Conshohocken, PA Real Estate News

By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Under the Jumpstart Our Business Startups (JOBS) Act, which was signed into law by President Obama on April 5, 2012, the Securities Exchange Commission (SEC) relaxed the rules about advertising investments. This allowed the trend of crowdfunding to expand dramatically giving real estate investors more opportunities for pooled-funds investing.What Is Pooled-Funds Investing?A pooled investment fund takes in money from a group of investors to use to acquire real estate for larger amounts than each investor’s money would support. Prior to the passage of the JOBS Act, these pooled investment funds were only accessible by large investors through private placements and private real estate investment trusts (REITs). The minimum investment might be up to $250,000 or more. High-net-worth individu...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Home prices continued to grow in February according to the Case-Shiller Home Price Indices. National home prices grew at a seasonally-adjusted annual pace of 4.20 percent as compared to national home price growth of 3.90 percent in January. Case-Shiller’s 20-City Home Price Index showed higher home price growth rates in February with average annual home price growth of 3.50 percent. January home prices grew by 3.10 percent for cities included in the 20-City Index.The lowest year-over-year home price growth rates were posted by Chicago, Illinois with 0.70 percent; New York City posted 1.50 percent growth, and Dallas, Texas with 2.50 percent home price growth.Phoenix, Arizona home prices grew by a seasonally-adjusted annual rate e of 7.50 percent; Seattle, Washington home prices grew by 6...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s scheduled economic news included readings on sales of new and previously-owned homes and consumer confidence. Weekly readings on mortgage rates and new jobless claims were also released.COVID-19 Requirements Impact Home SalesWidespread state and local requirements for sheltering at home negatively impacted home sales in March. New homes sold at an annual pace of 627,000 sales as compared to 741,000 sales reported in February. Analysts estimated 628,000 sales for March according to the Commerce Department.The National Association of Realtors® reported lower sales of previously-owned homes in March with an annual pace of 5.27 million sales. February’s annual sales rate was 5.76 million homes. Sales of pre-owned homes exceeded analysts’expectations of 5.24 million existing home...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Those who are involved in the real estate industry likely know that mortgage rates are at an all-time low. At the same time, nobody wants to pay more for a house than they have to. Some of the most important factors that dictate how much someone is going to pay for a house include points and interest rates.While interest rates are incredibly low, there is a way to make them lower. This comes in the form of points. This is additional money that is paid upfront to get a better deal over the life of the loan. Even though this sounds great in theory this might not be the best option for everyone. There are a few important points to keep in mind.What Are Points?Often, the lender is going to offer someone the option of paying points when the mortgage is created. This should be viewed as payin...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s scheduled economic reporting included readings on home builder sentiment, housing starts and building permits issued. Weekly reports on mortgage rates and initial jobless claims were also releasedNAHB: Homebuilder Confidence Crashes as Coronavirus Impacts ConstructionHomebuilder sentiment concerning housing market conditions dropped significantly in April according to the National Association of Home Builders Housing Market Index.April’s index reading of 30 was the largest month-to-month drop recorded since the Housing Market Index started 30 years ago. Homebuilder confidence was 42 points lower than the March reading of 72 and was the lowest reading since June 2012.Index readings over 50 indicate that most builders are confident in current market conditions.Sub-index readin...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
According to data compiled by Realtor.com in the fourth quarter of 2019, it is still more affordable overall to rent versus buy a home — but just barely. The median monthly mortgage payment at the end of 2019 was $1,600, while the median monthly rent payment was $1,319. This is largely due to steadily-increasing rates, rising home prices, and near-record-low mortgage rates.The Realtor.com study looked at 593 counties across the country. As compared to the fourth quarter of 2018, the average monthly cost of renting a home increased 4%, up from $1,254, while the average monthly cost of homeownership actually declined 1%, falling from $1,658.These numbers represent exactly 30% of a homeowner’s gross income and 25% for renters, based on median household income. A Turning TideIn a stunning 8...
