Orlando Dumalag : Broker/Owner : Orlando & Associates, Realtors

Guide to first-time homebuyer grants

Guide To First-Time Homebuyer Grants | Bankrate First-time homebuyer grants can help make homeownership more affordable. See how in this grant guide for first-time buyers.

What to do if you are denied a HELOC or home equity loan

What To Do If You’re Denied A HELOC Or Home Equity Loan | Bankrate Steps to take if you’re denied a HELOC or home equity loan, which can be hard to qualify for.

How to sell an inherited house: What you need to know

Selling An Inherited House: What You Need To Know | Bankrate If you’ve inherited a loved one’s home but you don’t want to keep it, selling it can be complicated. Here’s how to sell an inherited house.

Economics of Buying a Beach House: Read Before You Buy

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The mortgage refinance window finally cracks open

The Mortgage Refinance Window Finally Cracks Open | Bankrate The mortgage refinance window finally opened on the week of Aug. 6, thanks to a drop in interest rates and a rise in bond yields.

July 2024 Real Estate Market Stats

🏠Months Supply of Inventory (MSI) Increases

The total housing inventory at the end of July 2024 rose 22.07% to 3,070 existing homes available for sale. Over the last 12 months this area has had an average of 1,035 closed sales per month. This represents an unsold inventory index of 2.97 MSI for this period.

🏠Average Sale Price Going Up

According to the preliminary trends, this market area has experienced some upward momentum with the increase of Average Price this month. Prices went up 9.83% in July 2024 to $338,600 versus the previous year at $308,285.

🏠 Average Days on Market Lengthens

The average number of 34.04 days that homes spent on the market before selling increased by 8.66 days or 34.10% in July 2024 compared to last year's same month at 25.39 DOM.

🏠Sales Success for July 2024 is Positive

Overall, with Average Prices going up and Days on Market increasing, the Listed versus Closed Ratio finished weak this month.

There were 1,665 New Listings in July 2024, up 11.07% from last year at 1,499. Furthermore, there were 1,191 Closed Listings this month versus last year at 1,127, a 5.68% increase.

Closed versus Listed trends yielded a 71.5% ratio, down from previous year's, July 2023, at 75.2%, a 4.86% downswing. This will certainly create pressure on an increasing Month’s Supply of Inventory (MSI) in the months to come.

Click below to View the full report:
https://mlstechnology.com/wp-content/uploads/2024/08/2024JulyMSAAverage.pdf

What Home Shoppers Need to Know About the New Buyer’s Contracts

What Home Shoppers Need to Know About the New Buyer’s Contracts - NerdWallet Starting Aug. 17, home buyers will set their agents' commissions and negotiate who will pay.

4 home equity borrowing risks to know (and how to protect against them)

4 home equity borrowing risks to know (and how to protect against them) Home equity loans and HELOCs offer homeowners access to large sums of money but there are inherent risks to know, too.

Why do mortgage rates move when the Fed keeps interest rates stable?

The relationship between mortgage rates and Fed interest rates - Marketplace Mortgage rates are determined by a number of factors, including the federal funds rate and demand for mortgage-backed securities.

How Much Down Payment Is Required for a House?

https://money.com Personal finance news and advice from Money.com.

Re-Amortizing or Refinancing Your Home

Re-Amortizing or Refinancing Your Home Re-amortization or recasting is a lesser-known alternative to refinancing for reducing your mortgage payments or paying your loan off sooner.

What is a home equity loan?

What Is A Home Equity Loan And How Do You Get One? | Bankrate A home equity loan allows you to borrow against the equity in your home, usually at a relatively competitive interest rate.

Owning Your Future: How Homeownership Is A Stable Path To Wealth

Owning Your Future: How Homeownership Is A Stable Path To Wealth Wealth Advisor Andre Jean-Pierre discusses how home ownership is a sound option in building wealth for families and young professionals.

How does the Federal Reserve affect mortgages?

How The Fed's Rate Decisions Move Mortgage Rates | Bankrate The Federal Reserve's decisions have ripple effects, including on mortgages. Here's how its policies help move home loan rates.

Why Assuming Someone Else’s Mortgage Is Probably a Bad Idea (Even If the Interest Rate Is Low)

Why Assuming Someone Else’s Mortgage Is Probably a Bad Idea (Even If the Interest Rate Is Low) If you’ve heard that you can save a lot of cash by assuming an existing mortgage, you’re not wrong—it might get you a low interest rate, but it comes with a long list of downsides.

Fixed- or Adjustable-Rate Mortgage: Which Is Better Right Now?

Fixed- or Adjustable-Rate Mortgage: Which Is Better Right Now? Find out the benefits of fixed- and adjustable-rate mortgages, and learn how to choose between the two.

How to Help Your Children Buy a Home

How to Help Your Children Buy a Home Options range from family loans to outright gifts to help your children buy a home.

How Refinancing a Home Loan Works. And Is It Right For You?

How Refinancing a Home Loan Works. And Is It Right For You? Refinancing a home loan means replacing your current mortgage with a new one to potentially save you money. But breaking even takes time after upfront costs.

5 smart ways to use your home equity this August

5 smart ways to use your home equity this August If you're going to tap into your home's equity this August, make sure you're using it for the right purposes.

Reverse Mortgage Pitfalls

Reverse Mortgage Pitfalls Before tapping your home equity through a reverse mortgage, find out what could go wrong.

Wall St. Pro Breaks Down Reverse Mortgages In Masterclass

Wall St. Pro Breaks Down Reverse Mortgages In Masterclass The Right Real Estate Decisions Can Make You Rich Doug McIntyre and Lee Jackson discuss reverse mortgages, explaining their function and the potential drawbacks compared to other options like home equity loans. They highlight that reverse mortgages allow homeowners to use their home as collateral wi...

Thinking About Buying a Foreclosed Home? Follow These 11 Steps to Avoid a Risky Investment—and Get the Best Deal

Thinking About Buying a Foreclosed Home? Follow These 11 Steps to Avoid a Risky Investment—and Get the Best Deal While the process for how to buy a foreclosure home is similar to that of buying a home through traditional avenues, there are some important key differences.

Credit union vs. bank mortgage: How to choose

Credit Union Vs. Bank Mortgage: How to Choose | Bankrate Credit unions and banks both offer mortgages. Here's how to choose which lender is the best fit for your homebuying experience.

Understanding Mortgage Recast: A Comprehensive Guide

Understanding Mortgage Recast: A Comprehensive Guide Learn what a mortgage recast entails, its advantages, and how it can offer a financially savvy strategy for homeowners looking to lower monthly payments without refinancing.

Owner Financing for Mortgages Explained

Owner Financing for Mortgages Explained Learn what owner financing is, how it benefits both buyers and sellers, and what to consider before entering into an owner-financed real estate transaction.

USDA loan: What it is, how to qualify, pros and cons

USDA loan: What it is, how to qualify, pros and cons USDA loans don't require a minimum down payment. They're for low-to-moderate-income homebuyers in rural or suburban areas. Find out if you qualify

401(K) Home Purchase Withdrawals: Pros and Cons

401(K) Home Purchase Withdrawals: Pros and Cons Explore the pros and cons of 401(k) home purchase withdrawals. Learn the advantages and disadvantages of using retirement savings for a home down payment.

Understanding Mortgage Rate Buydowns

Understanding Mortgage Rate Buydowns Dive into the world of mortgage rate buydowns, a strategic option for homebuyers looking to reduce their interest rates and monthly payments. Learn the benefits of buying down a mortgage rate.