How long after a Bankruptcy/Short-sale/Foreclosure can you buy a home?

The J Team Fort Lauderdale gets asked a lot by clients how soon they can buy a home after a Bankruptcy, Short-Sale, or Foreclosure?

Many people have had to do one of the three reasons in the past and seems a lot of people feel they must wait for these legal items to fall off their credit report before they can buy a home again.

Our in house Lender VanDyk Mortgage shared with us some very interesting facts regarding this question.

This is great news for clients who had financial issues in the past to qualify again to buy a home in as little as 2-3years for FHA/VA and 4-7years for Conventional.

No need to wait 10+ years for the legal matter to fall off your credit report.

Contact The J Team Fort Lauderdale today to schedule your Home Buyers Consultation where we can help you understand the market and buying process as well as connect you with a lender to begin the Mortgage process again.

The J Team Fort Lauderdale is committed to homeownership for all with education and solutions. 

Search Fort Lauderdale Homes now at http://JTeamFL.com

Home prices have been up the last few quarters and a lot of this has been due to low inventory and lots of buyers out there.  Simple Supply and Demand.  Some markets have stabilized, some markets are still slow and some are taking off!

The only way to know for sure is to contact The J Team Fort Lauderdale to review the activity in your neighborhood or a neighborhood you want to move to!  No two neighborhoods sales activity are the same!

Visit www.JTeamFL.com or call us today at 954-235-3589 

Search Fort Lauderdale Homes on our site!

Check out this article we think you will find helpful!

Are House Prices Beginning to Accelerate Again?

In a recent post, we explained that the supply of homes for sale in December was at its lowest level in over a year. The January National Housing Trend Report from realtor.com now reveals that inventory in January has decreased another 6.7% month over month and 8.7% year over year. This is occurring at the same time that buyer activity (demand) remains strong.

This prompted realtor.com’s Chief Economist Jonathan Smoke to report:

“January’s inventory data suggest a continuation of the tightening trend we identified last month in the December data, and with a shortage of inventory typically comes increased home prices. Half of the 200 markets realtor.com tracks experienced year-over-year price increases of at least 6% in January.”

This after the National Association of Realtors (NAR) had already reported in their latest quarterly report:

“The majority of metropolitan areas experienced steady but slightly stronger price growth in the fourth quarter of 2014, behind a decline in housing supply and an uptick in demand fueled by lower interest rates and a stronger job market.” 

Bottom Line

Whether you are a first time buyer or a move-up buyer, now may be time to purchase a home – before prices increase any further.

Home Sales are NOT Collapsing!

The J Team Fort Lauderdale keeps current on what is happening to the Real Estate market both nationally and locally.  Most news media look at Real Estate as a whole looking at all states and markets.  It's important to remember that the only way to truly find out what your home is worth is by having a local real estate consultant such as The J Team Fort Lauderdale pull up comparable homes to yours that sold within the last 3-6months.  Because at the end of the day that is what your current home value is worth...what a current buyer is willing to pay for your home.

No matter what he national media tells you. The J Team Fort Lauderdale has studied the Real Estate market since 2010 and watched the constant ups and downs and have reviewed so many market stats over the years it would make anyone's head spin.  One of the best ways we stay up to date is with Keeping Current Matters, a brilliant content driven resource for Real Estate Agent that helps us understand the market on a national level.  The J Team Fort Lauderdale hires a statistician to help review the sales data in Broward County each quarter to help keep track of current trends in a Micro Market.

Check out he amazing article below from the KCM Crew about Home Sales are NOT collapsing as the national media may be saying.

If you want to find out the current value of your home visit http://Sell.JTeamFL.com and The J Team Fort Lauderdale will provide you with the recent sales in your neighborhood with homes like your own!

If you want to search Fort Lauderdale homes now visit http://JTeamFL.com

 



Home Sales are NOT Collapsing!
By the kcm crew



The National Association of REALTORS (NAR) just released their Existing Home Sales report and some have taken the results and ran with headlines like:

“Existing home sales collapse in January despite low mortgage rates”.

Let’s take a closer look at what the report really shows. There is a seasonality to home sales that happens every year, with a decline in January, (as shown in the graph below.) But in reality 200,000 more homes (3.2%) sold this January over last January.

The demand for housing hasn’t been a challenge.

Current buyer demand, as shown in the graph below, is actually 3x greater than that of January 2014.

NAR’s Chief Economist, Lawrence Yun points to the real issue at hand:

“Realtors® are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.”

Even though buyers are out looking for their dream home, they cannot find it! Inventory levels increased slightly since December, but are still below historic norms and unable to keep up with the elevated demand.

