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Ameil Gill | Blog

Thursday, June 16, 2022   /   by Ameil Gill


June is National Homeownership Month: a time to recognize the importance of homeownership and its impact on the lives of families, neighborhoods, and the economy. For many, owning a home represents stability, financial success, and the opportunity to contribute to their community. Let's take a closer look at home homeownership affects our daily lives.
Homeownership & YOU
Homeownership provides families with a sense of emotional and financial stability and increases household wealth through equity and appreciation over time.
Homeownership & your COMMUNITY Homeownership plays a vital role in helping to build strong, stable communities. Not only does it benefit the community through taxes, but also through increased volunteerism and less crime.
Homeownership & our ECONOMY The housing market is a driving force in our economy, and homeownership contributes to our local and national economies through jobs, manufactured goods, construction, and more. Homeownership is truly t ...

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Monday, June 13, 2022   /   by Ameil Gill


LET'S CLEAR THE AIR - "rising interest rates" does not always mean "falling prices", or at least, if you're looking at things from a long-term (strategic) perspective! No doubt, we are experiencing an ever-changing market with rates in flux as the Fed tries to balance the market and battle inflation through various monetary policies. Just from this same time last year, rates are up almost 2.5% for a 30-year fixed-rate mortgage. And while rates have been on the rise for most of 2022, appreciation continues to remain with projections of 11% in 2022 and 3-4% in 2023.
"If the cost of borrowing is higher, then there should be less people borrowing, decreasing demand and applying pressure towards lowering prices." Your way of thinking isn't completely wrong ... it makes total sense to feel that way, but historically it's not accurate — there is not a complete inverse relationship between prices and rates. Over the past 45 years, we've seen an average yearly appreciation of 5.1% t ...

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Friday, June 10, 2022   /   by Ameil Gill


"Appraisal Gap Coverage" is a term that has been a hot topic of conversation since 2020 and 2021 with the increase in home values and shift in the overall market. But what does it really mean? When you purchase a home with a mortgage, the lender usually requires an appraisal to validate the purchase price and "protect" themselves to ensure that they are only loaning you what they are told the home is "worth" based on comparable homes. This is to protect you as well so that you are not underwater on your home value before you even settle.
So what happens when the value of the appraisal comes in low? In an aggressive market with pent-up buyer demand and historically low inventory, offers are being made with stronger, more creative terms, such as providing assurance that any difference between the contract price and the appraised value (or up to a certain amount of the difference), will be made up in additional cash at settlement. It's important to understand the risk involved with covee ...

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Tuesday, June 7, 2022   /   by Ameil Gill


If you're currently renting and have dreams of owing your own home, it may be a good time to think about your next move.
With rent costs rising annually at an aggressive pace, and many helpful down payment assistance programs available (and with rates still being at significant lows from years before) homeownership may be closer to reality than you think! Despite the risk of volatility in the housing market, numerous studies have demonstrated that homeownership leads to greater wealth accumulation when compared with renting. This is due to the fact that renters don’t capture the wealth generated by appreciation, or growing equity that comes from monthly mortgage payments, which become a form of forced savings for homeowners. Whether you rent or own, you have to cover someone’s mortgage costs — you may as well be doing so to build your own wealth, rather than that of your landlord. ? Send me a message and I'll help you form a plan to get out of the rental race and inte ...

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Friday, June 3, 2022   /   by Ameil Gill


Yes — it’s 2022, not 1982 ... interest rates have certainly changed, along with many other aspects of the industry (construction standards, mortgage underwriting, home values, marketing, etc).
Just curious, what was the interest rate for your first home?
There has been a lot of discussion around interest rates — we’re seeing scenarios where the typical fixed-rate mortgage might not be the best product for you. For a 30-year fixed-rate mortgage just in the past 5-6 years, we have seen interest rates adjust from 4% down to 2.5% and back up to 5.5% — a lot can change in one year and it’s important for us to remember the cyclic nature and flow of the housing market. Real Estate continues to be one of the greatest (often the most profitable) investments you can make. Have questions about the rising rates or our current market? Send me a message! #realestate #realtor #realestateagent #home #interestrates ...

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