below, you can see the Affordability factors going back to 1970.  A reading of “100,” the red line on the chart, means the average family makes just enough to qualify for the average home.  You can

Jun 24

Say “I Do” to FHA Bridal Registry Account

Say “I Do” to FHA Bridal Registry Account

The rules for tracing the source of down payment money on an FHA loan are REALLY specific.  What we call "sourcing funds" causes problems all the time. There is a little-known loophole for newly married couples called the "Bridal Registry Account."  Here’s how it works—3 simple steps: Couple opens a savings account prior to the wedding Gifts are deposited  All of the 3.5% down payment can come from these gift funds No gift letters.  No paper trails.  Just a simple savings account labeled “bridal registry account” and the borrowers

Sep 22

Is Now a Good Time To Buy a Home?

Is Now a Good Time To Buy a Home?

The real estate market is a popular news topic lately. Before you form an opinion based on what you see in the media, realize that everyone has an ulterior motive. But if you want my opinion, the answer is yes. I remember a few years ago when people were lining up to buy overpriced homes at 6 and 7% interest rates. Now rates are in the 4s, home prices are down, and there really isn’t a lot of competition from other buyers. That means you can find the exact home you want, pay less money for it than you think, and have a much less stressful homebuying experience. And to top it off, today’s low rates mean you’re going to end up with a lower monthly payment than any of your new neighbors.

Jun 18

The Secrets To Choosing the Right Realtor, Part II

The Secrets To Choosing the Right Realtor, Part II

In my opinion, the secret to choosing the right realtor comes down to these 2 things: 1.  They need to be an expert on the market. 2.  They need to be a skilled negotiator. Being an expert on the market usually means being a realtor full time.  Here in Yuma AZ, where I live, each neighborhood is it’s own little “mini market.”  We’ve seen prices going up in one neighborhood while a few streets down, values are dropping.  Only someone who is actively in the business would understand

Jun 18

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