Conshohocken, PA Real Estate News

By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included Commerce Department readings on construction spending, labor sector reporting on public and private-sector job growth, and the national unemployment rate. Weekly reports on mortgage rates and jobless claims were also released.Construction Spending Driven by Housing Sector in DecemberThe Commerce Department reported a one percent gain in construction spending in December to a seasonally-adjusted annual pace of $1.49 trillion. Residential construction drove spending for the seventh consecutive month with a 3.10 percent gain in spending. Construction for public projects rose by 0.50 percent; private-sector spending on non-residential construction fell by -1.70 percent.Demand for housing remained high as supplies of previously-owned homes ran below average...
Comments 0
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included readings from S&P Case-Shiller Home Price Indices, readings on new and pending home sales,  and the University of Michigan’s Consumer Sentiment Index. Weekly reports on mortgage rates and jobless claims were also published.S&P Case-Shiller Home Price Indices: Home Prices Rose Faster in NovemberThe Case-Shiller National Home Price Index showed that November home prices grew by 9.50 percent on a seasonally-adjusted annual basis. October’s reading showed 8.40 percent home price growth; analysts expected a year-over-year pace of  8.80 percent for national home price growth.Severe shortages of available homes coupled with high demand for homes continued to fuel rising home prices as builders faced rising materials costs. The covid pandemic added to home ...
Comments 1
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Case-Shiller Home Price Indices reported a year-over-year national home price gain of 9.50 percent for November 2020. Home prices continued to grow in response to high demand for homes and homeowner relocations in response to the covid-19 pandemic. Inventories of pre-owned homes remained low. Home prices rose at a slower pace in November but remained strong in most areas.20-City Home Price Index Reports Home Price Gains in 19 of 20 CitiesNovember’s edition of the 20-City Home Price Index reported the highest year-over-year home price gain of 13.80 percent in Phoenix, Arizona, which held first place for the 18th consecutive month. Seattle, Washington reported year-over-year home price growth of 12.70 percent, and San Diego, California held third place with year-over-year home price growt...
Comments 1
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
As we move into 2021, there are a lot of people who are thinking about getting a mortgage. Even though it is a great time to look for a home loan right now, it is also important for everyone to make sure they place themselves in the best position possible to be successful. It is important to take the following steps for those who are interested in applying for a new home loan this year. Calculate Your Budget CarefullyFirst, it is important to take a look at the budget carefully and find a mortgage that is affordable. Remember that the mortgage payment isn’t the only expense that comes with owning a home. It is also critical to think about real estate taxes and homeowners’ insurance, which is often included in the monthly payment that goes back to the lender. Then, do not overlook the im...
Comments 2
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included readings from the National Association of Home Builders Housing Market Index, along with Commerce Department readings on housing starts and building permits issued. The National Association of Realtors® reported on sales of previously-owned homes; weekly readings on mortgage rates and jobless claims were also released.NAHB: Home Builders’ Housing Market Index Falls in JanuaryHomebuilder confidence in housing market conditions fell three points to an index reading of 83 in January. The National Association of Home Builders Housing Market Index expected a reading of 85 for January as compared to December’s index reading of 86. Increasing covid-19 cases and rising materials costs caused builder confidence to fall as builder concerns rose.The NAHB Hou...
Comments 1
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
When people take out a home loan, it is important to think carefully about how the home loan works. At first, the majority of the monthly payment is going to go towards interest. For example, it is not unusual for 90 percent of the monthly mortgage payments go toward interest during the first year. Then, during the latter part of the loan, most of the payment is going to go towards paying off the principal.Therefore, it should come as no surprise that a lot of homeowners are looking for ways to reduce the amount of Interest they pay on a home loan. For example, some homeowners consider putting a larger down payment on the home in order to reduce the amount of money they have to pay in the form of interest. Another possibility involves paying off the mortgage early; however, a mortgage p...
Comments 0
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Right now is the best time to look at refinancing your home. Even if your current mortgage is as young as a year old, you might find that a refinance is in your best interest.Be Sure That A Refinance Makes SenseWith today’s rates, refinancing makes sense for many homeowners, but it might not be the right move for you. Depending upon your mortgage, you may pay a penalty if you prepay early. Also, if you’ve paid heavily into your mortgage, refinancing into a new 20 or 30 year mortgage could cost you money over the long-term. The bottom line is to carefully read through your loan documents or even call your loan company to find out the details of the impact of a refinance.Consult With A ProfessionalOnce you’ve determined that a refinance makes sense in theory, it’s time to talk with an obj...
