How to maintain a healthy credit score
How to maintain a healthy credit score When you’re in the market to buy a home, your credit score is very important. Most lenders use this three-digit number (which is created by evaluating factors like how much debt you have, your payment history for things like credit cards and car loans, and the length of your credit history) to determine your credit risk. This number helps lenders predict whether you’ll pay back your loans and if you’ll pay them on time. Mortgage borrowers with the best credit ratings generally get lower interest rates. Their monthly mortgage payments are also lower, according to myfico.com, the website for the Fair Issac Corp., which created the most-used credit rating, the FICO score. (Your FICO score can range from 300 to 850; the higher your score, the better. Credit scores tend to be better for people who have credit — e.g., have credit card accounts — and pay off their credit on time.) Generally, consumers with ratings in the mid 700s or higher get the best interest rates. (But this depends on the economic climate — 680 was once considered a good score.) For example, when we last checked data made available on myfico.com, a person with a better FICO score (760-850) was able to get a monthly mortgage payment for a 30-year fixed mortgage that was about $41 lower than someone who had a credit score of 700-759, according to the website’s calculations. That person with the better FICO score would spend $492 less on mortgage payments over a year’s period than the person with a lower score. So, if you can increase your credit rating, you could save money over the length of your mortgage. (We all like to save money!) But raising your credit score isn’t easy and takes time. (Like getting into shape, or sticking to a diet.) But if you keep to it and are diligent about it, you can increase your credit rating. Here’s how: Read the full story. Twitter...
read moreAre Home Prices Up In Your Zip Code
Are Home Prices Up In Your Zip Code In April, annual home-price appreciation in the county fell to single digits for the first time since August 2012. So what does that mean for your ZIP code? Find out in U-T San Diego‘s interactive database. You can filter and sort by ZIP code, region and neighborhood name. The database shows the median prices of homes sold in each major neighborhood and home-sale tallies, based on information from local real estate tracker DataQuick. Read the full story. Twitter...
read moreThe Value of My Home Went Up: Do I Need More Home Insurance?
The Value of My Home Went Up: Do I Need More Home Insurance? Most homeowners keep track of changes in the estimated value of their homes. If the estimate increases, does it mean you should increase the limits of your home insurance coverage to accommodate the hike? The quick answer — maybe, maybe not. Why the hedge? It depends on why the value of your home has increased. The good news? If what increased is the possible sale value, you’re likely in good shape, insurance-wise. The amount of home insurance coverage you need doesn’t change based on real estate prices. How real estate prices work Real estate prices focus on demand. The more demand there is for a house, the more a seller can ask to be paid. Demand depends on a number of factors and can change over time. An example: Location is one of the most important factors in real estate. If a home is in a trendy neighborhood, a great school district or near desirable shopping or entertainment venues, its market value could be greater than that of a house in another location. On the other hand, neighborhoods can fall off “popular” lists, school districts can be redrawn, and stores and theaters can close. That same house likely wouldn’t sell for nearly as much. Most recently, home values have increased in many parts of the country as the real estate market heated back up after the recession. As more buyers enter the market, sellers can demand higher prices. Read the full story. Twitter...
read moreSD home prices gains slow to single digits
SD home price gains slow to single digits For the first time in nearly two years, annual home-price appreciation in San Diego County is down to the single digits. Last month, the median price for a home sold in the county was $435,000, up 8.7 percent from the $400,000 median in April 2013, real estate tracker DataQuick reported Tuesday. It was the lowest year-over-year appreciation since a 7.9 percent gain in August 2012. But the latest housing figures show just how much price appreciation has slowed. In June, price gains reached 24.1 percent. “Double-digit price appreciation is not sustainable,” said Mark Goldman, a loan officer and real-estate lecturer at San Diego State University. “But now we’re back on track, we’re back to a more ordinary level of pricing. Pricing has approached an equilibrium where it ought to be based on income, interest rates, employment, all the stuff that drives the housing market.” Goldman says price gains of about 3 percent should be the norm. Read the full story. Twitter Facebook...
read more30-Year Fixed Mortgage Rate Dips to 4.08 Percent, Lowest Rate in 13 Weeks
30-Year Fixed Mortgage Rate Dips to 4.08 Percent, Lowest Rate in 13 Weeks Mortgage rates for 30-year fixed mortgages fell over the past week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.08 percent, down from 4.16 percent at this same time last week. The 30-year fixed mortgage rate dropped to as low as 4.06 percent on Thursday before rising slightly to the current rate this morning. Read the full story. Twitter...
