Kathleen Sullivan

07/25/2024

Key Highlights
Existing-home sales faded 5.4% in June to a seasonally adjusted annual rate of 3.89 million. Sales also slumped 5.4% from one year ago.
The median existing-home sales price bounced 4.1% from June 2023 to $426,900 – the second straight month it reached an all-time high and the twelfth consecutive month of year-over-year price gains.
The inventory of unsold existing homes rose 3.1% from the previous month to 1.32 million at the end of June, or the equivalent of 4.1 months' supply at the current monthly sales pace.

Homes are sitting on the market a bit longer, and sellers are receiving fewer offers as a slow shift occurs from a seller’s market to a buyer’s market.

07/24/2024

Income: Lenders will look at your gross monthly income to determine how much you can borrow. Your income is one of the most important ways for lenders to determine how much home you can afford.
Debt ratio: The amount you pay each month on your outstanding debts plays a major role in determining mortgage borrower eligibility. Expenses, such as fuel, utilities and food are already factored into the equation with the debt ratio rules.
Credit score: Your lender will review your credit score and payment history to assess credit worthiness. Mortgage borrowers with higher credit scores pose less risk than those with poor credit.
Employment history: Your work history will be evaluated to ensure you have stable employment and income. Generally, a lengthier job history makes for a stronger mortgage applicant.
Your lender will take all of the following expenses, as applicable, into consideration when calculating your front-end debt ratio.

Principal: the amount of money you borrowed when you bought your home, paid off throughout the life of your loan.
Interest: the fee you pay to borrow the money for your home loan, typically expressed as an annual percentage rate (APR).
Taxes: property taxes, assessed by the local government, are typically based on the assessed value of your home.
Homeowners insurance: homeowners insurance, also known as hazard insurance, is required by most lenders and protects your home and personal property in the event of damage or theft.
Mortgage insurance: private mortgage insurance is required on all conventional loans when you make a down payment under 20%. Mortgage insurance is required on all FHA loans.
Association fees: in order to maintain common areas, remove trash and snow, and help enforce community rules, many neighborhoods and most condominiums have a homeowner’s association fee.

When you’re preparing to buy a home, understanding how to get a mortgage is essential - including how much it'll cost you each month.

07/23/2024

Homeowners tend to have higher net worths than Renters but this slide shows a difference of about 40x! 😳 Median Net Worth for Renters = $10,000 vs. Median Net Worth for Homeowners $415,000!
Long term demand is strong due to the high population increase in the US in recent history. Real estate is and always has been a long term play.
Lastly, the market is not at a risk of "crashing" as distressed mortgages are at a very low 2%. I would assume this is due to the high amount of fixed rate mortgages and record high home equity.

07/18/2024

House About it?
Prospective buyers in the encompassing Guilford County should be thrilled, with a decrease in median and average sales prices. There's also more inventory and months' supply of inventory, an increase in new listings and days on market.🏡💵📉😄📈

07/18/2024

House About it?
Sellers in Greensboro proper will be happy to see the increase in median and average sales prices.🏠💵📈 Prospective buyers will also be happy with more inventory, months' supply of inventory, an increase in new listings and days on market.

07/15/2024

House About It?
Today’s buyers are looking for outdoor spaces that can function as an extension of their homes — and a perfectly staged balcony, patio, deck, or backyard can help them envision themselves enjoying it.

Skip the outdoor lighting (really).

07/09/2024

Estate sales do not have to be a difficult transaction....Yes Another great home sold for our Sellers. This lovely, Cape Cod style, wooded lot, brick, replacement windows, 3 bedrooms, 2.5 bathrooms features the primary bedroom on main level. Primary bath has walk in shower, tub and updated dbl sink vanity & mirrors. The Living Room offers a wonderful space to wind down with a fireplace, while the eat-in kitchen comes equipped with plentiful countertop space & traditional-style cabinetry. Wood floors are featured in the Living Room, Dining Room, Foyer & Primary bedroom. Tile in entryway, kitchen, Laundry Rm & baths . Dishwasher 5/24, Microwave 5/24.Each of the bedrooms are well-sized with comfort in mind. The main level laundry has a service sink.The attached single plus garage offers ample room to host your hobbies in. Plus a workshop in fenced yard is insulated & has power.Location of home is within minutes of Greensboro Day School, Guilford Courthouse Military Park,Lake Brandt,Greensboro Science Center,Downtown Entertainment Venues,Championship Golf Courses, shopping & medical centers.

07/09/2024

House About it?

07/09/2024

House About It?😁🏠🔢⬆️
🫳🏠🤝📈🏡💵📈

Last but not least for May Housing Stats, our northern neighbors in Rockingham County!😁🏠🔢⬆️

May appealed to both buyers and sellers in Rockingham County.🤝

Prospective buyers benefitted from an increase in new listings, inventory for sale, months' supply of inventory and a slight decrease in average sales price.🏡📈🏠📉

Sellers enjoyed more closed sales, fewer days on market, plus an increase in median sales price.🫳🏠🤝📈🏡💵📈

06/07/2024

April housing stats: Asheboro and Randolph County!🙌🏡🔢
Inventory continues to rise in both areas, a welcoming sign for buyers. More days on market means buyers have more time to choose their dream homes.🏠🔢↗
Sellers should be happy because of more sales, a slight climb in average and median sales prices, plus the list price received in Asheboro jumping above 100 percent.🏡💵🔢↗