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Category Archives: Real Estate Blog

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Loan Limits Increase!!!

Conventional and VA Loan Limits Have Increased!

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Freddie Mae and Freddie Mac have increased the conforming maximum loan amount limits to $424,100. Dyer Mortgage Group offers conventional loans up to $424,100 with as little as 3% down. VA loans with $0 down also have increased the loan amount to $424,100. Jumbo VA loans up to $2,000,000 are also available with a down payment.

Please contact Dyer Mortgage Group with any questions at: 321-215-4419

 

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Lighting Up Purple

Help Marilyn Pinkerman with her mission to raise awareness and a movement for Dementia!

She has purple bulbs available for a $10 donation!

Visit her facebook page here!

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How Does Housing Help Build Family Wealth?

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As the economy continues to improve, more and more Americans are seeing their personal financial situations also improving. Instead of just getting by, many are now beginning to save and find other ways to build their net worth. One way to dramatically increase their family wealth is through the acquisition of real estate.

For example, let’s assume a young couple purchased and closed on a $250,000 home in January. What will that home be worth five years down the road? 

Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists every quarter. They ask them to project how residential prices will appreciate over the next five years. According to their latest survey, here is how much value that $250,000 house will gain in the coming years.

How Does Housing Help Build Family Wealth? | Simplifying The Market

Over a five-year period, that homeowner can build their home equity to over $40,000. And, in many cases, home equity is large portion of a family’s overall net worth.

Bottom Line

If you are looking to better your family’s long-term financial situation, buying your dream home might be a great option.


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The Presidential Election and Its Impact on Housing

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Every four years people question what effect the Presidential election might have on the national housing market. Let’s take a look at what is currently taking place. The New York Times ran an article earlier this week where they explained:

“A growing body of research shows that during presidential election years — particularly ones like this when there is such uncertainty about the nation’s future — industry becomes almost paralyzed. A look at the last several dozen election cycles shows that during the final year of a presidential term, big corporate investments are routinely postponed, and big deals are put on the back burner.

The research is even more persuasive on the final year of an eight-year presidential term, when a new candidate inevitably will become president.”

We are seeing this take form in the latest economic numbers. However, will this lead to a slowdown in the housing market? Not according to Fannie Mae, Freddie Mac or the National Association of Realtors.

The Impact on Housing Throughout 2016

Let’s look at what has happened and what is projected to happen by these three major entities.

National Association of Realtors

“In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing-sales since 2007.”

Freddie Mac

“Recent data darkened the growth outlook for the first quarter of 2016. However, despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.”

Fannie Mae

“Consumers and businesses showed caution at the end of the first quarter…(but) Home sales are expected to pick up heading into the spring season amid the backdrop of declining mortgage rates, rising pending home sales and purchase mortgage applications, and continued easing of lending standards on residential mortgage loans.”

Bottom Line

Even during this election year, the desire to achieve the American Dream is greater than the fear of uncertainty of the next presidency.


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Are Foreclosures Increasing or Decreasing?

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Recently, there has been a lot of talk about the size of the foreclosure inventory in the nation. There has been some speculation that distressed property inventories are about to skyrocket. Today, we want to reveal what is actually taking place in this segment of the housing market.

CoreLogic, in their most recent National Foreclosure Report, reported that foreclosure inventory has decreased by 23.2% since this time last year. The report also showed that foreclosure inventory has decreased in 49 of the 50 states and that 45 states have posted a year-over-year, double-digit decline (see chart below).

Are Foreclosures Increasing or Decreasing? | Simplifying The Market

Other findings in the report:

  • The Seriously Delinquent Rate (homeowners more than 90 days behind in their mortgage payment) is 3.1% which is the lowest level since November 2007
  • The Foreclosure Rate is 1.1% which is also the lowest level since November 2007
  • This was the 53rd consecutive month that showed a decline in the Foreclosure Rate

Bottom Line

Though foreclosures do remain in the market, the number is dramatically decreasing. The fact that mortgage delinquency rates are also decreasing means the worst of the foreclosure crisis is in the rearview mirror.


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Home prices are rising, is a new housing bubble forming?

Yes, Home Prices Are Rising. No, a New Housing Bubble is NOT Forming

We recently reported that home prices are continuing to rise across most of the nation. This has created concern in some pundits that a housing bubble, like we saw ten years ago, is forming again. We want to explain why these concerns are unfounded.

The current increase in home values can be easily explained by the theory of supply and demand. Right now, the number of families looking to purchase a home is greater than the supply of homes on the market.

Here is a chart that explains how the months’ supply of housing inventory impacts home values:

Yes, Home Prices Are Rising. No, a New Housing Bubble is NOT Forming | Simplifying The Market

According to the latest Existing Home Sales Report from the National Association of Realtors, there is currently a four-month supply of inventory. That puts us in the blue section of the above graphic. Home prices should be appreciating.

The difference in 2006…

A decade ago, the demand for housing was artificially boosted by lending standards that were far too lenient. Today, the strength of the demand for housing is legitimate, as lending standards are nowhere near what they were a decade ago.

For proof of this, let’s look at a graph of the Mortgage Bankers’ Association’s Mortgage Credit Availability Index:

Yes, Home Prices Are Rising. No, a New Housing Bubble is NOT Forming | Simplifying The Market

The higher the number, the easier it was to get a mortgage. We can see that from June 2005 to June 2007, mortgage standards were much more lenient than they have been over the last nine years.

Bottom Line

Today’s price increases, unlike those a decade ago, are the result of qualified buyer demand exceeding the current inventory of homes available for sale. Once the supply increases, prices will level out.


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Do You Know How Much Equity You Have In Your Home? You May Be Surprised!

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CoreLogic’s latest Equity Report revealed that 256,000 properties regained equity in the third quarter of 2015. This is great news for the country, as 92% of all mortgaged properties are now in a positive equity situation.

Price Appreciation = Good News For Homeowners

Frank Nothaft, CoreLogic’s Chief Economist, explains:

“Home price growth continued to lift borrower equity positions and increase the number of borrowers with sufficient equity to participate in the mortgage market. In the last three years, borrowers with at least 20 percent equity have increased by 11 million, a substantial uptick that is driving rapid growth in home equity originations.” 

Anand Nallathambi, President and CEO of CoreLogic, believes this is a great sign for the market in 2016 as well, as he had this to say:

“Homeowner equity is the largest source of wealth for many Americans. The rise in home prices, expected to be at least 5% in 2016, will continue to build wealth and confidence across America. As this process continues, it will provide support for the housing market and the broader economy throughout [the] year.”

This is great news for homeowners! But, do they realize that their equity position has changed?

study by Fannie Mae suggests that many homeowners are not aware that they have regained equity in their home as their investment has increased in value. For example, their study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, CoreLogic’s report shows that only 8% of homes are in that position (down from 9% in Q2).

The study also revealed that only 37% of Americans believe that they have “significant equity” (greater than 20%), when in actuality, 74% do!

Do You Know How Much Equity You Have In Your Home? You May Be Surprised! | Simplifying The Market

This means that 37% of Americans with a mortgage fail to realize the opportune situation they are in. With a sizeable equity position, many homeowners could easily move into a housing situation that better meets their current needs (moving to a larger home or downsizing).

Fannie Mae spoke out on this issue in their report:

“Homeowners who underestimate their homes’ values not only underestimate their home equity, they also likely underestimate 1) how large a down payment they could make with their home equity, 2) their chances of qualifying for mortgages, and, therefore, 3) their opportunities for selling their current homes and for buying different homes.”

Bottom Line

If you are one of the many Americans who are unsure how much equity you have built in your home, don’t let that be the reason you fail to move on to your dream home in 2016! Let’s get together to evaluate your situation!

 

Source: Simplifying the Market


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Storage Wars: “The Battle of the Bulk”

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“Storage Wars”. If you haven’t watched it, you’ve probably heard of it – another of Hollywood’s zany “reality” TV shows (which are usually far from any resemblance to reality). The premise of the show revolves around the contents of delinquent storage units being sold off to “treasure hunters” who are only allowed to view the contents from outside the unit for five minutes before bidding against one another < insert drama here> for the privilege of owning someone else’s abandoned stuff.

Now, let me direct you back to real life – in which, if you’re an average American homeowner, you’ll likely at some point have the need to store some of your precious belongings (also referred to as “stuff”).

The two primary choices potential storage clients have to consider are with professional moving companies who provide storage or with a self-storage facility. Of course, there are other hybrid types of solutions – ranging from storage pods to Cousin Joe’s barn (but we’ll leave those to the creators of reality TV to address). The choice between the two is most often directed by an individual’s circumstances.

