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Spring Housing Report for Monroe County

3/8/2016

SPRING HOUSING REPORT FOR MONROE COUNTY

crocus-100134_960_720It’s the first Saturday of the Month. Time for the Spring Housing Report for Monroe County! As we know, the weather may or may not follow suit. Either way, the NAR (National Association of Realtors) has shared the pending home sales for January, and according to the Mortgage Reports, here’s what the numbers suggest nationally: 

  • Contract signings are up from a year ago
  • Mortgage rates are at their lowest levels in 55 weeks
  • Low and no-down payment programs are helping buyers to get qualified.

Pending Home Sales Index

The article makes reference to the Pending Home Sales Index, and frankly, we love their easy to understand explanation:

graph-963016_640The Pending Home Sales Index (PHSI) is a monthly report, published by the National Association of Realtors® (NAR). It measures homes under contract, and not yet closed. The Pending Home Sales Index is different from most housing market metrics. Unlike traditional metrics which measure how housing performed in the past, the Pending Home Sales Index forecasts how housing will perform in the future. The Pending Home Sales Index is forward-looking. The index tallies U.S. homes recently under contract to project future, closed home sales. This is possible because the National Association of REALTORS® knows that 80% of homes under contract “close” within 2 months of contract. In January, the Pending Home Sales Index read 106.0 — the index’s 21st straight month above its baseline reading of 100.

Beating the baseline is a big deal.

And, it’s good news for the Spring Housing Market in Monroe County for 2016.

Be sure to read the rest of the article for all of the details.

Spring Housing Report in Monroe County

Let’s take a little closer look at what’s happening currently with the Spring Housing Market in Monroe County.

Active

Currently there are 1897 active properties in Rochester, NY (Monroe County).  The median sale price is 140K.

Pending

Currently, there are 1263 properties that are under contract with a median sales price of 119k.   The average median of days on the market was 25.  Considering that most homes aren’t listing as pending until after the home inspection, that’s not really a long time!

Sold

In the last 30 days, 324 homes have closed with median sale price of 120k

 

mortgage-295211_960_720What do the numbers mean for you? If you’re thinking of making a move, do it. If you’re a seller, you’ll get the best price if you jump in now. If you’re a buyer, you’ll get the best mortgage rate and less competition if you jump in now.  The amount of inventory available, depends on the area you are looking.  Not sure what side of the fence you’re on? We can help. Contact us today to find the value of your home and/or your purchase power. Happy Spring!

 

Why USDA may be Right for You

10/19/2015

Why USDA may be Right for You

OK, so the first thing you are probably asking is:
"What the heck is USDA, and how is it going to help me?" Well the USDA is the United States Department of Agriculture and they have loan programs in place to help lower income families afford housing in rural areas. So by now you are saying....Low Income Families....Rural Areas....Well that's definitely not Cape May.

Actually based on the government's maps, most of Cape May County is considered rural and you would be surprised to know that the income guidelines to be considered a moderate income household is from $91,550 for a single person to $120,850 for a household of 4 or more. With incomes at these levels you would still receive a guaranteed USDA Loan from a private mortgage company. Combine that with the maximum loan limit of $233,100 and there are plenty of properties in Cape May County, and even a couple in Cape May itself that you would be able to get this government subsidized program for, . Even if you are not looking to purchase in the Cape May Area, this program is Countrywide, so you might qualify in your own home town.
So why would I want to use this program? Well, because the program has several very attractive benefits:
  • 100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included.
  • Guarantee Fee applies: may be rolled into the loan amount.
  • Flexible credit guidelines. Non-traditional credit histories may be accepted.
  • Fixed 30 year interest rates apply. Lenders and applicants agree upon interest rate.
  • Qualifying ratios are 29% for housing costs and 41% for total debt. Lenders may request an exception to exceed these ratios when strong compensating factors are identified.
  • No maximum purchase price. Qualifying ratios and the applicant’s stable and dependable income will determine home affordability.
  • Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD’s), eligible condominiums and new manufactured homes.
  • Eligible closing costs and lender fees may be included in the loan or paid by the applicant.
  • Gift/Grant Funds/Mortgage Credit Certificates (MCC’s)/Seller Concessions are allowed.
  • Eligible repairs and improvements may be included in the loan.
  • Applicants apply with an approved lender of their choice.
  • Not limited to first time home buyers.

So now that you are interested in learning more and how this program may help you, contact your trusted mortgage lender to see what else is needed and if you qualify. If you don't have a mortgage professional to talk to about this program, don't worry I have several that can help.

No Offers! Should I be worried?

1/30/2015

My house has been on the market for 24 days so far and I haven't gotten an offer yet, should I start to worry?

Actually, you should.  If a home is priced correctly, you should receive an offer within the first 3 weeks.  After 3 weeks the activity on your home decreases substantially.  I often tell my clients that if in two weeks, you don't have showings or you've had showings and no offers, it's not priced correctly.  I would suggest a price adjustment.

 

 

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