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  • The Synergy Team at My Home Group Blog

    Thursday, February 25, 2021   /   by Sam Gerardi

    What Affects Mortgage Rates?

    ...and What Sellers Can Do To Prevent It!
    We've talked about surprising home features buyers LOVE, and about why buyers aren't biting on today's market, despite it being highly affordable.  But we haven't talked much about the characteristics of sellers, listings and homes that turn buyers all the way off.  Well, not until now!
    Here are 6 big-time homebuyer turn-offs that make buyers cringe at the thought of your home, and action steps you can take to prevent your home from being an offender:

    Stalker-ish sellers. I know you think you’re being helpful, walking the buyer through your home and pointing out the wagon-wheel light fixture you made with your own two hands, the custom mural of a stingray you paid top dollar to have painted across your living room wall and the way the sounds of happy schoolchildren running across the front yard of your corner lot to get to the school in the next block lifts your spirits.  However, the buyers might be trying really hard to ignore, minimize or. ...

    Thursday, February 25, 2021   /   by Sam Gerardi

    Is a Lease-option Right For You?

    Your mortgage rate depends on your own financial portfolio and the home you plan to buy. But that’s not all. Mortgage rates also reflect movements in the U.S. housing market and the global economy — which is why they’re in constant flux.

    Economy – The global financial picture drives all interest rates, including mortgage rates
    Lender pipeline – The amount of business a lender is currently processing can impact their rates
    Property location – State laws can drive up lender costs or keep them down
    Home use – Primary residence, vacation home, or rental?
    Property type – Single-family, multi-family, condo, mobile, co-op, etc.
    Loan-to-value – Borrowing less (and putting more down) gets you a better rate
    Credit score – Better credit means a lower interest rate
    Loan features – Term, documentation, rate adjustment, interest-only payments, etc.
    Points – Paying more up front for “discount points” lowers your rate
    Loan amount – Very high or very low loan amounts can mean highe. ...

    Thursday, February 25, 2021   /   by Sam Gerardi

    HUD FHA Condo Financing

    Lease Options, Land Contracts & "Timed-Purchase" with Early Occupancy...
    Options to purchase a home outside of getting financing today exist for about the same reasons.  The home seeker does not have the resources to buy a home at this time.  It could be a credit problem from bankruptcy or foreclosure, divorce, job loss, medical hardship, new career, starting a business, 1st time home buyer and even no credit at all.
    The bottom line: You cannot buy right now, but you want a certain home or area, you don't want to rent and you don't want to move twice.
    Like 96% of the buying public, you go online and search, dream and look for options to get what you want.  Getting into a home is no different except that you may be pressed for somewhere to live (quickly) depending on your circumstances.  So, you read about lease options & land contracts as a way to get into a home.  You may even read about so-called no money down schemes (we will address that later!).  But you wonder, are they t. ...

    Thursday, February 25, 2021   /   by Sam Gerardi

    Updates & Upgrades Value to Sale

    HUD Announces New FHA Condo Financing Rules!
    The U.S. Department of Housing and Urban Development is expected to release updated guidance tomorrow on FHA-insured condominium financing. The new rules should benefit your real estate clients and customers by allowing more buyers to obtain low down-payment mortgages on affordable housing options.
    Specifically, the new rules will:

    Extend FHA certifications on condo developments from two years to three years, reducing the compliance burden on condo boards.
    Allow for single-unit mortgage approvals—often known as spot approvals—which will enable FHA insurance of individual condo units, even if the property does not have FHA approval.
    Secure additional flexibility in the ratio of investors to owner-occupants allowed for FHA financing in a condo building.

    The full guidance will go into effect in mid-October, 60 days from publication.
    “Condominiums are often the most affordable option for first time home buyers, small families, and those . ...

    Thursday, February 25, 2021   /   by Sam Gerardi

    14 Things to Avoid Before Buying a House

    Why Expensive Renovations May Not Boost Your Sale
    Though home improvement adds value to a property, your sellers don’t always have to undertake big projects to win a higher price at resale.

    June 26, 2019  |   by Danielle Braff

    As modest increases in inventory begin to attract more buyers to the market, it may seem wise for your sellers to undertake renovation projects to boost their competitive edge. Kitchen and bathroom upgrades, for example, are among buyers’ most desired features and can fetch a handsome return on investment, according to the National Association of Home Builders. But even as remodeling demand rises—the NAHB predicts home improvement activity will jump 1.6% and 1.1% in 2019 and 2020, respectively—some real estate professionals aren’t sold on the idea that renovating always fast-tracks a home sale.
    There are two types of homes that sell quickly in today’s market: fixer-uppers and completely renovated properties, says Blayne Pacelli, a sales associate ...