For instance, the majority of the moving industry’s storage business is what is referred to as “storage in transit” (SIT). As the name implies, this type of storage is for goods that are normally “going somewhere else” – hence, in transit. Most commonly, SIT is a temporary resting place for people’s belongings (stuff) to remain safe and secure until a final destination becomes available. This also means that goods placed in SIT would be loaded at the residence by professional movers and would not be accessible by the owner during the storage period (don’t store important documents needed in the interim or little Billy’s favorite stuffed animal). The mover would also be responsible for delivering the storage contents to the customer’s new residence.

Mover’s storage warehouses are typically stacked floor-to-ceiling with wooden storage containers that hold roughly a room of furniture each and are professionally loaded, sealed and easily moved about the facility by forklifts. Military-approved facilities like Brand Transfer & Storage will also be subject to random inspections by the DOD to insure their high standards of quality, safety and security are met.

Although they too can be used for short-term situations, self-storage companies provide a more viable alternative when the storage need is long-term or if the client wants to have access to the storage goods. Units vary in size anywhere from a closet to a 3-car garage or larger. Many self-storage customers will utilize this space for the overflow from their homes and garages. Most are protected by high-tech security systems, but still allow clients access when needed.

With the busy summer moving season in the not-too-distant future, both professional moving companies as well as local self-storage facilities are standing ready to assure your storage needs become a reality – without having to go to war over it!

 

Tom Hall

Moving Consultant

Brand Transfer & Storage Company

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Avoid the Top 10 Moving Mistakes

Hurray! The “SOLD” sign is in the front yard! So, what’s next on the agenda? Does the word “MOVING” bring the onset of a panic attack or make your muscles ache just thinking about it? With so many things happening at once and big changes right around the corner (or around the country), it’s easy to forget to organize something or make costly mistakes. Relocating doesn’t have to be difficult if you take the time to plan ahead and avoid these 10 common mistakes people make when planning a move:

Mistake #1 CHANGING YOUR ADDRESS IS MORE THAN A TRIP TO THE POST OFFICE:
One of the common mistakes people make is to fill out a change of address form for the post office and assume that is all they have to do. There are many individuals and organizations that you may need to contact. Make a check list so that you don’t lose contact with someone important after you move. Some of the people or organizations on your list may include banks, financial institutions, insurance companies, credit card companies, utility providers, driver’s license, auto registrations, health care providers, employer, magazine/newspaper subscriptions, IRS, social security, accountant, attorney, clubs or organizations, alumni, friends and family. It is also a good idea to have your medical and veterinary records forwarded to your new providers. If this is not possible, see if you can get copies.

Mistake #2 BAD PLANNING
One of the most common mistakes that people make when planning a move is that they don’t give themselves enough time to plan for the move. It seems simple at first: book movers, pack up the house and off you go! It’s not nearly that simple and relocations across state lines or internationally is an even more involved process. Taking the time to systematically plan every step of your move will ensure that nothing gets forgotten along the way. Partnering with a professional moving company and conferring with an experienced Moving Consultant will help take the pressure off of you to be the expert.

Mistake #3 TAKING TOO MUCH STUFF
Often people who are moving forget to purge all of their unwanted belongings before relocating. Taking unwanted stuff with you will not only be more costly but also take extra time to pack and unpack belongings you no longer want or use. This is the perfect opportunity to have a ‘cull’ of your belongings and to really cut down on the things you don’t need. If you’re a hoarder this can be hard work, but you may find it incredibly liberating to just let go of a lot of your stuff and it makes moving far less complicated. De-clutter now!

Mistake #4 PACKING TOO LATE
There is nothing quite as stressful as having to pack an entire property up in a single evening or two. If you postpone packing until just days before your move, the job can be much more daunting when you finally get around to it. Start packing early so that you can do it at a leisurely pace and then you’re ready to go when move day comes. Designate a room for your boxes so that your packing doesn’t get in the way. Or maybe a better option: Check with your professional moving company for a quote on having expert packers perform this service for you. Most packing services can be completed in just one day (hoarders not included).

Mistake #5 POOR LABELING
If you do pack yourself, having unclear labels or no labels at all will make the move more difficult, so take the time to label your boxes. You will want clear, legible labels to make sure your things get to the correct room in your house. Don’t label on the top of the boxes – you’ll have to unstack them one at a time to figure out where they go. You don’t want to have to take the time to move things around to different rooms once you’ve got everything inside.

