Conshohocken, PA Real Estate News

By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included readings on housing market conditions, sales of previously owned homes, and housing starts and building permits issued. Weekly reports on mortgage rates and jobless claims were also released.NAHB: Homebuilder Confidence Hits Record High in NovemberThe National Association of Home Builders reported a fourth consecutive record high for builder confidence as November’s index reading of 90 exceeded October’s reading of 80. Any reading over 50 indicates that most home builders are confident about housing markets.Component readings for the Housing Market Index also rose. Builder confidence in current market conditions rose six points to 96. Builder confidence in housing market conditions within the next six months rose one point to 89 and builder confid...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included readings on inflation and consumer sentiment along with weekly readings on mortgage rates and jobless claims. Federal Reserve Chair Jerome Powell and Federal Reserve Board members addressed economic expectations resulting from the COVID-19.Chair Powell said that there would be no quick fix for the economy and that the economy would suffer for four to six months until the pandemic slows. He also said that a COVID-19 vaccine would not be a panacea for the virus and said that “ the next few months could be challenging” as the virus spreads at a faster pace.Inflation Stalls as Pandemic ProgressesThe Commerce Department reported no growth in the Consumer Price Index and Core Consumer Price Index in October. The readings for both indices were identical ...
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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, the Fed’s Federal Open Market Committee statement, and a press conference by Federal Reserve chairman Jerome Powell. Labor data on public and private sector jobs and the national unemployment rate were reported along with weekly readings on mortgage rates and jobless claims.Residential Developments Lead September Construction SpendingHigh demand for homes continued to fuel home construction, but public and non-residential construction spending was slower according to the Commerce Department. Residential construction spending rose by 2.70 percent on a seasonally-adjusted annual basis while public construction spending decreased by -1.70 percent and non-residential construction spending dropped by -1.60 percent.Changing...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
When people end up taking out a mortgage, there is a lot they need to consider. This includes the size of the down payment, the term of the loan, and the interest rate. At the same time, there are a few issues that could complicate the way a mortgage is paid off.Nobody enters into a marriage planning on divorce; however, if this does take place, it is critical to think about how a marriage settlement agreement is going to impact the mortgage. There are a few important to keep in mind. Refinancing The Mortgage After The Marriage Settlement AgreementWhen looking at the assets that the couple shares, it is important to think about not only assets but debt as well. One of the largest sources of debt is going to be the mortgage. Obviously, it is impossible to split the house down the middle....
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
For those who are thinking about buying a house in the near future, they want to make sure that they get the best mortgage rate possible. At the same time, if people who want to reduce the interest rate on their mortgage, then they need to do everything you can to make yourself as attractive as possible to lenders. When they are negotiating for a better rate on your mortgage, they need to keep a few important points in mind.Make A Larger Down PaymentIf people want the lender to reduce the interest rate on your mortgage, then borrowers need to think about making a larger down payment. By doing everything they can to reduce the risk they present to the lender, they will be rewarded with a lower interest rate. If borrowers are willing to put more money down, then that is less money that th...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included home price data from Case-Shiller Home Price Indices along with readings on pending home sales, new home sales, and consumer sentiment. Weekly reports on mortgage rates and jobless claims were also released.Case-Shiller: August Home Prices Rise at Fastest Pace in Two YearsHome prices rose at a seasonally-adjusted annual pace of 5.70 percent in August according to Case-Shiller’s National Home Price Index. U.S. home prices rose by 4.80 percent in JulyThe Case-Shiller 20-City Home Price Index showed 5.20 percent year-over-year home price growth in August.Phoenix, Arizona, held first place in home price growth for the 15th consecutive month. Seattle, Washington followed with 8.50 percent year-over-year growth in home prices. San Diego, California repo...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
When people are looking for a home, this is an exciting process. There is always something fun about looking at potential homes and envisioning a future there. This is a big decision. At the same time, it is just as important for people to think about how much of their money they should be spending on their mortgage. There are a few rules of thumb that people should keep in mind. The 28 Percent RuleOne of the most common rules that financial advisors and lenders are going to talk about is going to be the 28 percent rule. This rule states that people should not be spending any more than 28 percent of their pre-tax income on their monthly housing payments. This includes not only the mortgage but also any potential homeowners association fees, real estate taxes, and home insurance payments...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
For many people, their biggest monthly bill is their mortgage payment. Therefore, it should come as no surprise that there are a lot of people who are looking for ways to reduce their monthly mortgage payment. The positive news is that there are several ways to do so.By putting some of these tips to use, everyone can find a way to pay less every month on their mortgage, helping them save money for other expenses such as a new car, college expenses, or that next vacation.Shop Around Before Getting A MortgageFor those who are still in the process of buying a home, it is a great idea to shop around and see what the options are. Even though there are rates advertised in the industry, it is always a smart idea to visit multiple potential lenders and see what they are offering. Then, with mul...
