Americans Agree It’s a Good Time to Sell a Home

Americans Agree, It’s A Good Time To Sell A Home

Yes, home prices are increasing, but that isn’t slowing down the purchase market. Homeowners are finding that because of the competitive market, now may be the best time to sell their homes.

According to Fannie Mae’s National Housing Survey, 61% of those surveyed believe now is an optimal time to sell a home; there hasn’t been a higher percentage since Fannie Mae’s first housing survey in 2010.

Of course, the demand and limited supply of housing does create one big obstacle for those wanting to sell their current homes; they must also compete for a new home to purchase at a reasonable price.

If you have found a home that you want to purchase, a high demand market will work in your favor when you sell as homes are selling faster than owners can place signs in their yards. However, that also means you must act fast too.

As the economy continues to stabilize and salaries increase across the nation, we are seeing a lot of activity in the housing industry and that is great for business!

Credit Scores Are On the Rise

Credit Scores Are On The Rise

If you haven’t checked your credit score recently, maybe you should. According to an analysis performed by VantageScore, around 8% of Americans are seeing a bump in their scores with an average 10 point increase as new credit rules role into effect that remove civil debts and certain tax liens from credit reports.

Overall, the average FICO credit score for Americans is 700 which is the highest it’s ever been. Many experts agree that 700 is really good, with scores ranging from 300 – 850. For a long time, since the housing crisis, credit scores have been sitting right around 686 as confirmed by Ethan Dornhelm – vice president for scores and analytics at FICO.

So, what do these new credit reporting rules mean for you? Well, despite the potential boost in score and all that it entails, the expectation is that personal credit reports will have improved accuracy. Major reporting agencies (Experian, Equifax and TransUnion) will now be required to update files a minimum of once every 90 days and new entries will need to include name, address, birth date and social security number.

Better credit scores may mean better rates and terms for most potential borrowers seeking a mortgage loan. To be sure you are setting yourself up for the best loan terms possible, make sure to do the following:

1. Check your credit report

Your score may have increased, so it’s good to check. Also, comb your report to confirm everything is correct.

2. Make all payments on time

One late payment could have a significant impact on your score.

3. Don’t spend the max limit on your credit cards

Many financial experts advise credit cardholders to spend no more than 30% of their limit.

4. Decrease debt

Your debt-to-income ratio has an effect on your score, so pay down any debts as fast as possible.

4 Tips for Paying Off Your Mortgage

Get Ready For The First Time Homebuyer Boom

For years now, home builders have focused their attention on building bigger luxury homes to fulfill the demand of homebuyers, but the tables are turning and with them a surge of starter home developments are popping up. Millennials are finally entering the home purchasing markets and as demand increases and with supply currently so low, major builders are looking to profit on this new hot market of lower price-point homes.

As buyer confidence increases across all age groups, data shows a significant shift from young people who, up until this point, were more inclined to rent, to young people now wanting to own. Of course, there are still the usual factors that have stymied the younger generation from entering homeownership (e.g. student loan debt, slow wage growth, short credit history, firm lending standards). However, as more affordable options become available and millennials continue to gain a more stable financial outlook, we are seeing the desire for homeownership more prominently than in years past. In fact, 42% of home sales this year belong to first time homebuyers; that’s up from 38% in 2015 and 31% in 2011.


AmeriSave Loan Originator Rebekah Balkcom Was Named On The “Elite Women In Mortgage” List By Mortgage Professional America

Each year, Mortgage Professional America, or MPA, publishes a report highlighting the accomplishments of 100 women who are stars in the mortgage industry. AmeriSave employee Rebekah Balkcom was honored with the award for the second year in a row.

Rebekah has been with AmeriSave since the company was founded in 2002 and is consistently a member of the AmeriSave President’s Club. In 2016, Rebekah funded 260 loans with a total volume of $62,371,101.

Rebekah Balkcom

A big congratulations goes out to Rebekah Balkcom.