Wednesday, November 29, 2017

Optimism of the Stock Market Moving Higher Continues; Housing Inventory Drought May Finally Be Easing

Stock Markets:

The upward trajectory of the stock market continues. With the Indices sitting at, or near record highs, optimism on the market moving even higher continues. Investors are very excited about the President’s proposed tax plan, which if passed, would put a lot of money back into corporate profits. There continues to be a lot of wrangling in Congress over the plan, and more than likely the plan will change from its current form in order for it to pass. However, optimism exists that after decades of no significant tax changes, there is a chance for some reform to actually be implemented.

Existing Home Sales:

Next week there are 3 major real estate reports due for release. FHFA House Price Index, Corelogic Case-Shiller Home Price Index, and the Pending Home Sales Report. When you combine this forthcoming data with this week’s existing home sales numbers, we will have a very clear picture on the status of the housing market in this country.

Existing home sales were stronger than expected for the month of October. Increasing by 2.0 percent, this continues to show the stability in the housing market despite the minimal inventory available in many parts of the country. However, in recent weeks, many real estate professionals have been reporting an uptick in available properties for sale which means the inventory drought may finally be beginning to ease and more balance between sellers and demand may be occurring.

Mortgage Rates and Applications:

Purchase applications rose a seasonally adjusted 5.0 percent for the week ending November 17th. Refinance applications declined by the same 5.0 percent. The slight rise in interest rates over the last week might explain why refinances declined. Real estate professionals have been hard pressed to explain why there was a rise in purchase activity the week before Thanksgiving, but every one of them was grateful for the positive movement in purchase activity. The previously mentioned increase in housing inventory could be the explanation for the purchase jump. Home purchases are up 4.0 percent from the same time last year.

Next week’s potential market moving reports are:

· Monday November 27th – New Home Sales
· Tuesday November 28th – FHFA House Price Index, Corelogic Case-Shiller HPI
· Wednesday November 29th - MBA Mortgage Applications, Pending Home Sales
· Thursday November 30th – First Time Jobless Claims
· Friday December 1st – ISM Manufacturing Survey, Construction Spending

As your mortgage and real estate professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends. I welcome the opportunity to serve you in any way I possibly can. Please feel free to reach me at (707) 455-7070.

Wednesday, November 22, 2017

Sunday, November 19, 2017

Advantages of Buying a Home

The pride of being called a home owner is one of the sweetest advantage that buying a home can accord to an individual. But beyond this, there are many more advantages that home ownership brings. Right now, you may have some hesitations and you're still contemplating if buying a house is a right move. Listed below are the advantages that will give you more reasons to strive hard and buy your dream house.

Increasing home values

Next to the pride of ownership, knowing that home prices appreciate over the years is another great advantage of buying a house. For the past years since the great recession, the real estate industry is on a rebound. Average home prices are starting to get upscale. With this trend, home owners are assured that a great investment is within their hands.

Deductions in property taxes

Depending on the state, home owners are also qualified to some tax deductions specially for a first home. But there are also instances when vacation homes also qualify for property tax deductions.

Increased privacy

Privacy is another advantage of an owned house. As compared to rented shelters, owned homes give the owners more capacity to decide on how they are going to keep their home activities private. Also, home owners can decide on who comes in and out of their homes at any given period of time - a very good privilege for families who often have visitors, gatherings, and friendly unions.

Provisions for expansion and improvements

Buying a home also gives the owner the right to impose expansions, changes, and other improvements. Shall time comes that an extra room is warranted due to an additional family member, then an existing room can be converted to another bedroom. Wall paint colors can be changed without having to secure permission to landlords. The kitchen and other house parts can be designed, decorated, and treated according to the aesthetic taste and functional wants of the owner.

Being a home owner is a beaming joy for many people. For some, it is a fruit of years of hard work and earning. To others, it is a sanctuary of love, care, and happiness. However you want your space to be called and identified, the advantages of buying a house is yours for grab.

Be a homeowner now and join other persons as they reap the benefits and advantages of the houses they bought. Searching for a house now, reach your local real estate agent and be in-the-know of the current listings.

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Thursday, November 16, 2017

Your First Mortgage: What First Time Buyers Should Know

For first time homebuyers, the mortgage qualification process is often much more difficult than finding the starter home of their dreams. If you decide that you're ready to purchase your first home but aren't sure how or where to start, here are four helpful tips for getting the ball rolling right into home ownership.

