Real Estate

Confusion About Ownership Is Hindering Young Buyers

NAR Daily News Magazine - August 22, 2019 - 12:00am

Are you providing the appropriate information and resources for millennial prospects curious about home buying?

Categories: Real Estate

This Arizona Housing Market Is 20% Airbnb Rentals

NAR Daily News Magazine - August 22, 2019 - 12:00am

The short-term vacation rental service is taking over Sedona, Ariz., and residents aren’t happy.

Categories: Real Estate

Prized Property Listed for $1B Sells for $100K in Auction

NAR Daily News Magazine - August 22, 2019 - 12:00am

A markdown of 99.99% comes with a lot of fine print.

Categories: Real Estate

5 Things Retirees Should Do With Their Credit

Daily Real Estate News - August 21, 2019 - 2:39pm

(TNS)—Whether or not you’re one of the 147 million consumers affected by the 2017 Equifax data breach—which resulted in a Federal Trade Commission settlement of up to $700 million—retirees need to stay vigilant about their credit profiles, experts say.

That may seem counterintuitive, particularly to those who pay off their homes, cars and other debt by the time retirement is on the horizon. Retirement itself, in fact, doesn’t hurt a credit score directly.

But the absence of credit can, indeed, torpedo a pristine credit score because payment history over the past two years—or the lack thereof—is the biggest determinant of a credit score. The length of credit history, where most retirees can really shine, carries less than half the weight of the overall payment record.

And a credit score dive can be trouble, even for retirees.

“It’s an important tool to have available and to protect,” said Rod Griffin, director of Public Education for Experian, one of the three major credit-reporting agencies.

A later-life move, purchases of items like cars, cell phones or insurance, even an application for a reverse mortgage may require a strong credit score. What to do?

Consider these five moves:

Leverage the positive. Retirees who’ve experienced a dip in their credit scores could be ideal candidates for Experian Boost, a program that lets consumers give the agency a look into their checking accounts to verify positive track records on paying utility and cell phone bills.

Two-thirds of the customers who try the Boost program see a rise in their scores, Griffin said, with an average increase of 12 points. Note that it can’t negate bad credit behavior; it simply can help consumers with thin credit records beef up their profiles.

“When you think about people heading into retirement, if they are adding recurring on-time utility payments, that could help maintain activity” on their reports, he said. The program is most helpful for people who started with scores below 680. (Scores range from 300 to 850.)

Embrace the freeze. If you’re retired and don’t plan to move or buy a car in the near term, this may be a good time to put a freeze on your credit with the three main bureaus, Equifax, TransUnion and Experian. If you do this, creditors can’t access your information until you remove the freeze with a PIN number. So, keep that number in a safe place. For a fee, the bureaus offer a credit lock, which can be removed without a PIN, but may not carry all the protections of a true freeze.

Clean up. A lot of credit experts tell consumers never to close credit accounts because it can hurt scores, but Griffin says any dip is typically short-lived.

“If you close an account your scores will dip, but they usually recover within two or three months,” he said. If you’re not planning to buy a house or a car in the next six months, cleaning up orphan accounts may be a good idea now, he said.

Be ready. If you’re thinking about a reverse mortgage, where a lender provides funds to homeowners 62 and older that are tied to home equity, be aware that your credit history is now part of the equation. Since 2015, these lenders have been required to assess whether a borrower has the ability to continue making home improvements and tax payments on the property, and credit reports are a key part of the equation.

Check for a windfall. If you want to check your potential eligibility to claim part of the Equifax settlement, go here: https://eligibility.equifaxbreachsettlement.com/en/eligibility. To file a claim, go here: https://www.equifaxbreachsettlement.com/file-a-claim.

“You should always be diligent about managing your credit history,” Griffin said. “It can affect a wide range of financial transactions and you want it to be there to work for you when it is needed.”

©2019 Tribune Content Agency
Distributed by Tribune Content Agency, LLC

The post 5 Things Retirees Should Do With Their Credit appeared first on RISMedia.

Categories: Real Estate

Lower Mortgage Rates Drive Sales Turnaround

NAR Daily News Magazine - August 21, 2019 - 12:00am

“Falling mortgage rates are improving housing affordability and nudging buyers into the market,” says NAR’s chief economist. Read more from NAR’s latest housing report.

Categories: Real Estate

Fannie Mae Predicts Two More Fed Cuts This Year

NAR Daily News Magazine - August 21, 2019 - 12:00am

It could be a really good year for mortgage rates, if economists’ forecasts hold true.

Categories: Real Estate

Outdoor Kitchens Continue to Be Major Draw

NAR Daily News Magazine - August 21, 2019 - 12:00am

A survey from the American Institute of Architects shows outdoor access is among the most desired kitchen features.

Categories: Real Estate

The Top Destinations for Movers

NAR Daily News Magazine - August 21, 2019 - 12:00am

Medium-sized metros that tout affordability and large boomer populations are among the areas luring more out-of-state movers.

Categories: Real Estate

3 Suspects Now Charged in Connection With Utah Agent’s Death

NAR Daily News Magazine - August 21, 2019 - 12:00am

A woman is the third person to be charged in the shooting death of a Salt Lake City real estate agent.

Categories: Real Estate

Agent Commissions a Song to Market Her Colorado Town

NAR Daily News Magazine - August 20, 2019 - 12:00am

One real estate pro got a professionally produced track—named “Two Rivers”—and accompanying music video to pay tribute to the small town where she works in Lyons, Colo.

Categories: Real Estate

HUD’s Proposed Rule Targets Fair Housing Discrimination Lawsuits

NAR Daily News Magazine - August 20, 2019 - 12:00am

Critics argue that the proposal would make housing discrimination cases nearly “impossible” going forward. 

Categories: Real Estate

How to Fix These 4 Common Design Mistakes

NAR Daily News Magazine - August 20, 2019 - 12:00am

What’s making rooms look smaller or less inviting? These solutions can help tweak the problematic elements inside a home.

Categories: Real Estate

The Optimal Setting for Air Conditioning

NAR Daily News Magazine - August 20, 2019 - 12:00am

A federal program recommends a surprising number to keep your thermostat set to for the best cooling and energy efficiency.

Categories: Real Estate

Can Mortgage Debt Increase Your Life Expectancy?

NAR Daily News Magazine - August 20, 2019 - 12:00am

Taking on a mortgage may actually be good for your health, a new study suggests.

Categories: Real Estate
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