Buying • December 30, 2022

Applying For a Mortgage? Here’s What You Should Avoid Once You Do.

by Christine Keller

Applying For a Mortgage? Here’s What You Should Avoid Once You Do. | MyKCM

While it’s exciting to start thinking about moving in and decorating after you’ve applied for your mortgage, there are some key things to keep in mind before you close. Here’s a list of things you may not realize you need to avoid after applying for your home loan.

Don’t Deposit Large Sums of Cash

Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

Don’t Make Any Large Purchases

It’s not just home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. People with new debt have higher debt-to-income ratios (how much debt you have compared to your monthly income). Since higher ratios make for riskier loans, borrowers may no longer qualify for their mortgage. Resist the temptation to make any large purchases, even for furniture or appliances.

Don’t Cosign Loans for Anyone

When you cosign for a loan, you’re making yourself accountable for that loan’s success and repayment. With that obligation comes higher debt-to-income ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count the payments against you.

Don’t Switch Bank Accounts

Lenders need to source and track your assets. That task is much easier when there’s consistency among your accounts. Before you transfer any money, speak with your loan officer.

Don’t Apply for New Credit

It doesn’t matter whether it’s a new credit card or a new car, when you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), it will have an impact on your FICO® score. Lower credit scores can determine your interest rate and possibly even your eligibility for approval.

Don’t Close Any Accounts

Many buyers believe having less available credit makes them less risky and more likely to be approved. This isn’t true. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those aspects of your score.

Do Discuss Changes with Your Lender

Be upfront about any changes that occur or you’re expecting to occur when talking with your lender. Blips in income, assets or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. Ultimately, it’s best to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature.

Bottom Line

You want your home purchase to go as smoothly as possible. Remember, before you make any large purchases, move your money around, or make major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan.

Christine Keller, Your Realtor
Associate Broker
Augusta, GA & SC Area
706.589.2003 call /text

Coming to Fort Gordon and Stressed out about where to live?
Join PCS Pay-it-Forward for weekly lists of verified rentals, support from local military families, free resources, and education.

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Buying • Selling • December 30, 2022

Confused About What’s Going on in the Housing Market? Lean on a Professional.

by Christine Keller

Confused About What’s Going on in the Housing Market? Lean on a Professional. | MyKCM

If you’re thinking about buying or selling a home, you probably want to know what’s really happening with home prices, mortgage rates, housing supply, and more. That’s not an easy task considering how sensationalized headlines are today. Jay Thompson, Real Estate Industry Consultant, explains:

“Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points or predicting impending doom for the industry. Clickbait, the sensationalizing of headlines and content, has been an issue since the dawn of the internet, and housing news is not immune to it.”

Unfortunately, when information in the media isn’t clear, it can generate a lot of fear and uncertainty in the market. As Jason Lewris, Cofounder and Chief Data Officer at Parcl, says:

“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”

But it doesn’t have to be that way. Buying or selling a home is a big decision, and it should be one you feel confident making. To help you separate fact from fiction and get the answers you need, lean on a local real estate advisor.

A trusted expert is your best resource to understand what’s happening at the national and local levels. They’ll be able to debunk the headlines using data you can trust. And using their in-depth knowledge of the industry, they’ll provide context so you know how current trends compare to the normal ebbs and flows in the industry, historical data and more.

Then, to make sure you have the full picture, they’ll tell you if your local area is following the national trend or if they’re seeing something different in your market. Together, you’ll use all of that information to make the best possible decision for you.

After all, making a move is a potentially life-changing milestone. It should be something you feel ready for and excited about. And that’s where an agent comes in.

Bottom Line

If you have questions about the headlines or what’s happening in the housing market today, let’s connect so you have expert insights and advice on your side.

Christine Keller, Your Realtor
Associate Broker
Augusta, GA & SC Area
706.589.2003 call /text

Coming to Fort Gordon and Stressed out about where to live?
Join PCS Pay-it-Forward for weekly lists of verified rentals, support from local military families, free resources, and education.

And, Savvy Augusta Homebuyers for FREE homebuyer education. The first step in home buying should always be knowledge!

Buying • December 29, 2022

Financial Fundamentals for First-Time Homebuyers

by Christine Keller

Financial Fundamentals for First-Time Homebuyers | MyKCM

Are you prepping to buy your first home? If so, one of the steps you should take early on is making sure you’re financially ready for your purchase. Here are just a few of the financial fundamentals you’ll need to focus on as you set out to buy a home.

