Asifa Zia -The Realtor YOU want

Finally there is good news for the home buyers, they can expect more home inventory and this more choices in Fall 2021. In the residential real estate market, trends generally follow a predictable and seasonal pattern. Typically, the number of homes available for sale (or active monthly listings) peaks in the fall. If we look at the active monthly listings for 2021 , we’ll see that the number of homes on the market has increased fairly steadily since spring this year. New  data from realtor.com  shows that the number of homes available for sale inched up 5.7% in August. That follows 8.8% and 10.4% inventory gains, respectively, in June and July. Since bottoming out this spring, inventory is up 30%.  The  realtor.com  data  shows we’re still seeing an increase in active inventory month-over-month. While that gain is a bit smaller month-to-month , September numbers are still up from the month prior. The buyers faced challenges like bidding wars, multiple...

  During the Great Recession, just over a decade ago, the financial systems the world depended on started to collapse. It created a panic that drove some large companies out of business (ex. Lehman Brothers) and many more into   bankruptcy . The financial crisis that accompanied the current pandemic caused hardship to certain industries and hurt many small businesses. However, it hasn’t rattled the world economy. It seems that a year later, things are slowly getting back to normal for many companies. Why is there a drastic difference between 2008 and now? In a  post  from  RealtyTrac , they explain: “We changed the rules. We told banks they needed more reserves and that they could no longer underwrite toxic mortgages. It turns out that regulation — properly done — can help us navigate financial minefields.” Here are the results of that regulation, captured in a graph depicting the number of failed banks since 2007. What was different this time? The post mentione...

  According to the latest   report   from   Black Knight, Inc. , a well-respected provider of data and analytics for mortgage companies, 6.48 million households have entered a forbearance plan as a result of financial concerns brought on by the COVID-19 pandemic. Here’s where these homeowners stand right now: 2,543,000 (39%) are current on their payments and have left the program 625,000 (9%) have paid off their mortgages 434,000 (7%) have negotiated a repayment plan and have left the program 2,254,000 (35%) have extended their original forbearance plan 512,000 (8%) are still in their original forbearance plan 116,000 (2%) have left the program and are still behind on payments This shows that of the almost 3.72 million homeowners who have left the program, only 116,000 (2%) exited while they were still behind on their payments. There are still 2.77 million borrowers in a forbearance program. No one knows for sure how many of those will become foreclosures. There are,...

  January is new month, new year, new start. You can just do a few things this month, which will make a lasting effect. Check smoke detectors and Carbon monoxide detectors: Use the test button on each device, and change batteries, if needed. Protect your pipes from Freezing: Insulate all your outdoor exposed pipes, better to save them now then spend hefty amount of money on repairs, if they burst. Know where your water shut off valves are< and turn off the water to the outdoor hoses. Prevent Ice dams: Ice dams are areas of built-up ice that can accumulate around your roof line, causing leaks when the backed-up snow behind them begins to melt. Using a roof rake, remove snow after each storm.  Take down the holidays decorations and store them: Wrap the delicate items in bubble wrap, declutter the ornaments, give away or donate which you don't want to keep. Replace any fused bulbs, and store everything away. Clean out the kitchen and pantry: Check the dates on pantry items, th...

  Increase your chances of getting your dream house in a competitive housing market. Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy and your offer will be more desirable to the seller. Stay in close contact with your real estate agent. Your agent will be on the lookout for the newest listings that meet your criteria. Be ready to see a house as soon as it goes on the market — if it’s a great home, it will go fast. Scout out new listings yourself. Browse sources such as realtor.com and local real estate listing sites. Set up alerts for the neighborhoods and characteristics you’re looking for. Drive through your target neighborhoods, and if you see a home you like for-sale, send the address and listing agent’s name to your agent, who can schedule a showing for you. Be ready to make a decision. Spend plenty of time in advance deciding what you can afford and must have in a home so you won’t hesitate when you have the chance to make an...

With a worldwide health crisis that drove a pause in the economy this year, the housing market was greatly impacted. Many have been eagerly awaiting some bright signs of a recovery. Based on the latest Existing Home Sales  Report  from the  National Association of Realtors  (NAR), June hit a much-anticipated record-setting rebound to ignite that spark. According to  NAR ,  home sales jumped 20.7%  from May to a seasonally-adjusted annual rate of 4.72 million in June:   “Existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic…Each of the four major regions achieved month-over-month growth.” This significant rebound is a major boost for the housing market and the U.S. economy. According to Lawrence Yun,  Chief Economist  for NAR, the momentum has the potential to continue on, too: “The sales recovery is ...