Hope Leitner, Realtor®, CRS

The latest Existing Home Sales Report issued by the National Association of Realtors (NAR) revealed that home sales have decreased for four consecutive months and are at their slowest pace in over two years. This has some industry leaders puzzled considering the fact that the economy is strengthening, unemployment is down, and wages are beginning to rise. This begs the question: “Where are the buyers?” Actually, agents in the field of most communities are still seeing strong desire from prospective purchasers. They have a list of potential buyers ready to go if the right houses come on the market and they claim it is not a shortage of demand, but is instead a shortage of inventory that is causing the market to soften. Why is there a shortage of inventory? You only need to look at the graph below to understand: A recent industry report looked at building permits and concluded: “If construction over the past decade matched historic norms, accounting for population change, th

There are many conflicting headlines when it comes to describing today’s real estate market. Some are making comparisons to the market we experienced 10 years ago and are starting to believe that we may be doomed to repeat ourselves. Others are just plain wrong when it comes to what it takes to qualify for a mortgage. Today, we want to try and clear the air by shedding some light on what’s causing some of these headlines, as well as what’s truly going on. Myth #1: We Are Headed for Another Housing Bubble Home prices have appreciated year-over-year for the last 76 straight months. Many areas of the country are at or near their peak prices achieved before the last housing bubble burst. This has many worried that we are headed towards another housing bubble. Reality: The biggest challenge facing today’s real estate market is a lack of homes for sale! Demand is strong, as many renters have come off the fence and are searching for their dream homes. Historically, a normal market re

There is much more than a lower rate and payment to determine whether to refinance a mortgage.   Lenders try to make refinancing as attractive as possible by rolling the closing costs into the new mortgage so there isn't any out of pocket cash required. The closing costs associated with a new loan could add several thousand dollars to your mortgage balance.   The following suggestions may help you to reduce the expense to refinance. ·          Tell the lender up-front that you want to have the loan quoted with minimal closing costs. ·          Check with your existing lender to see if the rate and closing costs might be cheaper.   ·          Shop around with other lenders and compare rate and closing costs. ·          If you're refinancing an FHA or VA loan, consider the streamline refinance. ·          Credit unions may have lower closing costs because they are generally loaning deposits and their cost of funds is less. ·          Reducing the loan-to-value so mo

Freddie Mac, Fannie Mae, and the Mortgage Bankers Association are all projecting that home sales will increase nicely in 2019. Below is a chart depicting the projections of each entity for the remainder of 2018, as well as for 2019. As we can see, Freddie Mac, Fannie Mae, and the Mortgage Bankers Association all believe that homes sales will increase steadily over the next year. If you are a homeowner who has considered selling your house recently, now may be the best time to put it on the market.

Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV binge session? We’ve all been there, watching entire seasons of “Love it or List it,” “Million Dollar Listing,” “House Hunters,” “Property Brothers,” and so many more all in one sitting. When you’re in the middle of your real estate themed show marathon, you might start to think that everything you see on TV must be how it works in real life, but you may need a reality check. Reality TV Show Myths vs. Real Life: Myth #1: Buyers look at 3 homes and decide to purchase one of them. Truth: There may be buyers who fall in love and buy the first home they see, but according to the National Association of Realtors the average homebuyer tours 10 homes as a part of their search. Myth #2: The houses the buyers are touring are still for sale. Truth: Everything is staged for TV. Many of the homes being shown are already sold and are off the market. Myth #3: The buyers haven’t made a p

Some Highlights: •Interest rates are projected to increase steadily heading into 2019. •The higher your interest rate, the more money you end up paying for your home and the higher your monthly payment will be. •Rates are still low right now – don’t wait until they hit 5% to start searching for your dream home!

Moisture is mold's best friend and it thrives between 40 and 100 degrees Fahrenheit which is why it is commonly found in homes.   Mold spores float in the air and can grow on virtually any substance with moisture including tile, wood, drywall, paper, carpet, and food. Moisture control and eliminating water problems are key to preventing mold. Common sources of moisture can be roof leaks, indoor plumbing leaks, outdoor drainage problems, damp basements or crawl spaces, steam from bathrooms or kitchen, condensation on cool surfaces, humidifiers, wet clothes drying inside, or improper ventilation of heating and cooking appliances. Control the moisture problem Scrub mold off hard surfaces using soap and water or other cleanser; dry completely Do not paint or caulk moldy surfaces Discard porous materials with extensive mold growth Avoid exposing yourself or others to mold Periodically, inspect the area for signs of moisture and new mold growth