Home Sales Expected to Continue Increasing In 2020

Home Sales Expected to Continue Increasing In 2020

With a decline in interest rates as well as home price and wage appreciation, many are wondering what the predictions are for the remainder of 2019. Freddie Mac, Fannie Mae, and theMortgage Bankers Association are all projecting home sales will increase nicely in 2020. Below is a chart depicting the projections of each entity for 2019, as well as for 2020. If you’re a homeowner who has considered selling your house recently, now may be the best time to put it on the market. Here’s what some of the experts have to say: Ralph McLaughlin, Deputy Chief Economist for CoreLogic “We see the cooldown flattening or even reversing course in the coming months and expect the housing market to continue coming into balance. In the meantime, buyers are likely claiming some ground from what has been seller’s territory over the past few years. If mortgage rates stay low, wages continue to grow, and inventory picks up, we can expect the U.S. housing market to further stabilize throughout the remainder of the year.” Lawrence Yun, Chief Economist at NAR “We expect the second half of year will be notably better than the first half in terms of home sales, mainly because of lower mortgage rates.” Freddie Mac “The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months…The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity.” In Summary The housing market will be...
‘Black Friday’ of Homebuying

‘Black Friday’ of Homebuying

“Every year, ‘Black Friday’ is a highly anticipated event for eager shoppers. Some people prepare for weeks, crafting and refining a strategic shopping agenda, determining exactly when to arrive at each store, and capturing a wish list of discounted must-have items to purchase. But what about buying a home? Is there a ‘Black Friday’ for the home-buying process? Believe it or not, there is. According to a new study from realtor.com, the week of September 22 is the best time of year to buy a home, making it ‘Black Friday’ for homebuyers. After evaluating housing data in 53 metros from 2016 to 2018, realtor.com determined that the first week of fall is when buyers “tend to find less competition, more inventory, and the biggest reductions on list price.” The report explains, “During the first week of fall, buyers tend to face 26% less competition from other buyers, and they are likely to see 6.1% more homes available on the market compared to other weeks of the year…nearly 6% of homes on the market will also see price reductions, averaging 2.4% less than their peak.” What’s so different about the first week of fall? George Ratiu, Senior Economist with realtor.com says, “As summer winds down and kids return to school, many families hit pause on their home search and wait until the next season to start again…as seasonal inventory builds up and restores itself to more buyer-friendly levels, fall buyers will be in a better position to take advantage of today’s low mortgage rates and increased purchasing power.” Learn more about how prices, listings, and buyer competition stack up during the first week of fall in your metro area. Bottom Line If you...
8 Things You Shouldn’t Do After Applying for a Mortgage!

8 Things You Shouldn’t Do After Applying for a Mortgage!

Congratulations! You’re finally ready to apply for a mortgage or have gotten pre-approved. While this understandably provides a sense of relief, it’s not a done deal until you sign your closing papers. Whether you’re buying a new home or refinancing your current one, there are certain things you can do that could give the underwriter the impression that you will not repay your loan and could jeopardize your loan status. Before you make any big purchases, move any money around, or make any big-time life changes, consult your loan officer. They will be able to tell you how your decision will impact your home loan. With that in mind, here are EIGHT things you should never do right before or after you apply for a mortgage: 1. DON’T: Change jobs!  Proof of a steady income, especially in the same industry, is one of the most important aspects of a mortgage approval. Avoid switching jobs until your loan has closed, if at all possible. If you must switch jobs, be sure your new job is in the same industry as your old one. 2. DON’T: Deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer. 3. DON’T: Make large purchases on credit.  While it can be tempting to want to furnish your new home or park a brand new car in your new driveway, avoid making any large purchases on credit. This raises your DTI. It also adds inquiries to your credit report, which...
623 S. 16th Street, Lafayette Indiana

