With COVID and social distancing keeping people apart, buying a home in person has become a real challenge. Digital tools and online presentations of homes for sale have ramped up in response, making it possible to see properties with both static images/photos and with “360 degree” views or interactive walkthroughs. However, these are not real-time images of the home itself. They are professionally-developed representations of a property, and a lot of software work goes into making those images marketing ready. Photographic Tools of the Trade If a listing has included images created by a professional photographer, he or she will have used a number of resources to produce what a … [Continue Reading...]
There are millions of homeowners that are parents waiting for their advance child tax credits to arrive; however, they might not be sure exactly how much money they are going to get. This makes it difficult to set a budget. Some parents could expect to receive $300 per month between now and December. The rest of the credit should arrive after filing their tax returns next year. How much will parents receive? The Process Of Calculating A Child Tax Credit Because of recent changes in federal tax laws, the expanded child tax credit has increased the limit from $2,000 (the limit in 2020) to a maximum of $3,600; however, not every parent is going to receive $3,600. Children under the age of five … [Continue Reading...]
It can be a bit of a surprise if your home turns out to be valued at less than the purchase price offered, but this is the type of thing that can occur in an appraisal situation. While this can change everything from your contract to the amount of your down payment if your home has been appraised at less than you envisioned, here are some options you may want to consider. Review The Appraisal Contingency Clause If an appraisal contingency clause is built into the terms of your contract, this means that the terms of your contract can be re-evaluated and re-negotiated if an appraisal happens to come up short. While this is meant primarily to protect the homebuyer against a lower appraisal, it … [Continue Reading...]
Last week’s economic reporting included readings on construction spending and public and private-sector employment data. Weekly reports on mortgage rates and jobless claims were also released. Census Bureau Reports Construction Sending Up by 9.8 Percent Year-Over-Year Construction spending rose by nearly 10 percent year-over-year in April. Overall construction spending rose by $1.542 billion on a seasonally-adjusted annual basis. Construction spending rose by 0.20 percent in April, which fell short of the expected 0.50 percent reading, and was lower than the March reading of 1.0 percent growth in construction spending. Residential construction spending increased by one percent in April … [Continue Reading...]
When applying for a new mortgage or after closing, many may have the option to choose between a single monthly mortgage payment or smaller bi-weekly payments. There are benefits and drawbacks associated with both options, and some personal financial considerations may need to be reviewed in order to make a decision that is best for the individual. With a closer look at the pros and cons of both options, homeowners or home mortgage applicants can make a more informed decision. Easy Budget Management For Some With a single monthly mortgage payment, there is often a need for those who get paid two or more times per month to properly budget so that they can comfortably manage the large mortgage … [Continue Reading...]
The housing market has been through many ups and downs during the past 12 months. Now, buyers are facing a unique challenge as they try to find the right house in the perfect seller’s market. Right now, real estate is extremely competitive, as low inventory has continued for several months. As mortgage rates remain low, more people are looking for homes, increasing the competition. Some people are reluctant to sell because they know they will face the same challenges of trying to find a new home themselves. As a result, the housing market has record-low inventory making it difficult for buyers to find the right house in their budget. Builders Have Not Constructed As Many New Homes … [Continue Reading...]
