J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

Why Are So Few Homes for Sale?

There is no doubt that the largest challenge in today’s housing market is a lack of housing inventory for sale. This challenge has been defined as an “overwhelming lack of supply,” and even a “straight up inventory crisis.”

First American just released the results of a survey which sheds light on the reasons for the current lack of supply.

The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets. Here are the results of the survey:

  • 47% – existing homeowners are worried that they will not be able to find a home to buy
  • 5% – first-time buyer demand is absorbing a large share of available homes
  • 3% – existing homeowners’ mortgage rates are lower than the current rates
  • 6% – insufficient or negative equity in the home
  • 6% – foreign buyer demand is absorbing a large share of available homes

As the survey revealed, there is a shortage of current homeowners willing to put their homes on the market for one of three reasons (see numbers 1, 3 and 4 above).

Is this an opportunity for some homeowners?

The report on the survey explains:

“The crowd has spoken, and it seems in many markets home buyers and sellers alike are ‘imprisoned’ by the lack of housing inventory.”

That leaves a tremendous opportunity for every homeowner not facing these concerns. If you can put your home on the market today, you are subject to far less competition than at any time in recent history. That will result in your home selling quickly and for the highest possible price.

Bottom Line

While many homeowners are feeling imprisoned for multiple reasons, those who are not handcuffed by these concerns have a once in a lifetime opportunity to sell their houses at a peak selling time.

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

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J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris
Branch Manager
6900 Dallas Parkway #610
Plano, TX 75024
M: 214-435-8825 | F: 972-696-7810
NMLS# 375517 | Company NMLS # 3274
Equal Housing Lender
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Bidding Wars Abound… How Long Will They Continue?

Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase.

In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner.

CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price.

“The share selling above list price was almost three times the trough in January 2008 and represented more than one-fifth of total sales.”

Many markets in the western part of the country and around major cities are experiencing higher shares of homes selling above list price.

“San Francisco had the largest share of homes—76 percent—that sold for at least the list price, and Seattle and Los Angeles followed with 63 and 51 percent, respectively. Miami had the lowest share—16 percent—of homes selling at or above the list price.”

Increased demand during the spring and summer months, the traditionally busier seasons for real estate, will no doubt influence how many homes continue to sell over list price.

This should not be seen by sellers as permission to overprice their homes, though. Buyers are becoming more and more educated, especially those who have been searching for their dream homes for a while now while waiting for new inventory to come to market.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

Bottom Line

Without a large wave of new listings coming to market, buyers will continue competing with each other for the homes that are available. If you are thinking of selling your home, now may be the time to do so before more competition comes this spring. Contact a local real estate professional who can help you determine the demand for your house in your area.
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

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J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris
Branch Manager
6900 Dallas Parkway #610
Plano, TX 75024
M: 214-435-8825 | F: 972-696-7810
NMLS# 375517 | Company NMLS # 3274
Equal Housing Lender
Apply Online
Guild Mortgage Company Like us on Facebook Follow us on Twitter Find us on LinkedIn Follow us on Instagram
Ranked #1 Highest in Customer Satisfaction with Primary Mortgage Originations – J.D. Power

 

Many Home Sellers are hesitant about listing their home and might not tell you why…

What if their home sells, but they cannot qualify to buy a new one!

I just spoke with a self-employed prospect that was concerned about his credit scores due to hard times in the 2008 – 2010 recession.

He has significant equity in his $600,000 current home and is ready to down size to the $350,000 range, now that his kids are going to college.

With scores are in the low 600’s, he has reason to be concerned.

But, after going through his application, reviewing his credit report and 1040’s, I was able to calm the fears and give them the confidence to move forward.

We came up with a plan that allows them to significantly reduce their housing expense and maintenance, re-capitalize home equity into investments and debt reduction and avoid burdening the kids with student loan debt.

Smart Realtors count on us to provide Solutions, every day!

 

 

The KEYS to your new home are within reach! Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

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885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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Why housing doesn’t care about the Fed

fed-reserve

Hike or no hike on rates from the Federal Reserve, housing has far more important things to think about. Home sales, home construction and the whole housing economy are dealing with all kinds of pressing issues that take precedence over mortgage rates. Let us explain.

How can it be: If the Fed raises rates, won’t mortgage rates spike and people will stop buying houses?

No. First, mortgage rates don’t exactly follow the federal funds rate. They follow mortgage bond yields, and those yields loosely follow the yield on the U.S. 10-year Treasury.

Treasury yields move on several other issues, particularly on monetary policy overseas. So mortgage rates popped higher last week because the European Central Bank freaked out global financial markets. Now there is all kinds of drama in Japan too. And remember, as for the Fed moves, mortgage lenders like to price in all these expectations before the actual event happens. That’s why mortgage rates rose last December in anticipation of the first rate hike and then fell after that due to other global economic issues.

Still, mortgage rates are rising, aren’t they?

Yes-ish. They are, slightly. Last week they rose about an eighth of a percentage point on the commonly used 30-year fixed loan. So now it’s around 3.75 percent. But let’s keep it all in perspective. That’s only about a half a percentage point higher than the all-time low. It’s not changing your monthly payment by more than a few dollars.