Mistake #6 NOT GETTING A VISUAL ESTIMATE
Some movers will want to give you an estimate over the phone. Do you really think a guy on the phone can give you a precise estimate of how much it will cost to move all your worldly possessions? No way…no how! Maybe you can get an accurate moving estimate if you have a very small move, but it still pays to have someone look at your stuff in person. Also, with a phone quote, you have no proof you gave them an accurate inventory of your items. And come moving day, the movers could say you didn’t give them a complete inventory, and now your move will cost more than the estimate – and you have no way to prove otherwise. Insist on a free in-home written estimate. To receive the accurate estimate you’re demanding, it’s a two-way street — moving consultants need to see everything you have to pack, move and the lay of the land. (Don’t try to hide things because you think you’ll get a cheaper price!)

Mistake #7 MOVING WITH THE “LOWBALLER”
We can’t say this enough: DO NOT choose the moving company that has a dramatically lower quote. That’s the No. 1 way to get scammed! Do you really think someone who comes in 30 percent to 40 percent below other movers has such lower costs? Nope, not if they are a legitimate company. Here’s how it goes: You get the low estimate now, and all of a sudden extra charges start piling up until you’re at or above the estimates you got from the other movers. Worse yet, a rogue mover holds your goods hostage until he gets his money.

Mistake #8 NOT KNOWING YOUR MOVER (aka Word-Of-Mouth Referrals are the Best!)
Making decisions on price alone is a bad idea. Take the time to research movers, rather than blindly accepting the lowest offer in a bid to save some money. The fact that you’re only making a local move doesn’t mean that you should get skimpy when it comes to choosing a moving company. You still want all of your stuff to get to the new house, and you want it to get there in one piece. Don’t make the mistake of leaving your move in the hands of someone who doesn’t care about your property and who will not take care of it as if it were their own. Ask your realtor for a referral. Talk to family and friends about their experiences with movers. Only the really bad movers make evening news – you may have to inquire a little more to hear about the really great ones!

Mistake #9 NOT UNDERSTANDING THE MOVER’S LIABILITY
We cannot tell a lie — during a move, even with movers who have the most professional, caring and cautious crews — things can go wrong. But first things first: Movers provide ‘valuation’ protection, not insurance. Valuation and insurance operate similar to one another, but with a key difference: valuation protection is governed by federal requirements, while insurance you buy is regulated by your state. Also, the protection levels vary between valuation and insurance, as does the cost.
There’s basically four types of ways to protect your move: A. Accept the “limited liability” coverage provided by your mover – it’s free, but it doesn’t provide much protection (most likely 60 cents per pound per article). B. Rely on any coverage you might have from your homeowners insurance company (but do NOT assume you’re automatically covered). C. Pay a bit more and get a higher level of protection through your mover, known as “full-value replacement protection.” However, this option may not always be available to you depending on the type of move you’re planning. D. Buy an insurance policy through a third-party insurer.

Mistake #10 DOING THE “PIZZA & BEER” MOVE 

Perhaps the biggest mistake that those who are looking to move make is thinking that they can simply move themselves and that it will be cheaper. Sure, it sounds like a good time – all your friends and family, a rental truck and some pizza and beer! While it is possible to make a move around the block or across town by moving yourself, it can still prove costly and stressful. Oh, and did we mention the strain on your relationships when those well-meaning friends damage your belongings or property, or even worse, permanently throw their back out? Of course, if you do insist on the P&B move….be sure to serve the pizza and beer AFTER the move, not before or during! Do yourself a favor and avoid moving mistakes. Contact Tom Hall, a top notch Moving Consultant for Brand Transfer & Storage Company. Tom has been helping families and businesses to meet their relocation needs for nearly twenty years.

 

For More Information contact Brand Transfer & Storage Company, Inc.

www.brandtransfer.com

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Are You Wondering What It Takes To Buy Your First Home?

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Are You Wondering What It Takes To Buy Your First Home?

There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family. Others may think they are too young. And still others might think their current income would never enable them to qualify for a mortgage.

We want to share what the typical first time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first time buyer:

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Bottom Line

You may not be much different than many people who have already purchased their first home. Let’s get together to figure out if your dream home is already within your grasp.


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