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      4 Reasons Spring is a Great Time to Buy a Home!

      4 Reasons Spring is a Great Time to Buy a Home! | MyKCM

      Here are four great reasons to consider buying a home today instead of waiting.

      Prices Will Continue to Rise

      CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.3% over the next year.

      The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

      Mortgage Interest Rates Are Projected to Increase

      Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage hovered close to 4.0% in 2017. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by nearly a full percentage point by this time next year.

      An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

      Either Way, You Are Paying a Mortgage

      There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

      As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

      Are you ready to put your housing cost to work for you?

      It’s Time to Move on with Your Life

      The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

      But what if they weren’t? Would you wait?

      Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.

      If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

      My New Company

      I have recently moved my business to be affiliated with COMPASS.  They are a new hybrid of real estate company that is part proprietary technology company and part traditional real estate firm.  The proprietary technology puts our group light years ahead of those that are relegated to the past, while also providing outstanding personal service to the customer.  This is the combination that I was looking for as my own company's sales vehicle, as I am totally on-board with excellent communication and customer service.  COMPASS provides every high tech sales tool that we were sorely lacking as independent Brokers.  We are proud to be a part of this company and I intend to pass every advantage that we have gained on to our customers.  Welcome to a new era in Boston real estate!

      Are Home Values Really Overinflated?

      Are Home Values Really Overinflated? | MyKCM

      Last week, the National Association of Realtors (NAR) released their most recent Existing Home Sales Report. According to the report:

      “The median existing-home price for all housing types in January was $240,500, up 5.8 percent from January 2017 ($227,300). January’s price increase marks the 71st straight month of year-over-year gains.”

      Seventy-one consecutive months of price increases may have some concerned that current home values may be overinflated.

      However, at the same time, Zillow issued a press release which revealed:

      “If the housing bubble and bust had not happened, and home values had instead appreciated at a steady pace, the median home value would be higher than its current value.”

      Here are two graphs that help show why home prices are exactly where they should be.

      The first graph shows actual median home sales prices from 2000 through 2017.

      Are Home Values Really Overinflated? | MyKCM

      By itself, this graph could heighten concerns as it shows home values rose in the early 2000s, came tumbling down and are now headed up again. It gives the feel of a rollercoaster ride that is about to take another turn downward.

      However, if we also include where prices would naturally be, had there not been a boom & bust, we see a different story.

      Are Home Values Really Overinflated? | MyKCM

      The blue bars on this graph represent were prices would be if they had increased by the normal annual appreciation rate (3.6%). By adding 3.6% to the actual 2000 price and repeating that for each subsequent year, we can see that prices were overvalued during the boom, undervalued during the bust, and a little bit LOWER than where they should be right now.

      Bottom Line

      Based on historic appreciation levels, we should be very comfortable that current home values are not overinflated.

      Is Now a Good Time to Rent?

      Is Now a Good Time to Rent? | MyKCM

      People often ask if now is a good time to buy a home, but nobody ever asks when it’s a good time to rent. Regardless, we want to make certain that everyone understands that today is NOT a good time to rent.

      The Census Bureau recently released their 2017 fourth quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

      Is Now a Good Time to Rent? | MyKCM

      As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.

      Bottom Line

      One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, let’s meet to determine if you are able to today!


      If You're Considering Selling, ACT NOW!!

      If You're Considering Selling, ACT NOW!! | MyKCM

      Definitely an aggressive headline. However, as the final data on the 2017 housing market rolls in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!

      How did we finish 2017?

      1. New-home sales were at their highest level in a decade.
      2. Sales of previously owned homes were at their highest level in more than a decade.
      3. Starts of single-family homes were their strongest in a decade and applications to build such properties advanced to the fastest pace since August 2007.

      And Bloomberg Business just reported:

      “America’s housing market is gearing up for a robust year ahead. Builders are more optimistic, demand is strong and lean inventory is keeping prices elevated.”

      And the National Association of Realtors revealed that buyer traffic is stronger this winter than it was during the spring buying season last year.

      The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a four-month supply of inventory. This represents a decrease in supply of 9.7% from the same time last year.

      Bottom Line

      With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together to see whether that is the case in your neighborhood.


      Buying or Selling in 2018? 5 Reasons to Resolve to Hire a Pro [INFOGRAPHIC]

      Buying or Selling in 2018? 5 Reasons to Resolve to Hire a Pro [INFOGRAPHIC] | MyKCM

      Some Highlights:

      • As we usher in the new year, one thing is for certain… if you plan to buy or sell a house this year, you need a real estate professional on your team!
      • There are many benefits to using a local professional!
      • Pick a professional who knows your local market and can help you achieve your dreams!


      What is the Cost of Waiting Until Next Year to Buy?


      What is the Cost of Waiting Until Next Year to Buy? | MyKCM

      We recently shared that over the course of the last 12 months, home prices have appreciated by 7.0%. Over the same amount of time, interest rates have remained historically low which has allowed many buyers to enter the market.

      As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.

      The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 4.7% over the next 12 months.

      What Does This Mean as a Buyer?

      If home prices appreciate by 4.7% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

      What is the Cost of Waiting Until Next Year to Buy? | MyKCM

      Bottom Line

      If buying a home is in your plan for 2018, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.

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      Mortgage Interest Rates Are Going Up? Should I Wait to Buy?

      Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeksFreddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.

      This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 3.5%. However, we must realize that current rates are still at historic lows.

      Here is a chart showing the average mortgage interest rate over the last several decades:

      Mortgage Interest Rates Are Going Up... Should I Wait to Buy? | MyKCM

      Bottom Line

      Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

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