King of Prussia, PA Real Estate News

By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Virtual reality, artificial intelligence and drone video are just a few of the ways that technology is changing the real estate industry. If you are in the market for a property, understanding these new processes can help you in many ways.Using Artificial IntelligenceDoing business with an AI-infused process helps you more quickly identify properties that meet your standards. AI also reduces human error in the closing process. Agents using AI can get you more information about properties more quickly, and they can also cut the fat out of the close, possibly saving you money.Using Virtual RealityTaking a virtual reality tour of a property can save you a lot of gas, time and effort. You no longer have to physically be at a location to understand its potential – you can see everything that...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Atlanta, Charlotte, New York and Los Angeles are always on the real estate radar because of big ticket sales and good media coverage. The secondary markets – those markets without the celebrity undertones – may actually be better deals. With the price of borrowing money rising and occupation rates dropping in primary markets, places like Nashville and Birmingham are looking better to investors.Where Are the Secondary Markets?A secondary market is generally defined as a mid size or large city that has recorded an uptick in growth in the immediate past. They do not have quite the economic clout or media presence of a primary market, although they may rival each other in terms of population.Generally, the influx of new attention for a secondary market will be from young professionals. Thes...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
A growing supply of housing, volatility in the marketplace and risks in the development process all affected the multifamily market in 2018. In 2019, these three factors will continue to move the needle.The Housing SupplyMarkets like Boston, Seattle and Nashville are growing supply faster than demand. From 2015 to 2017, developers were building like crazy and landlords were enjoying rent increases of 5-7% year over year. They built too much, and the peak has showed itself. Only top markets like Atlanta and Charlotte can justify their cost of living increases. The rest will likely see slower growth and possibly losses in rent values and occupancy rates.Market VolatilitySecondary markets are experiencing problems in their local economies, which is driving away the multifamily market. Fewe...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Home design trends continue to change at supersonic speeds. With New Year right around the corner, the home design world is focusing on trends that will probably reign big in 2019. So, as you make your annual resolutions or consider revamping your home, it’s worth knowing them. After all, we all adore coming back to a place that makes us happy and helps us disconnect from tough days at work. It’s wise to be aware of temporary fads in design, but don’t be shy to try some new home designs and decor in 2019. In this post, we explore five trends to watch out for in 2019. Nature Luxury Blending outdoors with indoors continues to trend and is not stopping soon. Today, the idea enjoys a boost from state-of-the-art accessories made from natural elements to complete the appearance. Natural fiber...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Many sellers hire inspectors and appraisers to value their home prior to placing it on the market. It’s important for buyers to hire their own inspector to get an independent opinion. If a buyer orders an inspection before the sale goes through, the seller may have to resolve any issues that arise. If you forego the inspection, you inherit any problems that come with the house.Importance Of InspectionsHomes aren’t always well cared for and it’s relatively easy for an unethical owner to paint over a water stain rather than fix a leaky faucet. Clunky furnaces and loud A/C units are symptoms of equipment the owner hasn’t maintained, but it isn’t the only issue that can arise. From hidden mold to lead pipes, there are hundreds of things that could be wrong that a layman wouldn’t notice in a...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Choosing a neighborhood you live in is almost as important as the house you buy. The right neighborhood can make your house feel even more like a home. But how do you find the right neighborhood to shop for your next home?1. Evaluate Your Own LifestyleThe first step in finding the right neighborhood is to figure out what you’re really looking for. Do you crave a sense of community, or do you prefer not seeing any other houses when you open your front door? Knowing yourself is the key to identifying what kind of neighborhood you’ll be most happy in.2. Are There Children In The Picture?If you have kids now or are planning to have some in the future, that will impact your choice of neighborhoods. You’ll want your children to have neighborhood friends. You’ll also want to know your kids are...