The New York Times has a piece on buyers beating out competition on sought-after properties by buying in cash, then securing financing at a later date. Depleting your savings to secure a real estate deal is not a sound investment strategy in most cases, but the article is worth a look. More, here.
NerdWallet has an article on considering taking out a smaller loan than you qualify for. The article lists 6 reasons to consider, but it could be distilled into one broad point—Protect Yourself. Not overextending your credit provides you with greater flexibility should anything unexpected arise. More, here.
Mortgage refinance applications are up 11%, while total mortgage application volume is up 7.2%. Refinances are up nearly 60% from a year ago. Rates remain at a 3-year low, and there is strong buyer activity in the real estate markets for Seattle, Portland, Oregon, Denver and Austin, Texas. More, here.
Justin Pierce has a piece in The Washington Post about securing investment properties for the best possible price. Among his recommendations—and one we wholeheartedly endorse—is partnering with a good Realtor: “I recommend you get a good Realtor to do market analysis and assist you with the contract and closing process. A Realtor can also help you create mailing lists. Many Realtors send out postcards.” Read more, here.
Bankrate reports on mortgage rates dropping even further, despite positive job growth in June. Employment increased by 287,000 last month, which could have led to an increase in mortgage rates. However, that clearly was not the case. Read more, here.
Krishna Thakker has a piece on The Street on the Federal Aviation Administration’s approval of small drones to take video and pictures. Individual states will develop their own sets of rules, but access to this technology will enhance prospective buyers’ understanding of the neighborhood surrounding a house, and of the house itself. More, here.