Dan Rochon – Greetings Virginia

Dan Rochon – Greetings Virginia

Dan and Traci Rochon with Keller Williams Realty is a full-service real estate sales company that helps clients in the Washington metro region buy and sell properties in all price ranges. The vast Keller Williams network allows our agents the opportunity to successfully complete hundreds of buying and selling transactions for our clients. As with any Keller Williams Realty office, our associates work their own way with their own clients, but we all come together to share our knowledge and resources.

 

 

Whether you are a “seasoned” home buyer or home seller or this is your first real estate transaction, all of our agents at Dan and Traci & Consultants with Keller Williams Realty are here to help you through this big step. Buying or selling a home can be very complicated and stressful, that’s why our agents are knowledgeable and have comprehensive training to help you with your real estate purchase and make it stress free as possible. We advocate for our real estate clients in Virginia, Maryland and Washington DC. The Virginia, Maryland, and Washington DC area has full of history and great properties to buy.

Contact Dan and Traci Rochon today to find out how our team can help you!

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Mortgage Rates Keep Housing on Track


June numbers show that low mortgage rates are keeping housing on track despite rapidly rising house prices, according to recently released date from Freddie Mac. The report examines current projections of homeownership rates in the years to come from among various experts, as well as the latest results on refinance statistics from current homeowners. So far, homeowners aren’t using cash-out refinances to over-leverage themselves.

“In this month’s Outlook, we review recent economic developments and their impact on our projections for the remainder of 2016 and all of 2017,” says Sean Becketti, Chief Economist, Freddie Mac. “We then shift our focus to the future of the homeownership rate and finally, we highlight recent trends in refinancing.”

Given recent data around Gross Domestic Product, expect growth rebound in the remaining quarters of 2016 to be at 1.9 and 2.3 percent in 2016 and 2017, respectively. Regardless of May’s disappointing employment report, expect unemployment to average 4.9 percent in 2016 and 4.8 percent in 2017.

The house price appreciation forecast for 2016 has increased by 20 basis points to 5.0 percent, and in 2017 by 40 basis points to 4.0 percent. During the first quarter of this year an estimated $10.9 billion net of home equity were converted to cash during the refinance of conventional prime-credit home mortgages, down from $11.0 billion in the fourth quarter of 2015 and substantially less than during the peak cash-out refinance volume of $84.0 billion during the second quarter of 2006.

Lastly, while there are wide variations in plausible scenarios around the future of the homeownership rate, they require many uncertain parameters, which makes it difficult to say with much confidence how the homeownership rate will evolve. This Outlook looks at these projections and sets the stage for further Freddie Mac analysis in the months to come.

“Despite the increase in cash-out refinances in the recent quarters, there is little risk of over-leveraging in the conventional conforming prime market,” says Becketti. “The median loan-to-value ratio for all prime conventional cash-out refinances was 69 percent in the first quarter of 2016. For comparison, it was 74 percent in 2000, 73 percent in 2001, and 71 percent in 2002. As we mentioned in last month’s Insight increased leverage — including greater utilization of cash-out refinancing — is an important trend to monitor. The latest quarterly data show no worrisome cash-out trends.”


For more information, visit www.freddiemac.com.

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NAR Call for Action: Pass HR 3700/S.3083—Tell the Senate to Get to Work for Future Homebuyers


Editor’s Note: This is part of a monthly video series from the NATIONAL ASSOCIATION OF REALTORS® to inform and educate members about important aspects of being a REALTOR®. Watch for this series each month in RISMedia’s Daily e-News.

NAR Call for Action: Pass HR 3700/S. 3083

Take action now to urge your Senators to co-sponsor S. 3083, the “Housing Opportunity Through Modernization Act,” a companion bill to H.R. 3700. The act makes needed reforms to the Federal Housing Administration (FHA) condominium loan program, federal assisted housing programs and Rural Housing Service loan programs. This short video from NAR Vice President Sherri Meadows explains what’s at stake for future first time home buyers. The House of Representatives passed HR 3700 unanimously with a bipartisan vote of 427-0 and now we need the Senate to act!

Click here to take action through the REALTOR® Action Center.


