STEPHEN SIMARD REALTOR
  • Home
  • About
    • Contact
    • Testimonials
    • Promo Videos
  • Home Search
    • Financing >
      • Free Home Inspection
    • Mortgage Calculator
  • Listings
    • Open Houses
    • New Listings
    • Sold Homes
    • Listings Blog
  • Home Value
  • Resources
    • Real Estate Advice
    • Granby CT >
      • Granby area photos
    • East Granby CT
    • Simsbury CT
    • Avon CT
    • Canton CT
    • New Hartford
    • Barkhamsted
    • Bloomfield
    • Suffield
    • West Hartford
    • Western MA >
      • Westfield MA
      • Southwick MA
  • New Listings
  • Join Real Broker LLC

Home Values: DEFINITELY NOT in Bubble Range!!

8/31/2016

0 Comments

 
Picture
There are some industry pundits claiming that residential home values have risen too quickly and that current levels are on the verge of another housing bubble. It is easy to see how this thinking has taken form if we look at a graph of home prices from 2000 to today.
​
Picture
The graph definitely looks like a rollercoaster ride. And, as prices begin to reach 2006 levels again, it “seems logical” that the next part of the ride would be downhill. However, this graph includes the anomaly of the price bubble and the correction (the housing crash).

What if the bubble & bust didn’t occur?
Let’s assume that instead of the rise and fall in home prices that we saw last decade, we just had normal historic appreciation from 2000 to today. According to the 100+ experts that are surveyed for the Home Price Expectation Survey, normal annual appreciation for residential single family homes from 1987 to 1999 was 3.6%.
​
Starting with the median home price in 2000, we added 3.6% to it each year since then. Here is that graph intermixed with the above graph.
Picture
What this shows us is that, had the bubble and crash not occurred and instead we just had normal annual appreciation over this period, prices would actually be greater than they are today.

Bottom Line
There is no reason for alarm as prices seem to be right in line with where they should be.

Source KCM
#HomeValues #BubbleRange #HomeSelling #SimardRealtyGroup
0 Comments

Why Is There So Much Paperwork to Sign to Get a Mortgage?

8/30/2016

0 Comments

 
Picture
We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each and every entry on the application form.

Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.

There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.

1. The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of affording the mortgage.
During the run-up in the housing market, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen again.

2. The banks don’t want to be in the real estate business.
Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don’t want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.

However, there is some good news in the situation.

The housing crash that mandated that banks be extremely strict on paperwork requirements also allows you to get a mortgage interest rate as low as 3.43%, the latest reported rate from Freddie Mac.

The friends and family who bought homes ten or twenty ago experienced a simpler mortgage application process but also paid a higher interest rate (the average 30 year fixed rate mortgage was 8.12% in the 1990’s and 6.29% in the 2000’s). If you went to the bank and offered to pay 7% instead of less than 4%, they would probably bend over backwards to make the process much easier.

Bottom Line
Instead of concentrating on the additional paperwork required, let’s be thankful that we are able to buy a home at historically low rates.

Source KCM
#Paperwork #Mortgage #HomeBuying #SimardRealtyGroup
0 Comments

Don’t Get Caught in the Rental Trap!

8/29/2016

0 Comments

 
Picture
There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage.

Don’t Become Trapped
Jonathan Smoke, Chief Economist at realtor.com, reported on what he calls a “Rental Affordability Crisis.” He warns that,

“Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.”

In the Joint Center for Housing Studies at Harvard University's 2015 Report on Rental Housing, they reported that 49% of rental households are cost-burdened, meaning they spend more than 30% of their income on housing. These households struggle to save for a rainy day and pay other bills, such as food and healthcare.

It’s Cheaper to Buy Than Rent
In Smoke’s article, he went on to say,

“Housing is central to the health and well-being of our country and our local communities. In addition, this (rental affordability) crisis threatens the future value of owned housing, as the burdensome level of rents will trap more aspiring owners into a vicious financial cycle in which they cannot save and build a solid credit record to eventually buy a home.”

 “While more than 85% of markets have burdensome rents today, it’s perplexing that in more than 75% of the counties across the country, it is actually cheaper to buy than rent a home. So why aren’t those unhappy renters choosing to buy?”

Know Your Options
Perhaps you have already saved enough to buy your first home. HousingWirereported that analysts at Nomura believe:

"It’s not that Millennials and other potential homebuyers aren’t qualified in terms of their credit scores or in how much they have saved for their down payment.

It’s that they think they’re not qualified or they think that they don’t have a big enough down payment.” (emphasis added)

Many first-time homebuyers who believe that they need a large down payment may be holding themselves back from their dream home. As we have reported before, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!