Build Your Credit

Your credit is one element that helps determine which home loan you’ll qualify for. It also impacts your mortgage interest rate. While there are many factors that go into your mortgage application, a higher credit score could lead to a lower monthly payment in the long run.

So how do you make sure your credit is in the best shape possible when it’s time to buy? A recent article from NerdWallet lists a few tips you can use as you work to build and strengthen your credit. They include:

Tracking your credit and disputing any errors that show up on your reports.
Paying your bills on time. This includes making loan payments and paying down any open lines of credit.
Keeping your credit card balances low. Paying more than your minimum monthly balance when you’re able can help.

Automate Your Savings for Your House Fund

You might also be wondering how you can achieve your down payment savings goals. Bankrate provides buyers with a number of tips to help you save, including searching for down payment assistance programs and ways you can save more, faster. As the article says:

“One of the best ways to save for anything — including a down payment —is to set it and forget it. If you receive a regular paycheck, ask your employer to direct a portion of that payment into a savings account. If you’re a freelance worker or independent contractor, set up a recurring transfer from a checking account to a savings account to establish the routine.”

Get Pre-Approved

As you prepare for your purchase, you’ll also need to have a good grasp on your budget and how much you’ll be able to borrow for your home loan. That’s where the pre-approval process comes in.

Pre-approval from a lender lets you know how much money you can borrow for your home loan. And having that knowledge, plus an understanding of your savings, can help you decide on your target price range for a house.

From there, you can start browsing for houses online and see what’s available in your area in that general price point. This can help you really understand your options so you can start to picture your future home.

For Customized Advice, Build a Team of Professionals

Finally, the best way to make you’re prepared for your purchase is to connect with trusted real estate professionals. Having expert advisors in the industry will help you make strong decisions throughout the homebuying process based on your specific goals, finances, and situation. They know the market and can guide you toward the home of your dreams.

Bottom Line

If you’re ready to get the homebuying process started, let’s connect so you can begin to build your team of professionals today.

Christine Keller, Your Realtor
Associate Broker
Augusta, GA & SC Area
706.589.2003 call /text

Coming to Fort Gordon and Stressed out about where to live?
Join PCS Pay-it-Forward for weekly lists of verified rentals, support from local military families, free resources, and education.

And, Savvy Augusta Homebuyers for FREE homebuyer education. The first step in home buying should always be knowledge!

Uncategorized • December 29, 2022

Thank You for All of Your Support

by Christine Keller

Thank You for All of Your Support | MyKCM

Buying • December 29, 2022

What Makes a House a Home?

by Christine Keller

What Makes a House a Home? | MyKCM

There’s no denying the long-term financial benefits of owning a home, but today’s housing market may have you wondering if now’s still the time to buy. While the financial aspects of buying a home are important, the non-financial and emotional reasons are too.

Home means something different to all of us. Whether it’s sharing memories with loved ones at the kitchen table or settling in to read a book in a favorite chair, the emotional connections to our homes can be just as important as the financial ones. Here are some of the things that make a house a home.

1. You Can Be Proud of Your Accomplishment

Buying a home is a major life milestone. Whether you’re setting out to buy your first home or your fifth, congratulations will be in order when you’ve achieved your goal. The sense of accomplishment you’ll feel at the end of your journey will truly make your home feel like a special place.

2. You Have Your Own Designated Happy Place

Owning your own home offers not only safety and security, but also a comfortable place where you can relax and unwind after a long day. Sometimes that’s just what you need to feel recharged and content.

3. You Can Find the Space To Meet Your Needs

Whether you want more room for your changing lifestyle (like retirement, dedicated space for a hobby, or a personal gym) or you simply prefer to have a large backyard for entertaining, you can invest in a home that truly works for your evolving needs.

4. You Can Customize Your Surroundings

Looking to try one of those decorative wall treatments you saw online? Tired of paying an additional pet deposit for your apartment building? Or maybe you want to create an in-home yoga studio. You can do all these things in your own home.

Bottom Line

Whether you’re planning to purchase your first home or you’re ready to buy a different home to meet your needs, consider the emotional benefits that can turn a house into a happy home. When you’re ready to make a move, let’s connect.

Christine Keller, Your Realtor
Associate Broker
Augusta, GA & SC Area
706.589.2003 call /text

Coming to Fort Gordon and Stressed out about where to live?
Join PCS Pay-it-Forward for weekly lists of verified rentals, support from local military families, free resources, and education.