1. Check your credit. If your credit rating is not any good, you're going to have a hard time getting anyone to lend you a large amount of money. There are several free sites potential first time homebuyers can visit to find out how they're being rated by the three major credit agencies. Lenders will use these scores to determine your trustworthiness, so it's important that you're not surprised by what it says. If you find any errors, you can have them corrected.

2. Get your documents in order. To get pre-approved for a loan, you'll need to have several documents in hand to show the lender that you can afford to make the monthly payments. You'll need to have your tax returns from the past couple of years, bank account statements to show that you have enough savings for a down payment, and paystubs for a more recent confirmation of income. You'll also need your social security number on hand so the mortgage company can run your credit.

3. Decide what size home you can afford. Your monthly payments will be made up of much more than just the principle and interest of the loan. Included in your payment will likely be your local property taxes, the homeowner's insurance on the home, any flood insurance, and the monthly mortgage insurance premium if you choose not to put down at least 20% of the selling price up front. Research the costs of these factors in your area for an idea of what they will add to your monthly payments.

4. Pick a lender or two. Make an appointment to talk with a mortgage representative near you. You'll also want to talk with a local lending company or your bank. Going to more than one place may help you understand the process best, and you'll be able to compare terms to get a better deal. They will help talk you through the process and ensure that you understand the terms of the loan. Further, if you qualify, the lending agent will also be able to offer you pre-approval for a loan, which will help in the negotiation process once you find your dream home.

Getting approved for a mortgage can be a confusing process, especially for first time homebuyers. By being prepared to qualify for a loan before you find the right home for you, you'll be able to spare yourself the heartache of missing out on it because you didn't qualify for the loan. Once you have your financing squared away, you can let the searching begin!

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Monday, November 13, 2017

Center Stage At VPAT - Holiday Season

Vacaville Performing Arts Theatre Manager Rachel Morgan tells us about the many shows taking place during the holiday season at VPAT. For more info visit

Tuesday, November 7, 2017

December Fed Rate Increase Likely; Home Prices Continue to Rise

Federal Open Market Committee (FOMC) Announcement:

The likelihood of a December Fed rate increase is very probably based upon the latest Fed announcement. On Wednesday the Fed stated they have upgraded the status  of the economy from “rising moderately” to “rising at a solid rate”. The Fed indicated that the labor market continues to strengthen, and that even though inflation remains stubbornly low, there are many positive economic factors that make a December rate increase likely to occur.

Case-Shiller Home Price Index:

Home prices continue to rise steadily. The most recent data shows home prices rising 0.5 percent for the month of August in the 20-city adjusted index. Home prices compared to the same time last year are higher by 5.9 percent. This is the largest year-on-year growth spread we have seen in the last 3 years.

Construction Spending:

Spending on the construction of residential homes, although basically unchanged for September, is now 9.6 percent higher than the same time last year. Spending on new single-family and multi-family homes increased in the month by 0.2 and 6.0 percent respectively. Interestingly is that spending on home improvements declined 0.6 percent. This is likely to change in that many mortgage and banking professionals have indicated that they have seen more homeowners making inquiries on obtaining Home Equity Lines of Credit.

Mortgage Rates and Applications:

Purchase applications fell by a seasonally adjusted 1.0 percent for the week ending October 27th. This is the second week of application declines, in what could be a possible reaction to the uptick in mortgage rates. Refinancing applications declined by 5.0 percent. Refi’s are always far more sensitive to slight movements in mortgage rates. Purchase applications represent 51.3 percent of all loan activity.

First Time Jobless Claims:

Claims remain very near historic lows being all the way down to 229.000. The devastation in Puerto Rico was expected to increase the overall number, however other areas of the country are countering the increase with an improved labor market and lower claims.

Next week’s potential market moving reports are:

· Tuesday November 7th – Job Opening and Labor Turnover Survey (JOLTS)
· Wednesday November 8th - MBA Mortgage Applications
· Thursday November 9th - First Time Jobless Claims
· Friday November 10th – Consumer Sentiment

As your mortgage and real estate professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends. I welcome the opportunity to serve you in any way I possibly can. Please feel free to reach me at (707) 455-7070.

Saturday, November 4, 2017

Wednesday, November 1, 2017

Ready, Set, Rec! November 2017

In this episode of Ready, Set, Rec! Community Services Director Kerry Walker talks about upcoming holiday events and activities in November and December in the City of Vacaville!