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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 on housing markets, and Commerce Department readings on housing starts and building permits issued. Data on sales of previously-owned homes were also released. Weekly readings on mortgage rates and jobless claims were also released.NAHB Housing Market Index Rises in OctoberThe National Association of Home Builders reported an index reading of 85 for their Housing Market Index in October. This was the third consecutive month the HMI had a record reading and was the second consecutive month the index achieved readings over 80. Readings over 50 indicate that most home builders are confident about housing market conditions.Component readings of the Housing Market Index also rose in October. Build...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included readings on inflation, retail sales, and consumer sentiment. Weekly readings on average mortgage rates and jobless claims were also released.Inflation Rate Slows as Retail Sales IncreaseInflation rose 0.20 percent in September, which was the slowest growth rate in four months. Analysts credited the rise in consumer prices to less post-pandemic price shock as consumers adjusted to higher prices for goods. Consumer prices were boosted by used vehicle prices, which increased at their highest pace in 51 years. Core consumer prices, which exclude volatile food and fuel sectors, also rose by 0.20 percent in September as compared to August’s reading of 0.40 percent.The Commerce Department reported higher retail sales growth in September at a pace of 1.90...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included readings on inflation,  job openings, a speech by Fed Chair Jerome Powell on the economy, and the latest Consumer Sentiment Index from the University of Michigan. Weekly reports on new and continuing jobless claims and mortgage rates were also released.Hiring Surge and Job Separations Ease in AugustThe U.S. Department of Labor reported fewer job openings in August with 6.49 million job openings reported as compared to July’s reading of 6.70 million jobs available. Analysts noted that this indicated a slowdown in hiring after businesses re-opened when COVID-19 restrictions lapsed. Job separations, which include quits, layoffs. and terminations were also lower with 4.50 million job separations reported in August as compared to 4.99 million separatio...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
If you’re in the process of buying a new home, you’ve likely heard the term “closing costs” in regards to the many different fees and taxes that you’ll be required to pay during the purchase process.In this post we’ll look at a number of these closing costs and what you will be expected to pay when you buy that next dream home.Taking out a Mortgage? There Will Be Fees AttachedIf you’re taking out a mortgage to finance the cost of buying your home you’ll end up incurring a variety of fees. Nearly all lenders will charge a mortgage application fee, which covers the cost of processing your application and all of the necessary paperwork.You’ll likely have to pay for a professional appraisal of the home as well, as the lender will want to ensure that they aren’t lending you more than the hou...
