Mary Moloney - KELLER WILLIAMS REALTY / Merrimack Valley



Posted by Mary Moloney on 10/31/2019

Buying a home can be SCARY…Until you know the FACTS [INFOGRAPHIC]

Buying a home can be SCARY…Until you know the FACTS [INFOGRAPHIC] | MyKCM



Some Highlights:

Many potential homebuyers believe they need a 20% down payment and a 780 FICO® score to qualify to buy a home. This stops many people from even trying to jump into homeownership! Here are some facts to help take the fear out of the process:

  • 71% of buyers who purchased homes have put down less than 20%.
  • 78.1% of loan applications were approved last month.
  • In September, the average credit score for approved loans was 737.




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Posted by Mary Moloney on 10/29/2019

4 Reasons to Buy a Home This Fall

4 Reasons to Buy a Home This Fall | MyKCM



Here are four great reasons to consider buying a home today, instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Insights Report shows that home prices have appreciated by 3.6% over the last 12 months. The same report predicts prices will continue to increase at a rate of 5.8% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase Next Year

The Primary Mortgage Market Survey from Freddie Mac indicates that interest rates for a 30-year mortgage have recently hovered just above 3.5%. This is great news for buyers in the market right now, because low interest rates increase your purchasing power – but don’t wait! Most experts predict rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

An increase in rates will impact your monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is needed to buy your next home.

3. Either Way, You Are Paying a Mortgage 

There are some renters who haven’t purchased a home yet because they’re uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you’re living rent-free with your parents, you are paying a mortgage – either yours or that of your landlord.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing costs to work for you?

4. It’s Time to Move on With Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you’re buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over custom renovations, maybe now is the time to buy.

Bottom Line

Buying a home sooner rather than later could lead to substantial savings. Let’s get together to determine if homeownership is the right choice for you and your family this fall.




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Posted by Mary Moloney on 10/29/2019

A clogged sink and a slow shower drain are significant issues that most homeowners face.  Problems like these have simple solutions like plunging or introducing gunk-melting chemicals into the pipes.  Fixing a clogged line is simple. In most cases, the clogs are close to the main sewer, and the repair is both simple and affordable if you call upon a plumber. 

In contrast, the main sewer line clog is not simple to fix. You cannot do the fixing yourself like the clogged sink or shower drain. If the blockage is because of a crushed part of the sewer line, a costly repair might be inevitable.  This repair may involve landscape reconstruction and backhoe excavation. 

To avoid such costly repairs, you need to be knowledgeable about the sign of a main sewer line clog.  Detecting this early enough will help you get the issue fixed before it becomes a big one.  Here are some red flags to be on the lookout for:

When Backup Drain is More Than One 

Your home comprises two plumbing systems.  The first system carries waste water away from the house while the other line brings clean water into your apartment.  You can visualize the drain system as a tree with many branches.  The lines that carry waste waters away from the sinks, tubs, and toilet are the branches known as the secondary drain lines.  These secondary drain lines connect with the tree trunk (main sewer line) and then to the municipal sewer line.  

The first indicator of a blocked main sewer line is backups in more than one drain. If two or three drains are draining slowly—backing up—you have to take prompt action toward correcting the problem which could be because of a clog in the main sewer line. 

Backup in the Sewer Cleanout pipe 

The Sewer cleanout pipe is usually outside the home; it's a pipe standing vertically. The sewer cleanout leads to the home's main sewer line.  If water or sewage is coming out of this pipe, it indicates a clogged sewage line.

Sewage Backup in the Floor Drain 

When there is a floor drain backup in the basement, it might be a sign of a sewer clog.  If your house does not have sewer line cleanout pipe, you can access this drain without having a plumber remove your toilet.

Early detection will save you the stress and money involved in fixing a clogged main sewer line, check for any of the signs above for quick detection and fixing of your issues relating to blocking of your main sewer line.




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Posted by Mary Moloney on 10/27/2019

Think Prices Have Skyrocketed? Look at Rents.

Think Prices Have Skyrocketed? Look at Rents. | MyKCM



Much has been written about how residential real estate values have increased since the housing market started its recovery in 2012. However, little has been shared about what has taken place with residential rental prices. Let’s shed a little light on this subject.

In the most recent Apartment Rent Report, RentCafe explains how rents have continued to increase over the last twelve months because of a large demand and a limited supply.

 “Continued interest in rental apartments and slowing construction keeps the national average rent on a strong upward trend.”

Zillow, in its latest Rent Index, agreed that rents are continuing on an “upward trend” across most of the country, and that the trend is accelerating:

“The median U.S. rent grew 2% year-over-year, to $1,595 per month. National rent growth is faster than a year ago, and while 46 of the 50 largest markets are showing deceleration in annual home value growth, annual rent growth is accelerating in 41 of the largest 50 markets.”

The Zillow report went on to detail rent increases since the beginning of the housing market recovery in 2012. Here is a graph showing the increases:Think Prices Have Skyrocketed? Look at Rents. | MyKCM

Bottom Line

It is true that home prices have risen over the past seven years, increasing the cost of owning a home. However, the cost of renting a home has also increased over that same time period.




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Posted by Mary Moloney on 10/26/2019

Existing-Home Sales Report Indicates Now Is a Great Time to Sell

Existing-Home Sales Report Indicates Now Is a Great Time to Sell | MyKCM



The best time to sell anything is when demand for that item is high and the supply of that item is limited. The latest Existing-Home Sales Report released by the National Association of Realtors (NAR), reveals that demand for housing continues to be strong, but the supply is struggling to keep pace. With this trend likely continuing throughout 2020, now is a great time to sell your house.

THE EXISTING-HOME SALES REPORT

The most important data revealed in this report was not actually sales. In reality, it was the inventory of homes for sale (supply). The report explained:

  • Total housing inventory at the end of August decreased 2.6% to 1.86 million homes available for sale.
  • Unsold inventory is lower than the 4.3-month figure recorded in August 2018.
  • This represents a 4.1-month supply at the current sales pace.

According to Lawrence Yun, Chief Economist at NAR,

“Sales are up, but inventory numbers remain low and are thereby pushing up
home prices.”

In real estate, there is a simple guideline that often applies here. Essentially, when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see greater appreciation. Between a 6 to 7-month supply is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and can expect depreciation in home values (see below):Existing-Home Sales Report Indicates Now Is a Great Time to Sell | MyKCMAs we mentioned before, there is currently a 4.1-month supply of homes on the market, and houses are going under contract fast. The Existing Home Sales Report also shows that 49% of properties were on the market for less than a month when they were sold. In August, properties sold nationally were typically on the market for 31 days. As Yun notes, this should continue,

“As expected, buyers are finding it hard to resist the current rates…The desire to take advantage of these promising conditions is leading more buyers to the market.” 

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market, and supply will fail to catch up with demand if a sizable supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers who are out there searching for your house to become their dream home.




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