Deptford, NJ Real Estate Specialist- Michael Carducci 609-472-1093, 198 Fries Mill Road, Suite 101, Turnersville, NJ (2026)

03/01/2022

BHHS Fox & Roach Realtors Company awards at The Merion, Cinnaminson

02/23/2021

Your latest review

Best Realtor Around
Mike’s Experience and knowledge of the real estate market made a huge difference and the sale of our old home and purchase of her new home. Any situation that arose he was on top of made sure to get a quick resolution. To be clear none of the issues were his doing. Everything on His end was smooth. In the end, we sold our house for more than we ever thought possible and bought a dream home all thanks to Mike. I would recommend him to anybody!

Review submitted by Matthew Huminski (Seller) on 23 Feb 2021

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- 23 Feb 2021

Thank you!

12/14/2020

December 2020
REAL ESTATE NEWS
Brought to you by Michael Carducci Logo

What Could 2021 Mean for the Housing Market?
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This year has been nonstop uncertainty. The coronavirus pandemic led to shutdowns and major changes to our everyday lives. Those changes are likely to continue as we head into winter. Cities have been hard-hit, not only in terms of public health, but also economically.

Despite everything, the housing market is one thing that's been consistently strong this year. So, what do experts think next year will bring? Will that positivity hold steady, or are we in for a bust?

Rising Prices
If inventory remains low into early 2021, it's possible that home prices will continue to go up. The median asking price for properties in September 2020, according to Realtor.com, was $350,000. That's up 11% compared to last year. Inventory has declined 39% year-over-year, despite a quick burst of new listings in August. Increased demand and a dwindling supply are great for sellers but not so much for buyers.

Sprawling out in 2021

Suburbs Reign Supreme
There has been a shift in interest away from urban areas, as many people are packing up to find homes with more space and less proximity to others. Some of the most popular areas in 2020 have included Colorado Springs, CO; Reynoldsburg, OH; and Rochester, NY. We could see continued flight from urban areas to suburbs in 2021.

Builder Confidence
Despite all of the headwinds and what feels like a barrage of negative information, there is some optimism in housing starts. Consumer confidence was high in September, and builder sentiment similarly seems to be at an all-time high.

Could There Be Downsides?
While there are some indicators of positivity, there are also potential negatives that could come into play. Unemployment numbers are still high, and rolling lockdowns throughout the winter could cause those numbers to rise. Some predict that foreclosures could also rise as a result.

When facing uncertainty and anxiety, there's a tendency among consumers and would-be homebuyers to hoard their cash. Personal savings rates have actually gone up recently, but that means there may be less spending going on, particularly on bigger items like houses.

Finally, while there are some unnerving indicators, we do know with almost certainty that record-low mortgage rates will hold. The fed has signaled their intention to keep rates low for the foreseeable future.
Why Lenders Use Gross Monthly Income vs. Take-Home Pay
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It might seem strange that mortgage companies use gross monthly income when determining affordability instead of 'take-home' pay. After all, it's the take-home pay that consumers use for their monthly expenses and bills - including the mortgage. But there are a few good reasons why lenders use the gross amount.

First, it's universal. Lenders A, B, and C all use gross monthly income to calculate debt-to-income ratio (and thus affordability), so everyone is qualified using the same guidelines. There are a few loans that do take monthly expenses and 'residual' income into consideration, but most every other program uses gross monthly income.

Second, it's a figure that most consumers readily know. Calculating net income with taxes, deductions, etc. is complicated and can vary month-to-month. Gross income is stable and easier to quickly calculate monthly. It would be impossible for lenders to adjust their loan programs for each individual's specific expenses and deductions.

Third, employers report income each year to the IRS, and the amount reported is gross income, not net. When consumers are asked to document income on their loan application, the last two years of W2 forms are needed along with recent paystubs. The gross amounts on the paystubs should align with the W2 forms. Trying to parse net income from these documents is impossible.

If you're thinking about buying your first home and want to know what you might qualify for, there's no shortage of online prequalification calculators to help you get started. Just remember to enter your gross monthly income, not your net or take-home pay, so you don't short-change yourself.
QUESTIONS? VISIT www.mikesellssouthjersey.com
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Michael Carducci Broker/Associate

Berkshire Hathaway Fox & Roach Realtors

(609) 472-1093
(856) 227-8900

[email protected]
www.mikesellssouthjersey.com

02/20/2020

Strong Housing Starts, Consumer Spending

Overview: Over the past week, stronger than expected economic data caused just a minor reaction, and mortgage rates ended the week nearly unchanged.
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The biggest surprise in this week’s economic reports came from the housing sector. Last month, we saw housing starts for December unexpectedly post an enormous increase to the highest reading since 2006. Since outsized gains often quickly reverse, substantial declines from these elevated levels were forecast for January, but the actual drop was much smaller than expected. Building permits, a leading indicator of future construction, also far exceeded expectations in January and reached the best level since March 2007. Given the severe shortage of available homes for sale in many regions, this was very welcome news.

