Summer 2019 Buyer’s Guide
Summer 2019 Buyer’s Guide
Let’s take a look at what’s happening in the housing market in the Rochester area. We are seeing high buyer demand with a shortage of inventory. So we’ve got more buyers wanting to purchase a home right now than homes that are available. Though we are experiencing a slight shift in the number of days on market buyer activity remains high locally. With less than a month’s worth of inventory in Rochester below the median home sales price of $229,000 this means that shoppers must position themselves in a way to know about new listings first and have the ability to make quick and educated decisions when they find something they love.
We’ve had a long stretch of lack of inventory for a very long time and we’ve been seeing this less across the nation. So if you have any questions at all about the housing market or how it may affect you, don’t hesitate to contact us if you have any questions at all or need help.
Here are five of the biggest credit mistakes. Maxed-out cards cause your credit score to go down anywhere from 10 to 45 points, depending on your current credit score. Did you know that the higher your credit score the more it’s impacted when you make one of these mistakes? The higher your credit score, the more one of these credit mistakes can adversely affect your credit. For example, if your credit score is 680 and you have a maxed-out card it could impact your score between 10 to 30 points. But if your credit score is 780, then a maxed-out card will actually impact your score between 25-45 points. That’s crazy, isn’t it? A 30-day late payment negatively affects your score anywhere between 60-110 points, so pay your bills on time, don’t let them go to a 30 day late. A debt settlement drops your score from 45-125 points. A foreclosure affects your score between 85-160 points. And lastly, a bankruptcy negatively affects your score and can drop it anywhere from 130-240 points. For a more detailed report on how to maximize your credit contact us and we’ll be sure to send you a report right away.
7 Tips to Improving Your Credit Here are seven great tips to maximize your credit. Number one, and most important, always pay your bills on time. Number two, keep your credit card balances low. Number three, get rid of debt faster. That means try to pay off your debt sooner than the allotted time given. If they give you two years to pay off your car, pay it off sooner. Number four, do not close your current account or open a new one. Number five, order a free credit report from www.annualcreditreport.com and dispute errors. Number six, study and know your FICO score. Number seven, keep the debt to income ratio less than 30%. All of these seven tips are sure to help you improve your credit score and maximize your credit. For more detailed information on how to maximize your credit call/email Alex.
10 Commandments of Home Buying:
1. Thou shalt not change jobs, become self employed, or quit your job.
2. Thou shalt not buy a new car, van, or truck (you may end up living in it).
3. Thou shalt not use charge cards excessively or let your accounts fall behind.
4. Thou shalt not spend money you have set aside for closing.
5. Thou shalt not omit debts or liabilities from your loan application.
6. Thou shalt not finance furniture even if the payment is deferred until after closing.
7. Thou shalt not allow any additional inquiries on your credit except for insurance purposes.
8. Thou shalt not make large deposits without first checking with your lender or agent.
9. Thou shalt not change bank accounts.
10. Thou shalt not co-sign on a loan for anyone.
If you have ANY questions, or recently broke a “commandment”, call/email Alex.
Are we heading into another recession?
According to two separate articles from the Wall Street Journal and Pulsenomics, which surveyed economists and analysts, they’re predicting that we’re heading into recession by the end of 2019. We don’t know exactly what impact it will have. A recession is when the economy slows up, it’s an economic decline in trade and industry activity. However, it’s really important to understand that a recession does not necessarily equate to a housing crisis. But obviously, when we’re in a recession, we most likely won’t be seeing the huge gains we’ve seen since the 2000 Great Recession which has been the second greatest recovery in American history. It should be noted that we expect a more stable economy in the Rochester area due to our particular niches in healthcare and industry along with the growth of Rochester.
CONTACT US TO TALK MORE We would love to answer your questions and talk more about what you read in this article. We can lead you on the right path to buying the home of your dreams! We look forward to hearing from you =) Main Point: Don’t be hesitant on selling your home or purchasing a new one. Prices are increasing and interest rates remain low even though we don’t expect these trends to continue. Call us and we can help give you an accurate value or find your dream home. Buy and Sell Strategically.