Thursday, December 26, 2019 / by Andy Mandel
With 2019 drawing to a close, I want to wish you a happy and healthy 2020.
From our family to yours, we hope you have a very happy and, more importantly, healthy 2020. In 2019, we were able to help 68 families buy or sell a home, and our goal for 2020 is to boost that number all the way up to 100. If you know anyone who’s planning on buying or selling in the new year, send them our way. We’d love to be their resource. If you have any real estate resolutions for 2020 (refinancing, home improvements, etc.), I’d love to be a resource for you as well, so don’t hesitate to reach out to me. Thanks for your support, and have a happy New Year.
Thursday, April 5, 2018 / by Andy Mandel
Forty-five percent. That’s the percentage of an average millennial’s income that they’ll spend on rent between the ages of 22 and 30, according to a new study by RENTCafé. That definitely sounds like a lot—as does the $92,600 total amount they spend on rent during that time—but let’s add some context to the raw figure. How does this rent burden compare to that of previous generations?
RENTCafé’s study mined U.S. Census data to determine the each generation’s average income and rent burden during that eight-year window leading up to age 30. As their report states, “we looked at the average income representative for the ages analyzed, rather than the average income of the overall population, because people in their 20s, with limited experience in the workforce, typically have a lower income than those over 40 who are at the peak of their careers.” The data refers to single people paying the rent by themse ...
Tuesday, March 13, 2018 / by Andy Mandel
The economists at CoreLogic recently released a special report entitled, Evaluating the Housing Market Since the Great Recession. The goal of the report was to look at economic recovery since the Great Recession of December 2007 through June 2009.
One of the key indicators used in the report to determine the health of the housing market was home price appreciation. CoreLogic focused on appreciation from December 2012 to December 2017 to show how prices over the last five years have fared.
Frank Nothaft, Chief Economist at CoreLogic, commented on the importance of breaking out the data by state,
“Homeowners in the United States experienced a run-up in prices from the early 2000s to 2006, and then saw the trend reverse with steady declines through 2011. After finally reaching bottom in 2011, home prices began a slow rise back to where we are now.
Greater demand and lower supply – as well as booming job ...
Tuesday, December 12, 2017 / by Andy Mandel
In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
One of the many advantages of w ...
Friday, November 3, 2017 / by Andy Mandel
Knowing your credit score or getting a recent copy of your credit report is one of the first steps that you can take toward knowing how ready you are to start the home buying process.
Make sure all the information listed on your report is accurate and work to correct any mistakes. The higher your credit score, the more likely you will be to receive a better interest rate for your mortgage, which will translate into more ‘home for your money.'
Many potential buyers believe that they need a 750 FICO® Score or higher to be able to purchase a home. The truth is that according to Ellie Mae’s Origination Report, over 53% of loans were approved with a FICO® score under 750 last month!
Here are some tips for improving your credit score:
Make payments, including rent, credit cards, and car loans, on time.
Keep your spending to no more than 30% of your limit on credit cards.
Pay down high-balance credit cards to lower balances, and consider balance trans ...