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Entry-Level Home Prices Continue to Climb


The bottom third of the housing market has grown increasingly competitive, with fewer price cuts on listed homes and faster growing home values than more expensive homes, according to the May Zillow®Real Estate Market Reports.

Home values for the most expensive homes on the market, which at one point in February 2014 were growing at an average of 7 percent annually, have stabilized. Those homes have been gaining value at about 4 percent each year since the beginning of 2015.

Home values at the bottom of the market continue to grow at about 8 percent a year.

The stark differences between the top and bottom of the housing market shed light on the two very different experiences home buyers will face in most markets this summer. Buyers looking for the most expensive homes will find slashed prices, more options and less competition. It’s a much different story for entry-level buyers, who will be up against rising prices, low inventory and tough competition, with homes selling over asking price in many of the nation’s hottest housing markets.

Over the past 18 months, the percent of listings with a price cut among the most expensive third of homes has slightly increased, while the percent of listings with a price cut among entry-level homes have decreased. Since the beginning of 2015, top-tier homes have had the most price cuts – another sign that top-tier buyers are having an easier time shopping for homes in the current market.

The rental market is also stabilizing at the high end. A recent Zillow analysis found that rents aren’t rising as quickly for apartments in more expensive zip codes.


“The top of the market is starting to stabilize, and people are beginning to take notice,” says Zillow Chief Economist Dr. Svenja Gudell. “Buyers looking for entry-level homes are having bidding wars in many markets, while it’s not uncommon for high priced homes to stay on the market a few months longer. The housing market is much more forgiving for current homeowners looking to move into a bigger, more expensive home. These buyers can be a bit more selective, and may even get a good deal.”

Buyers looking for a home at the top of the market will have more to choose from than those looking for a home in the bottom third of the market, which are often sought after by first-time homebuyers. The number of homes for sale at the top of the market has remained flat over the past year, while inventory in the bottom-third is down almost 9 percent. Some markets are worse than others; in Portland, there are almost 40 percent fewer entry-level homes for sale than a year ago.

For more information, visit www.zillow.com.


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Spotlight: Reinventing the Mortgage Process


As many buyers, sellers and agents know, the mortgage process can be a tricky aspect within any real estate transaction. But with Quicken Loans, securing a mortgage is now easier than ever before. Real estate agents around the nation are feeling the relief thanks to Quicken Loans’ VIP Agent Team. There to help every step of the way, the VIP Agent Team—under which the Market Management Team resides—is instrumental when it comes to ensuring a steady, smooth progression for buyers looking to secure financing, offering a down-the-street approach with the power of a national brand.

“Their ad campaign is wild and crazy, and we’re into that!” says Paul Wells. “We like the feel of it, and their response team has been very quick and very professional,” which goes a long way toward putting quality time back in the hands of agents.

While Quicken Loans assists buyers’ needs by quickly and efficiently helping them secure a mortgage, the company’s VIP Agent Team serves as a resource for agents and brokers who have any questions or possible curveballs thrown at their transaction along the way. According to Wells, broker/owner/manager of RE/MAX of Barrington in Barrington, Ill., the company provides an “instant response.”

“Recently, I had a listing that another agent sold to his buyer. I had to talk to Quicken Loans to ask a question. Most companies have you go through 15 prompts in order to talk to someone, but with Quicken Loans, I was able to connect with my dedicated point guard quickly and easily,” says Wells. “Not only was she nice, but she was able to solve the dilemma right away. It was a refreshing experience.”

Having a dedicated team at Quicken Loans helping agents on a consistent basis is one contributing factor to Wells’ success, something he doesn’t take lightly. In fact, the team at Quicken Loans is committed to providing Wells with the resources he needs to stay up-to-date on the status of his clients’ loans anytime, anywhere.

“To be frank, they’re a safety net under a trampoline. Business can be crazy, and you can fall off at any time. It’s nice to have the VIP Agent Team there to catch you and put you back on the trampoline,” says Wells.


While Wells points to regular communication as the main weak point within the mortgage industry, he can’t say enough about Quicken Loans’ understanding of the importance of keeping the lines of communication open between agents and brokers and their clients’ mortgage company.

“It’s a really refreshing feeling to talk to someone at Quicken Loans and have someone cordial and kind to speak to, who can answer my questions right away,” concludes Wells, who can’t say enough about the Market Management Team.

