My paper is about the recent situation and growth in the Hudson real estate market. I spoke with Kira Blair who works at Wells Fargo bank as a personal banker. Her impressions reflect what I’ve found in my literature research, which is firstly about the trend in real estate market. Kira said the trends of the rental market is that the need for lower rental for young people will continue to increase because younger people were unable to afford the mortgages when they enter the workforce for the first time. So without the funds to make a down payment or the credit to be approved for a mortgage, young people opted to rent and they may continue to rent in many years. Kira said that the demand for buying houses or apartments are not as much as …show more content…
Furthermore, Kira told me that the most difference between today and the bubble years before is that the bank has a strict regulation for the “credit box”. During the subprime mortgage bubble years, the bank didn’t qualify the customers whether they have income or they have job and ability to pay for the loans which is a significant reason for the bubbles and thus a lot of people lost their home at that time. For the credit score part, Wells Fargo’s standards are Excellent (760+), Good (700-759), Fair (621-699), Poor (620 and below) and No Credit Score. A good credit score shows that you’ve responsibly managed your debts and consistently made on-time payments every month. She said that the credit score matters because it can impact your interest rate, term, and credit limit. The higher your credit score, the more you may be able to borrow and the lower the interest rate you could receive. For example, if you want to borrow a loan amount of $15,000. For an excellent credit status, the average APR is 5% and the monthly payment is $352. For a good credit status, the average APR is 5% and the monthly payment is $391 and for a fair credit status, the average APR is 15% and the monthly payment is $427. It is obviously that the credit score has a significant influence for the loan payment. If you do not have a high credit score, you have to pay more every
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If you are looking to buy a private property or HDB flat in Singapore, make sure that you know all the pitfalls before you sign on the dotted line. Here are some of the major things you should look out for to avoid getting into a legal or financial tangle during the transaction.
Real Estate Attorneys offer legal advice and services to individuals and groups who need help with their residential, commercial, or industrial real estate transactions or investments”. Most attorneys keep your rights protected and have policies that you have to read and sign off on and they are made based off what property you on and the circumstances of the neighborhood. Most attorneys want you to pay a percent. Real estate is an important industry because,” people always need homes and businesses always need office space” . Real Estate Attorneys are always needed due to people needing homes, office spaces, and building spaces. Attorneys are their to protect your house if anything happens and also if you were to have a housing problem
When someone decides to take the major choice in life to purchase a home they need to feel secure in the process and decision. The purchase of a home is an investment in their future they need to feel secure in the choice made. This step-in life at times are due to future family planning and ensure a they are a part of an environment is one they can thrive in. One of the major draws of homeownership is the investment made when choosing to have a mortgage versus the continuous cycle of renting. Which is why real estate transactions are important and ensuring that they are handled legally and protect all parties is important.
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The career of a Real Estate agent is a unique work environment that has various opportunities and requires specialized study and various personal attributes to successfully run a real estate team or brokerage at a high level of business. As a result of research, l have concluded that a Real Estate career is a possible career choice for me.
Buying or selling a house or an apartment is one of the biggest decisions of a person’s life. And when selling or establishing a price for real estate, people seek out real estate agents to do the dirty work. A real estate agent has to convince a prospective homeowner that he or she is trustworthy and knowledgeable. In many ways, the agent acts as a counselor to individuals and families about to embark on a huge commitment. Real estate agents have a thorough knowledge or real estate market in their community. They
If a consumer does not wish to have a licensee act on behalf of that consumer either as a seller agent or a buyer agent yet wishes to enter another relationship with the real estate brokerage firm, the licensee shall clearly describe, in writing, that relationship. The written description of that other relationship shall be signed by all parties to the relationship prior to any services being rendered.
Despite slow household growth in the last decade, there are several factors that indicate the housing market is set to rebound. The economy has seen a current increase in the number of people who are renting living spaces, whether they be apartment or homes (Searcey, 2015). As there continues to be a higher demand for rentals, especially in heavily populated cities, the rent pricing will increase. Justifying high rent prices, when comparable to purchasing a home, will be difficult to do. According to the National Association of Realtors, a large portion of Americans are allocating a large share of their income for housing. Economists predict that home buyers will continue to rise as long as the economy
I 've been investing in the Las Vegas real estate market for several years and currently own a few rental homes there. This market used to be very good to me. Now, I take a financial loss on every rental property owned in Clark County Nevada. The Las Vegas real estate market has not fared well with the roll of the dice. The only winners in this game of roulette have been the banks. Speculators are convinced Las Vegas is paying the price for all its sins, as if the state of Nevada is being forced to pay a karmic debt through an endless sea of foreclosures. I suppose they could be right, but considering the entire country is littered with bank owned homes I 'm thinking blame rests with greedy Wall Street investors, not the powers of the Universe. Vegas has taken a hard hit on many levels. It 's difficult for a city that relies on people tossing around disposable income to survive during economic recession. As the tourist industry declined a lot of people lost their jobs. Before long they lost their home to foreclosure. In the past 2 years, nearly 20,000 residents have moved away from lack of employment opportunities. I have a rental property located in a community hit hard by foreclosure. Each time I drive by the house I look out over an endless sea of short sale and bank owned "For Sale" signs. It 's become such a ghost town I expect to see tumbleweed rolling down the middle of the street. I was talking with a realtor friend who makes a living selling high-end real
My research paper will focus on millennials struggle in the housing market. This generation makes almost 27 percent of the U.S. population and less than half of it has their own home. The big reason for this is a slow job market, unemployment and college loan debts. More young adults are going back to their ”nests” after graduation and living with their parents. They are delaying marriage, delaying buying first homes, and opening their own business. The purpose of my research is to offer suggestions for affordable living space for the millennials.
Interest rates have a major economic impact on the real estate market. Interest rates directly affect property sales. Residential property realizes the greatest affect as interest rates have a considerable influence on a homebuyer’s capability to purchase a new property. The customer is affected when there are significant increases or decreases in interest rates. Declining interest rates lower the costs of obtaining a mortgage; this in turn creates higher demand for homes, and pushes home prices up. Conversely, high interest rates increase the costs to obtain a mortgage; these increases lower the demand for homes, which creates a decline in home prices. (Stammers, 2016)
The current real estate crisis that America finds itself in is one of the greatest challenges America has ever faced. America’s troubles are further compounded by increasing unemployment of American citizens and environmental problems like global warming. Solving any one of these problems would be a Herculean task, yet they must each be addressed in order to protect American families from disaster. However, it is possible to find a solution to the problems of the real estate crisis that can also be used to improve the problems of the unemployment and environmental destruction. The first part of the solution involves the United States government purchasing the homes that have been foreclosed and using them to offer temporary housing to