Market Trends | Solari Group Blog

Wednesday, March 20, 2019   /   by Hayley Baker

What Credit Score Do You Need To Buy A House?

What Credit Score Do You Need To Buy A House?




There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed!
Only 25% of the Americans have a FICO® Score between 740 and 800. Here is the breakdown according to Experian:

16% Very Poor (300-579)
18% Fair (580-669)
21% Good (670-739)
25% Very Good (740-799)
20% Exceptional (800-850)

Randy Hopper, Senior Vice President of Mortgage Lending for Navy Federal Credit Union said,

“Just because you have a low credit score doesn’t mean you can’t purchase a home. There are a lot of options out there for consumers with low FICO® scores,”

There are many programs available with low or no credit score requirement. The Federal Housing Administration (FHA) now requires a mini ...

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  real estate, homebuyers, buying, first time home buyer, solari group, credit score, market update, solano county, napa valley, for sale, market trends, home buyer tips, housing market, real estate market

Tuesday, March 12, 2019   /   by Hayley Baker

What’s Going On With Bidding Wars?

What’s Going On With Bidding Wars?




In a strong seller’s market, like the one we have experienced over the past few years, bidding wars are common and expected. This makes sense! A seller’s market is defined as a market in which the inventory of homes for sale cannot satisfy the number of buyers who want to purchase a home.
According to the Cambridge English Dictionary, bidding wars occur when two or more parties repeatedly outbid each other as they compete to purchase something- in this case, a home.
In some areas of the country, first-time buyers have been met with fierce competition throughout their experience. Some have been out-bid multiple times before finally winning a bid on a home to call their own.
According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), there is currently a 3.7-month supply of homes for sale.
With the current number of houses listed for sale ...

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  real estate, home ownership, homebuyers, real estate agent, buying, first time home buyer, home price, market update, solano county, napa valley, for sale, market trends, the solari group, home buyer tips, real estate market, home buyer

Thursday, March 7, 2019   /   by Nicole Solari

WHY AN ECONOMIC SLOWDOWN WILL NOT CRUSH REAL ESTATE THIS TIME?

WHY AN ECONOMIC SLOWDOWN WILL NOT CRUSH REAL ESTATE THIS TIME







 



Last week, the National Association for Business Economics released its February 2019 Economic Policy Survey. The survey revealed that a majority of the panel believe an economic slowdown is in the near future:



“While only 10% of panelists expect a recession in 2019, 42% say a recession will happen in 2020, and 25% expect one in 2021.”



Their findings coincide with three previous surveys calling for a slowdown sometime in the next two years:


The Pulsenomics Survey of Market Analysts
The Wall Street Journal Survey of Economists
The Duke University Survey of American CFOs


That raises the question: Will the real estate market be impacted like it was during the last recession?


A recession does not equal a housing crisis. According to the dictionary definition, a recession is:



“A period of temporary economic decline during which tra ...

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  real estate, home ownership, homes for sale, real estate agent, selling, investment properties, solari team, solari group, market trends, selling tips, the solari group

Wednesday, March 6, 2019   /   by Nicole Solari

2 Reports That Say Now Is a Great Time to Sell?

2 Reports That Say Now Is a Great Time to Sell







Heading into the spring buying market, there are strong trends starting to emerge.
The inventory of homes for sale has increased on a year-over-year basis for eight months in a row. Home price appreciation has continued to grow, although at a slower rate. The homeownership rate has reached heights last seen in 2014, with millennials and Generation X leading the way!
Let’s dive a little deeper into some of the recent reports that have been released and what they mean for the spring buying season!
1. National Association of Realtor’s Existing Home Sales Report
Sales of existing homes were down for the third consecutive month in January. Some of this can be explained by the natural seasonality that the real estate market experiences every year, and some can be explained even further by a lack of homes available for sale on the market.
Inventory
For the last eight months, the inventory of homes for sale ha ...

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  homes for sale, selling, upgrades, investing, investment properties, solari team, solari group, property taxes, market update, for sale, market trends, selling tips, home seller, level up realty

Friday, February 22, 2019   /   by Nicole Solari

4 Reasons Why We’re Not Headed For Another Housing Crash

4 Reasons Why We’re Not Headed For Another Housing Crash














With home prices rising in many areas of the country, many people are worried that we’re headed for a housing crash like the one we suffered in 2008.


But here’s the thing: it’s just not true. While it’s understandable that people would look at the current market, consider it a “housing bubble,” and assume it’s going to pop, the truth of the matter is the market today couldn’t be any more different than they were before the crash of 2008.


Let’s take a look at four reasons why we’re not headed for another housing crash:

1. Banks have tightened their lending practices

The biggest contributor to the crash of 2008 was risky lending practices. Financial institutions had extremely loose standards in terms of who they’d lend to; they were giving out mortgages to people with low incomes, bad credit, and who were unlik ...

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  real estate, home ownership, homebuyers, homes for sale, buying, upgrades, loan, investment properties, solari team, credit score, freedom, property taxes, safety, market update, taxes, market trends, selling tips, interest rates, home sales

The Solari Group
Nicole Solari
DRE# 02014153

Solano Location
4820 Business Center Drive, Ste 140
Fairfield, CA 94534
707-486-5400

Napa Location
1700 2nd Street Suite 222
Napa, CA 94559
707-819-9119

IDX Content is provided via the Internet for consumers’ personal, non-commercial use. Variable Price’ indicates the seller is willing to entertain offers within a Listing Price Range. All measurements and all calculations of area are approximate. Information provided by Seller/Other sources, not verified by Broker. All interested persons should independently verify accuracy of information. Provided properties may or may not be listed by the office/agent presenting the information. IDX provided by Commissions Inc. Data last updated:April 21, 2019
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