Here’s what Jeremy Siegel of the Wharton School said about it on CNBC’s “Squawk Box” on Wednesday morning: “I think rates are going to stay low, not as low as now, but lower than we are used to; yeah, we may get another half-point, three-quarter point in the next two years, on the mortgage rate that’s not going to kill the housing market.”

So then why did mortgage applications “tank” last week after rates rose slightly?

No offense to the Mortgage Bankers Association, but the weekly survey can get a little messy, especially when you’re dealing with holiday adjustments for Labor Day. Applications to refinance took a hit because those are very rate sensitive. You’re not going to go through all the messy paperwork of a refi, and crawling through your file cabinet for your W-2s unless you know you’re getting the best deal possible, and last week didn’t scream, “Bargain basement mortgages here!”

As for purchase applications, those have been weakening for a while as the housing market slows down a bit. A tiny move in mortgage rates isn’t going to make most people suddenly decide they really don’t want that new house after all. Homebuying is a really big decision, and once you’re in, you’re not easily dissuaded.

I heard somewhere that if the Fed hikes rates it could actually be a good thing for housing. Is that true?
In the big picture, yes. The Fed raises rates when it feels like the economy is strengthening, and a strong economy is good for housing. Income growth, job growth, consumer confidence — all of these help people buy homes.

So, since you mentioned it, what’s plaguing housing that’s bigger than mortgage rates?

Supply. Home inventory has been falling for over a year and is now near record lows. Supply is weakest where we need it most, which is in starter homes. The number of these homes for sale is dropping at double-digit rates annually, according to Trulia. High-end homes are not having the same problem. The supply issue is causing prices, which are rising anyway, to rise even more. Mortgage rates, up or down, are much less of an issue now than affordability. And remember, just because rates are low doesn’t mean everyone today can qualify for a loan.

Diana Olick CNBC Real Estate Reporter – Click Here for the Original Article – Wednesday, 21 Sep 2016

 

Buying a home is now easier than it has been in years.

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”

If you have already started in our Qualification Coaching Program, call us, so we can check your progress!
The KEYS to your new home are within reach!


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

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J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  |  Pre-Qualify Now
LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles
www.MortgageXperts.com
GoldEmailLOGO
885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in
Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

 

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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It’s a Seller’s Market: Is it Time to Downsize?

downsize

A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their house in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.

In a recent blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:

  1. A smaller home means less space, but it also means less time, stress and money spent on upkeep.
  2. Let’s assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1-1.6 million in the bank to get you through your golden years.
  3. Use the proceeds from selling your current home to pay cash for a smaller one. Just imagine what you could do with no mortgage holding you down! If you can’t pay cash, aim for a 15-year fixed rate mortgage and put at least 10-20% down on your new home. Apply the $500 you saved from downsizing to your new monthly payment. At 3% interest, you could pay off a $200,000 mortgage in less than 10.5 years, saving almost $16,000 in the process.

Realtor.com also addressed downsizing in a recent article. They suggest that you ask yourself some questions before deciding if downsizing is right for you and your family. Here are two of their questions followed by their answers (in italics) and some additional information that could help.

Q: What kind of lifestyle do I want after I downsize?

A: “For some folks, it’s a matter of living a simpler life focused on family. Some might want to cross off travel destinations on their bucket lists. Some might want a low-maintenance community with high-end upgrades and social events. Decide what you want to achieve from your move first, and you’ll be able to better narrow down your housing options.”

Comments: Many homeowners are taking the profit from the sale of their current home and splitting it in order to put down payments on a smaller home in their current location, as well as a vacation/retirement home where they plan to live when they retire. This allows them to lock in the home price and mortgage interest rate at today’s values. This makes sense financially as both home prices and interest rates are projected to rise.

Q: Have I built up enough equity in my current home to make a profit?

A: “For most homeowners, the answer is yes. This is if they’ve held on to their properties long enough to have positive equity that will be sizable enough to put a large down payment on their next home.”

Comments: A study by Fannie Mae revealed that only 37% of Americans believe that they have significant equity (> 20%) in their current home. In actuality, CoreLogic’s latest Equity Report revealed that 72.6% have greater than 20% equity. That equity could enable you to build the life you’ve always dreamt about.

Bottom Line

If you are debating downsizing your home and want to evaluate the options you currently have, meet with a real estate professional in your area who can help guide you through the process.

 

Buying a home is now easier than it has been in years.

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.
Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

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J. SCOTT HARRIS | VICE PRESIDENT & BRANCH MANAGER
& MORTGAGE MIRACLE WORKER

NMLS # 375517  | (M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  |  Apply Now
LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles
GoldEmailLOGO
885 E Collins Blvd Ste 110
Richardson, TX 75081

Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana
Gold Financial Services, Inc. is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

 

Home Sales Will Remain Hot This Summer

temp

People always talk about the “spring buying season” when they talk real estate. However, this year it appears as though the summer real estate market will be just as hot. The most recent Foot Traffic Report released by the National Association of Realtors (NAR) revealed that there are more buyers out looking at homes right now than at any other time in the last two years including the past two springs (in orange below).

traffic

 

The Foot Traffic Report is compiled from data on the number of properties shown by Realtors. NAR further explains:

“Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future.”

