Housing Market has PICKED UP!

Confidence in housing is at a new peak, with enthusiasm among sellers soaring, according to the April Fannie Mae Home Purchase Sentiment Index® (HPSI). At 91.7, the Index plowed through its previous record, climbing 3.4 percentage points month-over-month and five points year-over-year.

“The latest HPSI reading edged up to a new survey high, showing that consumer attitudes remain resilient going into the spring/summer home-buying season,” says Doug Duncan, chief economist and senior vice president at Fannie Mae.

What is driving the lift? Americans are optimistic about their prospects for selling, with 45 percent believing now is ideal to list—a high point since the start of the survey. By the same token, almost half (49 percent) of Americans believe home prices will rise—conditions that, for sellers, translate to an upper hand.”

Thanks to RISMedia for a great article to share! For the full article, follow this link:

https://rismedia.com/2018/05/08/confidence-housing-new-peak/

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What to Expect…From a Home Inspection

Good morning everyone!

Today, I thought we’d discuss home inspections. First, because the New York Times just wrote a pretty awesome article that I wanted to share with all of you. Second, because I have a buyer’s inspection today in the beautiful Lake Saint Louis, MO and am hoping for stellar results! Before I share this link with you, I wanted to point out something that I read in it. I saw that the article says that most first time home buyers don’t know that they are responsible for the home inspection and to make sure to make it contingent upon these inspections. While this is TRUE, the standard contract DOES include an inspection contingency. Also, it is the responsibility of your agent to let you know all of these things that you are responsible. Another point I wanted to make is that there are two types of inspections in Missouri that most people are responsible for. The home inspection which is 95% of the time taken care of by the buyer and then the city/occupancy inspection which is taken care of by the seller to make sure everything is up to code and not dangerous! Most of St. Charles County does not require a city inspection (aside from LSL) but most of St. Louis County DOES! Hope this helps you get by a little easier during your home buying process. And remember, Sunshine Realty is ALWAYS here to assist if you need an agent!

Here is the NY Times link that shows you just what to expect during most inspections:

Happy Easter!

“Home is where memories are created, friends and family belong and laughter never ends.”  -unknown

We hope everyone has a fun, blessed AND safe (where did this weather come from?!) Easter! Enjoy this time with those closest to you and remember, our family is always here to help you with your home buying and selling needs!

-The Sunshine Team

Ashley, Evelyn and Dana

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Rates are Bumping UP!

Good afternoon Sunshiners!

Here’s a look at the bump in rates since the beginning of the year. Thanks to our friend, Rick Whisman, for the rates and continuous follow up! Rates are slowly rising, give us a call TODAY to see how we can help you. Don’t forget to mention you heard about us on the blog or Facebook and ask for Ashley :). Have a Sunshine day!

THIS WEEK:

Conventional 30 year fixed                            4.250%           0 pts

Conventional 30 year fixed 3% Down           4.375%           0 pts

Conventional 20 year fixed                            4.125%           0 pts

Conventional 15 year fixed                            3.750%           0 pts

Conventional 7 year ARM                            3.875%           0 pts

FHA/USDA/VA 30 year fixed                      4.375%           0 pts

LAST WEEK:

Conventional 30 year fixed                            4.125%           0 pts

Conventional 30 year fixed 3% Down           4.250%           0 pts

Conventional 20 year fixed                            4.000%           0 pts

Conventional 15 year fixed                            3.750%           0 pts

Conventional 7 year ARM                            3.875%           0 pts

FHA/USDA/VA 30 year fixed                      4.250%           0 pts

 WEEK OF 1/9/18:

Conventional 30 year fixed                            3.875%           0 pts

Conventional 30 year fixed 3% Down           4.000%           0 pts

Conventional 20 year fixed                            3.625%           0 pts

Conventional 15 year fixed                            3.375%           0 pts

Conventional 5 year ARM                            3.375%           0 pts

Conventional 10 Year Arm                           3.625%           0 pts

FHA/USDA/VA 30 year fixed                      3.875%           0 pts

 

What’s the STATUS?

Hi everyone!

Lately, we have been getting a lot of new buyers, which we LOVE! One of the things they count on us for is to understand the MLS (multiple listing service) and be able to answer any questions they may have.  A common misunderstanding we come across with newbies to the real estate market is not understand status and the difference between the status abbreviations you may see on website such as Realtor, Zillow, Trulia, Homes.com, etc. Here’s a full breakdown from us at Sunshine Realty to help anyone and everyone out for future reference 🙂

A: A means active. Property is available and can be scheduled to be shown.

CN: CN stands for Contingent NO kickout. This means there is a contract on the home and it stands to be a solid contract. All that is pending is the closing of the sale. Most times, home is unavailable to be shown. If it is available to be shown, it should be in agent remarks and it is usually just to accept possible back up offers.

CW: CW stands for Contingent WITH kickout. This one is probably the most confusing to our customers. If a home is contingent WITH a kickout that typically means that the buyers still need to sell their home and the contract is contingent upon that. Most of these have a kickout clause where if a buyer comes in and wants to purchase that home, they can kick the current contract out within 48 hours if the current buyers cannot secure financing.

P: P stands for Pending. Same as CN. Contract on home and is just pending on the closing of the sale. Typically unavailable.

O: O means Option. Same as P and CN,  option is a contract on a specific piece of real estate that allows the buyer the exclusive right to purchase the property. The buyer has the option to buy the property within a certain timeline, however, the seller cannot sell to anyone else in that period.

We hope this is informative for you and that this helps you in your future endeavors. We understand that real estate can be a bit confusing and we are here to help clear any of that up for you as much as we can! Give us a call today, this week, next week or whenever you need us at 636-336-1330 and ask for Ashley :).

Have a Sunshine week everyone! Stay warm in these ranging temps 😉

-The Sunshine Team

We LOVE checklists…

Here is a helpful checklist for all you buyers who found the perfect house in a very heavy market thanks to Old Republic Title and Pinterest! Hope it helps! Have a Sunshine day!!

-The Sunshine Team

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FHA Lowers MIP!!

Good Evening Sunshine 🙂
We can’t wait to share this news. Just…WOW! Another step to help home buyers accomplish the purchase of their dream home! Thank you to National Association of Realtors for sharing this exciting news!
“FHA TAKES STEPS TO HELP HOME BUYERS
In a move applauded by housing experts, the federal Housing Administration (FHA) took an important step to help low and moderate-income buyers get into a home.  For the first time in two years, FHA has cut their annual mortgage insurance premium.  The premium has been cut from .85 to .60 percent.” (Reference: Nat’l Association of Realtors)
See the full article here: http://narnewsline.blogs.realtor.org/2017/01/09/fha-cuts-mortgage-insurance-premium-for-first-time-since-january-2015/#sf50032163