Despite big-picture issues such as the coronavirus and upcoming elections, U.S. consumer spending has remained solid. In January, retail sales rose 0.3% from December, the fourth straight month of healthy gains, and were 4.4% higher than a year ago. In addition, the Consumer Sentiment Index, which surveys how people feel about their economic prospects, reached its highest level since March 2018.

The Consumer Price Index (CPI) is a widely followed monthly inflation report that looks at the price change for goods and services. In January, core CPI, which excludes the volatile food and energy components, was 2.3% higher than a year ago, the same annual rate of increase as last month.

09/18/2018

Smile on the Inside: Interior Decorating Ideas

Get that classic look
Trends come and go, but you don't want to be redecorating every time they do. Decorate in a sophisticated way that lasts longer and works better.
Use the inherent character of your home to decorate! It adds authenticity to your designs. If you renovate, do so to bring out the unique flair of your home.
Follow the rule of threes: Pair your decorations in threes to make them aesthetically appealing.
Make rooms look bigger with white furniture, mirrors, and rugs.
Stay under budget by focusing on whichever pieces of furniture are essential to a room—for example, a bed for the bedroom.
Keep your curtains pattern-less so that they are always in fashion.
Go colorful in your rooms! But don't go crazy—a good way to keep yourself in check is to limit yourself to three main colors.
Always choose comfortable furniture!
Make centerpieces with fresh fruit or flowers; plants will always be great decorations that never go out of style.
Always shop for a rug in person—you can't feel fluff online!
Design your child's room for them; use chairs that make reading or working fun and keep their play area tidy with hidden toy storage.
Keep bedroom fabrics simple—let people add the texture.
Use outdoor fabrics indoors to protect your furniture from stains, especially if you have kids or pets.
Combine design styles to figure out your favorites for your home.
Let your home evolve with you as you add collected items from bargain finds and travels.
Edit your rooms! Keep them polished.
Love the little things
Sometimes a small idea can spark big inspiration.
Use a nice tray to organize clutter on a bathroom counter or coffee table.
Frame last year's calendar for wall art.
Practice painting walls before you do it!
To decorate bookshelves, use an interesting wallpaper or paint as a backdrop, then garnish the shelves with knickknacks.
Use a little marble to accent and look expensive.
Paint your ceiling a light color that draws the eye but isn't too loud.
Use a patterned feature wallpaper for only one wall.
If you have the time and energy, go to multiple stores to buy your furniture.
Play it old-school
Vintage finds can become some of the most interesting pieces in your collection. A few tips will put you on the path to success:
Repurpose items in your home—there's nothing your guests will love more than an ingenious invention.
When vintage shopping, do some research to find out how similar items are priced to be sure you get a deal.
Look for unique pieces. Estate sale furniture can surprise you.
Use reclaimed wood taken from old barns or other structures and reformulated for modern homes. It looks nicer than regular wood and gives you a story to tell!
Make bookshelves out of farm crates.
Install a mirror in a vintage frame.
Mix and match these tips and tricks to find out what enhances your personal style. You can never go wrong if you take your home's character and make it look authentically yours!

09/12/2018

***Motivated Sellers will consider any reasonable offer*** 3 bedroom ranch with a full basement and a large fenced yard. Large wood patio/deck. Vinyl siding and brick exterior. Home was freshly painted throughout. Large fenced yard a wood patio deck, 2 sheds(as is) and driveway parking for 2 cars. L...

09/12/2018

This is a very well kept ranch style home with maintenance free exterior and newer roof. The yard is fenced and has an inground pool with newer pump and liner to enjoy the summer days. The home also feature an enclosed breezeway connecting to the 1 car garage with a garage door opener. The kitchen f...

07/12/2018

5 Items You Should Get Rid of to Reduce Clutter

It's time to clear the clutter and get rid of unnecessary items that are only taking up space in your home. Here are five things most people have laying around that are actually useless.

Old Paint Cans

It's no surprise that many people have old paint cans just sitting in their garage. It's nice to have spare paint to touch up a wall, but if you haven't painted in a few years or you just had your home repainted, there's a good chance the old paint cans are just taking up space and nothing more.

