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Yancey Realty Blog

Thursday, August 29, 2019   /   by Shannon Eagan

Dispelling Refinancing Myths

“Refinancing” is a scary word for many people, but that shouldn’t be the case for you. For many homeowners, refinancing can not only lower your monthly payments and help with your monthly budget, but it can save you thousands of dollars in the long run.
 
YOU’RE NOT TOO LATE.
 
For years now, we’ve been hearing that interest rates will be on the rise, and although there have been some small increases, you’re still in a great position to drastically lower your interest rate. The general rule is if your mortgage interest rate is more than one percent above the current market rate, you should consider refinancing.
 
IT’S NOT TOO TIME CONSUMING.
 
Don’t brush off refinancing just because it seems like a long and daunting process. An informational call with a lender to see how rates compare will only take a few minutes. There are also some programs for streamlining the application process. And besides, isn’t t ...

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Thursday, August 29, 2019   /   by Shannon Eagan

Must Have Tools for Homeowners

When you own your home, things are going to break and, unless you want to spend your money on visits from a neighborhood handyman, you’re going to need to fix them yourself. Luckily, you don’t need an arsenal of tools to handle most home maintenance fixes. These five tools will cover most of your basic projects.


Cordless Drill. A cordless drill is a must-have for installing cabinets, drawer pulls, hinges, picture frames, shelves and hooks, and more. Whether it’s for do-it-yourself projects or repairs, you’ll use your cordless drill just about every month.
Drain cleaners. Shower and bathroom sink drains are susceptible to clogs because of the daily buildup of hair and whisker clippings. You can use chemical clog removers like Drano, but they’re expensive and the lingering chemical scent is unpleasant. Instead, buy some plastic drain cleaners that can reach into the drain to pull out the clog of hair and gunk. You can purchase them on Amazon or at ...

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Monday, April 29, 2019   /   by Tracy Wanner

Existing Homes Sales Slow to Start Spring

Some Highlights:





Existing Home Sales slowed to an annual pace of 5.21 million home sales in March.






Low inventory levels are still impacting home sales! The current month’s supply of homes for sale is 3.9-months.






Median home prices were up 3.8% over last March at $259,400. This marked the 85th consecutive month with year-over-year price gains.

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Sunday, January 20, 2019   /   by Tracy Wanner

What is the Cost of Waiting Until Next Year to Buy?

Some Highlights:





The cost of waiting to buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.






Freddie Mac predicts interest rates to rise to 5.1% by the end of 2019.






CoreLogic predicts home prices to appreciate by 4.8% over the next 12 months.






If you are ready and willing to buy your dream home, find out if you are able to!

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Thursday, January 17, 2019   /   by Tracy Wanner

LAST CHANCE! HOMES ARE A BARGAIN COMPARED TO HISTORIC NORMS LAST CHANCE!

A loaf of bread used to be a nickel. A movie ticket was a dime.  Not anymore. Houses were also much less expensive than they are now. Inflation raised the price of all three of those items, along with the price of almost every other item we purchase.


The reason we can still afford to consume is that our wages have also risen over time. The better measure of whether an item is more expensive than it was before is what percentage of our income it takes to purchase that item today compared to earlier. Let’s look at purchasing a home.


The COST of a home is determined by three major components: price, mortgage interest rate, and wages. The big question? Are we paying a greater percentage of our income toward our monthly mortgage payment today than previous generations? Surprisingly, the answer is no.


Historically, Americans have paid just over 21% of their income toward their monthly mortgage payment.


Though home prices are higher than before, wa ...

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