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Conshohocken, PA Real Estate News

By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Millennials face numerous challenges when buying their first homes. 55% of young adults between 25 and 34 years old don’t own homes as compared to 80% in 1967, according to data from the Census Bureau. Buying a home is tough with the $1.4 trillion student loan debt, growing childcare expenses and rising rental costs. However, hope is not lost. Millennials can realize the quintessential dream of owning a home. Millennials can employ several strategies to plan for home ownership without selling their kidneys. Here are five ways to do just that. Develop A Realistic Budget Now is a great time to examine your finances and create a budget for a house you can really afford. Lenders may be able to approve you for a larger loan amount than what you thought possible. Therefore, it’s imperative to...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings from Case-Shiller Home Price Indices, sales of new homes and pending home sales. FHFA increased maximum loan limits permitted for mortgages held or guaranteed by Fannie Mae and Freddie Mac. Weekly readings for mortgage rates and first-time jobless claims were also released.Case-Shiller Indicates Slow-Down in Home Price GrowthHome prices slowed their growth in September according to Case-Shiller. David Blitzer, CEO and Chairman of S & P Dow Jones Indices, said “Home prices plus data on house sales and construction confirm the slowdown in housing.Rapidly rising home prices have sidelined new and moderate-income home buyers; slim inventories of homes for sale and recently rising mortgage rates also squeezed options for home buyers.Home prices gre...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The real estate market does not occupy a space outside the laws of physics. As Sir Isaac Newton so aptly theorized, “For every action, there is an equal and opposite reaction.” When applying the English physicist’s Third Law to today’s rising mortgage rates, anticipating the reaction can be valuable information if you are planning to buy or sell a home or commercial property.At first blush, residential home buyers and commercial property investors might expect the “opposite” reaction to impact buying power negatively. The initial data might lead many to believe that premise.How Home Buyers Reacted To Rate HikesAccording to Realtor.com, the average cost to American mortgage holders increased by 15.8 percent from Sept. 2017 to Sept. 2018. In dollars, that totaled about $223, reportedly fr...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
So you’re set to buy your first house. But where do you begin?Buying a house for the first time can be nerve-racking. Most advice articles often concentrate on the steps involved in buying a house. To streamline things, let’s focus on the people who will likely be involved in your purchase transaction.Concentrating on the finding the right professionals can help you navigate the entire buying process easier and more comfortably. Most people start with their home loan financing or locating a property with a real estate agent. Many of the other people involved in the transaction will be referred by these two important folks.Apart from you and the seller, a number of other people will probably get involved. Some of them get involved throughout the whole process, others pop in and out, whil...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Buying your home can be nerve-racking, especially if it’s the first time. The buying process is exciting and often complex. The chances of making a mistake are relatively high. In today’s real estate market where demand surpasses supply, you can’t afford to make mistakes. And this is just the tip of the iceberg. If you are in the market to buy a house, here are five pitfalls avoid. Not Doing Your Homework Well Fortune favors the prepared in real estate. And preparedness begins with understanding your finances. A wise buyer examines assets, analyzes debts and gets finances pre-approved before jumping into the house hunt. Know the neighborhood well, since you’re also buying a location. It’s paramount to research about the quality of schools, upcoming zoning issues and crime level. Not all...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Think green home design is a fad? Well, think again. Sustainable home designs are gaining popularity at a breakneck speed. In 2017, green homes accounted for more than 60 percent of family home builder’s portfolios, according to a survey conducted by the National Association of Home Builders. But what is really driving green home designs? In this post, we explore five trends shaping sustainable homes. 1. Energy Efficiency Home designs that cater to consumers’ need to reduce utility bills continue taking center stage. From net-zero energy homes to energy conserving products, home buyers want to save money. Moving forward, industry experts predict that ultra-efficient building designs like net-zero-energy or passive home designs will continue dominating the industry. 2. Health Most home b...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings on sales of new homes and pending home sales. A reading on consumer sentiment was also released along with weekly reports on mortgage rates and new jobless claims.Sales of New Homes Slide to Near 2 – Year LowAccording to Commerce Department readings on new home sales, the pace of sales slipped close to a two-year low in September; new homes sold at a seasonally-adjusted annual pace of 553,000 sales.September’s reading was 5.50 percent lower than for August and was 13.20 percent lower year-over-year. Analysts expected a reading of 620,000 sales; August’s reading showed an annual pace of 585,000 new homes sold.Real estate pros reported a 7.10-month supply of available homes, which was a six-year high. A six-month supply of homes for sale is cons...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
