Home ownership Will Always Be a Part of the American Dream

Home ownership Will Always Be a Part of the American Dream

Homeownership Will Always Be a Part of the American Dream | MyKCM

On Labor Day we celebrate the hard work that helps us achieve the American Dream.

Growing up, many of us thought about our future lives with great ambition. We drew pictures of what jobs we wanted to have and where we would live as a representation of a secure life for ourselves and our families. Today we celebrate the workers that make this country a place where those dreams can become a reality.

According to Wikipedia,

Labor Day honors the American labor movement and the contributions that workers have made to the development, growth, endurance, strength, security, prosperity, productivity, laws, sustainability, persistence, structure, and well-being of the country.”

The hard work that happens every day across this country allows so many to achieve the American Dream. The 2019 Aspiring Home Buyers Profile by the National Association of Realtors (NAR) says,

“Approximately 75% of non-homeowners believe homeownership is part of their American Dream, while 9 in 10 current homeowners said the same.”

Looking at the number of non-owners, you may wonder, ‘If they believe in homeownership, why haven’t they bought a home yet?’. Well, increasing home prices and low inventory can be part of the reason why some haven’t jumped in, but that does not mean there is a lack of interest. The same report shows the increase in the desire to buy in the last year (as shown in the graph below):Homeownership Will Always Be a Part of the American Dream | MyKCMAs we can see, there are more and more people each quarter who want to buy a home. The good news is, as more inventory comes to the market, more non-homeowners will be able to fulfill their dreams. Finally, they’ll be able to move into that home they drew when they were little kids!

Bottom Line

If you’re a homeowner considering selling, this fall might be the right time, as there are buyers in the market ready to buy. Let’s get together to determine how you can benefit from the pent-up housing demand.

5 Real Estate Reality TV Myths Explained

5 Real Estate Reality TV Myths Explained

5 Real Estate Reality TV Myths Explained | MyKCM

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 shows like “Property Brothers,” “Fixer Upper,” and “Love It or List It,” all in one sitting.

When you’re in the middle of your real estate-themed TV show marathon, you might start to think everything you see on the screen must be how it works in real life. However, 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 shown are already sold and are off the market. 

Myth #3: The buyers haven’t made a purchase decision yet.
Truth: Since there is no way to show the entire buying process in a 30-minute show, TV producers often choose buyers who are further along in the process and have already chosen a home to buy. 

Myth #4: If you list your home for sale, it will ALWAYS sell at the open house.
Truth: Of course, this would be great! Open houses are important to guarantee the most exposure to buyers in your area, but they are only one piece of the overall marketing of your home. Keep in mind, many homes are sold during regular showing appointments as well. 

Myth #5: Homeowners decide to sell their homes after a 5-minute conversation.
Truth: Similar to the buyers portrayed on the shows, many of the sellers have already spent hours deliberating the decision to list their homes and move on with their lives and goals.

Bottom Line

Having an experienced professional on your side while navigating the real estate market is the best way to guarantee you can make the home of your dreams a true reality.

Supreme Court Ruling on Private Property Rights…

The Supreme Court issued it’s ruling on Friday June 25,2019 in the case of Knick vs. Township of Scott.

The Supreme Court struck down the precedent today, a hard-fought victory for property rights advocates.

In a 5-4 opinion(link is external), the justices sided with Pennsylvania resident Rose Mary Knick on a property rights issue likely to have ripple effects on land use and environmental regulations.

We now conclude that the state-litigation requirement imposes an unjustifiable burden on takings plaintiffs, conflicts with the rest of our takings jurisprudence, and must be overruled,” Chief Justice John Roberts wrote for the majority, which included the rest of the court’s conservatives.

Roberts reasoned that landowners have a claim under the Fifth Amendment — which bars the government from taking property without compensation — as soon as the taking occurs and therefore have access to federal court right away.

Experts expect the ruling to have ramifications for similar challenges to local governments’ environmental regulations or land use plans — helping landowners get to federal court swiftly.

