A gift horse: The home seller’s curse

Posted by at 4:32 pm

So, you put your home up for sale, with a listing price based on local comparables. As luck would have it, a buyer comes along within days – maybe even hours – and meets that price. Heck, maybe they even throw in an extra 2 or 3 percent for good measure. This is probably one of those times referred to in the phrase: “Don’t look a gift horse in the mouth.” But sometimes, when everything goes right, we have trouble accepting it. It’s a curse The “curse of the first offer” is well-known to real estate agents who have been around for a while. The seller’s reaction to an early offer? Almost inevitable: “Maybe we should wait and see if we can get more.” Today’s seller is probably right about one thing: There will be other offers. In marketplaces around...
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Homeownership: A savings lifeline

Posted by at 12:30 pm

With home prices rising to all-time highs, many potential buyers may imagine drowning in a sea of monthly payments stretching across many years. Naysayers bob to the surface with harrowing tales of home-buying gone wrong. If the down payment doesn’t get you – well the property taxes, maintenance and insurance surely will! These so-called “savvy” investors say renters who dutifully put all money not spent on housing into stable investments – like mutual funds – may get a greater rate of return. Criticism of homeownership as an instrument of wealth-building has understandably become louder in the last decade, after a Housing Bust that put more than 10 million homeowners upside-down, and 4 million more into foreclosure. Though most underwater homeowners have swum back into positive equity, and many of those foreclosures are mortgage-eligible again, the math geeks remain in a...
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Bay Equity joins Hispanic groups advocating housing sustainability

Posted by at 1:54 pm

Bay Equity Home Loans representatives joined the National Association of Hispanic Real Estate Professionals (NAHREP) on Capitol Hill recently, advocating for legislation supporting the sustainability of successful home-buying for the growing Latino community. According to the 2016 State of Hispanic Homeownership Report, the Hispanic population is steering and shaping new household formation and homeownership in the United States. Produced annually by NAHREP in collaboration with the Hispanic Wealth Project, the study found Hispanic homeownership increased by 209,000 since 2015, an astonishing 74.9 percent of the nation’s overall net growth. While overall homeownership rates hovered around a 50-year low of 63.4 percent in 2016, the rate among Latinos actually increased slightly– from 45.6 to 46 percent. With greater Latino labor force participation fueling increased purchasing power, steady growth is likely to continue unabated. “These are numbers you simply cannot look away from,”...
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