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Case-Shiller’s 20-city home price index for September reported the lowest pace of year-over-year home price growth in almost two years. Lower home prices balanced housing markets between sellers and buyers, but home prices continued to grow approximately two times faster than wage growth.Case-Shiller’s 20 city home price index for September posted a home price growth rate of 5.20 percent as compared to August’s year-over-year growth rate of 5.70 percent. While analysts expected slower rates of home price growth, they weren’t expecting the steep declines seen in September’s report.David Blitzer, Chairman and CEO of the S&P Dow Jones Indices Committee, said “Home prices plus data on house sales and construction confirm the slowdown in housing.”Las Vegas Holds on to Top Spot in Home Price ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Divorce can be an incredibly emotional and financially stressful time. Questions about what happens to assets and the family home add to the anxiety. Each state has divorce laws that differ and that can complicates decision-making.For example, marital assets are distributed differently in community property states from equitable distribution ones. The idea of 50-50 splits may be a myth because judges have the discretion to deviate from even percentages. That being said, these are three things you should know about homeownership when contemplating divorce.Who Gets The House?This often ranks as the biggest question among divorcing spouses. Many years ago, it was assumed that the wife automatically gets the marital home. But laws have changed, and same-sex marriages don’t bring a differenc...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
It’s no secret that mortgage lending institutions look favorably on steady paychecks and positive debt-to-income ratios. That can leave many self-employed prospective home buyers feeling anxious about getting approved for a mortgage. But just like the 9-to-5ers who get regular paychecks, self-employed people earning a good living can get approved with a little due diligence.The primary concern of mortgage lenders is not necessarily where your revenue comes from, it’s confidence that you can meet the monthly obligations. A lender probably wouldn’t see a significant difference between someone who was paid every two weeks and another paid monthly. Why should a self-employed earner be any different? While there are differences, that doesn’t necessarily have to be a bad thing.Self-Employed M...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
After five consecutive years of Millennials outpacing all other home-buying demographics, sellers would be wise to wrap their thinking around what makes this generation tick.According to a 2018 Home Buyer and Seller Generational Trends research study, Millennials purchased more than one-third of all homes in 2017. With home purchases totaling approximately 36 percent of the market in 2018, this class of buyer has increased its market share from 34 percent in 2017.Taken as a whole, the previously formidable Baby Boomers ranging from 52-70 years old enjoyed only a 32-percent market share. GenXers declined from 28 percent in 2017 to 26 percent in 2018.With the relatively young Millennials still not fully engaged in the real estate market, expectations are that this group could set the tone...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The real estate market is quite different from other markets and can be confusing for even the most experienced buyers and sellers. You will need the help of a real estate agent whether you are an experienced buyer or doing it for the first time.Even with the help of an agent, you can educate yourself on some of the basic elements of a real estate transaction in order to make yourself more comfortable throughout the process.Here are 3 things that you should be aware of before you start a real estate transaction:Market Demand And Sales PriceThere are many factors that determine the appropriate sales price at which you sell or buy a piece of property. Among them is the market demand and other recently sold homes in the immediate area that match the characteristics of your home. Real estat...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings for Case-Shiller Home Price Indices, Commerce Department readings on construction spending and the University of Michigan’s reading on consumer confidence. Labor sector reports on jobs growth and the national unemployment rate were posted along with weekly readings on mortgage rates and first-time jobless claims.Case-Shiller: Home Price Growth Lowest in 20 Months; Construction Spending FallsHome price growth hit its lowest pace in 20 months according to Case=Shiller’s 20-City Home Price Index for August. Home prices grew by 5.80 percent year-over-year as compared to July’s growth rate of 6.00 percent.Analysts said that slowing growth of home prices could signal that home prices have reached their peak; Inventories of homes for sale are near th...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Your home’s energy rating is an evaluation of your home’s overall energy efficiency. If your house’s rating is high, it means your potential for energy loss is also high. Bringing your rating numbers down means that your home is becoming more energy efficient. Your home’s energy rating is based on several things. When your energy company does a home energy audit, they are looking for ways that your home or its components are wasting energy. A low rating means that a home is more energy efficient than one with a higher number. For example, if a home is rated at 70 on the HERS Index, it is approximately 30% more energy efficient than a home built in 2006. There are many factors that are taken into consideration when determining a home’s energy rating.Here are several things you can do to ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Although the real estate market is currently booming, the last housing bubble burst remains relatively fresh in investors’ minds and that has many taking a long look at crowdfunding.One of the lessons that came out of the burst and ensuing Great Recession was that investors were blind to where their money went. If you watched the Academy Award-winning film “The Big Short,” then you at least understand Hollywood’s hyperbolic explanation of the subprime mortgage crisis. You may be asking: what does this have to do with real estate crowdfunding real investing? Well, everything.Among the key reasons that the financial collapse occurred was the fact that investors had no clue what was in the AAA collateralized debt obligations (CDOs). Most people didn’t know what was in them and others simpl...