YOUR LOCAL CONNECTION

REAL ESTATE, COMMUNITY, EVENTS, INFORMATION

You’ll find our blogs to be a wealth of information, covering everything from local market statistics and trends, home value information, mortgage and loan rates and information, valuable tips and tricks for homeowners. Community events including local things to do with your kids, concerts, and happenings in Shreveport and Bossier City. Subdivision information, local schools and school events. "How to" for the investor, or maybe you want to try your hand at a flip, general investment information

Why? - because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all or any ideas your would like to see more on. We’d love to talk with you!

Dec. 11, 2018

What If I Wait A Year to Buy a Home?

What If I Wait A Year to Buy a Home? | MyKCM

National home prices have increased by 5.4% since this time last year. Over that same time period, interest rates have remained near historic lows which has allowed many buyers to enter the market and lock in low rates.

As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price but instead about the ‘long-term cost’ of the home.

The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Insights Reporthome prices will appreciate by 4.8% over the next 12 months.

What Does This Mean as a Buyer?

If home prices appreciate by 4.8% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

What If I Wait Until 2019 To Buy A Home? | MyKCM

Bottom Line

If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.

Dec. 11, 2018

The Tale of Two Markets

Dec. 10, 2018

VA Loans - Helping our MILITARY

Dec. 6, 2018

Further Proof It’s NOT 2008 All Over Again

Further Proof It’s NOT 2008 All Over Again | MyKCM

Home sales numbers are leveling off, the rate of price appreciation has slowed to more historically normal averages, and inventory is finally increasing. We are headed into a more normal housing market.

However, some are seeing these adjustments as red flags and are suggesting that we are headed back to the same challenges we experienced in 2008. Today, let’s look at one set of statistics that prove the current market is nothing like the one that preceded the housing crash last decade.

The previous bubble was partially caused by unhealthy levels of mortgage debt. New purchasers were putting down the minimum down payment, resulting in them having little if any equity in their homes.

Existing homeowners were using their homes as ATMs by refinancing and swapping their equity for cash. When prices started to fall, many homeowners found themselves in a negative equity situation (where their mortgage was higher than the value of their home) so they walked away which caused prices to fall even further. When this happened, even more homeowners found themselves in negative equity situations which caused them to walk away as well, and so a vicious cycle formed.

Today, the equity situation is totally different. According to a new report from ATTOM Data Solutions more than 1-in-4 homes with a mortgage have at least 50% equity. The report explains:

“…nearly 14.5 million U.S. properties were equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market value…The 14.5 million equity rich properties in Q3 2018 represented 25.7 percent of all properties with a mortgage.”

Dec. 4, 2018

Hot off the Press Loan Limit Increases

It has happened again! For the third year in a row, the Federal Housing Finance Authority (FHFA) has increased the amount of money that can be borrowed through a standard home loan. 

Not planning to buy soon? Please keep reading to see why this news can still be important to you.

The details: 

• The standard loan limit (also known as conforming loan limit) rose by 6.9% to a maximum amount of $484,350. In certain high cost areas, it’s even more.  
• The percentage increase is equal to the national appreciation average over the last year. 
• Loan limits were kept high for 10 years, even as values declined. Now that the market has surpassed prior peaks, loan limits are on the rise again. 

This means you may be able to: 

• Purchase a higher priced home with more financing options, possibly including lower rates
• Refinance an existing, higher-rate “jumbo” loan and possibly drop mortgage insurance premiums, too. 
• Combine a 1st and 2nd mortgage.
 

If you have questions about what this change could mean for you, please reach out. And if you have friends who may benefit from this news, please pass it along.

Dec. 3, 2018

4 Reasons to Buy A Home This Winter!

4 Reasons to Buy A Home This Winter! | MyKCM

Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Insight report revealed that home prices have appreciated by 5.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.7% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase 

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have hovered around 4.8%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase in 2019.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You are Paying a Mortgage

There are some renters who have not yet purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person building that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on With Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Nov. 30, 2018

The #1 Reason to Not Wait Until Spring to Sell Your House

 

The #1 Reason to Not Wait Until Spring to Sell Your House | MyKCM

Many sellers believe that spring is the best time to place their homes on the market because buyer demand traditionally increases at that time of year, but what they don’t realize is that if every homeowner believes the same thing, then that is when they will have the most competition!

The #1 Reason to List Your Home in the Winter Months is Less Competition!

Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. The chart below was created using the months’ supply of listings from the National Association of Realtors.

The #1 Reason to Not Wait Until Spring to Sell Your House | MyKCM

 

As you can see, the ‘sweet spot’ to list your home for the most exposure naturally occurs in the late fall and winter months (November – February). 

Temperatures aren’t the only thing that heats up in the spring – so do listings!

The #1 Reason to Not Wait Until Spring to Sell Your House | MyKCM

In 2017, listings increased by nearly half a million houses from December to June. Don’t wait for these listings to come to market before you decide to list your house.

Added Bonus: Only Serious Buyers Are Out in the Winter

At this time of year, only those purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere ‘lookers.’ The lookers are at the mall or online doing their holiday shopping.

Bottom Line

If you have been debating whether or not to sell your home and are curious about market conditions in your area, let’s get together to help you decide the best time to list your house for sale.

Nov. 28, 2018

Buyers: Don’t Be Surprised by Closing Costs!

 

Buyers: Don’t Be Surprised by Closing Costs! | MyKCM

Many homebuyers think that saving for their down payment is enough to buy the house of their dreams, but what about the closing costs that are required to obtain a mortgage?