News of the Federal Reserve hiking interest rates appears to have caused unnecessary panic among people poised to purchase a first home or a larger one for a growing family.Headlines and news reports that talk about interest rates being at their highest since 2014 can be alarming. Announcements from the Fed that rates would increase four times in 2018 and again in 2019 seems downright scary. After all, isn’t it logical that increased interest rates mean that monthly mortgage payment could be substantially higher?As it turns out, neither the click-bait headlines about dramatic rate increases or higher monthly premiums are real-life concerns. A thoughtful look at interest rates and rational thinking about homeownership indicates that today’s market could be an excellent time to buy.Intere...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included readings on home builder confidence,sales of pre-owned homes and housing starts.  The Commerce Department also issued a report on building permits issued; weekly reports on mortgage rates and first-time jobless claims were also released.Homebuilder Confidence Rises One PointThe National Association of Home Builders reported a reading of 68 for October,which surpassed August’s reading of 67. Any reading over 50 indicates most home builders are confident about housing market conditions. Builders cited ongoing headwinds including higher prices for materials,shortages of lots and labor and rising mortgage rates. Builders sought ways to provide more affordable housing options as they faced higher costs.Regional readings of builder confidence readings,whi...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
In some parts of the country, it has already started snowing! But, even if you live in an area with a moderate climate, your lawn and garden are about to take a “winter break.” Here are 3 tips to assure that your yard will not only survive the winter, but flourish during the dormant season. They’ll assure that your landscape will greet spring full of life and beauty.Fertilize The Lawn As RecommendedMost types of grass and landscape plants have a kind of built in “alarm clock” that helps them prepare for the changing seasons and the onset of winter. Many lawns, though, benefit greatly from a a fall “feeding” in order to supply proper nutrients to help roots survive during the cold and be ready to start growing again above ground in the spring.Applying the proper fertilizer this fall is a...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included releases on inflation, consumer sentiment. Weekly readings on mortgage rates and new jobless claims were also released.Inflation and Consumer Sentiment DipThe Commerce Department reported slower growth in inflation for September. The Consumer Price Index for September showed a growth rate of 0.10 percent. Analysts projected a reading of 0.20 percent growth, which was based on August’s reading of 0.20 percent.This was the sixth consecutive month-to-month increase in the inflation rate. Year-over-year, inflation has grown 2.30 percent as compared to the prior year-over-year rate of 2.70 percent.Analysts said that rising rents and homeownership costs drove consumer prices higher, but consumer prices in other sectors eased.Core inflation, which excludes...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The struggle to achieve the American homeownership dream often feels like it happens in a vacuum. Everyday people work hard, save money and polish up their credit to get a low mortgage rate.But there are powerful forces at work that are far beyond each person’s control. And until recently, the gap between American wage growth and rising home prices was widening. According to data coming out of the U.S. Department of Labor, unemployment recently hit a 49-year low and wages are enjoying the greatest uptick in nearly a decade. That is good news for prospective home buyers.American Wages On The RiseThe 2018 economic news has seemed like one long greatest hits album. Historic-low unemployment for African-Americans and Hispanic-Americans has spurred confidence among these groups and the natio...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The National Association of Realtors (NAR), in its ongoing analysis of home sales statistics, believes that prices will continue to rise during the third quarter, but that uncertainty over elections could be a factor during the second half of the year.However, NAR’s report noted that in July, a typically lackluster month, home prices rose by about nine percent, and days on market decreased significantly, perhaps signaling a strong start for the third quarter.National statistics don’t necessarily tell the whole story, however. In addition, what will happen in the fourth quarter is, at this point, a bit more difficult to predict. Assessments about how home prices and real estate will end the year differ from one part of the country to another.Looking AheadIn 381 of 500 markets that were t...