Leominster Area Real Estate News & Market Trends

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Jan. 7, 2019

What to Expect in Real Estate in 2019

There has a been a lot of talk about the market and what will happen this year.  If you search online you can find articles that are calling for the next real estate market crash and beside it articles that are showing that we continue to grow.  So what will 2019 bring us?

The first thing is home prices are not on the verge of depreciation.  105 economists and real estate experts were surveyed and asked if the market will appreciate or depreciate.  Out of this 105 people, 104 predicted it will appreciate and only one is predicting a decline. In fact, the National Association of Realtors is predicting  a 2.5% increase this year nationally.  This is much lower than Freddie Mac and some others who predict it will increase 3.9% in 2019.  To make this even better Corelogic, a real estate research company, predicts Massachusetts will appreciate 6.1% in 2019, one of the highest in the United States! If you want to see your area you can check out the market check out our market reports at JasonRHomes Market Reports

Now let's take a quick look at mortgage rates as this is another thing on the mind of the market.  We have been spoiled in the past few years with mortgage rates in the 3% to mid 4.5% range.  The market continues to change, but according to Freddie Mac the the rates should be close to as follows: quarter 1 and 2 will stay around 5% and it will continue to rise through the year to 5.3%.  You may be saying this will make the mortgage payments too high.  Let's take a look at some historical numbers.  Assuming the person put 20% down and had a 30-year mortgage at the Freddie Mac average monthly rate the typical mortgage payment in the country would be $1,000 next year as compared to $922 in 2018.  If we look back at 2006 the average mortgage payment was $1,259 a month.  

What does this all mean in the market next year?  We will see a change in the mindset of the market where houses are no longer getting multiple offers the day it was listed just by pricing it right.  Buyers will continue to buy the homes on the market, but will become a little more picky about the home they buy.  Our homes will still appreciate in value, especially in MA.  Don't be scared about buying and selling this year.  As always if you have any questions or need any help I am always here, just reach out to the JasonRHomes team through JasonRHomes.com or email me at Jason@JasonRHomes.com.

 

 

Posted in Market Updates
Dec. 10, 2018

How to Pick your Mortgage Officer

I have worked with many great loan officers during my time in real estate and there are a few things that stand out and I have grown to look for when working with Loan Officers 

 

Knowledge

There are a lot of different programs out there to help you gain a loan to buy a home.  Each of these programs have their pluses and minus and will fit in different circumstances.  Think of it as a toolbox the loan officer has.  They need to use the right tool and understand when to use that tool.  For example, there is a 100% financing option called USDA, but this program can only be used in certain areas of the state.  

You may need to fix up the house for the company to give you an FHA mortgage.  In this case you could switch to a rehab loan called an FHA 203k.  These are two easy circumstances, but there are many more details and programs I do not understand at the level needed.  That is why I surround myself with people who know these programs inside and out. I trust every time I refer someone to them they will be matched with the best plan for their circumstance.  

 

Care

I have a deep caring for the clients I take care of.  I want to ensure I get them the best house for them with the lease stress on their part.  I need my business partners to feel the same way.  The loan given should be the best for the situation going forward.  For example, you may be able to get a better rate for an adjustable rate mortgage now.  This will make your payments great but what if over five year it adjusts from a 3.5% interest rate to a 9%.  Will that work for you?  Will you still be able to pay your mortgage?  I do not want you in a situation like this if it is not something you can handle or have worked out a plan around.

 

Availability

Real Estate and your hunt for your new home will not be a nine to five job.  Most real estate transaction I am a part of take place on the nights or weekends.  I believe the Loan officers I work with should understand this and be available within reason.  I am certainly not suggesting calling them (or me) at 11:00pm but if there is a showing at 6:00pm and we need some answers on the mortgage to put in an offer, they should be available.  I was working with one client and we went to a busy open house.  My client wanted to put in an offer that day, but could not as they could not get a hold of the loan officer to have their questions answered. The house was under agreement that nigh and we lost out. My easy rule on this is I look for a Loan Officer that will give out their cell phone number.  

 

Communication

There are many steps in the loan approval process and many questions to be answered.  Any loan officer I work with must be willing to take the time to explain what is going on in the process and keep constant communication each step of the way.  I always want to know how close we are to completing the mortgage commitment and what barriers are in the way that need to be remedied.  This should be communicated to the buyer too, so they may help solve the issue.  The last thing I would like to see is closing only being a few days away and neither the buyer or the agent knows what stage the loan is and if we are going to close.  I don’t know about you but that is stressful

 

Conclusion

A loan officer is a very important part of your home buying process.  The right one can make for a very smooth process.  The wrong one can elevate stress levels.  If you are ever in need reach out to me and I can send you information of people I trust.  

 

Posted in Education
July 31, 2017

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Posted in Market Updates