Area Real Estate News & Market Trends

You’ll find my blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because I care about the community and want to help you find your place in it. Please reach out if you have any questions at all. I would love to talk with you!

Nov. 11, 2019

75 Years of VA Home Loan Benefits

 

75 Years of VA Home Loan Benefits | MyKCM

Today, on Veterans Day, we salute those who have served our country in war or peace, and we thank them for their sacrifice.

This year marks the 75th anniversary of VA Home Loan Benefit offerings through the Servicemen’s Readjustment Act, also known as the GI Bill. Since 1944, this law has created opportunities for those who have served our country, ranging from vocational training to home loans.

Facts About VA Home Loans: 

  • Nearly 24 million home loans have been guaranteed by the Veterans Administration.
  • Nearly 82% of VA home loans are made with no down payment.
  • The VA also provides grants to help seriously disabled Veterans purchase, modify, or construct a home to meet their needs. Last year the VA provided 2,000 grants totaling $104 million.

Benefits of a VA Home Loan: 

  1. No down payment
  2. No Private Mortgage Insurance*
  3. Lower credit score requirements
  4. Limitation on closing costs
  5. Lower average interest rates

*More information on VA Home Loan Fees

 Bottom Line

The best thing you can do today to celebrate Veterans Day is to share this information with those who can benefit from these opportunities. For more information, or to find out how to qualify to use a VA Home Loan Benefit, let’s get together to navigate through the process. Thank you for your service!

 

Posted in VA Loans
Nov. 11, 2019

Have You Considered A Second Home?

 

 

 

 

 

As we start to roll into the later part of the year, I often hear from my clients that they are considering a second home in another area. 

 

Weather and location are usually the biggest reasons for this. All across America it seems we are running from the heat, the cold or simply need a change of scenery every now and then. It’s not uncommon for someone to want to invest in a second home that they can visit during certain times of the year and now that there are options to make that a PROFIT center for you with the likes of Airbnb, it’s becoming even more popular.

 

Imagine for a moment you could work out a deal where you could have a waterfront property or a ski resort home that you could stay at for 2 to 4 weeks per year and actually get paid to do so! If you get the right investment property, it can make enough money to more than pay for itself and offer you a cost-free vacation in a gorgeous area!

 

I work with extremely smart real estate agents throughout the entire United States with an educational membership I’m involved with and in just about every desirable place in America, we have an agent that can locate great properties for you to consider.

 

You may be looking to make a permanent move, buy a 2nd home or even look at an investment opportunity that could offer free vacation money for you. No matter which sounds most appealing to you, this may be the time to start casually looking around and checking it out.

 

If you could choose ONE area throughout the United States, where would it be? Give me a quick call and let’s see if maybe I can get you connected with one of my associates in that area just to look at some options and see if it makes sense to investigate further. I’ll gladly help you through the process and give you my assistance in any way possible to make sure it’s a good move for you.

 

 

There’s nothing more fun than investigating these types of things just to see how profitable it could be and what options would be available for you. I find that most people are shocked at just how achievable it is! And this can provide profit and or vacation time for your family for many, many years to come. Let’s at least chat about it!

Posted in 2nd Homes
July 17, 2019

Should I Refinance My Home?

Should I Refinance My Home? | MyKCM

With the recent lower interest rates, many homeowners are wondering if they should refinance.

To decide if refinancing is the best option for you, start by asking yourself the following questions:

Why do you want to refinance? 

There are many reasons to refinance, but here are three of the most common ones:

  1. Lower your interest rate and payment – This is the most popular reason. If you have a 5% interest rate or higher, it might be worth seeing if you can take advantage of the current lower interest rates, hovering below 4%, to reduce your monthly payment and overall cost of the loan.
  2. Shorten the term of your loan – If you have a 30-year loan, it may be advantageous to change it to a 15 or 20-year loan to pay off your mortgage sooner.
  3. Cash-out refinance – With home prices increasing, you might have enough equity to cash out and invest in something else, like your children’s education, a vacation home, or a new business.

Once you know why you might want to refinance, ask yourself the next question:

How much is it going to cost? 

There are fees and closing costs involved in refinancing, and Lenders Network explains:

“If you were to refinance that loan into a new loan, total closing costs will run between 2%-4% of the loan amount.”

They also explain that there are options for no-cost refinance loans, but be on the lookout:

“A no-cost refinance loan is when the lender pays the closing costs for the borrower. However, you should be aware that the lender makes up this money from other aspects of the mortgage. Usually pay charging a slightly higher interest rate so they can make the money back.” 

If you’re comfortable with the costs of refinancing, then ask yourself one more question:

Is it worth it? 

To answer this one, we’ll use an example. Let’s assume you have a $200,000 home loan. A 4% refinance cost will be $10,000. For example,cIf you want to lower your interest rate from 6% to 4%,  then refinancing is going to save you $244 per month. To break even ($10,000/$244), you need to continue owning your home for over 40 months.

Now that you know how the math shakes out, you should think about how much longer you’d like to own your current home. If you plan to stay for more than 3 years, then maybe it is advantageous for you to refinance.

If, however, your current home does not fulfill your present needs, you might want to consider using your potential refinance costs for a down payment on a new move-up home. You will still get a lower interest rate than the one you have on your current house, and with the equity you’ve already built, you can finally purchase the home of your dreams.

Bottom Line

There are many opportunities for growth in the current real estate market. To find out what’s right for you, let’s get together to help you understand your options and guide you toward the best decision.

 

 

Posted in Finance
July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates