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Monthly Archives: November 2019

COST ACROSS TIME

22 Friday Nov 2019

Posted by rozalynf in Home Ownership, Uncategorized

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#Averagemortgagepayments, #Kellerwilliamspreferred, #RMFRealty, #Rozalynfranklinrealtor, #SCRealtor

20191122-MEM-1024x791

Some Highlights:

  • With interest rates around 3.66%, now is a great time to look back at where they’ve been over the past few decades. Comparatively, they’re pretty low!
  • According to Freddie Mac, rates are projected to increase to 3.9% by this time next year.
  • The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year and $7,200 over the life of your loan.
  • Maybe it’s time to lock in now, while rates are still historically low.

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How Long Can This Economic Recovery Last?

21 Thursday Nov 2019

Posted by rozalynf in Home buying, House Selling During A Divorce, Investing In SC Real Estate, Uncategorized

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#Economicrecovery, #RMFRealty, #Rozalynfrnklinrealtor, #SCRealtor

How Long Can This Economic Recovery Last? | MyKCM

How Long Can This Economic Recovery Last?

The economy is currently experiencing the longest recovery in our nation’s history. The stock market has hit record highs, while unemployment rates are at record lows. Home price appreciation is beginning to reaccelerate. This begs the question: How long can this economic recovery last?

The Wall Street Journal (WSJ) Survey of Economists recently called for an economic slowdown (recession) in the near future. The most recent survey, however, now shows the economists are pushing that timetable back. When asked when they expect a recession to start, 42.5% of the economists in the previous survey projected between now and the end of 2020. The most recent survey showed that percentage drop to 34.2%. Here are the most current results:How Long Can This Economic Recovery Last? | MyKCM Like the economists surveyed by the WSJ, most experts are still predicting a recession will likely occur sometime in the next few years. However, many are pushing back the date for the economic slowdown.

Bottom Line

Real estate is impacted by the economy (and the consumer’s belief in the strength of the economy). The fact that most economic experts are calling for the recovery to continue through 2020 means the housing market will also remain strong for the foreseeable future.

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Steps to Sell Your Home During Divorce

21 Thursday Nov 2019

Posted by rozalynf in House Selling During A Divorce, Uncategorized

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#RMFRealty, #Rozalynfranklinrealtor, #SCRealtor, #Sellingyourhomedurimgdivorce

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One of the most productive ways for couples to move forward and on with their lives is to handle the sale of the family home in a businesslike manner. Because the family home is usually the greatest asset in a marriage, it is also the greatest liability.

Making the sale of the family home a priority can help to eliminate the stress associated with divorce.

Settlement agreements executed by your attorney or financial advisor are great starts. Consult your legal advisor for contingencies that are specific to your situation for advice on how to sell your home during divorce.

This agreement should specify a timetable for the sale of the family home.  It should label who is financially responsible for the mortgage, homeowner’s insurance, utilities, upkeep, and any additional expenses.

The agreement should also outline the steps to be taken if the house cannot be sold within a specific time, or if one spouse fails to meet any financial obligations.

Here are Some More Tips to Sell Your Home During Divorce.

Hiring The Real Estate Agent

Hiring the right real estate professional will be top of mind. Both parties or the one occupying the home may choose the real estate professional.

Choosing the right real estate professional is important.  Most people personally know a real estate agent. Try to work with real estate professionals experienced in working with couples going through divorce.

There are real estate professionals who focus specifically on helping people who are going through a divorce. Known as Real Estate Divorce Specialists or (Experts), these professional are trained in the legal and tax aspects of divorce.

Handling the family home improperly during a divorce can result in one or both spouse’s inability to qualify for a mortgage for many years. A real estate professional experienced in the divorce niche can provide their clients with step by step guidance to protect themselves.

Determining Property Value

Since the family home is typically one of the most valuable marital assets, dividing the property between a couple during a divorce can be a major source of frustration.  There are several common valuation methods available to determine the value of your home. They may differ from what you perceive as your home’s worth.

1. Comparative Market Analysis (CMA): An in-depth review of your home’s worth in the current market based on recent sale of comparative homes.

2. Broker Price Opinion (BPO): A process used by a hired sales agent that determines the potential selling price or estimated value of the real estate property.

