Conshohocken, PA Real Estate News

By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included readings from Case-Shiller on home prices along with data on new and pending home sales. Weekly readings on mortgage rates and initial jobless claims were also released.Case-Shiller: Home Price Gains Slow to Lowest Pace in 7 YearsCase-Shiller Home Price Indices reported slower home price growth in July with 3.20 percent growth year-over-year. There was no change in July’s reading for the 20-City Home Price Index as compared to June after seasonal adjustments.The top-three cities in Case-Shiller’s 20-City Home Price Index were Phoenix, Arizona with 5.80 percent home price growth year-over-year. Las Vegas, Nevada reported 4.70 percent growth and Charlotte, North Carolina home prices rose by 4.60 percent.West coast cities that dominated home price grow...
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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 reports on Housing starts and building permits issued and the National Association of Realtors® report on sales of previously owned homes.The Fed reduced its key interest rate and weekly reports on mortgage rates and first-time jobless claims were also released.Builder Confidence in Housing Market Improves, Sales of Pre-Owned Homes RiseThe National Association of Home Builders Housing Market Index rose one point to an index reading of 68 in September. August’s reading was adjusted to 67 from an initial reading of 66. September’s reading matched the highest reading posted year-over-year.Readings over 50 indicate that most builders are confident ...
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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 inflation, core inflation and consumer sentiment. Weekly reports on mortgage rates and first-time jobless claims were also released.Lower Gas Prices Dampen August Inflation RateConsumer prices fell in August; analysts attributed the decline to lower gasoline prices. August’s reading matched expectations, but was 0.20 percent lower than July’s reading. The Core Consumer Price Index, which excludes volatile food and fuel sectors, rose by 0.30 percent and matched July’s reading.Analysts expected an August core inflation reading of 0.20 percent. Rising housing and healthcare costs indicated that overall inflation would rise in coming months. Core inflation rose to its highest level in 13 months and was 2.40 percent higher year-over-year.Mortgag...
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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 construction spending, public and private-sector jobs and the national unemployment rate. Weekly reports on mortgage rates and first-time jobless claims were also released.Construction Spending Rises in AugustConstruction spending rose 0.10 percent higher than in July according to the Commerce Department. Analysts expected construction spending to increase by 0.60 percent based on June’s reading of -0.70 percent. Construction spending was -2.70 percent lower year-over-year based on revisions to data going back to 2008.Construction spending was impacted by multiple factors including costs of labor and building materials and inclement weather in some areas of the United States. As peak home buying season winds down to fall and winter, buil...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The average size of an American home has been increasing since the 1970s. The American Enterprise Institute (AEI) reports that, in 1973, the median size for a new home in the United States was 1,660 square feet.Over the past 45 years or so, this increased by more than 1,000 square feet. The median size of a new home is now 2,687 square feet.The Problem With Big HousesAt first, a big house is appealing until one tries to clean it or pay the utility bills. Many baby boomers, who are now nearing retirement age, are downsizing, especially if their children have all moved away.Moreover, Millennials are the first generation of Americans to experience a reduced standard of living when compared to their parents.Many millennials see big houses as wasteful, environmentally destructive, and not su...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Many baby boomers are reaching retirement age. If they set up their financial planning well, while younger, they should have accumulated enough wealth to have some discretionary money available for making investments.Others, who may be just starting out, have some investment capital but not necessarily enough to buy a piece of commercial real estate on their own. These investors might enjoy a real estate investment pool, also called an investors’ club.Pooling ResourcesOne way to get some investment participation in real estate is to pool investment funds needed to have enough for the down payment on a piece of real estate.For example, if the down payment for acquiring a single-family rental home is $40,000 and four investors chip in, this means the contribution by each one will be $10,0...