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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 pending home sales, Case-Shiller Home Price Indices, and Bureau of Labor Statistics reports on national unemployment. Weekly readings on mortgage rates and first-time jobless claims were also released.Pending Home Sales Slow in February Before Coronavirus Took HoldThe National Association of Realtors® reported fewer pending home sales in February as the coronavirus gained traction. Pending sales rose by 2.40 percent in February as compared to January’s growth rate of 5.30 percent. Before the outbreak, pending home sales gained momentum in all U.S. regions.Pending home sales are sales for which signed purchase contracts were signed, but sales were not completed. Nationally, year-over-year pending sales in February were 9.40 percent high...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The COVID-19 (Coronavirus) pandemic has impacted every industry across the country. Many people are being asked to shelter in place and everyone has been asked to practice social distancing to try to curtail the spread of this deadly virus.The Federal Housing Finance Agency (FHFA) has asked both Freddie Mac and Fannie Mae to make some changes in the manner they conduct property appraisals and employment verification.Shortly after the move by the FHFA, The Veteran’s Administration (VA) and Federal Housing Administration (FHA) followed suit by relaxing property appraisal requirements. Due to the unusual circumstances that are facing the country right now, these changes are necessary to keep people safe while minimizing the blow to the economy.Exterior Inspection AppraisalsOne of the criti...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
United States home prices increased by 3.90 percent year-over-year in January as compared to December’s growth rate of 3.70 percent according to Case-Shiller’s National Home Price Index. Home prices also rose in Case-Shiller’s 20-City Home Price Index.20-City Home Price Index: Phoenix Arizona Leads in Home Price GrowthThe Case-Shiller 20-City Home Price Index is followed closely by real estate pros and its trends are used to gauge home price growth within cities included in the index. Phoenix, Arizona led home price growth rates for the eighth consecutive month with a year-over-year growth rate of 6.90 percent.Seattle, Washington followed with year-over-year home price growth of 5.10 percent; Tampa, Florida also reported home price growth of 5.10 percent.Seattle replaced Las Vegas, Neva...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
By now, it should be apparent that this COVID-19 (Corona-virus) pandemic is going to be here for several months. It is already causing the market to plummet and is disrupting jobs all over the country. Many people who work as hourly employees (or are independent contractors) are starting to suffer. As people’s budgets start to feel the squeeze, this is exactly the time that people should be relying on an emergency fund; however, for those who don’t have one, it is time to start saving.How To Create An Emergency FundEven though cash assistance from the government might be coming soon, this is not going to be enough to get people through the crisis. To start building an emergency fund, it is important to take a look at the regular income first. Try to figure out how many shifts are going ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
There are a lot of people who enjoy working from home; however, with the COVID-19 pandemic, many people who are not used to working from home are forced into this new arrangement. It can be hard for individuals o stay focused when they are stuck in the environment at home. Particularly if the kids are home from school, it is easy to get distracted. Fortunately, there are a few ways people can retain their sanity as they work from home.Get Into A RoutineOne of the first steps people need to follow is to find a routine. It can be tempting to sleep in every day, procrastinate while watching TV, and take long breaks for meals; however, it is critical to remember that there is still a job to do. Try to wake up at the same time every day. Start work at a consistent hour. Take a consistent bre...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Scheduled monthly readings were released for new home sales and consumer sentiment. Weekly readings on mortgage rates and new jobless claims were also released.New Home Sales Beat Expectations in FebruarySales of new homes dropped 4.40 percent in February after reaching a 13-year high in January. 765,000 new homes were sold on a seasonally-adjusted annual basis, which exceeded expectations of 750,000 sales in February. New home sales were 14.30 percent higher year-over-year.Analysts said that further declines monthly new home sales are expected as the coronavirus spreads.The national median price for a new home was $345,900 and there was a five-month inventory of new homes for sale in February; this was the lowest inventory of new homes since 2017.Regional sales rose 39 percent in the N...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included readings from the National Association of Home Builders on housing market conditions, Commerce Department readings on housing starts and building permits issued and  National Association of Realtors® reporting on sales of previously-owned homes.The Federal Reserve canceled the scheduled meeting of the Federal Open Market Committee and Fed Chair’s press conference, but the Fed did lower its target federal funds rate early in the week. Weekly readings on mortgage rates and initial jobless claims were also released. Builder Confidence, Housing Starts and Building Permits DecreaseBuilder confidence in housing market conditions dropped two index points to 72 in March. Readings over 50 indicate that most builders are confident about housing market conditi...