Talking Real Estate with Hope eNewsletter

This eNewsletter strives to give you information that will help you make an informed decision around your real estate goals. The news is particularly relevant to the market this summer. Rising interest rates are beginning to have an effect on the market.

I am here to support you whatever your real estate needs might be.  When you are ready to make the decision to buy or sell, give me a call.

 

PONDER THIS - “Rest is not idleness, and to lie sometimes on the grass under trees on a summer’s day, listening to the murmur of the water, or watching the clouds float across the sky, is by no means a waste of time.” ~ John Lubbock  If you find you aren’t making enough time to enjoy the season and allow your mind to rest - Do it. This will help you clarify what you really need to be doing in work and in life. 

As always, I am here for you, your family, and friends.

HOMEBUYERS, TRANSACTION ADVICE, LUXURY   Home Inspections for Co-ops or Condos   Do you need a home inspection when you buy a condominium or a co-op? According to BrickUnderground.com, home inspections are common for single-family homes, but they’re also increasingly being requested by urban homebuyers of condos and co-ops. Condo and co-op owners share common spaces such as elevators, lobbies, parking, and grounds, but where they differ is who’s responsible for maintenance and what the inspection can cover.      Condos are privately-owned units within a community of other privately-owned units, explains Bankrate.com. Owners share common areas, but inside their apartments, they own the air space and interior walls of their units plus the structural components of the exterior walls. Condos are managed by a homeowner’s association that collects monthly or annual dues to pay for common area maintenance, repairs and replacement. These services are typically provided by a third-party property management company.   In a co-operative, or co-op, a corporation owns the building, common areas and all apartment units. Instead of buying an apartment, homebuyers buy a share of the corporation, according to Amfam.com. The corporation holds the title to the property, and homebuyers build equity when future buyers pay more for their “share.” The board of directors is responsible for maintenance inside each unit and the building as a whole. A housing inspection is the homebuyer’s right, but only for the unit and the major systems that the homebuyer is responsible for, including plumbing, electrical and heat and air systems, patio or balcony, kitchen, bathrooms, bedrooms, appliances, walls, doors, windows and flooring, advises AllAspectsInspections.com.

HOMEBUYERS, HOME SELLERS, MARKET CONDITIONS, INTEREST RATES   Success Strategies for 2022 Homebuyers   If you’re a homebuyer without a home to buy, the ongoing housing shortage is making housing to buy less affordable by the day. Certain factors should change with time, which should provide you with a better chance to buy a home in mid-to-late 2022.   One factor that helped fuel the current housing market boom was record low interest rates. According to the latest weekly Mortgage Bankers Association survey, the average contract interest rate for a 30-year fixed-rate mortgage (FRM) under $647,200 was 5.20% with 0.63 points. That’s a quick rise from the record low recorded by Freddie Mac in December 2020 of 2.68% for the same FRM loan.  As a borrower you could ask your lender about a hybrid mortgage that gives you a lower adjustable rate for a fixed period of five years before the rate adjusts to a fixed rate.    Since the Great Recession, there’s been a serious shortage of new homes being built. The National Association of REALTORS says the U.S. needs to add 550,000 more homes to its 1.5 million annual average for the next ten years to make up the shortfall that’s now calculated to be about 6.8 million homes, after accounting for demolitions. Builders need more labor, more land and an end to supply chain shortages to meet this goal.   What can you do? Buy an older home that needs work. You’ll have the option of improving it or tearing it down and rebuilding when the market improves.