We can see that the number of prospective purchasers out looking at homes has been greater each month this year compared to the same month in 2014. And, though foot traffic fell off last June as compared to May, this year it has increased nicely.

traffic2

Bottom Line – It is a great time to buy a home!

The housing market will remain strong throughout the summer and into the fall, making for one of the best years in real estate over the last decade.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!
We close loans every day that Banks would not,
or could not approve.
Mortgage Expert
J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517
GoldLOGO
Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

885 E. Collins Blvd. Suite 110
Richardson, TX 75081
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688
Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

New Construction: Builders cannot get them up fast enough!

Building

 

If you are planning on selling your home over the next two years, now may be the time to act. Demand is high, supply is low and many homeowners are benefiting from an almost auction atmosphere with several buyers fighting for their house in the current multi-bid environment.

Higher prices and less stringent contingencies are making it easier for the seller and their family. However, there may be more (and better) competition about to hit the market in the form of newly constructed homes. This may put an end to the buyers’ frenzy over the limited inventory of existing homes which has been below normal levels for over a year.

According to the latest report from the National Association of Realtors (NAR), the forecast for new housing starts and sales will increase significantly over the next two years:

  • NAR is forecasting 1.1 million new housing starts in 2015, jumping to 1.4 million in 2016.
  • New home sales are projected to increase from the 437,000 in 2014 to 570,000 this year and 720,000 in 2016.

Bottom Line

In DFW, building cranes are again stretched across the city skyline. In most suburbs, you can again hear the thumping of a carpenter’s hammer in the background. Those are the sights and sounds that inform us that it may be time to buy or move-up!

 

Call us 1st to avoid mortgage problems, Call us 2nd to SOLVE them.

J. Scott Harris
Vice President – Mortgage Miracle Working
NMLS #375517
Gold Financial Services, Inc.
Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

885 E. Collins Blvd. Suite 110
Richardson, TX 75081
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

 

Home Sales Skyrocketing!!

Home Sales Skyrocketing!! | Simplifying The Market

Yesterday, the National Association of Realtors (NAR) released their Existing Home Sales Report. The numbers shocked many analysts as they revealed a 10.4% increase over the same month last year.

This is the highest number of sales since September 2013. Sales have increased year-over-year for six consecutive months and the 10.4% increase is the highest annual increase since August 2013. March’s sales increase was the largest monthly increase since December 2010.

Lawrence Yun, NAR’s chief economist, explained:

“After a quiet start to the year, sales activity picked up greatly throughout the country in March. The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years.”

Here is a graph showing home sales so far this year:

Existing Home Sales | Simplifying The Market

An increase in sales occurred in every region of the country even the Northeast that experienced one of their roughest winters in years:

Existing Home Sales by Region | Simplifying The Market

Bottom Line

Houses are flying off the shelves. This may be the perfect time to sell yours.

Confusing Real Estate News? We Can Help

 image1

Below are the headlines from three separate news releases issued over a one month period:

11/3/2014 – Millions of Potential New Households Waiting Out the Recovery

11/11/2014 – Experts: First-Time Homebuyers’ Weak Finances Holding Back Housing Market

And then, the contrarian view:

12/2/2014 – In 2015, Millennials Will Be Biggest Home Buying Group

It sure seems that the group that released the first two stories emphatically disagrees with the organization that published the last news release. Amazingly, the same entity published all three reports. What? It seems the company (a well-respected provider of housing information) reported that those forming new households are not looking to buy a home. They actually surveyed over one hundred housing experts who agreed. But 30 days later, they reported that millennials (most new households) will be the biggest group of home buyers this year. All in one month!! All the headlines could actually be true. However, a consumer reading them might be misled. This is evidence of how difficult it is to actually understand the intricacies of today’s housing market. Even the experts can seem confused.

Bottom Line

If you are thinking of either buying or selling a home, it is probably best to engage a local mortgage or real estate professional to help you successfully navigate the ins-and-outs of today’s real estate transaction.

Source: KCM Blog 12-11-2014

Call us 1st to avoid mortgage problems, Call us 2nd to SOLVE them.

J. Scott Harris
Vice President – Mortgage Miracle Working
NMLS #375517
Gold Financial Services, Inc.

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

Moving-Up? Do it NOW not Later | Keeping Current Matters

Another great post from our friends at Keeping Current Matters – this one will definitely light a fire under those ready to move up!  Realtors, this is a great point to make to your clients who are on the fence about it….

A recent study revealed that the number of existing home owners planning to buy a home this year is about to increase dramatically. Some are moving up, some are downsizing and others are making a lateral move. Another study shows that over 75% of these buyers will, in fact, be in that first category: a move-up buyer. We want to address this group of buyers in today’s blog post.

via Moving-Up? Do it NOW not Later | Keeping Current Matters.