HOW IS THE MARKET?
 

            That is the question I am asked the most frequently. Of course, the answer is often complicated and can vary from neighborhood-to-neighborhood. Yet, there are some general trends which seem to apply to most areas.

            First, the number of home SOLD has slowed from the high volume we experienced in 2021 and 2022.  In fact, it began slowing with the rise in home mortgage interest rates we saw in the second half of 2022.  
In some situations the number of sales fell 30-40% during the fourth quarter of 2022. Second, the number of homes available for sale has fallen slightly, but remains quite low by historical standards.
In most areas the inventory of homes for sale has risen some, but is nowhere near pre-pandemic levels. So, in general, the demand for homes to buy has fallen only slightly less than the supply
 of homes for sale. The net result is home prices have remained quite high, although they are increasing at a much slower rate than they have over the past three years.

           If you would like to know more about the current value of your home, contact me for an up-to-date Market Analysis.  There is no charge for this service.

YOUR CREDIT SCORE MATTERS

            Like it or not, your credit score is one of the most important numbers in your life, especially when it comes to financing the purchase of a home. The three-digit number
is your financial report card. It shows lenders just how trustworthy you are when it comes to managing your financing, and it can either cost or save you thousands
of dollars throughout your life.

            A FICO credit score is comprised of five elements according to the Fair Issac Corp.

 1.       35% is how timely a person pays their bills                                                                                   

2.      30% is based on how much money they owe as a percentage of credit available – the lower the better.

3.      15% is based on the length of their credit history                                                                         

4.      10% goes to the type of credit, i.e. revolving (credit cards) vs installment (car loans, mortgages)         

5.      The final 10% is impacted by the number of new credit applications                                                 

            To access your credit report, use a website such as annualcreditreport.com or creditkarma.com. Your score can range from about 300 to 850. You will find
a variety of breakdowns on what’s considered “good” compared to “excellent” versus “poor” but, in general, you will want to aim for a score of 740 and higher,
which is the “very good” range.