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Millennials are the first generation in America that will probably not be able to do as well as their parents. In the United States, there is not as much upward mobility as there was in the past. What is the cause of this?CNN reports that Millennials have more college degrees than their parents. They also have an enormous amount of student loan debt. Many millennials have lower-paying jobs than their parents had at the same age when adjusted for inflation. Spending patterns changed as well, due to the high cost of living.Finding The MoneySaving is not easy. The net worth of Americans, who are from 18 to 35 years old, decreased by 34% since 1996. Even though millennials are financially savvy, the 2008 global financial crisis made it difficult to find jobs and made saving for many nearly ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Economic readings released last week included Case-Shiller and FHFA Home Price Indices and reports on new and pending home sales. The week wrapped up with a report on consumer sentiment and weekly readings on mortgage rates and new jobless claims.Case-Shiller, FHFA Report Faster Home Price GrowthHome prices rose by 3.80 percent year-over-year in December according to Case-Shiller’s National Home Price Index. Case-Shiller’s 20-City Home Price Index rose by 2.90 percent year-over-year in December as compared to November’s reading of a 3.50 percent gain over-over-year; Case-Shiller reported 0.40 percent growth in home prices from month-to-month.The 20-City Home Price Index reported no change in the top three cities for year-over-year home price growth. Phoenix, Arizona reported 6.50 percen...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s scheduled economic reporting included readings on builder confidence in housing markets, housing starts and building permits issued and sales of previously owned homes. Weekly readings on mortgage rates and first-time jobless claims were also released.NAHB: Builder Confidence Remains Strong Despite ChallengesFebruary data from the National Association of Home Builders indicated strong builder confidence in housing market conditions overall, but February’s index reading was one point lower at 74. Readings over 50 indicate that most builders have a positive outlook on housing market conditions.Homebuilder outlook remained positive, although building materials and buildable lots remained costly. Demand for affordable single-family homes was high due to short supplies of existin...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
There are many individuals who end up on a fixed income once they reach a certain age; however, their expenses aren’t always fixed. Sometimes, there is a large medical expense. In other cases, someone might need money for a new car or a home repair. In the event that someone needs cash quickly, one option is called a reverse mortgage.Those who have equity built up in their home can draw upon this to help with unexpected expenses. This is a quick source of cash that many people overlook. At the same time, it is important to think about the pros and cons of a reverse mortgage.The Pros Of A Reverse MortgageTaking out a reverse mortgage does have several benefits that everyone should know. First, there are no required monthly payments for any reverse mortgage loan. In addition, the money th...
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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 and public and private-sector job growth. Weekly readings on mortgage rates and first-time jobless claims were also released.Construction Spending Dips in DecemberOverall spending on public and private-sector construction spending dropped by  -0.20 percent in December to an annual rate of $1.33 trillion. Analysts expected spending to increase by 0.10 percent based on November’s revised reading of 0.70 percent growth in construction spending.Spending on residential construction rose 1.04 percent in December, which is good news for housing shortages in many areas of the U.S. Lower mortgage and interest rates have fueled builder confidence as fears about the impact of tariffs on building materials were diminished.Chronic ...
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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 prices, new and pending home sales and a statement from the Federal Reserve’s Federal Open Market Committee. The University of Michigan issued its monthly statement on consumer sentiment and weekly reports on mortgage rates and first-time jobless claims were also released.Case-Shiller: Home Price Growth Picks Up in NovemberAccording to Case-Shiller’s National Home Price Index for November, home prices rose by 3.50 percent on a seasonally-adjusted annual basis as compared to October’s reading of 3.20 percent. Case-Shiller’s 20-City Home Price Index showed that home prices for cities included in the Index rose 2.60 percent year-over-year. All 20 cities showed growth in home prices on a month-to-month basis.Cities with top rates of hom...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
For many people, owning a home is seen as a rite of passage. At the same time, purchasing a home is expensive. As a result, many people end up renting for an extended period of time.Here are a few signs that someone is ready to stop renting and purchase a home.1. Rental Prices Keep Going UpYear after year, rental prices are going to keep going up. While the rental company is going to claim that these increases are consistent with the industry, they tend to be exorbitant. As a result, those who are tired of their rent being increased should think about buying property instead.2. The Credit Score Has Gone UpSomeone’s credit score is going to play a major role in the mortgage approval process. Anyone whose credit score has gone up recently should think about buying property.3. Debt Managem...
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