Market Update Category

5 Ways to Increase Your Credit Score

posted on August 20th, 2014 | filed under: Buying Strategies, Market Update

Excellent Credit ScoreArticle Courtesy of Samuel Scott Financial Group.

There’s no way around it, if you want to buy a home with a mortgage, you’ll get a better rate with a higher credit score. Unfortunately, your credit score takes into account several years of your past financial missteps in addition to your current situation.

While there is no easy “fix” to your credit score, practicing these five suggestions can help you move it in the right direction.

1. Keep Paid-Off Debt on Your Report – While negative debt on your report is bad, paid-off debt is a positive contributor to your credit score. Most of your negative debt falls off after seven years, but keeping positive debt in place can help. If you’ve paid off that line of credit, keep it open (just don’t use it) and when you switch to a different credit card because it has a lower interest rate, keep the old one (again, just don’t use it) so that your “available credit” is higher.

2. Revolving Credit – Your score reflects how much credit you have versus how much you are using at any given time. The lower the credit usage to credit available, the higher your score. To increase your credit available, pay down your balances. Even if you pay your entire balance off every month, you may appear to have a higher usage to available ratio. Since it is your statement balance that many card issuers report to the credit bureaus, consider paying ahead of the statement date.

3. Small Balances on Several Cards – When you have several cards in use at once, even if they have small balances, your score reflects the number of credit accounts in addition to the total balance. Pay off the small balances. Use your lowest interest-rate card for most of your purchases.  Read the rest of this entry »

posted by Jeff DeChamplain // Leave A Comment

Market Update | Median Price Hits $500,000

posted on August 11th, 2014 | filed under: Buying Strategies, Market Update, NoCo SD Market Conditions, Uncategorized

Aug-Sept Trends At A GlanceThis is the first time the median price of single family, re-sale homes has been at $500,000 since November 2007.

Since the beginning of the year, the 3-month moving average median price has gained 9%.

Although sales continue to lag, home sales are down 13.7% year-to-date, pending sales were up year-over-year for the first time since February 2013.

July Market Statistics

Year-Over-Year

  • Median home prices increased by 8.7% year-overyear to $500,000 from $460,000.
  • The average home sales price rose by 10.6% yearover-year to $645,220 from $583,384.
  • Home sales fell by 22.6% year-over-year to 2,032 from 2,626.
  • Total inventory* rose 21.6% year-over-year to 11,815 from 9,716.
  • Sales price vs. list price ratio fell by 1.5% yearover-year to 97.8% from 99.3%.
  • The average days on market rose by 9.9% yearover-year to 44 from 40.

Compared To Last Month

  • Median home prices improved by 0.6% to $500,000 from $497,000.
  • The average home sales price fell by 1.3% to $645,220 from $653,820.
  • Home sales down by 9.2% to 2,032 from 2,237.
  • Total inventory* increased 7.5% to 11,815 from 10,994.
  • Sales price vs. list price ratio dropped by 0.1% to
  • 97.8% from 97.9%.
  • The average days on market increased by 3.0% to 44 from 43.

CONDOMINIUMS

Year-Over-Year

  • Median condo prices increased by 4.4% year-overyear to $335,000 from $321,000.
  • The average condo sales price rose by 3.8% yearover-year to $399,440 from $384,749.
  • Condo sales fell by 18.1% year-over-year to 781 from 954.
  • Total inventory* rose 22.7% year-over-year to 4,017 from 3,274.
  • Sales price vs. list price ratio fell by 2.1% yearover-year to 98.2% from 100.3%.
  • The average days on market fell by 12.4% yearover-year to 39 from 44.

 

 

 

posted by Jeff DeChamplain // Leave A Comment

Market Update | Prices Keep Rising

posted on July 18th, 2014 | filed under: Buying Strategies, Market Update, NoCo SD Market Conditions, Uncategorized

Trends at a Glance - July 2014The median price of single-family, re-sale homes reached its highest level since November 2007.

Since the beginning of the year, the 3-month moving average median price has gained 6%.

The rise in prices is pulling home owners out from under water. We can see this in the large increases in active listings over the past two months.

Rising inventory has ameliorated the rise in prices. After 17 out of 18 months with double-digit price increases, year-over-year, the last three months have produced only single-digit price increases.

Price increases should continue to slow for the rest of the year.

To read the full report: http://dechamplain.rereport.com

 

posted by Jeff DeChamplain // Leave A Comment

Jeff DeChamplain