By law, a homebuyer will receive a loan estimate from their lender 3 days after submitting their loan application and they should receive a closing disclosure 3 days before the scheduled closing on their home. The closing disclosure includes final details about the loan and the closing costs.

But what are closing costs anyway?

Closing costs are lender and third-party fees paid at the closing of a real estate transaction, and they can be financed as part of the deal or be paid upfront. They range from 2% to 5% of the purchase price of a home. (For those who buy a $150,000 home, for example, that would amount to between $3,000 and $7,500 in closing fees.)”

Keep in mind that if you are in the market for a home above this price range, your costs could be significantly greater. As mentioned before,

Closing costs are typically between 2% and 5% of your purchase price.

“…understanding and educating yourself about these costs before settlement day arrives might help you avoid any headaches at the end of the deal.”

Bottom Line

Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.

 

Our Local Lenders are Happy to help answer any questions you have.

Nov. 26, 2018

Mosley Title Company

Excited to announce -

LOCAL Business Associate

  • Residential                                                                 Lance G Mosley
  • Commercial                                                                Gordon Mosley

318.549.2009

Mosley Title Company, LLC is a locally owned title company located in Bossier City, Louisiana. Providing customers with unparalleled customer service throughout the closing process in an effort to ensure smooth transactions and customer satisfaction. Representing some of the strongest insurance companies in the country by maintaining high ethical standards to protect customers from title claims.

 

RESIDENTIAL SERVICES

Owning real estate is one of the most precious values of freedom in this country. You want the assurance that the property you are buying will be yours. Other than your mortgage holder, no one else should have any claims or restrictions against your home.

When you purchase your home, how can you be sure that there are no problems with the home’s title and that the seller really owns the property? Problems with the title can limit your use and enjoyment of the property, as well as bring financial loss. That is what a title search and title insurance are for.

COMMERCIAL

Commercial title insurance offers commercial property buyers, lenders and others protection against losses from certain title issues, provided through responsive title underwriting, closing and recording services on simple to the most complex commercial transactions.

Our electronically linked framework of real estate professionals offers the most extensive title and escrow service and expertise available. Closely partnered with each customer, our staff uses a positive and proactive approach to overcome potential obstacles and keep you informed of the status of your transaction at all times. By understanding the delicate balance of the interests of the parties to a transaction and professionally handling issues as they arise, we capably guide the parties to a successful closing.

ABOUT LANCE

Lance Mosley is the owner of Mosley Title Company, LLC. He was raised in Bossier City, Louisiana. He received his Bachelor of Science degree in Finance in 1984 from Louisiana State University and his Juris Doctor degree from Tulane University Law School in May 1989.

Lance has been in the title business for over 20 years and specializes in residential and commercial development work. He assists developers and builders with covenants and restrictions and the establishment of partnerships and corporations in Louisiana, as well as performing residential closings of all kinds, whether sales, builder interim financing, new mortgage loans or refinances.

Lance is a former President of the Bossier Parish Bar Association. He also served as President of the Bossier Parish Bar Association Young Lawyers Division. He was appointed by the President of the Louisiana Bar Association to the Uniform Title Standards Committee representing Northwest Louisiana. He is currently a member of the Louisiana Bar Association and has served as a representative of the 26th Judicial District to the Louisiana Bar Association. Lance is a member of both the Louisiana and American Land Title Associations.

Lance was a member of the Board of Directors for the Bossier Medical Center Healthcare Foundation, a member of the Bossier Chamber of Commerce, the Greater Bossier Economic Development Foundation and the Northwest Louisiana Home Builders Association. He has served on the Advisory Group for the Louisiana State University Agricultural Center. He is a member of the First Baptist Church of Bossier City and has served on it’s Finance Committee. Lance was chosen the Small Business Person of the Year by the Bossier Chamber of Commerce and Business of the Year by the Bossier Rotary Club.

ABOUT GORDON

Secretary of the Shreveport Bar Association – Young Lawyers Division

President Elect of the Bossier City Rotary Club 2019-2020

Bossier Chamber of Commerce Diplomat

Appointed to the House of Delegates for the Twenty Sixth Judicial District Court- Louisiana State Bar Association

Associate in the Harry V. Booth-Judge Henry A. Politz American Inn of Court

Member of the Bossier Bar Association

Former Law Clerk for the judges at the Twenty-Sixth Judicial Court

Graduate of Tulane Law School

 

1914 Citizens Bank Dr Bossier City LA 71111

www.mosleytc.com

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Nov. 23, 2018

Will Your Side Hustle Buy You a House This Year?

 

Will Your Side Hustle Buy You a House This Year? | MyKCM

The top concern for most first-time home buyers is their ability to save for a down payment. According to a new survey, 36% of millennials took on a second job to make their dreams of homeownership a reality in 2017.

Among millennials with incomes over $100,000 a year, the top ways to come up with the necessary funds were to sell stocks (20%) or to sell cryptocurrency (16%).

The most popular method of savings was the most traditional; 60% of those saving for a down payment used a percentage of their paychecks to achieve their goal, while 75% of those with salaries over $100k were able to save this way.

For those who have not yet begun to save for their down payment, 32% plan on pursuing additional employment, while 15% plan on driving for a ride-share service as their second job.

Many first-time buyers are mistaken about the down payment needed in today’s real estate market. In fact,

“In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to homeownership. Thirty-nine percent of renters believe that more than 20% is needed for a down payment and many renters are unaware of low-down payment programs.”

The many benefits of homeownership make the extra jobs, sacrificing new clothes, or skipping vacations well worth it.

Bottom Line

If you have been saving for your down payment for a while now and are curious how much further you have to go, let’s get together to help you determine what priced home you can afford and what size down payment you’ll need.