King of Prussia, PA Real Estate News

By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
A short sale is when the mortgage lender(s) agrees to sell the property for a lower amount than the loan-balance remaining.During the worst moments of the 2006 to 2008 real estate crisis, homes sold as short sales for a fraction of their value. Lenders had so many properties with loans in default that they could not manage the ones that they had in foreclosure.Foreclosure is an expensive legal process that causes a lender to lose more money on a property. This is one of the motivators that encourages lenders to accept a short sale because sometimes through a short sale the foreclosure process is avoided.Are Short Sales Still Available?The number of short sales peaked in 2012. The inventory of homes available for a short sale transaction is much lower than the massive numbers caused by t...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
A reverse mortgage is a way to use the equity value that built up in a home to improve the quality of life for those who have appropriate circumstances when they reach the retirement age of 62 or older. With a reverse mortgage, a person continues to live in their own home and retains the title to it but does not have to make any monthly reverse mortgage payments.A reverse mortgage may be helpful; however, not everyone qualifies for one. The benefits come with disadvantages as well. Here is a list of the advantages and the disadvantages for reverse mortgages.Be sure to discuss this option with a qualified professional when thinking about a reverse mortgage before making any commitment.Reverse Mortgage Advantages Reverse mortgage funds may be used to pay off an existing home loan balance....
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
How does an average homeowner become a real estate investor? Certainly, owning a home is an investment in real estate. However, this guide discusses the next step for many to become a real estate investor. This is to buy another property and use it for a commercial purpose. Owning another home is less of a burden when an investor finds a way to make the home pay for itself.Here are some tips on how to help a property generate cash flow:Renting Out A HomeRenting the home to others may be an effective way to pay for it. To do this well, a real estate investor looks for a home with special characteristics. The home is for sale at a low enough price and can be financed well enough so that the cash flow coming in for the rent will be equal or more to the expenses of owning and managing the p...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
What happens when you suddenly get a notice to pay your mortgage to a company you may have never heard of? How do you determine if this is a legitimate request or a scam?A borrower may get a written notice or an email that their mortgage sold to another entity or that a new loan servicing company will now be collecting the mortgage payments. The borrower needs to exercise extreme caution before just sending in a payment to the new company. It is prudent to double check to see if the communication is legitimate because many people get scammed by this type of notice.Borrowers must receive a letter in the mail from the original lender notifying them of the change before getting any communication from a new company. If there was not a letter from the original lender, it is probably a scam.H...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The National Association of Home Builders reported the highest builder confidence reading in seven months for May. May’s reading exceeded expectations for an index reading of 64 and rose three points to 67.Component readings for the main NAHB reading were also higher. Builder confidence in current housing market conditions rose three points to 72; confidence in housing market conditions for the next six months rose one point to 72 and the reading for buyer traffic in single-family housing developments rose two points to 49.Any reading over 50 indicates most builders are positive about housing market conditions, but the reading for buyer traffic is often lower than 50. May’s reading suggests that builders were expecting solid buyer traffic as the peak home buying season started. The aver...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
You have lots of choices when it comes to choosing a real estate agent. Aside from deciding if you’d prefer to work with a man or woman, and what age range you’d like them to be, here are some tips to help ensure that you pick one that is best suited for your needs.Signs In Their BioThe first thing to do is read the bios of any real estate agents you’re considering. Bios tell a lot about an agent, including what certifications they hold and how long they’ve been an agent. Some bios even have some personal information such as charitable interests or a little about their family life. Look for signs that the agent’s interests and certifications align with your needs.Relevant ExperienceA lot of real estate agents specialize in a certain area such as short sales or helping first-time homebuy...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Earth Day is celebrated each year in April to remind us all of the benefits of ecologically-sound living that is more in harmony with Mother Earth. There is quite a bit of positive news when it comes to going “green.” There are significant benefits for home sales.Green homes may sell faster and for higher prices. Many people are willing to pay more for a green home in order to receive the long-term benefits of the savings on utility costs.The Numbers Are Very AppealingAHS reports many encouraging statistics. The estimates are about one-third of the real estate market for single family homes in 2016 was for green homes. The National Association of Builders says that 90% of home buyers consider looking for energy-efficient green homes to be a high priority when shopping for a home.About 6...
