#10467

[wtf-fun-factss]

There's an old Finnish measurement unit called a poronkusema, which translates to "reindeer's piss". It describes the distance a reindeer can travel without having to stop to pee which is roughly 7 - 7.5km. – WTF Fun Facts

Source: https://slate.com/human-interest/2013/12/finnish-the-language-has-a-word-for-the-distance-that-a-reindeer-can-travel-before-stopping-to-urinate.html

[ramyeongif]

Sometimes it's just not meant to be.

[rapgod7even]

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[germau]

18k gold jade diamond ring #10467 available @germau_jewelry www.germau.com FREE SHIPPING #jewelry #instafashion #bracelet #earrings #brooch #pin #necklace #pendant #cufflinks #ring #watches #antiques #collectables #instadaily #instajewels #instajewelry #sterlingsilver #platinum #gold #jadering #jade #diamond #diamondring #18kring (at New York, New York) https://www.instagram.com/p/BxLd7xUh55C/?utm_source=ig_tumblr_share&igshid=brf5fyoz6ih2

[justinsimmonsbronxhomes]

Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 5.6%. CoreLogic, in their most recent Home Price Index Report, revealed that national home prices have increased by 6.7% year-over-year.

CoreLogic broke appreciation down ever further into four price ranges which gives a more detailed view than simply looking at the year-over-year increases of the national median home price.

The attached chart shows the four tiers and each one’s growth from July 2016 to July 2017 (the latest data available).

It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor in determining how much it has appreciated over the course of the last year. Lower priced homes have appreciated at greater rates than homes at the upper ends of the spectrum, due to demand from first-time home buyers and baby boomers looking to downsize.

Bottom Line

If you are planning on listing your home for sale in today’s market, please contact me and we can discuss exactly what’s going on in your area and your specific price range.

[justinsimmonsbronxhomes]

A recent article from a reputable news source was titled: Here’s why some homeowners still can’t sell. In the opening bullets of the article, the author claimed, “Negative equity is one of the main reasons why there are so few homes for sale.” The article then goes on to soften that stance but we want to bring better clarity to the equity situation.

A recent report from CoreLogic (which was quoted in the article) revealed that over 80% of all homes now have “significant equity,” which means the home has over 20% equity. That level of equity allows the homeowner to sell their home if they so desire. (There was no reference to significant equity in the article.)

If eight out of ten homeowners now have significant equity in their homes, it is hard to make the claim that lack of equity is “one of the main reasons why there are so few homes for sale.”

Included with this post is a map showing the percentage of homes in each state which currently have significant equity.

Bottom Line

If you are one of many homeowners who is debating selling your home and are wondering how much equity you have accumulated, contact me at 917.254.2103 to see if now may be a good time to list your home.

[justinsimmonsbronxhomes]

BUYERS: Low Interest Rates Have a High Impact on Home Affordability

According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.92%, which is still near record lows in comparison to recent history!

The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.

Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain monthly housing budget.

The chart below shows what impact rising interest rates would have if you planned to purchase a home within the national median price range, and planned to keep your principal and interest payments between $1,850-$1,900 a month.

With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000). Experts predict that mortgage rates will be closer to 5% by this time next year.

Act now to get the most house for your hard-earned money.

10467, affordability, affordable homes, banks, bronx homes, Buyers, buyers can still afford homes, Interest Rates, Mortgages, purchasing power, sell your home now

[justinsimmonsbronxhomes]

Net Worth of Homeowners 44X Greater than Renters

Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey data, covering 2013-2016 was released two weeks ago.

The study revealed that the 2016 median net worth of homeowners was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5%($5,200 today compared to $5,500 in 2013).

These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.

Owning a home is a great way to build family wealth

As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.

That is why, for the fourth year in a row, Gallup reported that Americans picked real estate as the best long-term investment. This year’s results showed that 34% of Americans chose real estate, followed by stocks at 26% and then gold, savings accounts/CDs, or bonds.

Greater equity in your home gives you options

If you want to find out how you can use the increased equity in your home to move to a home that better fits your current lifestyle, please feel free to give me a call at 917.254.2103. I would be happy to discuss your options with you.