Talking Real Estate with Hope Leitner - December eNewsletter

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Should you try to time the market? Think twice! Plus, don't trust those credit agencies. Take control of your credit score. This newsletter is here to help us learn. I hope you find it helpful and informative. 

 

I love hearing from everyone on this email list. I am here to support you whatever your real estate needs might be.  

 

December - Ponder this - “Winter is a season of recovery and preparation.”- Paul Theroux - Paul Theroux is best known as a slow travel writer, inspiring us to move through the world via train rather than by plane, or to stay for a while, rather than running to the next destination. We go on adventures to live. Sometimes it’s amazing and sometimes it spirals into a mess. Yet we go on. -- Winter is when we can recover and prepare for the next test of our spirit. Make some tea and recover before planning for the new year. Please, sit and rest a while. 

 

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

 

Hope Leitner, CRS,

CalDRE #01874321



TRENDS, HOMEBUYERS, HOME SELLERS, MARKET CONDITIONS, MORTGAGE INTEREST RATES

 

 

Should You Try to Time the Housing Market

 

 

It’s been the year for contradictions in the housing market. Housing sales are decelerating, home builders are slowing down production and mortgage interest rates are more than double what they were a year ago. Mortgage applications are at their lowest level in 22 years. However, home prices remain near record highs, driven by low supplies, household formations by Millennial and Gen-Z homebuyers, and a strong job market.

 

Is now the time to buy, or should you wait for housing prices and rates to come down?

 

Timing the housing market is seldom a good idea, especially during market volatility. Only you know if the time is right for you to become a homeowner, but if you’re uncertain, consider the following:

  • Even if home prices fall, they won’t do so everywhere. Prices in areas with plentiful jobs may go flat for a while, but they won’t fall significantly.
  • Efforts to curb inflation will eventually result in lower mortgage interest rates.
  • Buying a home is a long-term investment and a hedge against inflation. Buy when you plan to stay in the home for several years or longer, allowing you time to build equity and recover your closing costs.
  • Buy when it’s affordable and the right lifestyle choice, even if you have to choose a smaller home or a lesser neighborhood.
  • The smartest investors don’t wait for the bottom to buy, because there’s no predicting when that will be, if ever. Waiting could price you out of the market.


FINANCE, HOMEBUYERS, TRANSACTION ADVICE, MORTGAGE LOANS

 

Don’t Trust Credit Reporting Agencies

 

When you apply for a mortgage loan, or any credit, the lender relies on information that is supplied by lenders, landlords, government agencies, courts, and credit card companies to three credit reporting bureau, Equifax, Experian, and TransUnion. Numerical values are assigned to defaults and late payments, income-to-debt ratios, types of credit and other data. The values are compiled into credit scores which provide a snapshot of your credit worthiness to anyone authorized to make inquiries.

 

According to a 2021 investigation by ConsumerReports.org, more than one-third of 6,000 surveyed consumers found at least one mistake in their credit reports and nearly as many found incorrect personal information such as names and addresses while 11 percent found account information errors. These errors can cause your credit scores to fall, making you pay more in interest for loans and credit lines, or in the worst cases, being denied credit altogether. 

 

What can you do? Get a three-bureau report and check for errors. One bureau may have accurate data while another can have incorrect or outdated information that can lower your credit scores. Sometimes, the incorrect data comes from the data furnisher – the lender, landlord, lien holder, etc. You’ll have to contact the data furnisher with proof of payment or release of lien or other evidence. Obtain a written statement of resolution to give to the credit bureau and to your mortgage lender via certified mail to make sure they get it.

 

Keep checking your credit at least once a year.

 


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