623 S. 16th Street, Lafayette Indiana

This charming updated home is in a prime Lafayette location just minutes from downtown and Purdue University! Features: 3 bedrooms; 2 baths; full basement; fenced yard Activation Date: Friday, September 6th, 2019 by The Romanski Group Open House Date: Sunday, September 8th from 2:00-4:00 pm From the moment you walk into this home you will feel a breath of fresh air and rejuvenation!  Character abounds from every corner of this home!  The warm hardwood floors and charming features throughout will bring you a sense of peace and comfort. This house offers three bedrooms and two full bathrooms with nearly 1,300 square feet plus a basement that offers additional storage space.  There is a light and bright kitchen with all of the appliances and a dining area.   Enjoy your morning coffee from the covered front porch while watching the birds and squirrels.  The privacy fenced yard is a great place to unwind in the evenings or you might enjoy grilling out with family and friends in the backyard.  It also offers plenty of space to add a fire-pit; garden and more! Great lot with pad in the rear for off street parking or space to add a garage. This home is located just a few blocks from Columbian Park; Tropicanoe Cove and the soon to be new Loeb Stadium, as the Aviators home will be replaced prior to the 2021 season with a new $17 million state of the art facility.  It is also located in great proximity to many things including being just minutes from Purdue University, area hospitals, schools and walking distance to downtown Lafayette and the farmer’s market!   Contact The Romanski Group for more information 765.293.9300 or click below: For up-to-date information on...
7 Ways to Prep Your Home for Sale

7 Ways to Prep Your Home for Sale

The Spring Market is in full swing, and we here, at the Romanski Group, are down to help you think about all the major and minor needs you have for prepping your home for sale. Here’s a small checklist for you to go over before putting your house on the market! HGTV’s list inspired this post. You can find that article here! Improve your landscaping and clean the exterior. This is huge! First impressions make or break it for a lot of people, so go ahead and spruce this up first and foremost. A power wash to the siding, mulch, clean gutters, sticks picked up, and the yard mowed are just a few ideas to get you started!Make Repairs! A large investment, such as into a home, seems like less of a tackle job and more joyful when there aren’t 100 things they need to fix before moving in. Making repairs (both major and minor) gives potential buyers the ability to visualize themselves in the home, not focusing on all the repairs they need to make!Make the Front Door Inviting/Buy a welcome mat. This is so true! Invite potential buyers in! A fresh coat of paint on the door and maybe new numbers or a new mailbox will keep people expectant for what’s to come.Remove Clutter and depersonalize/Organize closets and drawers. Potential Buyers are about to be all up in your business. They’re peaking in every nook and cranny. You will too when you go on the hunt for your new home! It’s totally a natural part of the process. However, you want folks to see just how much...
Rising Mortgage Interest Rates!

Rising Mortgage Interest Rates!

If you have been on the fence about buying a home, now is the time to buy!  Mortgage rates are jumping, delivering a one-two punch to potential buyers already dealing with home prices that have risen sharply over the past few years. Mortgage giant Freddie Mac on Friday reported that the rate for 30-year fixed mortgages has hit a seven-year high — and experts expect home-loan rates to continue rising. Interest rates tend to increase in response to inflation, which is picking up steam for the first time in decades.   Bottom Line Whether you are a move-up buyer or first-time buyer, waiting to purchase your next home based on the belief that prices will fall because of rising mortgage rates makes no sense. It may actually be a good time for you to purchase your new home sooner rather than later.  We do not see any reason for rates to stop climbing and the cost to wait may be bigger than you may think.  You should also know that mortgage interest rates are still relatively low when you consider what they’ve been over the last 20–30 years. With interest rates on the rise, you might be considering buying sooner than later.  If you’re searching on the most popular house hunting apps, you could potentially be wasting up to 47% of your time since their data is dated.  Visit our website at www.RomanskiGroup.com for up to date property information to begin your home buying journey! SEARCH HOMES IN LAFAYETTE INDIANA NOW! TO FIND OUT IF YOU QUALIFY FOR A MORTGAGE, CONTACT ERIC COX OF RUOFF MORTGAGE!   For up-to-date information on YOUR Indiana area...