Zillow just reported that their data shows nearly 16 million homes in this country are now in a negative equity position where the house is worth less than the mortgages on the home. This number is dramatically higher than the approximate 11 million reported by other entities. Why the huge difference? Zillow professes to take […]
The real estate market continues to heat up as we head into the summer. Will this increase in demand equate to an increase in home prices? That depends. Remember, the price of any item is determined by the supply of and demand for that item at any point in time. Let’s look at the facts […]
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I’ve been told that 29% of all contracts signed never make it to the closing table- that nearly 3 in 10 transactions where a buyer and seller have come to terms (no easy feat in this market) fall apart. In a more normal market, I would say 90% of deals close. So, I figured if […]
We are often asked where we believe home values are headed. To answer this question we want to quote three separate reports that have been published in the last 60 days: the Home Price Expectations Survey (HPES), the Urban Land Institute Real Estate Consensus Forecast (ULI) and the Demand Institute’s Report (DIR): The Shifting Nature […]
Congratulations to all those who were honored as the “30 Under 30” by the National Association of Realtors including KCM members Brandon Brittingham, Michael Pennisi, Mandy Becker and Sasha Cannon Farmer.
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This upcoming weekend, my daughter Megan, the eldest of our four children is graduating from Binghamton University. When these type of life events happen, I like to reflect upon both “How did we get here?” and “What are the best actions I can take to make sure things stay on the right path?” As I […]
Many of our readers have asked whether or not we believe the Mortgage Forgiveness Debt Relief Act of 2007 will be extended past its current expiration scheduled for the end of the year. As a reminder, the legislation ensures that homeowners who received principal reductions or other forms of debt forgiveness on their primary residences […]
We believe the housing market is recovering. We believe that sales will be robust through the rest of the year. However, we also believe that the increase in demand will not impact prices in a big way as we think there will also be an increase in the supply of homes coming to the market. […]
Back in 2005 and 2006, everyone thought they were experts in real estate, just like this nosy neighbor. Today, being an expert means truly understanding what is happening in the market and why it is happening. To better understand those two things, be sure to register for a free webinar we’re doing this Thursday at […]
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The past week has been a whirlwind for me. Last Thursday, I had major surgery. I tell you this only as an explanation of how I came to write this week’s blog. I have been in a rehab facility for a couple days and what is most impressive is how the other patients are so […]
We often discuss the difference between the PRICE and the COST of a home. We want buyers to realize, in many ways, the cost of a home is more important to them than the actual price. Obviously, price is part of the cost equation. The other piece, available financing, is also crucial. Soon, there will […]
Every day there seems to be more positive news about the real estate recovery. We attempt to give you two things in this blog: The actual data that indicates where the housing market is headed Quotes from analysts who have scrutinized this data Today, we want to give you a quote by Ivy Zelman which […]
Last week, the National Association of Realtors (NAR) released their Pending Sales Report which showed that contracted sales were 12.8% higher than the same month last year and higher than any time since sales were impacted by the Homebuyers’ Credit back in April of 2010. The index stood at 101.4 which represents a level that […]
With good preparation, most things are easier. That works in mortgages too! Today, I want to give you some ideas that can make your mortgage experience less painful. Income Items: Gather your documents. Today, many people will have to produce 2 years’ complete tax returns, including W2’s, 1099’s, K1’s, and all the schedules, as well […]
Yesterday, we reported on the adverse impact foreclosures have had and will continue to have on the children of this country. Today, we want to talk about how parents can soften the effect. If you can’t keep your house, you must decide how to leave and determine the impact of your decision on your children. […]
We were recently troubled by the findings of a research paper authored by Julia Isaacs of the Brookings Institute for the organization First Focus which was titled The Ongoing Impact of Foreclosures on Children. In the report, Ms. Isaacs quantified the number of children that have been impacted: 2.3 million children have already lost their homes […]
It didn’t take long for the naysayers in real estate to jump all over the National Association of Realtors’ Existing Sales Report which was released last week. It is true that sales were down 2.6% from the previous month. However, monthly variations should not be the determining factor in deciding where the market is going. […]
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One of the great things about this country is that we do a lot for those who have served us. And in the area of real estate financing, we can do exceptional things. Understand that the VA (Veterans’ Administration) is, in the mortgage world, like HUD is with FHA financing. They are an insurance company, […]