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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 sales of new and pre-owned homes; weekly reports on mortgage rates and new jobless claims were also released along with a report on consumer sentiment.Sales of New Homes Hit 16-Month HighThe Commerce Department reported that deep discounts offered by home builders boosted sales of new single-family homes to 692,000 sales on a seasonally-adjusted annual basis.March sales exceeded February’s reading by 4.50 percent and exceeded the expected sales pace of 656,000 sales. The average price of new single family homes fell to $302,700 in March; this was 9.70 percent lower year-over-year.Real estate pros reported higher inventory of new homes for sale with a six-month supply of homes for sale in March. A six-month supply of available homes ind...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
From small touches such as new lighting to larger efforts such as tiling the porch or stoop, creating curb appeal is one of the best investments you can make to resell your home fast.Here are eight ideas to maximize curb your appeal.Landscaping Is Critical For The First Impression Cut Back Trees and Shrubs. Landscaping should enhance your house, not overwhelm it. Trimming can bring impressive results. If you don’t have a steady hand, leave it to a professional or handy relative. Manicure Your Lawn. A freshly mowed lawn is a must the week before a showing. Be sure to trim and edge it for a finished look that increases your curb appeal.  Plant Some Color. If the weather permits, flowering plants are a cheap way to brighten the walkway leading up to your front door. It also gives the home ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Home builder confidence increased in April to an index reading of 63, which was one point higher than for March and the highest reading in six months. Analysts said that April’s reading revealed more about housing market conditions in the past six months than it was an indicator of future market conditions.November’s builder confidence reading was the lowest since housing markets tanked in 2008, Builder confidence recovered over the past few months despite headwinds including higher materials costs and shortages of labor and buildable lots.Home Builder Confidence Holds Steady Despite HeadwindsNAHB Housing Market Index readings over 50 indicate that most home builders are confident about housing market conditions. While April’s reading was comfortably above the benchmark, the average rea...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
If you’re staging your home to sell, you may find yourself with more stuff than space. Rather than selling possessions that you’d rather not part with, you can put your things into short-term storage until your home sells and you’re able to move.Here are some options you have when choosing and using a self storage unit.Climate Controlled Or NotClimate controlled units are located inside buildings. They could be compared to an apartment building, except instead of housing people, these storage buildings house belongings. Inside, they are powered with electricity and a temperature control that is temperate.The advantage of a climate controlled storage unit is that your possessions won’t get above average hot or below average cold. If you plan to store certain items that are temperature se...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Home price indices issued by S&P Case-Shiller showed further slowing in home price growth in January. The national home price index showed 4.30 percent home price growth for the three months ended in January. Analysts expected home prices to grow 4.20 percent for the same period in cities surveyed by Case-Shiller. More cities reported declines in home prices than those that posted gains in home prices.The top cities posting year-over-year home price gains in the 20-City Home Price Index were Las Vegas, Nevada with 10.50 percent growth; Phoenix, Arizona posted a year-over-year home price gain of 7.50 percent. Three cities tied for third place with Charlotte, North Carolina, Minneapolis, Minnesota and Tampa, Florida posting year-over-year home price growth rates of 5.10 percent.Home Price...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The mortgage interest rate represents the cost of borrowing money to purchase a property. Mortgage interest rates are not fixed; that is, they fluctuate from one period of time to the next.Many different factors play into what your mortgage interest rate will finally turn out to be. Some of these factors have to deal with the economy and government decisions. Other factors have to do with your personal financial situation.Finally, mortgage interest rates can differ between lending institutions, which is why you may get different mortgage interest rate quotes from different places.Economic Factors That Cause Mortgage Interest Rates To FluctuateMortgage interest rates are somewhat connected to the stock market. When the stock market indexes go up, mortgage rates tend to rise as well. The ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The success of your real estate ventures depends on your ability to navigate the financial world. Learn these terms to make it easier to understand what’s going on with your real estate investments.Cash FlowContrary to popular belief, cash flow isn’t just the amount of liquid assets you have available. Your cash and unused lines of credit are an essential indicator of your ability to complete projects and pay the cost of ongoing operations. However, these factors don’t tell the whole financial story.Your actual cash flow is the difference between your gross income and your financial obligations. You can have a large cash reserve but still have a negative cash flow if you aren’t making enough to cover your obligations.Gross YieldWhen evaluating potential properties, it’s helpful to under...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