Bottom Line
Don’t get caught in the trap so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Let’s get together to determine if you could qualify for a mortgage now!

SOURCE KCM
#BuyVsRent #RentalTrap #KnowYourOptions #HomeBuyers #SimardRealtyGroup
0 Comments

Just Listed! 199 Homestead St #C10, Manchester CT @$96k

8/26/2016

0 Comments

 
Picture
Looking for an updated, move in ready condo conveniently located in the Woodland Manor Community? This is it. Finished lower level adds 224 sq ft of extra space perfect for additional living room or office. Remodeled eat in kitchen with slider leads to the back patio area and good sized yard. Updated baths and newly added water heater. Located close to shopping, schools, bus line, and highways. See it now, make it yours, and enjoy affordable living. FHA Approved!


View more here: 199homesteadstreetc10.thebestlisting.com/


#JustListed #Manchester #SellingCT #SimardRealtyGroup
0 Comments

How Supply & Demand Impacts the Real Estate Market [INFOGRAPHIC]

8/26/2016

0 Comments

 
Picture
Some Highlights:
  • The concept of Supply & Demand is a simple one. The best time to sell something is when supply of that item is low & demand for that item is high!
  • Anything under a 6-month supply is a Seller’s Market!
  • There has not been a 6-months inventory supply since August 2012!
  • Buyer Demand continues to outpace Seller Supply!

Source KCM
#SupplyandDemand #RealEstateMarket #SimardRealtyGroup
0 Comments

How Scary is the Housing Affordability Index?

8/25/2016

0 Comments

 
Picture
​Some industry pundits are saying that the housing market may be heading for a slowdown. One of the data points they use is the falling numbers of the Housing Affordability Index, as reported by the National Association of Realtors (NAR).

Here is how NAR defines the index:

“The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data.”

Basically, a value of 100 means a family earning the median income earns enough to qualify for a mortgage on a median priced home, based on the price and mortgage interest rates at the time. Anything above 100 means the family has more than enough to qualify.

The higher the index the easier it is to afford a home.

Why the concern?
​
The index has been declining over the last several years as home values increased. Some are concerned that too many buyers could be priced out of the market. Here is a snapshot of the index since 2009:
Picture
But, wait a minute…
Though the index has decreased over the last four years, we must realize that at that time there was an overabundance of housing inventory and as many as one out of three listings was a distressed property (foreclosure or short sale). All prices dropped dramatically and distressed properties sold at major discounts. Then, mortgage rates fell like a rock.

The market is recovering and values are coming back nicely. That has caused the index to fall.
​
However, let’s remove the crisis years and look at the current index as compared to the index from 1990 – 2008. We can see that, even though prices have increased, historically low mortgage rates have put the index in a better position than every year for the nineteen years prior to the crash.
Picture
​Bottom Line

The Housing Affordability Index is in great shape and should not be seen as a challenge to the real estate market’s continued recovery.

SOURCE KCM

#HousingAffordability #Homebuyers #ForBuyers #HousingMarketUpdate #SimardRealtyGroup
0 Comments

Price Improved! 68 Buttles Rd, Granby CT @ $190k

8/25/2016

0 Comments

 
Price Improved! 68 Buttles Rd, Granby CT @ $190k

Looking for location and value? Come home to this Ranch set in the Poet's Corner section of Granby. A perfect first time home option, downsize, or condo alternative. Large Eat in kitchen opens to a good sized living room. Hardwood floors, newer roof, newer furnace, updated windows, and public water connected.

Continue Reading: 
http://68buttlesroad.worldsbestlisting.com/

#PriceReduced #PriceImproved #Granby #SellingCT #SimardRealtyGroup
Picture
0 Comments

PRICE REDUCED! 11 Washington Dr, Granby CT @ $179,500

8/25/2016

0 Comments

 
PRICE REDUCED! 11 Washington Dr, Granby CT @ $179,500

Come home to this Poets Corner charmer set on a cu-de-sac near the Granby/Simsbury line. Many improvements made including a new furnace and newer roof. Hardwood throughout, eat in kitchen, and family room with sliders leading to an open private backyard.
Continue reading here: 
http://11washingtondrive.thebestlisting.com/


​#PriceReduced #PriceImproved #Granby #SellingCT #SimardRealtyGroup


Picture
0 Comments

Housing Market Slowing Down? Don’t Tell Builders!