And, Savvy Augusta Homebuyers for FREE homebuyer education. The first step in home buying should always be knowledge!

Buying • December 21, 2022

Mortgage Rates Are Dropping. What Does That Mean for You?

by Christine Keller

Mortgage Rates Are Dropping. What Does That Mean for You? | MyKCM

Mortgage rates have been a hot topic in the housing market over the past 12 months. Compared to the beginning of 2022, rates have risen dramatically. Now they’re dropping, and that has to do with everything happening in the economy.

Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains it well by saying:

“Mortgage rates dropped even further this week as two main factors affecting today’s mortgage market became more favorable. Inflation continued to ease while the Federal Reserve switched to a smaller interest rate hike. As a result, according to Freddie Mac, the 30-year fixed mortgage rate fell to 6.31% from 6.33% the previous week.”

So, what does that mean for your homeownership plans? As mortgage rates fluctuate, they impact your purchasing power by influencing the cost of buying a home. Even a small dip can help boost your purchasing power. Here’s how it works.

The median-priced home according to the National Association of Realtors (NAR) is $379,100. So, let’s assume you want to buy a $400,000 home. If you’re trying to shop at that price point and keep your monthly payment about $2,500-2,600 or below, here’s how your purchasing power can change as mortgage rates move up or down (see chart below). The red shows payments above that threshold and the green indicates a payment within your target range.

This goes to show, even a small quarter-point change in mortgage rates can impact your monthly mortgage payment. That’s why it’s important to work with a trusted real estate professional who follows what the experts are projecting for mortgage rates for the days, months, and year ahead.

Bottom Line

Mortgage rates are likely to fluctuate depending on what happens with inflation moving forward, but they have dropped slightly in recent weeks. If a 7% rate was too high for you, it may be time to contact a lender to see if the current rate is more in line with your goal for a monthly housing expense.

Christine Keller, Your Realtor
Associate Broker
Augusta, GA & SC Area
706.589.2003 call /text

Coming to Fort Gordon and Stressed out about where to live?
Join PCS Pay-it-Forward for weekly lists of verified rentals, support from local military families, free resources, and education.

And, Savvy Augusta Homebuyers for FREE homebuyer education. The first step in home buying should always be knowledge!

Selling • December 21, 2022

Homeowners Still Have Positive Equity Gains over the Past 12 Months

by Christine Keller

Homeowners Still Have Positive Equity Gains over the Past 12 Months | MyKCM

If you’re a homeowner, your net worth got a big boost over the past few years thanks to rapidly rising home prices. Here’s how it happened and what it means for you, even as the market moderates.

Equity is the current value of your home minus what you owe on the loan.

Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home prices appreciated substantially.

And while home price appreciation has moderated this year, and even depreciated slightly in some overheated markets, that doesn’t mean you’ve lost all the equity you gained during the pandemic frenzy.

To prove you still have equity you can use, the latest Homeowner Equity Insights from CoreLogic finds the average homeowner equity has actually grown by $34,300 over the past 12 months.

That’s right, despite the headlines, the average homeowner still gained positive equity over the last year in just about every market. While the gains aren’t as dramatic as they were in the previous quarter due to home price moderation, they’re still significant. And if you’ve been in your home for longer than a year, chances are you have even more equity than you realize.

While that’s the national number, if you want to know what happened over the past year in your area, look at the map below from CoreLogic:

Why This Is So Important Right Now

While equity helps increase your overall net worth, it can also help you achieve other goals, like buying your next home. When you sell your current house, the equity you’ve built up comes back to you in the sale, and it may be just what you need to cover a large portion – if not all – of the down payment on your next home.

So, if you’ve been holding off on selling because you weren’t sure what the headlines meant for your bottom line, rest assured you’ve still gained equity in recent years, and it can help fuel your move.

Bottom Line

If you’re planning to make a move, the equity you’ve gained over time can make a big impact. To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, let’s connect.

Christine Keller, Your Realtor
Associate Broker
Augusta, GA & SC Area
706.589.2003 call /text

Coming to Fort Gordon and Stressed out about where to live?
Join PCS Pay-it-Forward for weekly lists of verified rentals, support from local military families, free resources, and education.

And, Savvy Augusta Homebuyers for FREE homebuyer education. The first step in home buying should always be knowledge!

Buying • Selling • December 21, 2022

What To Expect From the Housing Market in 2023

by Christine Keller

What To Expect from the Housing Market in 2023 | MyKCM

The 2022 housing market has been defined by two key things: inflation and rapidly rising mortgage rates. And in many ways, it’s put the market into a reset position.

