More than half of buyers are surprised when it comes to the closing costs required to obtain a mortgage, according to a survey done by ClosingCorp.
They surveyed first-time and repeat homebuyers which totalled to 1,000 and it showed that 35% were surprised at how high the fees were than they expected, while 17% didn’t know they had to pay closing costs at all.
“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”
Bankrate.com gathered data from lenders from all the states in order to show the average costs in each state.
Info below is based on $200,000 homes with a 20% down payment.
“Closing costs are typically between 2 and 5% of your purchase price.”
Don’t get caught off guard with closing costs. Ask your lender and your agent about closing costs and find out how much you would be paying for.
Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRES – Senior Real Estate Specialist who can help you navigate thru the process and get the job done for you.
He always makes sure all his clients, both buyers and sellers have an idea of their closing costs. For Sellers he always does a formal net out and for buyers he works with the lender to see what their closing costs will be. In many cases he may need to negotiate the closing costs so that in minimizes the buyers out of pocket costs. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a proven track record.
You can contact him by calling 505-362-2005 or by emailing him at [email protected].
He has a great website full of the latest information at www.NMElite.com
Housing Ends Summer Strong; Only Slight Inventory Relief
DENVER – U.S. home sales in August extended a summer of strong demand and weak inventory that once again resulted in listings with short shelf lives. In addition to the normal late summer real estate trends, a primary focus during the next month will be on housing in specific markets affected by natural disasters like devastating wildfires and hurricanes Harvey and Irma.
The RE/MAX National Housing Report shows August sales topping July by 2.8%, but finishing 0.84% below August 2016 which remains the best August in the report’s 9-year history. Houston, where Hurricane Harvey made landfall on August 25, already experienced a 21.3% drop in sales from July and a 27.5% decline year-over-year.
Inventory in the report’s 54 markets declined 3.9% from July and 13.7% from a year ago, driving Days on Market to drop to 47 – the fastest listing-to-sale average for any August. The Months Supply of Inventory, while continuing to rebound from a May low of 2.6, settled at 3.1 months and set another report record for August.
“Overall, we’re still seeing home prices rise year-over-year at just above historical averages -- even with slightly declining nationwide prices in August, which is an expected annual pattern,” said Adam Contos, RE/MAX Co-CEO. “The data shows that home hunters continue to experience very limited inventory and increased competition, and home sellers are benefiting from quick sales for top dollar.”
After hitting $239,950 in July, the median sales price dipped to $236,475 in August but still finished 5.4% higher year-over-year. Closed Transactions Of the 54 metro areas surveyed in August 2017, the overall average number of home sales increased 2.8% compared to July 2017 and decreased 0.84% compared to August 2016. Twenty-four of the 54 metro areas experienced an increase in sales year-over-year including, Wilmington/Dover, DE,+17.2%, Trenton, NJ, +13.8%, Honolulu, HI, +12%, Augusta, ME, +11.1% and Boise, ID, +9%.
Median Sales Price – Median of 54 metro median prices In August 2017, the median of all 54 metro Median Sales Prices was $236,475, down 1.3% from July 2017 but up 5.4% from August 2016. Only three metro areas saw a year-over-year decrease in Median Sales Price or remained unchanged (Anchorage, AK, -1.5%, Augusta, ME, -1.4% and Hartford, CT, -1.4%). Nine metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Cincinnati, OH, +14.5%, Las Vegas, NV, +13.7%, Boise, ID, +12.4%, Nashville, TN, +12.1% , San Francisco, CA, +11.5%, and Seattle, WA, +11.4%. Days on Market – Average of 54 metro areas The average Days on Market for homes sold in August 2017 was 47, up two days from the average in July 2017, and down seven days from the August 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE, and Seattle, WA, at 21, and Denver, CO, and San Francisco, CA, at 24. The highest Days on Market averages were in Augusta, ME, at 100 and Burlington, VT, at 92. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
Months Supply of Inventory – Average of 54 metro areas The number of homes for sale in August 2017 was down 3.9% from July 2017, and down 13.7% from August 2016. Based on the rate of home sales in August, the Months Supply of Inventory remained unchanged from July 2017 at 3.1, compared to August 2016 at 3.4. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In August 2017, 53 of the 54 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.5, Miami, FL, was the only metro area that saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west with San Francisco, CA, at 1.0, Seattle, WA, at 1.3, Denver, CO, at 1.4 and San Diego, CA, at 1.7.
You might be thinking of buying a home and now is the time to buy.
Here are a few reasons as to why buying a home this fall is a smart move.
Home Prices
Some of you may be thinking of holding off on buying a home because of the current prices but the bad news is that home prices are projected to rise 5% over the next year, according to CoreLogic’s latest Home Price Index reports. They also reported that home prices have increased 6.7% over the past 12 months. Buying home now would be more affordable than waiting.
Mortgage Rates
As with home prices, mortgage rates are also projected to rise. Freddie Mac’s Primary Mortgage Market Survey indicates that interest for a 30-year mortgage is at about 4%.
Your monthly mortgage payments will increase if you decide to buy later rather than sooner. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors all agree that the projected rates are going to get higher by this time next year.
Renting vs Owning
When you rent, you pay for your landlord’s mortgage. Owning your own home or renting, you pay a mortgage either way. The difference is that if you own your own home, you earn equity which you can benefit from later on. Unlike when you rent, your landlord’s the one who benefits from the increase in equity.
Why are you buying a home?
We all have different reasons as to why we’re thinking of buying a home. It could be for investment, it could be a vacation home, you could be downsizing or upgrading. What all home buyers have in common is that they will all buy a home eventually. What makes the decision difficult differs as well but we can all agree that the price and mortgage rates matter. Home prices are projected by experts to rise significantly in the next 12 months and with this information you can’t deny that buying a home now is the a very smart move.
Hiring a realtor to help you will not only make that decision easy, it will also make the home buying or home selling process flow smoothly. You also need to make sure you just don’t hire any realtor. Look for an experienced agent who has a good track record, is a full time agent and designations are very important such as ABR and CRS certifications.
With their knowledge, experience and tools, the will be able to provide you with all that is need for a successful transaction.
Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRES – Senior Real Estate Specialist who can help you navigate thru the process and get the job done for you. Pete Veres has had over 25 years of Sales & Marketing experience and excellent negotiating skills.
You can contact him by calling 505-362-2005 or by emailing him at [email protected].
He has a great website full of the latest information at www.NMElite.com
Buying or selling a home is one of the biggest decisions you’re going to make in your life. What most people don’t realize is the amount of work that is involved and also the amount ok knowledge that is required to help you get your home sold. There are rules and regulations to follow and laws to comply with. There are disclosure issues, contingencies to deal with many key steps to negotiate. This is why realtors are licensed and area required to take continuing education.
Hiring a realtor to help you will not only make that decision easy, it will also make the home buying or home selling process flow smoothly. You also need to make sure you just don’t hire any realtor. Look for an experienced agent who has a good track record, is a full time agent and designations are very important such as ABR and CRS certifications.
With their knowledge, experience and tools, the will be able to provide you with all that is need for a successful transaction.
Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRES – Senior Real Estate Specialist who can help you navigate thru the process and get the job done for you. Pete Veres has had over 25 years of Sales & Marketing experience and excellent negotiating skills.
You can contact him by calling 505-362-2005 or by emailing him at [email protected].
He has a great website full of the latest information at www.NMElite.com