8/24/2016

0 Comments

 
Picture
Many experts have been calling upon home builders to ramp up construction to help with the lack of existing inventory for sale. For the past two months, new home sales have surged, with July’s total coming in at the highest since October 2007.
​
The latest estimates from the US Census Bureau and Department of Housing and Urban Development show that sales in July were 31.3% higher than this time last year, and 12.4% higher than last month, at a seasonally adjusted annual rate of 654,000. 

Zillow’s Chief Economist, Svenja Gudell, echoed the reaction of some as she commented:

“July(‘s) new home sales data was a surprise, but a welcome one. For years, the market has been practically begging builders to both ramp up their efforts overall and to put more focus on serving the less expensive end of the market. Today's data confirms both are happening in earnest.”

The National Association of Home Builder’s (NAHB) Chairman, Ed Brady, didn’t seem as surprised:

“This rise in new home sales is consistent with our builders’ reports that market conditions have been improving. As existing home inventory remains flat, we should see more consumers turning to new construction.”

NAHB’s Chief Economist, Robert Dietz, believes this is just the start for new home sales if market conditions continue:

“July’s positive report shows there is a need for new single-family homes, buoyed by increased household formation, job gains and attractive mortgage rates. This uptick in demand should translate into increased housing production throughout 2016 and into next year.”

The existing home sales numbers for July will be released today and will shed more light on the overall health of the housing market.

Bottom Line
New home sales hit their highest mark in over 9 years. Buyers are out in force to find a home that fits their needs. Many are turning to new construction, as the inventory of existing homes has not been able to keep up with demand.

SOURCE KCM

​#HousingMarket #RealEstateNews #SimardRealtyGroup
0 Comments

2 Myths About Mortgages That May Be Holding Back Buyers

8/23/2016

0 Comments

 
Picture
Fannie Mae’s “What do consumers know about the Mortgage Qualification Criteria?” Study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home.
Myth #1: “I Need a 20% Down Payment”Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required.
Many believe that they need at least 20% down to buy their dream home. New programs actually let buyers put down as little as 3%.
Below are the results of a Digital Risk survey of Millennials who recently purchased a home.
Picture
As you can see, 64.2% were able to purchase their home by putting down less than 20%, with 43.8% putting down less than 10%!
Myth #2: “I need a 780 FICO Score or Higher to Buy”The survey revealed that 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary to qualify.
Many Americans believe a ‘good’ credit score is 780 or higher.
To help debunk this myth, let’s take a look at the latest Ellie Mae Origination Insight Report, which focuses on recently closed (approved) loans. As you can see below, 54.1% of approved mortgages had a credit score of 600-749.
Picture
Bottom LineWhether buying your first home or moving up to your dream home, knowing your options will definitely make the mortgage process easier. Your dream home may already be within your reach.


Source KCM

​#MortgageMyths #Buyers #KnowRealEstate #SimardRealtyGroup
0 Comments
<<Previous

    Archives

    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    December 2015
    December 2013
    November 2013
    October 2013
    September 2013
    July 2013

    Categories

    All
    2014
    Best Real Estate Agent Granby
    Cma
    Farmington
    Farmington Valley
    Flat Fee Mls
    Forclosure
    For Sale By Owner
    Granby
    Home Buying
    Home Selling
    Home Sold
    How Much Is My Home Worth
    How Much Is My House Worth
    Listing Agent
    Market Anaylsis
    Property Value
    Short Sale
    Simsbury
    Stephen Simard
    Suffield
    West Hartford

    RSS Feed

The House Sold Name.​

Stephen Simard REALTOR

Phone: (860) 919-0991
Granby Office
16R East Granby Rd
Granby CT 06035
​——-
​
Broker address: Real Broker CT, LLC
​27 W. 24th St., Suite 407, New York, NY, 10010
​Lic in CT & MA

Contact Us

About  |  ​Testimonials  |  New Listings  |  Open Houses  |  Sold Home  |  Resources
Webdesign: PluginMuse
  • Home
  • About
    • Contact
    • Testimonials
    • Promo Videos
  • Home Search
    • Financing >
      • Free Home Inspection
    • Mortgage Calculator
  • Listings
    • Open Houses
    • New Listings
    • Sold Homes
    • Listings Blog
  • Home Value
  • Resources
    • Real Estate Advice
    • Granby CT >
      • Granby area photos
    • East Granby CT
    • Simsbury CT
    • Avon CT
    • Canton CT
    • New Hartford
    • Barkhamsted
    • Bloomfield
    • Suffield
    • West Hartford
    • Western MA >
      • Westfield MA
      • Southwick MA
  • New Listings
  • Join Real Broker LLC