The Roselli Team - Your Real Estate Experts

There’s a lot of discussion about affordability as home prices continue to appreciate rapidly. Even though the most recent index on affordability from the   National Association of Realtors   (NAR) shows homes are more affordable today than the   historical average , some still have concerns about whether or not it’s truly affordable to buy a home right now. When addressing this topic, there are various measures of affordability to consider. However, very few of the indexes compare the affordability of owning a home to renting one. In a paper just published by the   Urban Institute,   Homeownership Is Affordable Housing , author Mike Loftin examines whether it’s more affordable to buy or rent. Here are some of the highlights included. 1. Renters pay a higher percentage of their income toward their rental payment than homeowners pay toward their mortgage. The report explains: “When we look at the median housing expense ratio of all households, the typical homeown...

The last year has put emphasis on the importance of one’s home. As a result, some renters are making the jump into homeownership while some homeowners are re-evaluating their current house and considering a move to one that better fits their current lifestyle. Understanding how housing affordability works and the main market factors that impact it may help those who are ready to buy a home narrow down the optimal window of time in which to make a purchase. There are three main factors that go into determining how affordable homes are for buyers: Mortgage Rates Mortgage Payments as a Percentage of Income Home Prices The   National Association of Realtors   (NAR) produces a   Housing Affordability Index . It takes these three factors into account and determines an overall affordability score for housing. According to NAR, the index: “…measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional le...

Click Here For Video! Click Here For Video! Click Here For Video!    Where Do Experts Say the Housing Market Is Heading? As we enter the middle of 2021, many are wondering if we’ll see big changes in the housing market during the second half of this year. Here’s a look at what some experts have to say about key factors that will drive the industry and the economy forward in the months to come. realtor.com “. . . homes continue to sell quickly in what’s normally the fastest-moving time of the year. This is in contrast with 2020 when homes sold slower in the spring and fastest in September and October. While we expect fall to be competitive, this year’s seasonal pattern is likely to be more normal, with   homes selling fastest from roughly now until mid-summer .” National Association of Realtors   (NAR) “ Sellers who have been hesitant   to list homes as part of their personal health safety precautions   may be more encouraged to list and show their homes ...

Click Here For Video! Click Here For Video! Click Here For Video!    Today’s housing market is full of unprecedented   opportunities . High buyer demand paired with record-low housing inventory is creating the ultimate   sellers’ market , which means it’s a fantastic time to   sell your house . However, that doesn’t mean sellers are guaranteed success no matter what. There are still some key things to know so you can avoid costly mistakes and win big when you make a move. 1. Price Your House Right When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing   price . Believe it or not, that’s not always true. Even in a sellers’ market, listing your house for the right price will maximize the number of buyers that see your house. This creates the best environment for bidding wars, which in turn are more likely to increase the final sale price. A real estate professional is the ...

Click Here For Video! Click Here For Video! Click Here For Video! Click Here For Video!    The level of equity homeowners have is at an all-time high. According to the   U.S. Census ,   over 38%   of owner-occupied homes are owned free and clear, meaning they don’t have a mortgage. Those with a mortgage are seeing their equity skyrocket too. Every time real estate values increase, homeowners get a dollar-for-dollar gain in their home equity. According to the first-quarter   2021 U.S. Home Equity Report   from   ATTOM Data Solutions : “17.8 million residential properties in the United States were considered equity-rich, meaning that the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value. The count of equity-rich properties in the first quarter of 2021 represented 31.9 percent, or about one in three, of the 55.8 million mortgaged homes in the United States. That was up from 30.2 perc...

Click Here For Video! Click Here For Video! Click Here For Video! Click Here For Video!    When buying a home, it’s important to have a budget and make sure you plan ahead for certain homebuying expenses. Saving for a   down payment   is the main cost that comes to mind for many, but budgeting for the   closing costs   required to get a mortgage is just as important. What Are Closing Costs? According to  Trulia : “ When you close on a home, a number of fees are due. They typically range from 2% to 5% of the total cost of the home,   and can include title insurance, origination fees, underwriting fees, document preparation fees, and more .” For example, for someone buying a $300,000 home, they could potentially have between $6,000 and $15,000 in closing fees. If you’re in the market for a home above this price range, your closing costs could be greater. As mentioned above,   closing costs are typically between 2% and 5% of your purchase price....

Click Here For Video! Click Here For Video! Click Here For Video!    Over the past year, the pandemic made it challenging for some homeowners to make their mortgage payments. Thankfully, the government initiated a   forbearance   program to provide much-needed support. Unless they’re extended once again, some of these plans and the corresponding mortgage payment deferral options will expire soon. That said, there’s still time to request assistance. If your loan is backed by HUD/FHA, USDA, or VA, you can apply for initial forbearance by June 30, 2021. Recently, the   Consumer Finance Institute   of the   Federal Reserve Bank of Philadelphia   surveyed   a national sample of 1,172 homeowners with mortgages. They discussed their familiarity with and understanding of lender accommodations that might be available under the   Coronavirus Aid, Relief, and Economic Security (CARES) Act . The results indicate that some borrowers didn’t take advan...