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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 the National Association of Home Builders Housing Market Index and July readings on housing starts and building permits issued. Weekly readings on initial jobless claims and mortgage rates were also released.NAHB: Home Builder Sentiment Remains HighAccording to the National Association of Home Builders, builder confidence in housing market conditions rose one point to an index reading of 66 for August. Housing Market Index readings showed that builder sentiment has held steady with readings of 64 to 66; any reading over 50 indicates positive builder sentiment.Analysts said that despite strong readings for builder confidence in recent months, Commerce Department readings on housing starts and building permits issued did not reflect high 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  from the National Association of Home Builders Housing Market Index and July readings on housing starts and building permits issued. Weekly readings on initial jobless claims and mortgage rates were also released.NAHB: Home Builder Sentiment Remains HighAccording to the National Association of Home Builders, builder confidence in housing market conditions rose one point to an index reading of 66 for August. Housing Market Index readings showed that builder sentiment has held steady with readings of 64 to 66; any reading over 50 indicates positive builder sentiment.Analysts said that despite strong readings for builder confidence in recent months, Commerce Department readings on housing starts and building permits issued did not reflect high b...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Don’t panic, a looming recession may be good news for those wanting to sell their homes. The experts say this recession may happen in 2020, so there is still plenty of time to make plans for how to deal with a potential economic downturn.In many parts of America, especially in popular cities, the real estate markets are super hot for sellers. Home sales are coming in at prices that are record highs. For sellers in these hot markets, it might be time to sell. For buyers, able to wait until next year, the prices may come down.What The ‘Experts’ SayA Pulsenomics survey of 100 real estate market experts says that the pressures on the economy, which are negative, are not coming from the housing market this time. In fact, the Federal Reserve announced it will not make any changes until 2021, ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic releases included readings on consumer credit, job openings and weekly reports on mortgage rates and first-time jobless claims.Consumer Credit Use, Job Openings Slow in JuneConsumer credit use slowed in June as credit card use lost ground. Non-revolving credit, which typically includes education and auto loans, grew at its slowest pace in three months. Mortgage loans are not included in the Federal Reserve’s report on consumer credit. Consumer credit use grew by $14.6 billion year-over-year in June as compared to May’s year-over-year reading of $16.0 billion.Year-over-year credit use fell one percent in June to 4.30 as compared to May’s year-over-year reading of 5.30 percent. Credit card use fell by 0.10 percent in June, which suggested that consumers held off on la...
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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 the first rate cut to its key interest rate range since the Great Recession ushered in a series of rate cuts described as “quantitative easing.” The Fed committee confirmed a quarter-point cut to 2.00 to 2.25 percent.Fed Chair Jerome Powell described the rate cut as a “mid-cycle adjustment” intended as a one-time boost for the economy. Mr. Powell said he did not view the cut as the first in a series of quantitative easing moves, but analysts said single rate cuts are not common.The FOMC post-meeting statement said the decision to cut rates was based on global and domestic economic developments prompted by recent trade wars and resulting uncertainties. The Fed also cited inflation concerns connected with its dual mandate ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Home price growth slowed again in May according to Case-Shiller home price indices. Home price growth slowed for the 14th consecutive month to its lowest rate in 12 years. Case-Shiller’s National Home Price Index showed 3.40 percent growth year-over-year in May as compared to April’s year-over-year reading of 3.50 percent.Las Vegas, Nevada held its first place position in the 20-City Home Price Index for highest year-over-year home price growth rate at 6.40 percent; Phoenix, Arizona held second place with a year-over-year home price growth reading of 5.70 percent. Tampa, Florida home prices grew by 5.10 percent year-over-year in May.Home Price Growth Rates Fall In West Coast CitiesWest coast cities that posted double-digit annual home price gains in recent years posted less than two per...
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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 sales of new and pre-owned homes and weekly reports on mortgage rates and first-time jobless claims.Realtors® Report Sales of Pre-Owned Homes Fall in JuneSales of previously-owned homes fell last month according to real estate pros. 5.27 million homes would be sold in 2019 if the current pace of sales was unchanged for all of 2019. Analysts expected a reading of 5.33 million sales based on May’s reading of 5.38 million sales. Analysts said that sales of pre-owned homes fell despite lower mortgage rates and the seasonal peak home-buying season.Sales of pre-owned homes rose 1.60 percent in the Northeast and were 1.60 percent higher in the Midwest. Sales fell 3.40 percent in the South and were 3.50 percent lower in the West. Factors contrib...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
A 1031 tax exchange is a legal way to defer paying capital gains when selling a property and then buying a “like-kind” property within the allowed period. The time limits allowed are 45 calendar days after the close of the sale of the first property to identify the like-kind property for acquisition and then close the purchase transaction to complete the 1031 exchange within 180 calendar days.Like-Kind PropertyThe property’s broad characteristics determine if it is a like-kind property, not the quality of the asset. In real estate investing, there is a wide variety of things that qualify for like-kind exchanges. For example, vacant land is exchangeable for a commercial building, an industrial site, or a portfolio of residential rental properties.Since all these properties are types of r...
