Mortgage News – First Time Home Buyer

First-Time Homebuyers Get a Break With Lower Mortgage Rates

(TNS)—Economic gurus got one part of the mortgage forecast for 2019 correct. We’re certainly seeing a volatile year for rates.

What they didn’t see coming: Mortgage rates tumbled in March, the biggest one-week fall in a decade. Now—instead of seeing mortgage rates edge closer to 5.25 percent, as some had predicted we’d see in 2019—we’re looking at an average 30-year rate near 4 percent.

The rate drop comes just in time for the spring home-buying season and will make monthly payments less expensive.

“This drop in rates is going to give the housing market a boost,” says Bill Banfield, executive vice president of Capital Markets for Quicken Loans. “It could help to make people come back into the market and consider buying a home.”

Mortgage rates have fallen by a full percentage point since late 2018. Going back four months or so, most forecasts weren’t expecting mortgage rates to drop as low as 4 percent for borrowers, Banfield says.

“This is a surprise to a lot of people,” Banfield says.

The average 30-year rate was 4.1 percent as of late March, the lowest rate since Jan. 2018, according to Bankrate.com data. But rates started to rebound a bit upward in early April. The average 30-year rate went back to 4.29 percent as of April 3, according to Bankrate.com.

By contrast, the average mortgage rate was 5.1 percent as recently as mid-November, which was a seven-year high, according to Bankrate.com. The average was hovering around 4.75 percent as 2018 drew to a close.

We’re talking about some real money here for homebuyers. Take a $200,000 mortgage. The mortgage payment for principal and interest would drop by about $120 a month if your rate is 4.1 percent instead of 5.1 percent on a 30-year mortgage, according to Greg McBride, chief financial analyst for Bankrate.com. For the mortgage alone, the payment would be about $966 month at the 4.1 percent rate. It’s sort of like getting more than one month free each year.

For a homebuyer who was priced out of the market last spring, the lower rates could help get them back in the game.

Being able to lock in a 30-year fixed rate near, or even below, 4 percent helps put some “wind in the sails of home buyers from an affordability standpoint,” McBride says.

The 30-year fixed rate mortgage remains the dominant loan for middle-class borrowers, particularly first-time home buyers.

This excerpt from :  RIS Media.com      TO READ MORE CLICK HERE 

Stacy Schnell Real

 

Home for Sale in Cedarville New Jersey

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Listed for just $105,000 this large 2 story home has lots of charcter. Home is located in Cedarville, New Jersey in Cumberland County on a quiet street. Home features 3 bedrooms and 2 baths. Kitchen has all new kitchen cabinets and stainless steel appliances. Large front porch, spacious family room and separate dining room. Rear sunroom, detached 2 car garage, walk up attic, full basement. Roof, vinyl siding and well are less than one year old. Seller to install new septic system prior to closing.

Detached Garage, Driveway Parking plus 2-Car Garage, 2 Detached Garage Spaces, Garage – Front Entry, 2 Car. 200+ Amp electric service, Heating: Radiator – Oil, Hot Water: Electric. Call today to shedule your tour and ask about listing # 82.  Stacy Schnell ~ Realtor Associate / Direct:  856-364-0772

 

 

 

 

Market News

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According to fresh findings from realtor.com®, there’s been an improvement in inventory nationwide—but what does that mean for this spring?

Compared to Feb. 2018, there were 6 percent more homes on the market this year, equaling 73,000 more listings, according to the Feb. 2019 realtor.com report. Inventory in the largest markets opened up substantially, with the biggest leaps in the West: 125 percent more in San Jose year-over-year; 85 percent more in Seattle; and 53 percent more in San Francisco.

For homes in the $750,000 or more range, inventory picked up 11 percent year-over-year. The same couldn’t be said for the $200,000 or less segment, with 7 percent fewer listings on the market.

The imbalance is an issue for millennials and others in the starter tier, who’ll have less options in their search this spring.

This excerp from RIS Media.    TO CONTINUE READING PLEASE  CLICK HERE

Buying a home is probably the biggest investment you will make, with long-term financial ramifications. It calls for many informed decisions and for good advice from a real estate professional.  Give me a call today for all of your real estate needs.

Stacy Schnell ~ Realtor Associate  Direct: 856-364-0772

Berkshire Hathawaty Fox & Roach ~ The Scott Sheppard Team

Move-in ready two story home

Featuring 4 bedrooma and 3 Baths. This 2 story home is situated on quiet lot on cul-de-sac street in Millville, New Jersey. Completely updated kitchen has wood countertops, new stainless steel appliances, backsplash, freshly painted cabinets, breakfast nook, pantry closet, ceiling fan and double sink with garbage disposal. Kitchen opens up to dining area with a floor to ceiling stone wood burning fireplace and ceiling fan. Separate laundry room and family room off kitchen. Spacious and remodeled foyer entry with exposed wood walls and new flooring. Large master bedroom has cathedral ceilings, ceiling fan and a walk-in closet. Master bath has a double vanity, stall shower, soaking tub and tile flooring. Other features include a partially finished basement, insulated windows, natural gas heat with humidifier, central air, concrete driveway, rear deck, city water and sewer and a large rear yard with two sheds. Solar panels are leased and offer a great savings on your electric bill. Rieck Avenue elementary school. Convenient access to Routes 49, 47 and 55.  This listing is presented by The Scott Sheppard Team. Call today for a tour or more information and ask about property #90. Or for more information about homes for sale in Cumberland County.    Ask about our new $0 down FHA loans!                    Stacy Schnell ~ Realtor Associate Cell: 856-364-0772