As the Federal Reserve (the Fed) made moves this year to try to lower inflation, mortgage rates more than doubled – something that’s never happened before in a calendar year. This had a cascading impact on buyer activity, the balance between supply and demand, and ultimately home prices. And as all those things changed, some buyers and sellers put their plans on hold and decided to wait until the market felt a bit more predictable.

But what does that mean for next year? What everyone really wants is more stability in the market in 2023. For that to happen we’ll need to see the Fed bring inflation down even more and keep it there. Here’s what housing market experts say we can expect next year.

What’s Ahead for Mortgage Rates in 2023?

Moving forward, experts agree it’s still going to be all about inflation. If inflation is high, mortgage rates will be as well. But if inflation continues to fall, mortgage rates will likely respond. While there may be early signs inflation is easing as we round out this year, we’re not out of the woods just yet. Inflation is still something to watch in 2023.

Right now, experts are factoring all of this into their mortgage rate forecasts for next year. And if we average those forecasts together, experts say we can expect rates to stabilize a bit more in 2023. Whether that’s between 5.5% and 6.5%, it’s hard for experts to say exactly where they’ll land. But based on the average of their projections, a more predictable rate is likely ahead (see chart below):

That means, we’ll start the year out about where we are right now. But we could see rates tick down if inflation continues to drop. As Greg McBride, Chief Financial Analyst at Bankrate, explains:

“. . . mortgage rates could pull back meaningfully next year if inflation pressures ease.”

In the meantime, expect some volatility as rates will likely fluctuate in the weeks ahead. If we see inflation come back under control, that would be good news for the housing market.

What Will Happen to Home Prices Next Year?

Homes prices will always be defined by supply and demand. The more buyers and fewer homes there are on the market, the more home prices will rise. And that’s exactly what we saw during the pandemic.

But this year, things changed. We’ve seen home prices moderate and housing supply grow as buyer demand pulled back due to higher mortgage rates. The level of moderation has varied by local area – with the biggest changes happening in overheated markets. But do experts think that will continue?

The graph below shows the latest home price forecasts for 2023. As the different colored bars indicate, some experts are saying home prices will appreciate next year, and others are saying home prices will come down. But again, if we take the average of all the forecasts (shown in green), we can get a feel for what 2023 may hold.

The truth is probably somewhere in the middle. That means nationally, we’ll likely see relatively flat or neutral appreciation in 2023. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”

Bottom Line

The 2023 housing market is going to be defined by mortgage rates, and rates will be determined by what happens with inflation. The best way to keep a pulse on what experts are projecting for next year is to lean on a trusted real estate advisor. Let’s connect.

Christine Keller, Your Realtor
Associate Broker
Augusta, GA & SC Area
706.589.2003 call /text

Coming to Fort Gordon and Stressed out about where to live?
Join PCS Pay-it-Forward for weekly lists of verified rentals, support from local military families, free resources, and education.

And, Savvy Augusta Homebuyers for FREE homebuyer education. The first step in home buying should always be knowledge!

Buying • Selling • December 20, 2022

PCSing Pets to Fort Gordon : A Guide to Moving

by Christine Keller

PCSing isn’t a fun task to begin with, but when you add kids, pets, or both to the mix, things can get even more complicated. But good luck with your human children, because today we’re going to focus on our furry friends and making the transition from old place to new as safe and smooth for them, and you, as (humanly) possible!

For more support moving to Fort Gordon; join Fort Gordon PCS Pay It Forward and connect with other local military families. https://www.facebook.com/groups/pcsfortgordon/

& Savvy Fort Gordon Homebuyers:

https://www.facebook.com/groups/203557530339715/

Before Your Move: The Truth About Cats & Dogs

Let’s be honest, dogs travel much more easily than cats, that’s just a fact. But if you have a squeamish dog or laid-back kitty, that’s great to know ahead of time because the best thing you can possibly do when you get your orders is begin preparing your animals for the big move. Start by getting your pets accustomed to being in a carrier if they aren’t already. Introduce them into the space by putting an article of your clothing and their favorite toys inside, then by giving them treats while they’re in there and doing it all in the comfort of the home they already know and love.

Packing Day: Should They Stay or Should They Go Now?