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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 Housing Market Index, Commerce Department reports on housing starts and building permits issued.The University of Michigan consumer sentiment index was also released. Weekly readings on mortgage rates and new jobless claims were also reported.NAHB: Builder Confidence Rises as Housing Starts SlipHome builder confidence in current market conditions rose one point to an index reading of 65 in June. Any reading over 50 means that most builders view housing markets conditions as positive, but July’s reading was lower year-over-year.Builders have long cited a shortage of buildable lots and labor, but also face new obstacles including strict local zoning laws and overall regulation. High demand for ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
After the children are all grown and moved out, the family home often feels excessively large and empty. If you’re in this stage of life, you may be wondering if you should downsize like so many others, or stay put. Downsizing may be the best option, depending on your lifestyle.Here are five benefits of downsizing for you to consider.1. Less ClutterWhen you move into a smaller home, you’ll have the opportunity to get rid of many possessions that you no longer need. Whether it’s sporting goods or knick knacks, you’ll be able to either sell the items, give them away to kids and grandkids or donate them to a charitable organization. Your new home won’t have as much space, so this decluttering process is almost mandatory.2. Lower Utility BillsA smaller home means lower energy usage and lowe...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
If someone says that they are a “self-made” success who did it all completely by themselves with no help from anyone, they are probably stretching the truth. Success never usually happens in a vacuum. The definition of success is that something is recognized and respected by others. Honest business people recognize and appreciate the help that they received from others. They know it was a big part of what made them able to achieve success. Clever people, when they are just starting out in something new, find a mentor. A mentor is a person who is willing to help a new person trying something for the first time.Why Would Someone Want To Be A Mentor?If you ask a mentor why are they a mentor, you are very likely to hear a story about how they were helped by another person when they were jus...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic releases included reports on inflation, core inflation and minutes from the Federal Open Market Committee Meeting held June 18 and 19. Weekly readings on mortgage rates and first-time jobless claims were also released.Inflation Rate Rises, but Grows at Lowest Pace in Four MonthsJune’s Consumer Price Index reported the lowest rate of inflation in four months with a year-over-year rate of 1.60 percent growth as compared to May’s year-over-year inflation rate of 1.80 percent. Fuel prices were lower, which helped balance rising costs of rent, clothing and autos. Analysts said that falling inflation rates would be a primary reason why the Fed is likely to cut its key interest rate range later this month.Core inflation, which excludes volatile food and energy sectors, ros...
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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 construction spending and reports on public and private sector jobs. Monthly readings for public and private sector jobs and the national unemployment rate were released along with weekly reports on mortgage rates and initial jobless claims.Construction Spending Dips in MayMay construction spending fell to a seasonally-adjusted annual rate of 0.80 percent growth at a pace of $1.3 trillion as compared to April’s reading, which was adjusted to 0.40 percent growth after reports of a flat reading. Year-over-year construction spending was 2.30 percent lower in May.  High materials costs and shortages of workers continued to dampen builder sentiment as shortages of available homes added to buyer concerns. Slower home price growth and sh...
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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, sales of pre-owned homes and pending home sales. Weekly readings on mortgage rates and first-time jobless claims were also released.Case-Shiller Home Price Index: Home Price Growth Slips in AprilCase-Shiller reported slower home price growth in April; home prices were 0.20 percent lower at 3.50 percent. Increasing inventories of homes for sale provided buyers with more choices and eased demand, which increased in recent years due to severe shortages of available homes.Cities on the west coast previously dominated home price growth, but the top three cities with highest home prices reported in April were sunbelt cities located east of high-priced west coast cities. Las Vegas, Nevada reported the highest rate of home price gro...
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