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Move-in ready bungalow on quiet street

Listed for just $148,000. This bungalow features a completely upgraded kitchen, maple cabinets with soft-close drawers, granite countertops, tile backsplash, tile flooring and recessed lighting. Kitchen opens to dining room and living room with bamboo floors. Living room has a gas fireplace and ceiling fan. Full basement with bilco doors, walk up attic with attic fan. Roof 6 years old, replacement windows, security system, covered front porch, rear maintenance free deck, fenced yard, driveway parking with carport in rear of home, shed. Natural gas heat and hot water, central air condenser 1 year old, public water and sewer, Mt. Pleasant Elementary School. Easily accesible to Routes 49 and 55.  This property is presented by The Scott Sheppard Team. Give us a call to schedule your private tour today! Ask about home # 89. Stacy Schnell ~ Realtor Associate Cell: 856-364-0772

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See what my clients have to say

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Buying or selling a property can be a daunting experience for many people. As a licensed real estate professional, my goal is to support my clients during every step of their journey towards success. Whether your buying or selling for the first time, or you’re an experienced investor, I am dedicated to providing all of my clients with professional, first class service.

CLICK HERE to see what my clients have to say about their experience with me.

Stacy Schnell – Realtor Associate Cell: 856-364-0772

Great potential on this South Jersey Farm

So much potential on this 12.43 +/- farm situated in East Vineland, which is located in Southern New Jersey. Three road frontages, level topography. Perfect for horse farm. 60 x 90 pole barn with riding rink and a 36 x 60 horse barn with nine 10 x 12 stalls. Convenient access to Route 55, 47, 552 and 49. Property consists of 11.94 acres Q Farm of total 12.43 acres.  Buyer responsible for any rollback taxes.  Other Structures: Barn, Horse Stable, Other, Pole Barn, Riding Ring, Storage Barn/Shed. Call today with your questions! 

Stacy Schnell – Realtor Associate Cell: 856-364-0772

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Home for Sale Cedarville, New Jersey

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Charming & large two story home on quiet street. Home features 3 bedrooms and 2 baths. Kitchen has all new kitchen cabinets and stainless steel appliances. Large front porch, spacious family room and separate dining room. Rear sunroom, detached 2 car garage, walk up attic, full basement. Roof, vinyl siding and well are less than one year old. Home requires a new septic system, palns are already being drawn. Seller to provide approved septic plans at settlement. Sold in strictly “as-is” condition. Priced to sell!

This listing is located in Lawrence Township, NJ. It is presented by Stacy Schnell & The Scott Sheppard Team. For more information or to schedule a private tour please call Stacy @ 856-364-0772.

 

Move in Ready Home in Glassboro

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Welcome to this move-in ready, 3 bed, 1 full bath home located in a quiet Glassboro neighborhood! Many features and improvements have been done to this home in recent years which makes for low-maintenance living! Features and updates include: updated bathroom, updated exterior paint, front porch and landscaping, updated kitchen with 42″ cabinets and a sunroom addition, windows with a lifetime warranty and custom blinds, a spacious 3-bay garage with updated roof and doors, newer pool and pool deck, and a new french drain and sump pump system installed in the basement. There is a partially finished basement which can be utilized as extra living space. There is an additional room in the basement which is being utilized as a wine cellar. The wood stove in the living room heats the majority of the home. The list of features goes on and on, and being conveniently located near shopping, schools and major roadways, this home has everything you could ask for. This home also qualifies for the HomeSeeker $10,000 grant program for First-Time Homebuyers. Schedule your private tour today to see the true beauty of this home!

Call today and ask to tour propety # 78. Stacy 856-364-0772

 

Homebuyers face ‘most competitive market in recorded history’

Rising real estate costs, demographics shifts, and low inventory have hamstrung homebuyers for years. But according to Danielle Hale, chief economist for Realtor.com, this spring buying season may bring buyer frustration to a boil.

“I think it’s fair to say this is the most competitive housing market we’ve seen in recorded history,” says Hale. “There’s record low inventory and strong interest from buyers in getting into the housing market. There are a lot of buyers, and not a lot of sellers.”

According to Hale and other economists and real estate industry observers, many factors have created this “imperfect storm” of high demand and low supply. Underbuilding had been a key factor, due to cost, labor shortages, and zoning and regulatory barriers to new construction.

“We’ve been paying the bill for underbuilding for some time, and every year, it gets worse,” she says. “We’re not only not keeping up, we’re falling further behind.”

This excerpt taken from Curbed.com to read more please click HERE.