If you tried patching up a wall that was painted years ago, it won't be a perfect match because the paint has faded. Keep your newer paint for touch-ups, but the rest have to go to make room for more important items. (Of course, many communities have rules for the disposal of paint and other potentially toxic substances. Check with your municipality before throwing out hazardous waste.

Expired Medicine

Go through your medicine cabinet and check the expiration dates on all of your medicine and you will probably find that many of them are expired. When drugs expire, they are less potent, meaning that if you are taking them for an illness there's a good chance you aren't getting the right dosage.

Medicine can also change chemical composition with time and some can become dangerous and have negative side effects. Be safe and save space by clearing your medicine cabinet of old medicine.

Various Odd "Projects"

The old table you were intending to sand down and stain, the headboard you were going to make ... does this sound familiar? If you having on-going projects that have been sitting around for more than a year, get rid of them because you're wasting storage space by leaving "project" materials around that will most likely never be used.

Old Plastic Containers

Plastic containers are notoriously known for cluttering up kitchen cabinets and drawers. You no doubt have a collection of miss-matched plastic tops and containers somewhere in your kitchen. If the lid is missing or if there are holes or stains, it's time to dump those containers and clear some room in your kitchen for things that deserve storage space.

Ancient Receipts, Bills and Paychecks

It's time to sit down and sift through that old filing cabinet you have full of old bills, receipts and paychecks. If you don't need them anymore, shred them. Your important receipts need to be stored somewhere along with your paychecks for the last two years - the rest needs to be thrown away. Think about signing up for electronic bills to save paper and save room in your filing cabinet.

Whether you're planning a move or simply want to declutter your life, start with these important tips first. You'll be happier knowing that you've cleared out some of life's clutter.

And don't forget to call me for any of your Real Estate needs.

05/31/2018

Is This Your Situation: Should I Opt for a Conventional Home Loan or an FHA Loan?

Those who opt for a conventional loan versus those who choose Federal Housing Administration (FHA) loans have different buyer profiles. The buyer profile for someone seeking a conventional loan will have a different financial background from someone seeking an FHA loan. In order to determine which type of mortgage loan is right for you, keep reading to learn more about these two very distinct buyer profiles.

Conventional Loan Profile
Conventional loans are not backed by the government. As such, lenders require certain fiscal standards to ensure that you are financially stable enough to make monthly mortgage payments.
Debt-to-income ratio: The typical debt-to-income ratio for someone getting a conventional home loan is at most 43 percent. This helps lenders recognize whether you have a stable enough income to pay for monthly mortgage payments. Debts such as credit card bills, student loans and child support all go into your debt-to-income ratio.
Credit score: The higher your credit score is, the better. If you have a high credit score, then you have a shot at getting a low interest rate. However, the lowest credit score that a lender is looking for is around 620.
Down payment: This can vary a lot, but the typical down payment is 20 percent of the purchase price. There’s a chance you could put down less money if banks are offering special programs to buy a home in certain areas.
Private mortgage insurance (PMI): It’s easier to get away with not paying mortgage insurance when you opt for a conventional loan. However, if you put down less than 20 percent, the lender may require PMI.
Processing time: The time it takes to get approved for a conventional loan can be much quicker than that for an FHA loan. This is because the borrower works directly with the lender, not a government agency that acts as a middleman.

FHA Loan Profile
These loans are backed by the FHA, which offers an extra layer of security, ensuring lenders that monthly payments will be met. FHA loans often appeal to first-time homebuyers.
Debt-to-income ratio: Forty-three percent is standard. FHA loans tend to be for those for whom a down payment will require much of their income.
Credit score: 580 is typically the lowest possible credit score that a borrower can have to procure an FHA loan, far lower than what a conventional loan requires.
Down payment: Unlike conventional loans, those seeking an FHA loan can put as little as 3.5 percent down.
Mortgage insurance premium (MIP): MIPs are always tacked on to FHA loans. The borrower pays an initial 1.7 percent of the loan amount once they obtain the loan; however, this can be financed as part of the loan amount. Then, a monthly premium payment is required. The amount is determined by a certain percentage of the annual loan amount. That percentage varies, depending on the length of the loan and the amount of the down payment.
Processing time: The processing time for an FHA loan can take longer than that of conventional loans. This is because borrowers are going through a government agency to acquire a loan and not working directly with the lender. Underwriting tends to take the longest time.
Of course, these are just the basics. Keep in mind that laws and regulations change frequently.
Contact me today for more information about conventional versus FHA loans. I’ll make sure that you’re selecting the right loan for you.

Deptford, NJ Real Estate Specialist- Michael Carducci 609-472-1093

03/01/2022

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