Friday, February 22, 2019 / by Nicole Solari
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 ...
Friday, September 8, 2017 / by Nicole Solari
It’s time to clear a few things that have been lingering around my desk, bits and pieces of market news that together explain some of what’s happening with today’s housing market and how it may change in the near and distant future.
More would-be buyers opting out of homeownership
The most popular theory about why more houses aren’t being sold: There simply aren’t enough properties on the market to go around. But according to a new study from Experian, one of the big three credit repositories, a big chunk of what would ordinarily be potential buyers have opted out of homeownership.
More than a quarter of the 1,000 people queried in a telephone survey in late June — 27 percent — told Experian that they have no interest in owning, not now and not five or 10 years from now. That’s up from 19 percent when pollsters asked the same question a year ago.
Another big reason: Folks want to remain mobile. Nearly tw ...
Monday, August 28, 2017 / by Nicole Solari
The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
In the report, home prices are compared both regionally and by state.
Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!
Alaska & West Virginia were the only states where home prices are lower than they were last year.
Wednesday, June 21, 2017 / by Nicole Solari
After working hard for so many years, you might have purchased a home you are proud of. However, you might have heard about folks whose families were unable to get the family home after a parent’s death because it was tied up in court with probate issues.
As a parent and spouse, you probably want to spare your children from the expense and burden of probate court. Here are 3 ways to protect your home from probate so that it goes to the person or people you wish it to with as little delay as possible.
1. Use a Living Trust
While you're alive, you might be adamant about managing your personal affairs. However, if you want to be sure that you're legally protecting your estate, you ought to look into a living trust.
With a trustee, usually a trusted friend or family member, you can continue managing all the assets you transfer to the trust while you’re alive. When you finally pass on, the people or person listed as your beneficiari ...
Friday, June 16, 2017 / by Nicole Solari
Homebuyers are caught in a storm of low inventory, high demand and tight credit availability.
In these market conditions, even simple tactics or connections a potential homebuyer can have could make the difference between owning a home or not.
1. Know what you can afford
When looking for a new home, make your search more effective by knowing how much home you can afford. Carefully calculate the overall monthly payments. Be sure to include additional costs like property taxes, insurance premiums, homeowners insurance, homeowners' association dues (if applicable), etc. Look at your monthly budget to understand how a mortgage payment will fit into it.
2. Identify your potential downpayment
Do you have 20% of your target purchase price available for a downpayment? That's often considered the industry norm, but there are other options available. If you don't have the funds for a significant downpayment, it may not be a problem. There are a variety of loan pr ...