Ryan's Blog

I have spoken to a lot of people who would like to purchase a new home, or perhaps be home owners for the first time.  However, they are concerned about whether or not this is the right time to buy.  Interest rates have creeped up, and  in many cases home prices remain high.  So many buyers are deciding to wait until the home prices come down or interest rates drop.  One of the big issues  is knowing exactly how long to wait.  A buyer that is waiting for the perfect circumstances may be waiting for a long time.

Let's take a little different approach for a few moments though; let me ask a few questions:

1.) Why do you want/need to buy right now?  What is the goal?

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The last year in the real estate market has not been a difficult one for sellers.  Most homes are selling in a matter of days, and most sellers are receiving offers with conventional loans.  Even cash offers became a new norm for awhile.  

Once the market begins to settle down to a more normal, and some may say reasonable pace.  FHA buyers will, more than likely, will begin to reenter the market.  If we go back five years to the late summer and early autumn of 2017, 26% of homes in York county sold using an FHA Loan.  Over the last year or two that number decreased to around 12-13% of York County sold homes using an FHA Loan.  However, many believe that this trend will change and FHA will again become a popular form of financing.  Many sellers hear FHA and begin to think of stringet inspections, laborious repairs, and a prolonged closing date.  These can all be true, but before you begin quoting the palace guard from the Emerald City, in the Wixard of Oz, and adima...

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If you are a first time home buyer, you may sit down with a lender and discover that the loan you best qualify for is an FHA loan.  Maybe you have heard that sellers in our current market are hesitant to accept FHA loans, and statistically it does seem that FHA is being accepted less and less.

In August-September of 2017, 1,205 homes closed in York county.  785 of those homes (65%) stated they would accept FHA financing. 318 of those homes (26%) did closing with FHA financing.

In August-September of 2022, 1,190 homes closed in York county. 679 of those homes (57%) stated they would accept FHA financing. 141 of those homes (12%) did close using FHA financing.

In June-July of 2022, 1,275 homes closed in York county. 752 of those homes (59%) stated they would accept FHA financing. 175 of those homes (13%) did close using FHA financing.

While those sellers stating in their listing that they will consider FHA financing holds somewhat steady, the sellers...

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Mortgage rates are rising again.  As mortgage rates increase the price of houses will begin to decrease.   But, what is an mortgage rate and how does it work? 

Essentially, a mortgage rate is the amount percentage rate the lender is charging you on a monthly basis to borrow the money to buy your home.  Mortgage rates are determined by several different factors; those that are out of your control (inflation, stock market, federal reserve, etc..), and the factors that are in your control.  It is the factors that are in your control that we want to look at.

1.) credit score: your credit score will have a significant impact on the mortgage rate you will be able...

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Often when people begin to look for homes they do not consider mobile homes (also referred to as manufactured homes).  Maybe it's because they don't have enough room, are often in large parks, or maybe mobile homes were the subject of too many Jeff Foxworthy jokes to be taken seriously.  For whatever reason often first time home buyers do not consider them.  While, I will grant you that often, a mobile home is not a forever home for most people, it can be a good option for those buyers that are just starting out.  They are usually very affordable, and can help you build some equity.

There are a few things to bear in mind though if your going to look for a mobile home.

First, the famous Dave Ramsey line, "Cash is King," could not possibly be more fitting in the case of mobile homes.  Many mortgage lenders including a lot of banks do not want to take these on.  The reason for this is because they are not on a fixed foundation, which makes them subject to property...

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