Bottom Line

If your plan for 2015 includes selling your house, waiting till the Spring may not be in your best interest. Meet with a local real estate professional in your market who can explain the opportunities available now.  Contact The J Team Fort Lauderdale now to schedule your Real Estate Consultation at 954.235.3589

Thinking of Buying? What are you waiting for?

by The KCM Crew

If you are planning on becoming a homeowner, or moving up to the home of your dreams in 2015, here are four great reasons to consider buying a home now, instead of waiting until spring.

1. Prices Will Continue to Rise

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects appreciation in home values over the next five years to be between 11.7% (most pessimistic) and 27.5% (most optimistic).

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

Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by the end of 2015.

An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

3. Either Way You are Paying a Mortgage

As a paper from the Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

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 that both are on the rise.

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

Look at the actual reason you are buying and decide whether 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 renovations, maybe it is time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Contact The J Team Fort Lauderdale at 954-235-3589 or search for Fort Lauderdale Homes for sale now at www.JTeamFL.com

Homeownership Rates: Are they Crashing?

By The KCM Crew

The Census recently released their 2014 Homeownership Statistics, and many began to worry that Americans have taken a step back from the notion of homeownership.

Easy… Chicken Little

The national homeownership rate peaked in 2004, representing a 69.2% of Americans who bought vs. rented their primary residence. Many have noticed a decline in rate since then and taken that as a bad sign.

However, if you look at the national rate over the last 30 years (1984-2014), you can see that the current homeownership rate has returned closer to the historic norm. 2014 ended the year with a rate of 64% just under the rate in 1985 and 1995.

Bottom Line 

With interest rates and prices still below where experts predict, evaluate your ability to purchase a home with a local real estate professional.

Learn about the Home Buying process, find tips to qualify for a mortgage and solutions to financial issues holding you back!  Buy a home with as little as 3% down!  Contact The J Team Fort Lauderdale today at 954-235-3589  or visit http://JTeamFL.com and search Fort Lauderdale Homes now!

Either Way, You’re Paying a Mortgage

Either Way, You’re Paying a Mortgage

This is an article we found through Keeping Current matters.  If you are renting or are a home owner you are paying a mortgage.  However if you are the renter than you are paying someone else's mortgage and investment.  Most of us have had to rent at one point or another.  A good exercise to do is add up your rent paid for the last 5 years...and 10 years.  That Number is the money you will never get back. 

Contact The J Team Fort Lauderdale today and schedule a home buyers consultation.  We will educate you about the buying process, provide tips to qualifying for a mortgage and solutions to most financial issues holding you back such as School Loans or Credit issues.  The J Team Fort Lauderdale believes in home ownership and is committed to help everyone find a solution to purchase a home!  954.235.3589 or vist www.JTeamFL.com

Please enjoy the article below!









Either Way, You’re Paying a Mortgage
By the KCM Crew

There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either your mortgage or your landlord’s.
As a paper from the Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

Also, if you purchase with a 30-year fixed rate mortgage, your ‘housing expense’ is locked in over the thirty years for the most part. If you rent, the one guarantee you will have is that your rent will increase over that same thirty year time period.
As an owner, the mortgage payment is a ‘forced savings’ which will allow you to have equity in your home you can tap into later in your life. As a renter, you guarantee the landlord is the person with that equity.

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, owning might make more sense than renting since home values and interest rates are still lower than projected.

Foreclosure Inventory Down 34.3% from Last Year

Commentary by Jay Cermak - The J Team Fort Lauderdale

What does this mean for you?  Many Americans and Markets home values have reached a point not as many people are under water on their mortgages.  This is great news there are programs to help refinance mortgages at historic low rates, many home owners are trapped in their home and are not aware of the equity in their home!

Check out this great article from Keeping Current Matters about Foreclosure Inventory Down 34.3% from Last Year.

According to the latest CoreLogic National Foreclosure Report, “approximately 552,000 homes in the US were in some state of foreclosure as of December 2014”. This figure is down 34.3% from the 840,000 homes in December of 2013. December marked the 38^thconsecutive month in which there were year-over-year declines.

Anand Nallathambl, the President and CEO of CoreLogic, is hopeful for the future, saying:

“At current foreclosure rates, we expect to see the foreclosure inventory in the U.S. drop below 500,000 homes sometime in the first quarter of 2015 which would be another milestone in the healing of the housing market.”

The map below shows the percentage of foreclosure inventory in each of the 50 states and Washington, D.C. Thirty-six states have inventory below the national rate of 1.4% and can be seen in two shades of green.

Bottom Line

Even though some states have not recovered completely from the foreclosure crisis, the nation as a whole is on the right track as inventory decreases.

The J Team Fort Lauderdale at Keller Williams Realty would be happy to talk to you about your home values to help advise you on your next plans!  Your home may be worth WAY more than you think!

Find it now visiting http://www.Sell.JTeamFL.com