Comments 0
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included readings on inflation, retail sales, and a speech by Federal Reserve Chair Jerome Powell. Weekly readings on mortgage rates and jobless claims were also released. Inflation Rises as Retail Sales Fall, Fed  Says Current Monetary Policy Won’t ChangeThe Consumer Price Index rose to 0.40 percent in December as compared to November’s reading of 0.20 percent. The CPI measures inflation and the Core CPI measures inflation without the volatile sectors of food and fuel. December’s Core CPI reading fell to a rate of 0.10 percent growth from November’s reading of 0.20 percent.Retail sales were dampened by the coronavirus, but December’s negative reading of -0.70 percent sales was lower than the    -1.40  percent rate reported in November.  December sales exclu...
Comments 0
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
For those who are thinking about buying or selling a home during the pandemic, they may feel like this is a difficult task. Even though it is true that this is going to be a challenge, people are able to increase their success rate by adapting to a new environment. When it comes to buying or selling a home during the pandemic, there are a few tips that everyone should keep in mind.Many Showings Are Going To Be VirtualMake sure that everyone is ready to provide a virtual tour or go on one themselves. Of course, everyone is currently living in an era of social distancing. Therefore, everyone has to make sure that they do not unnecessarily expose themselves to anyone. Virtual tours are a great way to adapt to this measure while still purchasing or selling a home. For those who are thinking...
Comments 1
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
When you first bought your home a few years ago, perhaps you started off with a 30 year mortgage. Now, you are considering refinancing and changing it to a 20 year or even a 15 year mortgage.Shortening your mortgage term and refinancing can be a smart financial move, but before you make this decision there are a number of factors that you should consider.Switching to a shorter mortgage will mean that your monthly payments will be higher, but you will be 100% paid off much sooner and you will save thousands of dollars in interest rates. Here are a few of the factors to consider before making this decision:Has Your Situation Improved?Perhaps you have moved to a higher paying position, allowing you to earn a higher income and pay off more of your mortgage every month? Or maybe you have rec...
Comments 0
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included reports from Case-Shiller Home Price Indices and data on pending home sales. No weekly data on jobless claims were released due to the New Year holiday, but Freddie Mac did issue its weekly report on average mortgage rates.Case-Shiller Reports Home Prices Reached 6-Year High In OctoberU.S. home prices reached their highest level in six years according to Case-Shiller’s National Home Price Index. Home prices rose by 8.40 percent year-over-year in October as compared to September’s home price growth reading of 7.00 percent. Demand for homes rose during the Covid pandemic as families moved from congested urban areas to less crowded suburbs and rural areas. Ongoing shortages of available homes fueled rising home prices as mortgage rates fell to record lows...
Comments 0
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings on sales of new and previously-owned homes and consumer sentiment. Weekly average mortgage rates were also released, but readings for jobless claims were not released due to the Christmas holiday.Single-Family Home Sales Fall in NovemberSales of new and previously owned homes were lower in November. Fear of rising covid-19 cases and the usual slump in home sales during the winter holidays contributed to fewer home sales. Rapidly rising home prices cooled buyer interest; short supplies of pre-owned homes for sale drove prices of new homes higher as demand increased.Inventory of new homes increased by 14 percent as the median price of a new single-family home rose to $335,000, which was five percent higher year-over-year. George Ratiu, a senior ...
Comments 1
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s scheduled economic reporting included readings from the National Association of Home Builders and a statement from the Federal Reserve’s Federal Open Market Committee. Weekly readings on mortgage rates and jobless claims were also released.NAHB: Builder Confidence Falls In DecemberHomebuilder confidence in market conditions for single-family dropped by four points in December to an index reading of 86.  December’s reading was the second-highest on record after November’s reading. Component readings of the Housing Market Index also dropped. Builder confidence in current market conditions fell to 92 as confidence in single-family home sales within the next six months fell to an index reading of 85. Homebuilder confidence in buyer traffic in new single-family developments dropp...