An important caveat is that the decision does not alter the substantive standard for evaluating regulatory takings claims, and such claims remain hard to win, but it ensures more landowners get their day in court.

3 Fundamental Changes in Real Estate

The 3 changes are in the way buyers search for, view prospective homes and they have changed What they buy as well.
There were always 3 groups of buyer:
Top – Tier buyers: These buyers are willing to pay a premium. This group looks for move in ready homes that have all the amenities they are looking. Homes that have been updated to current trends and New Construction.

Middle -Tier buyers: This group of buyers look for home in the “original” condition, hoping to get it at a decent price and then improve the home over time with sweat equity

Bottom – Tier: This third group were contractors and flippers looking for distressed properties that they could buy at 60% to 70% of retail value.

The middle tier which historically represented a significant percentage of market sales is now disappearing.
Today’s buyers are paying more to obtain mon-in ready homes that look like the finished properties on HGTV.

The past few years there have been societal shifts as homebuyers, for many reasons, are less willing or even capable of fixing up a home they’ve purchased.

They know exactly what they like and almost have no idea how to get it done on their own.

With buyers moving away from “original condition” properties  they percieve ass needing alot of work and upgrades, it pushed the middle tier down to the botoom and needs to be priced accordingly.

Most Sellers who do not understand this NEW Reality stand to get far less than imagined.

5 Seller Myths

RESPA Rules Take Effect January 1, 2010

RESPA Rules Take Effect January 1, 2010  Final Real Estate Settlement Procedures Act (RESPA) rules are scheduled to take full effect on January 1, 2010. These rules, published on November 17, 2008 as part of amendments to Regulation X (24 CFR Part 3500) of the Act, include the following:

  • Loan originators must provide borrowers with a standard, revised Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs  
    • Closing agents must provide borrowers with a new HUD-1 settlement statement.  

    The U.S. Department of Housing and Urban Development (HUD) has published a new booklet, Shopping for Your Home Loan: HUD’s Settlement Cost Booklet, designed to help consumers comparison-shop for a mortgage. Much of the booklet is devoted to the new standardized GFE and HUD-1 settlement statement forms. For more information, see HUD’s Table of Contents for FAQs issued on the new rules and listen to its new webcast.    

Northeast home sales drop 8 percent


Northeast home sales drop 8 percent, prices fall, in March, Realtors say
– The Star Ledger (4/23/2009)
“Prices have fallen 15 percent to 20 percent here since June 2006, and New Jersey real estate analyst Jeffrey Otteau said he expects the eventual damage to hit 24 percent. He said he expects prices to keep falling at a rate of 1 percent a month.”
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BREAKING NEWS: Short Sales continue into 2010

With the economy on the brink of recession, job loss at an all time high, foreclosures rising, inventory at still-high levels, and home sales sluggish, many current homeowners are asking for help. If a homeowner can no longer make mortgage payments, they are suffering some kind of hardship, and their home is now worth less than is owed, foreclosure or bankruptcy are not the only options. Call Gloria Benaroch for your options and contacts you can make.
 
A short sale, in real estate terms, is the sale of a house in which the sale price is less than what the owner still owes on the mortgage. It is a procedure sometimes agreed to by lenders, who would rather take a loss and get paid today than go through the lengthy and costly foreclosure process.
 
Without a short sale, if the property is sold, the Seller will have to to pay the difference between what was borrowed and what the property is worth today. This scenario has become very common in recent months as the real estate market adjusts and values declineand will become more prevalent as we enter into the new year 2010. Many homeowners purchased at the peak of the market, refinanced and the properties are no longer worth what was paid for them.

You are NOT ALONE!

Call and speak to Gloria Benaroch and see how she may help you or put you in contact with those that can.
 
A short sale will protect the property from being lost to foreclosure or bankruptcy and provides clients with the opportunity for a fresh start.
 
With the extended tax credit first time home buyers are out there looking. They need to be in contract by April 30, 2010.
 
stay tuned fro more information as I learn, experience and pass it on and ALWAYS consult your attorney, tax accountant etc.

 

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