read moreBe ready to buy your first home
Be ready to buy your first home First-time home buyers have it tough. The supply of homes for sale is tight, and lenders are tightfisted. Student debt, at an all-time high of nearly $30,000 per grad, is getting in the way of saving for a down payment, says David Stevens, president and CEO of the Mortgage Bankers Association. But it’s a great time to get your foot in the door. “Interest rates remain the envy of even your grandparents,” says Keith Gumbinger, vice president of mortgage publisher HSH.com. First, make your finances sparkle. THE TURNING-POINT CHECKLIST 12 months in advance Make sure the time is right. Use Trulia.com’s rent or buy calculator to see if you’d really come out ahead, based on loan rates, taxes, and where rents and prices are headed in your area. Nationwide it’s 38% cheaper buying vs. renting. Clean up your act. Devote this year to saving money and paying down debt. You’ll need at least 3.5% down for an FHA loan, or 10% to 20% for a conventional mortgage. Lenders also like to see job stability, so settle in for now. Learn what you like. When a home catches your eye — a listing, say, or a photo — pin it to a board on Pinterest. Or try Swipe, a new app from the site Doorsteps, which lets you browse listing photos and mark them pass or save. Read the full story. Twitter...
read moreSan Diego home appreciation leads U.S.
San Diego home appreciation leads U.S. San Diego County’s housing market led the nation in price appreciation in February, as the region moved out of its annual holiday homebuying lull. The S&P/Case-Shiller Home Price Index showed Tuesday that from January to February, prices on the index rose 1 percent, highest on the 20-city measure. Prices declined over the month in 13 of the cities included on the closely-watched index. “There’s a fundamental housing shortage in San Diego County, it’s that simple,” said Mark Goldman, a loan officer and real-estate lecturer at San Diego State University. “We have a strong housing market in San Diego as a result of a shortage. We have demand and a robust economy compared to a lot of other communities.” The index, which lags two months, measures repeat sales of single-family homes. From February 2013 to February 2014, San Diego home values are up 19.9 percent, trailing only San Francisco and Las Vegas in annual appreciation. Still, Goldman said he sees the local market continuing to slow, perhaps down to its historical 3 to 3.5 percent annual appreciation level. Read the full story. Twitter...
read moreCould you sell your home in two months?
Could you sell your home in two months? If you listed your San Diego home on the market today, do you think it would still be in your name two months later? A new study by the real-estate website Trulia says that chances lean toward it being out of your hands within 60 days. In fact, homes in the San Diego metropolitan area sell the fifth fastest out of the 100 largest cities in the Trulia study. In San Diego, 59 percent of homes listed in mid-February were gone by mid-April, up from 55 percent compared to the same time last year. In March, asking prices were up 14 percent in the county. The reason? Low inventory, or supply. “In general, housing markets with more inventory and fewer buyers will have a higher share of for-sale homes remaining on the market after two months and a higher median days-on-market,” the study released Wednesday says. “Expensive markets – including many in California – have perennially tight supply because of limited constructions, so homes don’t stay on the market for long.” Read the full story Twitter...
read moreNearly 2 million homeowners no longer ‘seriously’ underwater
Nearly 2 million homeowners no longer ‘seriously’ underwater During the first quarter, 9.1 million, or 17%, of homeowners were seriously underwater on their home, meaning their debt exceeded the home’s value by 25% or more, according to RealtyTrac. That’s down from 10.9 million, or 26%, of all properties a year earlier. States with the highest percentage of seriously underwater homes included Nevada, Florida and Illinois. RealtyTrac also found that fewer properties in foreclosure are underwater. “Because of rising home prices, many of the homeowners in the foreclosure process — more than a third — actually have positive equity. That will enable some of them to avoid foreclosure,” said Daren Blomquist, a vice president for RealtyTrac. These homeowners could leverage the home’s value to either refinance or sell their home. “But many distressed homeowners with equity may not realize they have it and in some cases have vacated the property already, assuming that their foreclosure is inevitable,” he said. Read the full story. Twitter...
read moreThis Weeks’ Top Story: 5 Smart Strategies to Earn More Listings
This Weeks’ Top Story: 5 Smart Strategies to Earn More Listings Seller listings are vital to building a robust, thriving real estate business. A strong stable of solid seller listings can lead to more predictable commissions, more controllable timeframes, and provides the opportunity to meet new clients, build your brand and marketing, and expand your sphere-of-influence. In times like these, where homeowners are still holding out on selling until they feel they can get the best price, finding these clients is easier said than done. In 2014, industry and economic experts expect more inventory to open as the year moves on. Good things are on the horizon for real estate agents, but you don’t have to wait until the market shifts in order to increase your seller client count. Here are five strategic moves to make to build your seller-side business in today’s market. Read the full story. Twitter...
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