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Though the real estate business never stops, most people associate its busy periods of the year with the spring and summer seasons. And while this is true to a large extent, those who think that selling a home in the fall is a bad decision are sorely mistaken.Just as families want to get into new homes before the school year starts, which makes spring and summer busy seasons, there’s also an urgency to get into new homes prior to the holiday season. It’s one of the reasons why you shouldn’t hesitate to list your home in the fall season.Here’s a look at five more reasons why it’s smart to list your home in the fall:1. Demand Is Still ThereIt’s a seller’s market out there, which means that there’s still high demand for quality homes. So don’t think that buyers have put their searches on h...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Reality TV shows about house flipping make it look easy. But behind every lucrative renovation project, there are factors that impact profitability such as buying price, labor costs, unforeseen setbacks and perhaps most importantly, location.There is no escaping the old real estate adage of “location, location, location.” Home-flipping entrepreneurs must take into account whether polishing up a blighted building is in a viable resale neighborhood. One of the location factors some house flippers are following is the trend in tech jobs.Because the tech industry does not necessarily rely on interstate highways, commercial hubs or seaports, computer-oriented businesses are taking advantage of once vibrant manufacturing areas that have fallen on hard times. Property values in these areas see...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Recent medical school graduates, saddled by high student loan debt, sometimes have a hard time qualifying for a first mortgage. Now, however, a growing number of lenders will consider future earnings potential of high earners in the medical profession as a way to offset high debt ratios. But specialty mortgages for young physicians aren’t the only unique loans available today.Nationwide, there are a number of unique programs designed to help first-time buyers qualify for a mortgage loan. While some target specific professions, others are open to a wider range of applicants. They are definitely worth exploring if you’re interested in buying a home, but are not able to qualify for a standard home loan.Here are some of the better known, widely-available options:Good Neighbor Next DoorA HUD...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Many people associate the fall months with cooler temperatures and changing colors. But another defining characteristic of fall is that the days become shorter. Yes, there’s limited daylight, as the sun rises later and sets earlier.Noting this, it’s important to take any exterior lighting into consideration if you’re listing your home this fall. It’s important because you want your home to have a welcoming vibe to it, but with the potential for showings to occur in limited daylight, some modifications and new light installations may be necessary in order for it to stand out. What’s more is that exterior lighting can serve as a theft deterrent.Here’s a closer look at some fall outdoor lighting tips to enhance the appeal of your home this fall:Go SolarSolar lighting is an effective, susta...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The average homeowner feels secure knowing they have insurance in the event of a severe weather calamity. Most people believe that no matter what happens, they have paid for protection against disaster.Unfortunately, not every homeowners insurance policy provides full reimbursement from severe weather losses. Hurricanes, tornados, earthquakes and other rare catastrophes may not be covered under your current policy.Consider the impact of these extreme events and whether you are fully insured for the subsequent losses.1: Hurricane Damage May Not Be Fully CoveredThe recent national mobilization to deal with the fallout from Hurricane Florence highlights just how catastrophic severe weather can be to people and property. That being said, homeowners generally anticipate calling their insuran...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Home price growth slowed to its lowest pace in nearly a year according to the Case-Shiller Home Price Indices. National home price growth averaged 6.00 percent year-over-year as compared to 6.20 percent growth in June.The 20-city home price index rose 0.10 percent in July to a seasonally adjusted rate of 5.90 percent year-over-year. Slowing home price growth was attributed to buyer fatigue and rising inventories of available homes.Las Vegas Home Price Growth Tops 20-City Home Price IndexLas Vegas, Nevada topped the 20-City Home Price index with a year-over-year home price growth rate of 13.70 percent. Las Vegas home prices crashed during the recession but continued to recover as the economy improved.Seattle, Washington home prices rose 12.70 percent year-over-year in July; San Francisco...
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