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic readings included reports on home prices, new and pending home sales and remarks released by the Federal Open Market Committee of the Federal Reserve. Weekly readings on average mortgage rates and first-time jobless claims were also released.Case-Shiller HPI: Home Price Growth Slows in JulyHome prices grew slower in July according to data released last week. Home prices rose at a seasonally-adjusted annual rate of 6.0 percent in July as compared to June’s rate of 6.2 percent growth. Analysts cited increasing inventories of homes available, which typically increases competition and lowers asking prices. Would-be home buyers have also suspended their home searches due to slim supplies of homes and competition with cash buyers.New and Pending Home Sales Show Mixed Resu...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The Federal Open Market Committee of the Federal Reserve announced that it raised the target federal funds rate to a range of 2.00 percent to 2.25 percent. This was the third consecutive increase in the Fed’s key interest rate and was the eighth time the Fed raised its key interest rate since 2015.In its customary post-meeting statement, Committee members cited strong economic conditions and continued labor market growth coupled with historically low unemployment rates as a basis for raising the federal funds interest rate.Fed Cites Steady Inflation, Healthy Household And Business SpendingFurther economic conditions cited in the FOMC statement were steady inflation, which has held close to the Fed’s objective of two percent for a year. Projections on long-term inflation were “little cha...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Home builder confidence in housing market conditions stayed flat in September. The National Association of Home Builders Housing Market Index reported an index reading of 67, which matched expectations and NAHB’s housing market reading for August. Analysts cited recent tariffs on building materials as a significant cause of easing builder confidence.While NAHB called September’s reading “solid” at 67, the reading was one full point lower than the average reading for 2017 and equaled the lowest builder confidence reading in 2018 to date. Readings over 50 in the Housing Market Index indicate that more builders than fewer are confident in housing market conditions.  Components of the Housing Market Index were mixed as builder confidence in current market conditions rose one point to 74. Bu...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Imagine the bank depositing monthly premiums into your account instead of you writing a mortgage check. That’s basically how a reverse mortgage works.  Traditional mortgages involve people paying down the interest and principal on a home loan. The goal is generally to pay off the property and cruise through retirement without that monthly installment eating at your budget. With your home paid off, those previously allotted finances can be used to relax and enjoy your retirement to the fullest. That’s the best-case scenario anyway.But financial life has changed significantly over the past half-century. The formula for economic security has been chipped away by rising health care costs, tax increases, and other complications. Working hard and paying off your family home may no longer equa...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
It’s not uncommon today to move several times during adulthood, whether across town or across the country. Seasoned home buyers have been through the real estate process, often more than once. However, even if the home purchase has become routine, there are mistakes that can be avoided.Stuck In The PastThe real estate market doesn’t stand still. It cycles and shifts, which is why it’s often recommended to rely on a real estate professional for an understanding of the current market. Home buyers with property purchased ten years ago, likely won’t have the same experience buying today. Don’t get stuck in the past, thinking the process will play out the same. It may, but it’s important to be ready for changes.Skipping HomeworkWhether upgrading to a larger home to accommodate a growing fami...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings on construction spending, along with public and private-sector jobs growth. The national unemployment rate, weekly reports on mortgage rates and new jobless claims were also released.Construction Spending Rises in JulyJuly construction spending ticked up to 0.10 percent from June’s negative reading of -0.80 percent. Year-over-year, construction spending was 5.80 percent higher than for July 2017.Public-sector construction accounted for most of the growth and increased by 0.70 percent as private-sector construction projects decreased by -0.10 percent.Month-to-month spending readings can be volatile, but analysts said that construction spending for the first seven months of 2018 were up 5.20 percent from the same period in 2017. July’s slower sp...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
If you are reading this article, it’s entirely possible that you are considering buying a home. It’s also likely that you are weighing certain financial options between a sizable down payment or taking on the expense of mortgage insurance.It’s important to understand that private mortgage insurance (PMI) helps mitigate the lender’s risk. It has little benefit to the homeowner, other than help facilitate the mortgage approval process. Home buyers would be well advised to understand the complexities of PMI because not everyone needs or can afford the additional cost.Do You Need PMI?PMI reduces the lending institution’s loss in the event a borrower cannot make payments. Homes that fall into foreclosure reportedly cost lenders upward of 60 percent of the remaining loan’s balance. That’s a s...
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