Bridget Rickey Realtor

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Don’t Be Fooled by Remarkable Real Estate Headlines Don’t be impressed by the headlines reporting year-over-year housing numbers for the next several months (data covering March, April, May, and June). The data will most likely show eye-popping one-year increases. While the year-over-year jumps will certainly be striking, consumers should take these numbers with a grain of salt, as the situation highlights a short-term quirk in the reporting of this data. Essentially, the inc...reases will reflect a combination of two things: sharply lower housing numbers during last year’s virus-related market collapse and the subsequent strong rebound. This will result in what will appear to be unbelievable growth. Consider single-family home sales as an example. Last spring’s buying market was anything but typical. Instead of sales increasing, they fell sharply as a result of stay-at-home orders that virtually shut the... Local stats for your neighborhood? Message Me

How Much Time Do You Need To Save for a Down Payment? One of the biggest hurdles homebuyers face is saving for a down payment. As you’re budgeting and planning for your home purchase, you’ll want to understand how much you’ll need to put down and how long it will take you to get there. The process may actually move faster than you think. Using data from the U.S. Department of Housing and Urban Development (HUD) and Apartment List, we can estimate how long it might take someon...e earning the median income and paying the median rent to save up for a down payment on a median-priced home. Since saving for a down payment can be a great time to practice budgeting for housing costs, this estimate also uses the concept that a household should not pay more than 28% of their total income on monthly housing expenses. According to the data, the national average for the time it would take to save for a 10% down payment... Local stats for your neighborhood? Message Me

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Why This Is a Great Year to Sell Your Vacation Home As vaccines are administered and travel resumes, many of us are beginning to plan for those long-awaited vacations we missed out on over the past year. Some households are focusing their efforts on buying a vacation home rather than staying in a hotel, too. The National Association of Home Builders (NAHB) reports, Second homes (i.e., homes sold to buyers who are not going to occupy the home year-round, but use it as a vacat...ion home, investment property, etc.) account for 15 percent of new single-family home sales. It’s not surprising that there’s an increase in demand for vacation homes. The majority of Americans are realizing they prefer to be around small groups, as shown in a recent survey from The Harris Poll. Social distancing taught consumers new things about how they like to socialize; (75%) said, ‘during COVID social distancing I... Local stats for your neighborhood? Message Me

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Your Tax Refund and Stimulus Savings May Help You Achieve Homeownership This Year If you’re planning to buy a home this year, saving for a down payment is one of the most important steps in the process. One of the best ways to jumpstart your savings is by starting with the help of your tax refund. This year, the International Revenue Service (IRS) estimates Americans can expect an average refund of $2,925 when filing their taxes. Thanks to programs from the Federal Housing Au...thority, Freddie Mac, and Fannie Mae, many first-time buyers can purchase a home with as little as 3% down. In addition, Veterans Affairs Loans allow many veterans to put 0% down. You may have heard the common myth that you need to put 20% down when you buy a home, but thankfully for most homebuyers, a 20% down payment isn’t actually required. It’s important to work with your real estate professional and your lender to understand all... Local stats for your neighborhood? Message Me

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There’s No Reason To Panic Over Today's Lending Standards Today, some are afraid the real estate market is starting to look a lot like it did in 2006, just prior to the housing crash. One of the factors they’re pointing to is the availability of mortgage money. Let’s alleviate these concerns. the Mortgage Credit Availability Index stood at about 400 in 2004. Mortgage credit became more available as the housing market heated up, and then the index passed 850 in 2006. When the ...real estate market crashed, so did the MCAI (to below 100) as mortgage money became almost impossible to secure. Thankfully, lending standards have eased somewhat since. The index, however, is still below 150, which is about one-sixth of what it was in 2006. Why did the index rage out of control during the housing bubble? The main reason was the availability of loans with extremely weak lending standards. Lenders were approving loans without always going through a verification process to confirm if the borrower would likely be able to repay the loan. Some of these loans offered attractive, low interest rates that increased over time. The loans were popular because they could be obtained quickly and without the borrower having to provide documentation up front. However, as the rates increased, borrowers struggled to pay their mortgages. In 2006, lending standards were much more relaxed with little evaluation done to measure a borrower’s potential to repay their loan. Today, standards are tighter, and the risk is reduced for both lenders and borrowers. These are two very different housing markets, so there’s no need to panic over today’s lending standards. Local stats for your neighborhood? Message Me

What It Means To Be in a Sellers’ Market If you’ve given even a casual thought to selling your house in the near future, this is the time to really think seriously about making a move. Here’s why this season is the ultimate sellers’ market and the optimal time to make sure your house is available for buyers who are looking for homes to purchase. The latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houses for sale is stil...l astonishingly low, sitting at just a 2-month supply at the current sales pace. Historically, a 6-month supply is necessary... Local stats for your neighborhood? Message Me

If you're looking to feel more in touch with the great outdoors, here are some ways you can improve your living space.

Buyer & Seller Perks in Today’s Housing Market Right now, the housing market is full of outstanding opportunities for both buyers and sellers. Whether you’re thinking of buying your first home, moving up to a bigger one, or selling so you can downsize this spring, there are perks today that are powering big moves for people across the country. Here are the top two to keep on the radar this season. The Biggest Perk for Buyers: Low Mortgage Rates Today’s most compelling buyer ...incentive is low mortgage interest rates. The 30-year fixed-rate is now averaging just over 3%. While that’s slightly higher than... Local stats for your neighborhood? Message Me

What Credit Score Do You Need for a Mortgage? According to data from the most recent Origination Insight Report by Ellie Mae, the average FICO score on closed loans reached 753 in February. As lending standards have tightened recently, many are concerned over whether or not their credit score is strong enough to qualify for a mortgage. While stricter lending standards could be a challenge for some, many buyers may be surprised by the options that are still available for borr...owers with lower credit scores. The fact that the average American has seen their credit score go up in recent years is a great sign of... Local stats for your neighborhood? Message Me

INFOGRAPHIC: Learn how to determine what's essential and what can be discarded.