With the stellar communication and noteworthy dedication from the team at Quicken Loans, the company is laying the foundation in order to reinvent and redefine the mortgage industry.


For more information, please visit www.realestateagent.quickenloans.com.

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U.S. Markets Drop Sharply after ‘Brexit’ Vote, Feds Prepared to Provide Dollar Liquidity


(TNS)—Major U.S. stock indexes plunged Friday morning following a large-scale global selloff overnight in the wake of Britain’s vote to leave the European Union.

The Dow Jones industrial index plummeted 500 points, or about 3 percent, in early trading. The broader Standard & Poors 500 index and the technology heavy Nasdaq composite also were down about 3 percent in early trading.

The U.S. market drop followed a decline of nearly 8 percent in Japan and somewhat smaller but widespread losses throughout Europe as investors awoke to assess the fallout from the “Brexit” vote.

World financial officials were on high alert Friday.

The Federal Reserve said it was “carefully monitoring developments in global financial markets” and was prepared to provide dollars to other foreign central banks to increase liquidity. The Fed said pressures in global markets “could have adverse implications for the U.S. economy.”

Treasury Secretary Jacob J. Lew said he also was watching the situation and was consulting closely with British and EU officials. He and other finance ministers and central bank governors from the Group of Seven industrial nations, which includes the U.S. and Britain, said Friday they were ready to take steps to stabilize markets because they “recognize that excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability.”


The hit to stocks means even Americans who have not been monitoring the Brexit vote will feel a pinch in their 401(k) plans. Consumer and business confidence, which was just recovering from sluggish growth last winter due to China’s slowdown and falling oil prices, could also take a hit.

Sung Won Sohn, an economist at Cal State Channel Islands, said an expected interest rate hike this year by the Federal Reserve “is no longer on the table” due to the stronger value of the dollar triggered by the British vote and expectations that reduced demand caused by slower growth in Britain and Europe would hurt the U.S. economy.

“The U.S. central bank might have to cut the interest rate back to zero if economic and financial conditions worsen beyond expectations,” he said.


A closely watched barometer by the CME Group futures exchange said Friday that there now was no chance of a rate hike in July, after putting the odds at about 12 percent before the Brexit results. The odds of a slight rate cut next month increased to 7 percent from zero.

Where things go from here is highly uncertain, but the economic climate is rife with significant risks as a growing backlash against globalization threatens to remake the world economic order.

The latest setback comes at a vulnerable time for the U.S. economy as job growth has weakened and many are concerned about what lies ahead in a presidential election year.

Many economists predict that Britain will slide into recession as its decision to leave raises questions about its future trade and broader relationship with the EU.

By itself, a recession in Britain isn’t likely to have a big direct effect outside of Europe; the British economy is the fifth-largest but still accounts for only about 2.5 percent of world economic output.

Even so, it could do much greater global damage as the referendum results now set in motion what many experts expect will be a long, uncertain and politically tortuous process of Britain unhinging itself from the rules of the EU, especially the free flow of labor that has been a hallmark of the British economy.

Policymakers as well as investors are particularly worried that Britain’s move will be a catalyst for other secession movements in the EU, which could fundamentally alter the political and economic structure that has been in place for decades in the aftermath of World War II.

“With one fell swoop, the world order has been turned upside down overnight and where the chaos stops no one knows,” said Chris Rupkey, chief financial economist for Mitsubishi UFG Financial Group.

For the U.S., one of the biggest risks comes in trade. With the dollar strengthening against the pound and the euro, American manufacturers will face greater challenges in selling goods abroad.

Some U.S. business groups as well as analysts cautioned against overreacting to the situation in Britain.

Thomas J. Donohue, president of the U.S. Chamber of Commerce, said it was important for investors in U.S. businesses “to avoid precipitous action” until Britain and the EU negotiate the specific terms of the exit.

“American companies’ investments in Britain are worth more than half a trillion dollars, and many of those investments were made to reach not just British consumers but those in the European mainland as well,” he said. “We are committed to working with the U.K. government to ensure that the priorities of these stakeholders are taken into account in the debates that lie ahead.”

©2016 Tribune Co.
Distributed by Tribune Content Agency, LLC.

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