There are many home renovation projects that can increase the comfort and visual appeal of a dwelling. Owners who plan to sell their home in the future, however, prefer to focus on projects that will return a healthy profit at closing.Here are 5 renovation projects that positively impact a home’s resale value.ConversionsIt’s easy for real estate agents to convince buyers to bid higher on properties with more bedrooms. Redesign the attic to easily add an extra bedroom without committing to a major construction project. This strategy works well for smaller homes or those in neighborhoods with multiple homes for sale. Converting a basement into a bonus room or den is another way to use extra storage spaces to increase property value.FloorsOutdated, stained, or damaged flooring repels poten...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Winter typically isn’t one of the busier home buying seasons – those seasons are reserved for spring and summer. But to think that you can’t sell your home at market value during the winter months is being naive. In fact, you can even use some of the characteristics that define the season to your advantage.For instance, because winter isn’t a hot selling season, there’s typically less inventory during this time of year. That said, if your home stands out in the listings, you have a better chance of getting on that coveted “short list” of buyers.Here’s a look at some tips on how to do it:Make Your Home Look InvitingThis is essential for selling your home at any period of the year, but it’s perhaps most important during the winter months. That’s because colder temperatures and shorter day...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
There comes a time in every young homeowner’s life when they need a bigger house. When you buy a starter home, it’s unlikely that will be your forever home. But how do you know when it’s time to spend the time and effort to upgrade to a larger home?Here are four signs you’re gonna need a bigger house!1. You Have To Move Stuff To Get To Other StuffIn a house where there is enough room for everything, you can move freely and access all your things without having to rearrange furniture. If you find yourself constantly pushing other things aside in order to get to what you want, there isn’t enough space in your home.2. You’re Always Misplacing ThingsThe key to organization is having a spot for everything. But if you’re short on space, everything can’t have its own spot. That’s when things g...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
If you’re already a homeowner and you’re getting ready to buy a new home, you know it’s tricky to buy and sell a home at the same time. There are lots of questions about how to handle this scenario. What if your old home doesn’t sell quickly?Will you have to make two mortgage payments? What if you sell and the new owners want to move in before you close on your new home?Depending on your situation, here are some strategies available to you.Get A Bridge LoanIf you find yourself facing more than one mortgage payment – one on your old house and one on your new house – consider taking out a bridge loan to pay the monthly mortgage on the old house. Bridge loans are a solution to a temporary problem. When your old house sells, you pay off your bridge loan and you’re left with just the one mor...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included remarks by Federal Reserve Chair Jerome Powell, readings on inflation and core inflation. Weekly readings on mortgage rates and first-tome jobless claims were also released. If the government shutdown continues, it is expected to impact release dates for readings from federal government agencies.Federal Reserve Watches and Waits on Interest Rates as Inflation SlowsFed Chair Jerome Powell said that the Federal Open Market Committee of the Federal Reserve will “wait and see” about raising the target federal funds rate this year. Chairman Powell spoke at a discussion hosed by the Economic Club of Washington, D.C. Mr. Powell clarified the Fed’s estimate of two rate hikes during 2019 and said that the predicted two rate hikes would occur based on “a very...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
When you make an offer on a home, you wait anxiously to see if it will be accepted. Sometimes you’re lucky enough to hear back within hours. Other times you could wait days or even weeks.But once you get that good news that your offer has been accepted, what happens next? It’s a common question, and one that your real estate agent can help you with. In general though, here’s what you can expect.There’s A Home InspectionA home inspection needs to be conducted in order to assess the condition of the home for financing needs. This is a stage where some issues might come up that require negotiation. If serious problems are reported on the home inspection report, you could try to negotiate a lower price with the seller, but they don’t have to agree to that. There’s A Lender Home AppraisalA l...
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