3. Professional Appraisal: An independent professional is required when a court is dividing the couple’s assets to determine the fair market value.

Preparation For The Sale

Listing, showing, and preparing the home for sale may fall on the occupying spouse. This is a difficult task that can stir lots of emotions and frustration. There may be some reservations about selling the family home from one party.  Roadblocks in the sale process may occur, including denying showings or delaying repairs. This is where the settlement agreement can helpful.

Repairs Before and During the Sale

Preparing the family home for sale may include cosmetic or major repairs such as painting, flooring, appliances, landscaping, etc. There should be clear direction on how to handle the unexpected while in the process of selling the home.

The settlement agreement may cover some or all of the responsibility. Knowing who is responsible will help speed up the process and get the maximum value of the home.

Remember: quick decisions can be damaging, especially when it comes to co-ownership. Even more so when one spouse is occupying the family home until it sells. Keep emotions at bay while making important decisions. Getting the home sold should be both party’s major focus.  This will help you and your ex-spouse move on faster.

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VA Home Loan Benefits

19 Tuesday Nov 2019

Posted by rozalynf in Home Ownership, Uncategorized

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#RMFRealty, #Rozalynfranklinrealtor, #SCRealtor, #VAhomeloans

75 Years of VA Home Loan Benefits | MyKCM

Today, on Veterans Day, we salute those who have served our country in war or peace, and we thank them for their sacrifice.

This year marks the 75th anniversary of VA Home Loan Benefit offerings through the Servicemen Readjustment Act, also known as the GI Bill. Since 1944, this law has created opportunities for those who have served our country, ranging from vocational training to home loans.

75 Years of VA Home Loan Benefits

Facts About VA Home Loans:

  • Nearly 24 million home loans have been guaranteed by the Veterans Administration.
  • Nearly 82% of VA home loans are made with no down payment.
  • The VA also provides grants to help seriously disabled Veterans purchase, modify, or construct a home to meet their needs. Last year the VA provided 2,000 grants totaling $104 million.

Benefits of a VA Home Loan:

  1. No down payment
  2. No Private Mortgage Insurance*
  3. Lower credit score requirements
  4. Limitation on closing costs
  5. Lower average interest rates

*More information on VA Home Loan Fees

 Bottom Line

The best thing you can do today to celebrate Veterans Day is to share this information with those who can benefit from these opportunities. For more information, or to find out how to qualify to use a VA Home Loan Benefit, let’s get together to navigate through the process. Thank you for your service!

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Homeownership Rate Remains on the Rise

12 Tuesday Nov 2019

Posted by rozalynf in Home Ownership, Uncategorized

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#Homeownershiprates, #Mortgagerates, #RMFRealty, #Rozalynfranklinrealtor, #SCRealtor

Homeownership Rate Remains on the Rise | MyKCM

In the third quarter of 2019, the U.S. homeownership rate rose again, signaling another strong indicator of the current housing market.

The U.S. Census Bureau announced,

“The homeownership rate of 64.8 percent was not statistically different from the rate in the third quarter 2018 (64.4 percent), but was 0.7 percentage points higher than the rate in the second quarter 2019 (64.1 percent).”

Homeownership Rate Remains on the Rise | MyKCMToday there is still a lack of inventory, particularly at the entry and middle-level segments of the market, but that is not stopping buyers from making every effort to pursue homeownership. The many financial and non-financial benefits continue to drive the American Dream and will likely do so for generations to come.

Bottom Line

If you’re thinking of buying a home, let’s get together to make your dream a reality.

If you’re thinking of buying a home, let’s get together to make your dream a reality.

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Is South Carolina in a Buyer’s or Seller’s Market?

01 Friday Nov 2019

Posted by rozalynf in Home buying, SC Home Sellers, Uncategorized

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#Buyersorsellersmarket, #Kellerwilliamspreferred, #RMFRealty, #Rozalynfranklinrealtor, #SCRealtor

                Is South Carolina in a Buyer’s or Seller’s Market?

With today’s advantages for buyers and sellers at different ends of the market, you need an expert on your side to help you navigate the ever-changing waters. Let’s connect and determine if you’re ready to make your next move.

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