Comments 1
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
There are a lot of people who have spotted the record-low mortgage rates right now and are wondering if they can refinance successfully. While many people apply for a refinance of their current home loan, not everyone will be approved. Furthermore, a home refinance is not the best option for everyone. Those who want to qualify for record-low refinance rates need to keep a few key points in mind.Be A Strong Refinance CandidateFirst, homeowners need to make sure that it is actually worth their time to refinance to a lower home mortgage rate. In general, homeowners want to make sure they are able to save at least three-quarters of a percentage point when compared to their current home loan to make a refinance worth their while. If they cannot save this much money on their home loan, then t...
Comments 1
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s scheduled economic reporting included readings on inflation and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.Inflation Rate Rises in NovemberInflation rose by 0.20 percent in November according to the federal government, but this reading fell short of the Federal Reserve’s goal of achieving 2.00 percent inflation annually. November’s year-over-year inflation rate was 1.20 percent. October’s inflation reading was flat and analysts expected inflation to grow by 0.10 percent in November.Core inflation, which excludes volatile food and fuel sectors, showed readings identical to the Consumer Price Index reading. November’s Core Consumer Price Index was impacted by lower food and fuel costs.Supreme Court Hears Arguments in Shareholder...
Comments 1
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included pending home sales, construction spending, and labor-sector readings on job growth and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also published. Construction Spending Rises as Demand for Homes IncreasesHigh demand for single-family homes drove construction spending up by 1.30 percent to a seasonally adjusted annual pace of $1.44 trillion in October. The Commerce Department adjusted September’s reading to -0.50 percent. Analysts said that spending for commercial construction was flat after three successive months of lower spending. Business closures and a growing trend for working from home softened demand for commercial developments.Pending home sales dropped by -1.10 percent in October as compared to ...
Comments 1
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
During the past few months, everyone has been going through unprecedented times. Every industry has been impacted and this includes the real estate sector. There are lots of people who are still trying to buy and sell a home during an era of social distancing. This can make it hard to look at a prospective property in person. The good news is that there are still ways for people to buy a house virtually. There are a few tips that everyone should keep in mind. Go On A Virtual TourOf course, everyone wants to take a close look at a home before they decide to buy it. Even though it is challenging to schedule live tours, virtual tours can still be helpful. With virtual real estate software, it is possible to take a virtual, walking tour the home. Furthermore, if tours have been recorded usi...
Comments 2
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
If you’re entering the real estate investment market for the first time, you’re embarking on a great adventure – and with a solid plan, you can turn a tidy profit on your investment.The key to a successful real estate investment is choosing the right property. A great property will reap dividends for years to come. Look for these three features in your next investment property and you’ll have no trouble finding one that turns a profit.Location: More Important Than You ThinkThe location of your investment property will be critical in determining how much you earn on it and how long you’re able to keep tenants. And as the saying goes, you can change the color of the walls, you can change the type of flooring, and you can change the layout of the home, but you can’t change the location. So...
Comments 3
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included readings on Case-Shiller Home Price Indices, new home sales, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released. No readings were released on Thursday or Friday due to the Thanksgiving holiday.Case-Shiller Reports Highest Pace Of Home Price Growth Since 2014Case-Shiller reported higher home price growth in September with national home price growth of 7.00 percent on a seasonally adjusted annual basis. August’s national home price growth pace was 5.80 percent. Housing markets in many areas are seeing increased activity due to higher demand for homes.While higher home prices appear counter-intuitive during the pandemic and related economic challenges, the coronavirus pandemic has created more demand for h...
Comments 1
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
If you are thinking about purchasing your first home in the near future, then you need to be aware of the costs that you are going to take on. When you are looking at the cost of a home, it is very tempting to focus on the sticker price of the home. Even though the down payment is going to be the largest check you are going to write, this is not the only cost that you are going to pay.There are numerous other costs for which you need to budget as well. By thinking about all of these costs ahead of time, you can make a smart financial decision for you and your family.Think About The Real Estate TaxesDepending on the part of the country in which you live, real estate taxes can be significant. For example, it is not unusual for even a modest home to cost thousands of dollars in real estate...
Comments 2
Explore Conshohocken, PA
Conshohocken, PA Real Estate Professionals