Strangers in and out of the house, boxes being packed with that loud awful tape noise, doors left open without the consideration of a fleeing freaked-out pet. You need to have a plan for your pets on this hectic day that will keep them safe and calm. Perhaps you should leave them with a friend or think about boarding them for a day or two. But either way, they should not be left in the thick of things. Even if you simply leave them in a back room where it’s quiet, your pets should always be kept in a secure and tranquil location when it’s time for the action to start.

On the Road Again

Don’t forget to pack for your pet for your time on the road. Make sure you have their leash, food and water dish, bottled water, pet first aid kit, disposable litterbox (for a cat), and throw in some blankets and toys for their comfort and entertainment as well. If crossing state lines, make sure you get a health certificate from your vet in the chance that you’re pulled over and asked to provide one. Be sure you have all identification tags with correct contact information and that any microchip records are up to date.

Always make sure your pets are secured and safe while driving. Loose pets are not only vulnerable in accidents, but they can also provoke distracted driving that causes one. Dogs should be in crates or restrained with a safety harness. Cats should be in a carrier, preferably one with a cover to keep them calm when the trip begins. And don’t forget to take your dogs out at every pit stop!

Over Night Stays

If you’ll be making an overnight stop, remember to book a pet friendly location. Be sure to call the specific location and confirm the pet policy and any additional fees as even corporate or chain hotels can vary in their protocols. Some hotels limit access to dogs over 30 lbs, and don’t allow birds, exotic pets or even cats.

Alternate Transportation: Turn to the Professionals

If you have TDY enroute orders or have more exotic pets like birds, horses or even very large dogs, it might be a better idea to find a professional carrier who can handle the details of getting your pet from one place to another. If you do have young children or will be stuck in a hotel for a longer amount of time, this is definitely something worth considering. Remember to begin looking for a reputable company at least 30 days in advance to give you ample time to find the best fit.

For more support moving to Fort Gordon. Join Fort Gordon PCS Pay It Forward and connect with other local military families. https://www.facebook.com/groups/pcsfortgordon/

& Savvy Fort Gordon Homebuyers:

https://www.facebook.com/groups/203557530339715/

Happy PCSing!

Christine Keller, Your REALTOR 706-589-2003 cell call/text

CENTURY 21 JEFF KELLER REALTY (7067960106) OFFICE

Fort Gordon Ambassador for PCS Pay-it-Forward

Buying • September 2, 2022

New Homes May Have the Incentives You’re Looking for Today

by Christine Keller

New Homes May Have the Incentives You’re Looking for Today

According to the U.S. Census Bureau, this year, builders are on pace to complete more than a million new homes in this country. If you’ve had trouble finding a home to buy over the past year, it may be time to work with your trusted agent to consider a new build and the incentives that come with it. Here’s why.

The Supply of Newly Built Homes Is Rising

When looking for a home, you can choose between existing homes (those that are already built and previously owned) and newly constructed ones. While the inventory of existing homes is on the rise today, it’s still in tight supply, meaning it can be challenging to find just the right one.

The inventory of newly built homes, however, is also rising. And with more options available than there have been in years, a new home may be just the answer you’re looking for. The graph below shows just how much the supply of newly built homes has grown this year.

And here’s the thing – builders are also keeping a close eye on current market trends. With mortgage rates rising this year and, as a result, buyer demand softening, builders are slowing their pace of new construction. That’s because they learned their lesson in the housing crash of 2008 and want to avoid over-building and having too much inventory in their pipeline.

Basically, while there are more newly built homes on the market today than there have been in years, many builders want to sell their current inventory before adding much more – and that’s where you can really benefit. Today, builders may be more willing to work with buyers. According to a recent survey, 83% of builders have reduced their prices over the last three months.

What That Means for You

The current supply of newly built homes for sale coupled with the fact that data shows the majority of builders are doing price reductions are both great news for you. It means you may have more options and possibly some much-needed relief if you consider newly built homes in your search.

In the Augusta Georgia new construction market is offering a lot more incentives now than they were in this same time period last year. Now builders are offering buyers incentives on closing costs . New Construction homes in the Augusta GA real estate market is now offering more lucrative incentives to home buyers. The amount of incentives offered from builders is significantly higher than this time last year in 2021.

Bottom Line

If you’re ready to buy, it may be time to look for a newly built home. To learn what’s available in our area and what incentives these builders are offering, let’s connect today.

The first step in home buying is education. Check out our free group with lots of great free homebuying information https://www.facebook.com/groups/buyfortgordon

http://augusta.sites.c21.homes/

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