28
Dec
By First Rate Financial Group
Real Estate

How Tech Can Change the Real Estate Process

How Tech Can Change the Real Estate ProcessVirtual reality, artificial intelligence and drone video are just a few of the ways that technology is changing the real estate industry. If you are in the market for a property, understanding these new processes can help you in many ways.

Using Artificial Intelligence

Doing business with an AI-infused process helps you more quickly identify properties that meet your standards. AI also reduces human error in the closing process. Agents using AI can get you more information about properties more quickly, and they can also cut the fat out of the close, possibly saving you money.

Using Virtual Reality

Taking a virtual reality tour of a property can save you a lot of gas, time and effort. You no longer have to physically be at a location to understand its potential – you can see everything that you need to see online. Of course you can follow up in person, but you save huge amounts of time by visiting only the properties that have impressed you online.

Organizing Big Data

Buyers and sellers have access to more information than ever – information that was once only available to full time professionals in the industry. Dealing with it can be quite overwhelming, but you must in order to be a sophisticated investor. In many cases, your agent serves as your information filter, keeping you from becoming distracted by false or misleading information.

Remote Transactions

A growing number of real estate transactions are being done without ever meeting the other party involved. The entire process can be conducted online from search to close, if need be. Buyers and sellers can save a great deal of money through reduced overhead with remote transactions. Biometrics help to maintain the security of the transaction.

The technologies above are just a few of the new things that are changing the real estate process for the better. Keep your ear to the street, because the landscape is always changing.

As soon as you are interested in looking for a new home, be sure to contact your trusted mortgage professional to secure your financing and get your pre-approval ready.

27
Dec
By First Rate Financial Group
Real Estate

4 Reasons Why Home Ownership Is Better Than Renting

4 Reasons Why Home Ownership Is Better Than RentingAre you trying to decide if you should rent or buy? There are many reasons why home ownership is better than renting. Here are just a few to consider when you’re making your decision.

1. Stability For Your Family

When you own your home, the life of your family will be more stable. If you have children, this is a an even more valuable benefit. Your kids will be able to settle down into the routine of school and extracurricular activities. They’ll be able to make lifelong friends in the neighborhood. You and your spouse will be able to feel a strong sense of community and belonging.

2. Personalization

Owning a home is better than renting because you can personalize and customize your living environment. In many rentals, you can’t even paint the walls if you want to.

When you own, you not only can paint walls whatever color you want; you can knock them down if you like! You spend so much time at home, being able to make stamp your personality on it is a huge benefit!

3. Peace And Quiet

When compared to renting an apartment, there is a lot more peace and quiet in your own home. In an apartment, walls are shared. Often, there isn’t a lot of insulation inside the walls, either. It’s likely you’ll be able to hear your neighbors, their kids or their barking dogs. When you own your home, you’ll be able to enjoy the peace and quiet you deserve.

4. Outdoor Property

When you own your home, you may have access to outdoor space in addition to your house. That property is yours to do as you wish. You could make an outdoor living area, plant a garden, install a pool or erect a badminton set. The outdoor property around your house certainly adds to the satisfaction of owning your home.

It’s likely that these four benefits will give you some reasons to pursue home ownership. Chances are you’ll never want to go back to renting again!

When you’re ready to begin the search for your next home, contact a trusted mortgage professional in your area to get your financing pre-approved!

26
Dec
By First Rate Financial Group
Real Estate

FOMC Raises Key Rate, Forecasts 2 Rate Hikes in 2019

FOMC Raises Key Rate, Forecasts 2 Rate Hikes in 2019During its post-meeting statement, the Federal Open Market Committee of the Federal Reserve announced that its target range for the Fed’s key interest rate would increase one quarter percent to 2.25 to 2.50 percent. While this rate hike was not expected by the Executive branch, it met analyst expectations.

FOMC said in its customary post-meeting statement that members expect to make two interest rate hikes in 2019 as compared to three rate hikes in 2018 and the Committee’s original forecast of three rate hikes in 2019. Given current economic conditions, the Fed forecasted only one rate hike for 2020.

Hawks And Doves: Federal Reserve Leaders Differ On Interest Rate Projections

Six FOMC members indicated support for three rate hikes in 2019 and the FOMC statement cited a need for future interest rate hikes while some economists expected that no mention of potential rate hikes would be included in the statement. Fed Chair Jerome Powell said, “Policy at this point does not need to be accommodative. It can move to neutral.”

FOMC’s statement cited “cross currents” impacting the economy, but expects “solid growth next year, declining unemployment a healthy economy.” The Fed specifically listed strengths in labor markets, household spending and a healthy economy influenced the committee’s decision to raise the Fed’s benchmark interest rate range.

Recent volatility in global affairs and the economy prompted FOMC to say that they would be reviewing ongoing global economic and financial developments and assess their implications for the global economic outlook.

Fed Chair Jerome Powell: “Fed Is About To Embark On A Delicate Balancing Act“

Chairman Powell said that current economic conditions have helped the Fed meet its dual mandate of maintaining maximum employment and stable economic growth, for which the Fed has set a benchmark of two percent annual growth for inflation. Current inflation is lower than expected and unemployment is near record lows. The Fed faces balancing interest rate increases with closely monitoring economic “cross currents”.

Chairman Powell said the Fed expects the median rate of economic growth to slow to 2.30 percent in 2019 as compared to 2018’s rate of 3.00 percent. The National Unemployment rate is expected to fall from its current rate of 3.70 percent to 3.50 percent by the end of 2019. Mr. Powell said that no course of action is predetermined and that Fed leaders will monitor economic and global developments on an ongoing basis.