Learning to love your HOME in a whole you way: Quarantine.
Stay safe. Stay healthy. Stay calm. Stay sane. Signing off.
If you have been listening to NPR as super Tuesday approaches, you have heard mention of housing needing to be discussed by the candidates. Why you might ask?
Well as the closing of 2019, senior economist George Ratiu says:
Real estate fundamentals remain entangled in a lattice of continuing demand, tight supply & disciplined financial underwriting. Accordingly, 2020 will prove to be the most challenging year for buyers, not because of what they can afford, but rather what they can find."
In 2019 numerous class action lawsuits were filed again NAR (National Association of Realtors), who control the MLS.
The lawsuit alleges NAR & the named real estate brokers & franchisors have violated the Sherman Antitrust Act by “agreeing, combining and conspiring to impose, implement and enforce anticompetitive restraints that cause home sellers to pay inflated commissions on the sale of their homes.”
This lawsuit effectively claims the MLS is pricing fixing commission rates & weakening the bargaining power of sellers. The seller & the the agents are the ones feeling the brunt of this current system. The median gross income of realtors has been falling, down from $55,000 in 2012 to $39,800 in 2017, according to the national association.
Internet-age companies that aren’t part of the MLS, are small in numbers, but some like Opendoor & REX are slowly chipping away at the status quo from a variety of angles, albeit for the high-end market only.
The residential real estate industry might not be a tear-down, but it’s definitely overdue for a complete renovation.
Watching all the outcry makes me appreciate the difference between a realtor and real estate agent, and being the later.
Industry forecasters says the trend toward low mortgage rates, slowing home price growth and increased housing construction will continue well into 2020. And its an election year too. It will be interesting to see what happens going forward.
So, if you are buying a home, selling a home or are seeking to refinance, keep your ears perked and make informed decisions to help out your financing situation.
A friend of mine introduced me to the podcast, THE FLIP SIDE. Its a great discussion on economic trends....and even interest rates. Check out The Flip Side.
Are All Mortgage Rates the Same
Becoming a homeowner can be a drawn-out process that some people may find tiring and daunting. Looking over all those listings, reaching out to real estate agents, meeting with bank representatives, etc., etc.... The process involves many steps but the most important one is searching for and finding the best mortgage lender for you. If you’re going to be involved with this lender for years to come, it makes sense that you put in the hours to find the best one that will fulfill your needs.
What types of lenders are available to you
It’s All About Consumer Experienc
When a lender goes the extra mile to make sure you have all the information you will need at your disposal, the process will run a lot smoother. Sometimes a bit of hand-holding will make all the difference. Some lenders make themselves available over the phone for consultations, crunch numbers with you and even provide some of the information themselves. All these gestures contribute to smoothing out what could potentially be a bumpy ride toward becoming a homeowner.
Look Into a Lender’s Reputation
One key part of your research should include looking into any possible complaints filed against a lender you’re considering. Good thing there are nationwide organizations that keep consumers appraised of these complaints. This information is free of charge so you can look up any organization such as a bank and get a more solid image of the kind of company they are.
If they have a good standing among consumers, chances are you’ll have a pleasant experience. One thing to keep in mind is that the lending industry is so big that even if a company has some complaints filed against them, that shouldn’t necessarily be a dealbreaker. Look into them with an open mind and decide for yourself if they seem trustworthy enough to pursue a relationship that may last years.
The Final Word
Buying a home is never a simple process, so the first few steps you take are very important. Being well-informed goes a long way toward getting a mortgage with affordable monthly payments. Yes, it can be hard at times but if you push on through in a responsible and educated manner, you’ll get there soon enough. One step at a time will lead you to your new home sooner than you think. Best of luck!
fiscal responsibility: Living within your means.
YES. Its a thing. A VERY important thing.
So why it that Americans--consumers & organizations alike, are we so bad at it?
Take time & reflect on your fiscal responsibility. How are you doing? What could you change? And more importantly, stick to your plan.
Hi, I am Summer, real estate agent in NE Iowa. This blog is about life, of which Real Estate is a part of. Happy reading!