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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, along with Commerce Department readings on public and private-sector job growth and the University of Michigan’s Consumer Sentiment Index. Weekly reports on jobless claims and mortgage rates were also released.Case-Shiller: Home Price Growth Ramps Up as Demand for Homes IncreasesJuly home prices rose at a year-over-year rate of 4.80 percent in July as compared to June’s reading of 4.40 percent. Shortages of available homes were driven by demand. Homebuyers were looking for larger homes to accommodate working from home and also wanted to leave congested urban areas.Home prices in Case-Shiller’s 20-City Index rose by 3.90 percent year-over-year in July; Home prices in participating cities grew by 3.50 percen...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Most people have heard the saying that it might be a good idea to refinance if mortgage rates drop. For those who might not know, refinancing is essentially taking out a new loan to replace the old one because the new loan has a lower interest rate.This could shorten the time span of a long time and reduce monthly payments, or save money on the total cost of the home. At the same time, refinancing is not right for everyone. How can homeowners determine if refinancing is right for them? Do They Qualify?Just because there are lower interest rates available does not mean that homeowners are going to qualify. It is important for homeowners to make sure they qualify for lower interest rates on their home loans. Be sure to conduct a quick credit check to clean up inaccuracies on the credit re...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The real estate market has been in flux during the past few months. As a result, this could be a great time to both buy and sell a home. This is because mortgage rates are attractive for borrowers right now. With so many people who are looking to buy a home, is likely the people selling a home are going to receive multiple offers. On the other hand, given what the mortgage market looks like right now, borrowers also have attractive options.As a result, many people are wondering if they should buy a house with cash or take advantage of low interest rates. For homebuyers in this position, there are a few important points to keep in mind. Consider What The Cash Can DoUltimately, a decision to buy a house with cash or taking advantage of low interest rates is going to be a personal decision...
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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 new and existing home sales and Fed Chair Jerome Powell’s testimony on changing the Fed’s business loan policy. Weekly readings on mortgage rates and jobless claims were also released.Sales of New and Pre-Owned Homes Rise In AugustNew homes sold at a seasonally-adjusted annual pace of 1.01 million sales; analysts expected the sales pace to fall to 900,000 sales from July’s reading of 965,000 new home sales. Homebuyers turned to new homes as the supply of pre-owned homes dwindled. Homeowners stayed put as fears over COVID-19 contagion limited sales.Pre-owned homes sold at a seasonally-adjusted annual rate of six million homes as compared to the expected reading of 6.03 million sales and 5.86 million sales in July. Previously-owned home sales...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Being pre-approved for a mortgage isn’t just a way to get a step ahead, in many cases it’s a necessity to buying a home. Many sellers don’t want to go through the negotiation process of selling their home only to have the buyer drop out when they can’t get approval for the mortgage they were relying on.The Difference Between Pre-Qualification And Pre-ApprovalPre-qualification is a faster process than pre-approval and is usually a best estimate based on how the borrower answers certain questions about their financial history and status.Pre-approval is way more valuable to a borrower than pre-qualification because it is a commitment from a lender for a decided amount after they have completed an in-depth verification process based on the submitted documentation.Preparing For The Pre-Appro...
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By Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line
(Long & Foster Real Estate Inc 610-225-7400)
We see a lot about homes selling virtually today. Virtual showings, sort of virtual inspections, virtual appraisals, virtual closings. Well, yesterday, my world was reality. Nothing virtual about it. Settlement was yesterday morning for 422 Pleasant Valley Drive, Conshohocken.  A real walk through was being conducted. I had been after my seller all week to make sure the house was ready. I should have checked the night before. Lesson learned. The buyers agent sends me photos of the garage, filled with trash and old cabinets. Dirt on the floors from construction work. Seller acts like it was not agreed that the garage needed to be clear of debris. Being a multiple seller he knew better. So, I quickly sprung into action, arrived at the house, swept up the piles of construction debris, load...
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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 housing market conditions, housing starts, building permits issued, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.National Association of Home Builders Reports Record High Builder ConfidenceThe NAHB reported record high builder confidence in housing market conditions. The Housing Market Index had an index reading of 83 in September as compared to August’s reading of 78. Analysts said that this builder confidence reading was notable due to rising costs for building materials.Component readings of the NAHB Housing Market Index also rose in September. Builder confidence in current single-family housing market conditions rose four points to an index reading of 88; builder confidence in housing m...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Those who are in the process of buying a new home need to be aware of some of the factors that might influence their ability to do so. Even though credit score, income, and assets will play major roles in whether or not someone might be approved for a loan, there are other factors that will play a role as well.Buying a new car might even have an impact on the homebuying process.Why is this the case?The Debt Payments On The Car Will Play A RoleThere are multiple ways to buy a car. Some people elect to pay cash for the entire vehicle. While this is a challenge for most families, this will prevent any new debt from being added to the family’s finances. At the same time, this could also reduce the amount of cash the family has on hand to put toward the new home.Most families end up putting ...
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