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mdunnweeklymortgagenews-blog · 6 years

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Homeowners Say They’re Finally Ready to Sell – Industry Outlook

Industry Outlook | by XINNXX

Mortgage Rates Increase After Fed Hike –Based on the Federal Reserve’s announcement recently, mortgage rates surged to their highest averages since 2011. The 30-year fixed-rate mortgage jumped to 4.72 percent, up from 4.65 percent last week. “The robust economy, rising Treasury yields, and the anticipation of more short-term rate hikes caused mortgage rates to move up,” says Freddie Mac Chief Economist Sam Khater. “Even with these higher borrowing costs, it’s encouraging to see that prospective buyers appear to be having a little more success. With inventory constraints and home prices starting to ease, purchase applications have now trended higher on an annual basis for six straight weeks.”

Bill Aims to Help More People Break Into Homeownership –According to the proposed American Housing and Economic Mobility Act of 2018, the purpose is to make homes more affordable for low-income and middle-class Americans. The bill calls for construction of new homes and more renovations of existing ones by removing some red tape for builders on regulatory costs and offering more incentives for them to build more affordable homes. For example, the bill proposes giving local governments incentives to remove or ease some zoning and land use regulations that have stood in the way of increasing building in recent years. The legislation also calls for providing assistance to low-income renters and home buyers, such as by offering greater down payment assistance to low-income, minority communities. The bill calls for $2 billion to be earmarked to help homeowners who are still underwater on their mortgages, even a decade after the financial crisis.

Homeowners Say They’re Finally Ready to Sell –Based on new findings from the National Association of REALTORS®’ second quarter Housing Opportunities and Market Experience survey, seventy-seven percent of consumers say they believe now is a good time to sell a house. Fifty-three percent of survey respondents say they believe home prices will continue to increase in their communities over the next six months. “Though the vast majority of consumers believe home prices will continue to increase or hold steady, they understand the days of easy, fast gains could be coming to an end,” says Lawrence Yun, NAR’s chief economist. “Therefore, more are indicating that it is a good time to sell, which is a healthy shift in the market.” Consumers are also upbeat about the direction of the economy, which may be making them feel wealthier and more willing to sell.

Fall Brings Price Drops for a Quarter of Homes –According to a new report by Redfin, the fall season is cooling down more than the temperature outside; it’s also putting a much-needed chill on hot housing markets, where home prices have become unaffordable to the average buyer. More than one in four home sellers dropped their asking price last month. With inventory starting to inch up, sellers are facing stiffer competition in the market and adjusting their price expectations, according to the report. “After years of strong price growth and intense competition for homes, buyers are taking advantage of the market’s easing pressure by being selective about which homes to make an offer on and how high to bid,” says Redfin Senior Economist Taylor Marr.

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mdunnweeklymortgagenews-blog · 6 years

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Why You Should Let the Neighbors Know When You List a Home for Sale

So, you’ve listed a home.

The neighbors are curious.

But do you realize that the surrounding neighbors could not only be your “eyes and ears,” but also help you sell the home?

A top real estate agent suggests that you meet the neighbors.

Here’s what she does—

· Introduces herself and provides them with several flyers. Interior pictures of the home. The sales price.

· She gives them her business card and contact information.

· She asks them if they have any friends or relatives who might like to move into the neighborhood.

· If the house is vacant, she asks them to report any problems—like maybe the lights get left on or a window is broken.

Here’s the thing.

Usually, when a home is listed and sold, and based on the selling price, there tend to be other homes in the neighborhood that go up for sale. Why not be the real estate agent they know (because you have introduced yourself) to list their home?

Additionally, potential buyers sometimes talk to the neighbors to ask about the area, the activities, the schools.

Being pro-active and sharing this information will help you sell the home quicker.

Question: Do you meet the neighbors when you list a home?

mitchelldunn.supremelending.com

#Mitchellsupreme #supremelending

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mdunnweeklymortgagenews-blog · 6 years

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Do You Know Where Your Leads Come From?

It’s as simple as asking a question.

It sounds easy enough.

I’ve interviewed some agents on HOW they get their leads—but have found they may not be asking the right questions—nor do they keep track of the source of their leads.

The biggie reasons for asking the right questions are to learn:

· Who to thank

· Which marketing campaigns are working

· Which marketing campaigns are NOT working

· Where to best spend your marketing dollars

· Where to best spend your time

So, here are some questions to ask when…

You Hold an Open House – Why did you stop by to see this house? How did you find out about the open house?

Someone Calls to See Your Listing – How did you find my name and number?

You Get a Referral from Another Agent – Why did you call me to handle your referral?

A Seller Calls You To Make a Listing Presentation – How did you hear about me?

Someone Calls You to Buy a Home – Did somebody refer you to me?

You Get a Lead Via Social Media – What is the reason you choose me?

You may be surprised at some of the answers – and it could be money in the bank to know the source of your leads.

So what other questions would you ask?

#supremelending #getmoreleads

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mdunnweeklymortgagenews-blog · 6 years

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Week of September 24, 2018 Present Market Conditions

Attributed to Sam Khater, Chief Economist.

“The 30-year fixed-rate mortgage increased once again to its highest level since May. Mortgage rates are drifting upward again and represent continued affordability challenges for prospective buyers – especially first-time buyers,” he said. “Borrowing costs are moving right now for three main reasons: the very strong economy, higher U.S. government debt issuances and global trade tensions.”

Added Khater, “Amidst this four-week climb in mortgage rates, the welcoming news is that purchase applications have risen on an annual basis for five consecutive weeks. However, given the widespread damage caused by Hurricane Florence in the Carolinas, the next few months of housing activity will likely be somewhat volatile.”

Expectations

This week brings us some very important economic data to digest. Wednesday kicks things off with another Fed meeting. A 25 basis point increase in the federal funds rate is fully expected. Wednesday also brings us New Home Sales information. The Durable Goods Orders data will be brought to us on Thursday. This is always an important economic indicator. Friday finishes up the week with the Fed’s favored inflation indicator with the release of the Core PCE price index.

Guidance

It’s a great time to be in the market for a mortgage! With rates still very low and the economy heating up, you’ll want to make sure you take advantage of this great time to buy!

#supremelending #mdunnweekly

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