Geoffrey Disch, Author at Green Escrow Services, Inc

No age barrier for mortgage applicants

January 27, 2020 By Geoffrey Disch Leave a Comment

The Equal Credit Opportunity Act forbids age discrimination, meaning that older citizens can apply for a mortgage. And there’s a sizable market there as statistics show that 10 percent of all mortgages are for applicants aged 65 or over.

The caveat, of course, is that many are no longer working full-time so they might not meet the monthly requirements. On the other hand, assets such as pensions, social security benefits, dividends, and interest all may be used.

Some lenders also have special programs geared toward senior citizens.

U.S. housing inventory at 7-year low

January 23, 2020 By Geoffrey Disch Leave a Comment

While late 2018 seemed to indicate a positive shift in housing inventory, it’s now clear that those gains were short-lived as inventory is down year-over-year in 31 of the 35 largest housing markets nationwide with only San Antonio, Detroit, Atlanta and Chicago showing gains. Tow California cities – Sa Diego (down 23 percent) and Sacramento (down 21 percent) along with Seattle (down 28.5 percent) showed the steepest drop in inventory.

As demand continues to be high – lower mortgage rates and high consumer confidence as prime reasons – analysts see the slowdown in home value possible coming to an end.

Once again, demand is outpacing supply.

Real Estate Trends: 2020 & Beyond

January 21, 2020 By Geoffrey Disch Leave a Comment

Hipsturbia – a term ostensibly coined by The New York Times in 2013, referring to the young creatives in Brooklyn who could no longer afford Brooklyn’s increasingly high prices and were migrating to the suburbs and bringing their thirst for activity with them. Increasingly, developers are taking note of this desire for live-work-play in areas outside of cities.

Of course, housing these days anywhere is not cheap and it’s very possible that homeownership may decline to levels not seen since the 1930s and 1940s. This is causing an increase in house-sharing and prefab homes.

Undoubtedly, more changes are coming…

Benefits of a house buying company when selling

January 16, 2020 By Geoffrey Disch Leave a Comment

selling a home can be a lengthy process involving research, remodeling, decluttering and staging, if not more, If time is of the essence and you’re not looking to get absolutely top dollar, then using a house buying company might make sore sense.

They buy houses “as is” If you don’t have time or the funds to fix up the property, they will give you a fair assessment of the property as it stands.
No commissions While real estate agents help you get the highest price, agents require commissions which will certainly cut into that profit.
They pay cash House buyers will pay you cash for your house immediately.
Deals close quickly House buyers make a quick payment and take care of all the paperwork.

While you probably won’t get the best deal by using a house buying company, there are certainly advantages as outlined above.

Buying s second home, first

January 13, 2020 By Geoffrey Disch Leave a Comment

Many first-time buyers are priced out of the market in their area of choice – particularly in the Bay Area and metro New York – so they’re turning their attention to affordable vacation properties in the less expensive regions. The buyers then rent out the property or use Airbnb to help pay off the mortgage as they continue to save for their man property.

Analysts agree that this strategy is not for everyone and may actually delay the purchase of the primary residence.

Understanding the mortgage process

January 9, 2020 By Geoffrey Disch Leave a Comment

Whether this is a first home purchase or the tenth it is important to understand options as a homebuyer and to make sure to use quality professional help. While most are selective when choosing a real estate agent, many are not nearly so careful when it comes to a mortgage broker.

It’s equally important to understand the options available: Conventional Mortgage, FHA Mortgage, VA Loan, USDA Rural Housing Loan, Adjustable Rate Mortgage (ARM), and 203k Rehab Loan are some of the more common ones.

Finally, as all financial situations are different, it’s imperative to get a clear understanding of:

Amount borrowed
Term of loan
Interest rate
Down payment
Loan program

Getting a clear picture of terms and options before beginning can ease plenty of the stress later on.

2020 forecast: A cooling market

January 6, 2020 By Geoffrey Disch Leave a Comment

After three years of unprecedented appreciation, many real estate analysts expect the Bay Area home prices to be flat to up or down 2 percent, depending on location. Of course, most experts see this as a correction to the aforementioned exorbitant appreciation and not a sign of weakness in the area.

However, given the Bay Area’s higher taxes, higher home prices and growing congestion, the growing trend of California moving out-of-state to Texas, Oregon, Nevada, and Arizona should continue.

Nationwide, analysts see continued growth in housing, primarily in the South followed by the West, Midwest, and Northeast.

Home interior design trends 2020

January 2, 2020 By Geoffrey Disch Leave a Comment

According to interior designers in an article in Forbes.com, expect bolder color statements instead of all-white and neutral interiors in 2020. Shades of greens, blues, and pink will be popular as well as terra cotta, peach, and golden yellow as more earth tones will predominate.

High-contrast design such as colorful trim, high gloss against a monotone all and even wallpaper on the ceiling should be more popular.

Finally, layered patterns in tabletop and textile designs and pattern matching – walls to upholstered furniture and bedding – will come back in style.

All-in-all, a colorful 2020!

Rents are up but evictions are down

December 30, 2019 By Geoffrey Disch Leave a Comment

The San Francisco Chroniclereports that even as rents continue to rise in California – 23 percent from 2011 to 2018 – evictions have dropped nearly 40 percent in the same time period. Closer to the Bay Area, rents in San Mateo County have increased 55 percent since 2010 but the number of eviction lawsuits dropped by 50 percent.

Eviction researchers are not sure why but point to a number of possible reasons. Renters who move out due to a rent increase or a “cash for keys” arrangement are not counted as evictions. Landlords often employ a “no-fault” notice that tenancy will end in two months. Moreover, many landlords avoid eviction notices due to the potential cost, particularly if the renter requests a jury trial which can cost from $10,000 to $15,000, with the potential that the landlord may lose the case.

Finally, landlords now do a much better job at screening applicants so the possibility of the need for an eviction notice is greatly decreased from the start.

Bay Area growth rate declines

December 26, 2019 By Geoffrey Disch Leave a Comment

In the last 12 months, 26,730 new residents have moved into the Bay Area. And, while this seems like quite a few, close to 30,000 left in the same period of time. According to statistics, a sizable number of the new residents “moving in” were babies being born. Since July 2018, 39,200 people from other countries have moved into the Bay Area, while 42,300 have migrated to other states such as Idaho or Texas.

Statewide, California grew 0.35 percent between July 2018 and July 2019 which is the lowest rate since 1900.

Analysts also pointed to an increasing death rate from an aging population and an overall declining birth rate. Overall, extremely high housing costs, transportation issues, and increasing dissatisfaction with the quality of life – and the direction it is headed – are considered prime reasons for the decline.