FL Homes

December 29, 2017

Finger Lakes Homes Real Estate Guide

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MORTGAGE RATE MONITOR Single family home mortgage rates available locally. LENDING INSTITUTIONS: HAVE YOUR RATES IN THIS MONITOR WEEKLY WITH WEEKLY UPDATES. FOR FURTHER INFORMATION CONTACT TOM BACHMAN AT 315-282-2288. 3.500 CONV FIXED 5 15 0 3.641 3.250 CONV FIXED 5 15 2 3.685 4.000 CONV FIXED 5 30 0 4.082 3.750 CONV FIXED 5 30 2 3.998 CRAIG MIETZ Mortgage Specialist & Banking Officer 315-612-3163 (Office) 315-406-9062(Cell) cmietz@bankwithlnb.com LENDER LOAN RATE LOAN TYPE % DOWN TERM APR POINTS FEE NOTES: APR - Annual Percentage Rate; ARM - Adjustable Rate Mortgage; CO-ARM - Convertible, Adjustable; B - Balloon Payment; C - Conventional Rate; F - Fixed Rate; FHA - Federal Housing Admin; F,C - Fixed,Convertible; S,F - SONYMA, Fixed; R - Rural Housing; VA - Veterans Administration -Seller can pay closing costs. Information subject to change without notice. Other plans available, contact lenders for details. Rates can change before closing unless guaranteed in writing. Currentness of individual institution's posted rates vary. *PMI Insurance Required (BPT) - In the real estate market, springtime is go time. It's the busiest time of the year for home sales, and with this year's stable economy and low unemployment rate, the spring of 2018 has the potential to be especially active. Every market is defined by its trends, and while each year is different, identifying these trends early on can be a useful tool for buyers, sellers and agents to navigate the upcoming market and secure the best long-term solution for themselves or their clients. With that in mind, here are a few top real estate trends to watch for in 2018, according to the real estate experts at RE/MAX. 1. Generations on the move The shift in home buying preferences is more than just an individual choice; it's a generational one. Two of the nation's largest generations are suddenly competing with one another in the real estate market. Millennials have come of age, so to speak, and they're starting to abandon their condos in the city for single- family starter homes in the suburbs to raise their families. This shift has put them in direct competition with baby boomers, who are looking to downsize to something smaller that meets the needs of their new lifestyle. With these two groups looking for similar housing, well-maintained single-family homes are expected to go very quickly in 2018. 2. Inventory is tightening While the spring will be flush with buyers, it remains to be seen if sellers will follow suit. The fall of 2017 proved to be sluggish in regard to the number of homes available for sale; in fact, total housing inventory was down 13.4 percent in October 2017 compared to the same time the year before, according to the RE/MAX National Housing Report. The report also found that only three of the 53 metropolitan areas reported being in a buyer's market or having an even balance. For the rest of the country, sellers seem to have the advantage. Will that change in the spring? It may, but buyers should be prepared for a market where they will have to be aggressive to purchase the home they want. 3. Housing policies have shifted The presidential election in November 2016 and local elections from this past fall both have implications on housing policy. Adjustments to tax rates, the growth or decline of suburban options and zoning ordinance changes may all impact the markets where consumers are shopping. To better understand how these changes may affect the housing search in a given area, potential homebuyers should contact a licensed real estate agent who understands the latest housing policies and how those policies will affect a potential home sale. 4. Technology is king Like most other industries, real estate today is profoundly affected by the advent of technology. Homebuyers and sellers can go online or use apps to access information about a house or the market like never before, and virtual walk-throughs allow a buyer to enter a prospective home for the first time with few surprises. For buyers and sellers, technology has the potential to reward those who do their homework and make the most of digital options before deciding how to use their precious time. Navigating the 2018 market requires expert advice The 2018 market will be dictated largely by what takes place in the spring, and the trends above figure to play a prominent role in most home sales and listings across the country. Every market contains its own subtle nuances, but homebuyers and sellers everywhere will benefit from the expertise of an experienced real estate agent, one who can help them capitalize on these latest trends and leave the 2018 market with everything they ever wanted and more. (BPT) - Sponsored Content from Vanderbilt Mortgage and Finance, Inc. The world that millennials have grown up in is a lot different than the world the Gen Xers and Baby Boomers knew. The digital revolution, widespread use of smartphones and adoption of disruptive technologies such as ride sharing and vacation rental apps are just a few of the factors that have altered the social landscape. Unfortunately, rising student debt, rising home prices and other economic factors have hit many millennials and left them to believe that they cannot afford a home. Many feel as though they have been priced out of the American dream and they will never be able to buy a home. But no matter what your age, there are plenty of ways to become a homeowner, you just have to think a little more creatively. The rise of the rental Looking at current trends, a recent research study found that more U.S. households are now renting than at any time in the last 50 years. With a rising number of renters, many have worried that we are becoming a nation of renters rather than a nation of homeowners. This is most evident with the younger generation, people under 30, who the National Multifamily Housing Council have found now account for 50 percent of all renters in the U.S. They aren't renting because it's a more InsIde: Automotive Classified employment Legals FL Homes Classified • (315) 282-2288 • tom.bachman@lee.net Sunday, december 31, 2017 | auburnpub.com | Section d Homeowners continued on Pg. 2 Top trends for the 2018 housing market identified New ways renters are becoming homeowners

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