Real Estate Blog - November, 2020

Homeownership is Key to Building Wealth

Homeownership Is a Key to Building Wealth

For years, real estate has been considered the best investment you can make. A major reason for this is due to the net worth a household gains through homeownership. In fact, according to the 2019 Survey of Consumer Finance Data from the Federal Reserve, for the average homeowner:

“…a primary home accounts for 90% of the total wealth of a family in the U.S.”

How do homeowners gain wealth?

Most large purchases, like cars and appliances, depreciate in value as they age, so it’s understandable to question how owning a home can increase wealth over time. In a simple equation, the National Association of Realtors (NAR) explains how the combination of paying your mortgage and home price…

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Tips to Sell Your House Safely Right Now

Some Highlights

• Your agent now has over 6 months of experience selling houses during the pandemic and can make the process easier and safer for you today.
• COVID-19 protocols and technology usage recommendations from the National Association of Realtors (NAR) are making it possible to sell houses right now, while agents continue to abide first and foremost by state and local regulations.
• Let’s connect to discuss how to sell your house safely in today’s housing market.

• Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!

   

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25th Annual Festival Of Lights

25TH ANNUAL FESTIVAL OF LIGHTS

SANTA’S ROCKIN’ THROUGH THE DECADES

DECEMBER 4, 2020 | 7:00 PM | DOWNTOWN BROOKINGS

Santa’s throwing it back this year and needs all his elves to help him rock through the decades. He’s greasing back his hair and trading in his sleigh for a thunderbird - but wait, he may have a costume change or 10 scheduled as we rock out enjoying each era of retro. The night will be filled with nothing but Christmas classics and holiday cheer.

This year’s Festival of Light’s theme is all about RETRO - think the 20’s through the 80’s! Dress as your favorite decade, light up your float with themed props, don't forget those stellar tunes, and be a part of the 25th annual Festival of Lights Parade on Friday, December…

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Rent vs. Buy: How to Decide What's Best For You

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According to the U.S. Census Bureau, median rent continues to rise. With today’s low mortgage rates, there’s great opportunity for current renters to make a move into homeownership that stretches each dollar a little bit further.

While the best timeline to buy a home is different for everyone, the question remains: Should I continue renting or is it time for me to buy? The answer depends on your current situation and your future plans, so here are some thoughts to help you decide if you’re ready to own a home of your own.

1. Rent Will Continue to Increase

This is one of the top reasons why renters decide to move because in most cases, rent will continue increasing each year. As noted above, the U.S. Census Bureau recently released…

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Making a Home for the Brave Possible

Some Highlights

• VA Home Loans provide unique opportunities for Veterans, active-duty personnel, and their families in recognition of their service to our Nation.
• For eligible individuals, options associated with VA Loans can help make the dream of homeownership a reality.
• If you or someone you know may benefit from a VA Loan, let’s connect to answer your questions today.

Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!

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Is it Safe to Sell My House Right Now?

Is it Safe to Sell My House Right Now?

In today’s real estate market, the buzz is all about how it’s a great time to sell your house. Buyer demand is high, and there simply aren’t enough homes available to buy to meet that growing need. This means now is the time to make a move so you can close the deal on your ideal terms.

Even in today’s strong sellers’ market, there are homeowners who are choosing not to sell due to ongoing concerns around the health crisis, financial uncertainty, and life in general. According to Zillow, here are the top three reasons homeowners who are thinking of selling sometime in the next three years are not putting their houses on the market right now:

• 34% - Life is too uncertain right now
• 31% - Financial…

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Why Today's Options Will Save Homeowners from Foreclosure

Many housing experts originally voiced concern that the mortgage forbearance program (which allows families impacted financially by COVID to delay mortgage payments to a later date) could lead to an increase in foreclosures when forbearances end.

Some originally forecasted that up to 30% of homeowners would choose to enter forbearance. Less than 10% actually did, and that percentage has been dropping steadily. Black Knight recently reported that the national forbearance rate has decreased to 5.6%, with active forbearances falling below 3 million for the first time since mid-April.

Many of those still in forbearance are actually making timely payments. Christopher Maloney of Bloomberg Wealth recently explained:

“Almost one quarter…

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Americans Are Gaining Confidence in the Economy

The September Jobs Report issued by the Bureau of Labor Statistics reported that the unemployment rate dropped to 7.9%. Though that percentage is well below what experts projected earlier this year, it still means millions of people are without work. There’s no way to minimize the tremendous impact this pandemic-induced recession continues to have on many Americans.

However, the latest Home Purchase Sentiment Index from Fannie Mae shows how more and more Americans believe the worst is behind us, and their personal employment situation is good. The index revealed:

“The percentage of respondents who say they are not concerned about losing their job in the next 12 months increased from 78% to 83%, while the percentage who say they are…

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Real Estate Continues to Show Unprecedented Strength This Year

The 2020 housing market has surpassed all expectations and continues to drive the nation’s economic recovery. The question is, will this positive trend continue throughout the rest of the year, especially given the uncertainty around the current health crisis, the upcoming election, and more?

Here’s a look at what several industry-leading experts have to say.

Lawrence Yun, Chief Economist, National Association of Realtors

“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market…Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery."

Frank Martell, President and CEO, CoreLogic

"Homeowners’…

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Do You Need to Know More about Forbearance and Mortgage Relief Options?

Earlier this year when the nation pressed pause on the economy and unemployment rates jumped up significantly, many homeowners were immediately concerned about being able to pay their mortgages, and understandably so. To assist in this challenging time, two protection plans were put into place to help support those in need.

First, there was a pause placed on initiating foreclosures for government-backed loans. This plan started on March 18, 2020, and it extends at least through December 31, 2020. Second, homeowners were able to obtain forbearance for up to 180 days, followed by a potential extension for up to another 180 days. This way, there is a relief period in which homeowners have the opportunity to halt payments on their mortgages for up…

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