How Homeowners Can Protect Their Investments

While there are split views whether there will be more foreclosures this year or not, experts say that this will be unlikely, especially if homeowners know who to protect their investments.

Here are 3 graphs showing how different this year is versus 2008:

Based on the charts from NA, MBA. and ATTOM, many homeowners faced foreclosure in 2008 after the bubble. Fortunately, there is no housing bubble today. Most buyers today are more qualified, which makes them less likely to fall behind on their loan payments.

Another factor is lending standards. Right now, purchasers are screened more thoroughly. The standards are higher compared to those set around 2006-2008. Though this may sound harsh for some, this could actually be a good thing because this is how sellers are able to weed out those who are just looking around versus those who are serious and decided. Buyers can also assess themselves better if they are ready to commit or if they need to work on their finances further.

In a recent survey from MBA, it shows that foreclosures have declined. Based on the data they have gathered, the volume of homeowners at risk of foreclosure has been significantly lower compared to 2020.

On the other hand, there is still a small percentage that are at risk of foreclosure. In this case, it is important to know what options are available to prevent this from happening. Some alternatives are:

- Deed-in-lieu of foreclosure

- Loan modification

- Reinstatement

- Short sale

Protecting Your Investment Using Your Equity

Before going through the alternatives, you may want to consider using your equity to protect you from foreclosure. In today's real estate market, many homeowners fail to realize that their homes may have already increased in value, especially since home prices have increased over the years. In most cases, those who have already lived in their homes for some years may enjoy higher home values compared to the amount they owe.

How to Find Out Your Home Value

To know how much your home value is, it is best to look for a trusted Realtor® with ample experience and connections in your local market. Realtors® who are keen to provide good service to their clients will reach out to their connections and look for the best options so they can guide you properly.

For instance, in Long Island, NY, Kyle Kelly of The Island Wide Team leads one of the best real estate teams providing step-by-step guidance about real estate. May it be about home buying or home selling.

Call or Text: 631-831-0912

FB Messenger: m.me/KKellyNY

Personal Email: KKellyNY@gmail.com

Team Email: islandwideteam@gmail.com

Instagram: @kkellyny @IslandWideTeam

Twitter: @kkellyny

TikTok: @therealdoublek

YouTube: youtube.com/agentkkelly

YouTube: The Island Wide Team

Website: islandwideteam.com

Website: kksells.com

Disclaimer: Views and information provided in this post are for general informational and educational purposes only and is not a substitute for professional advice. Before taking any action based upon such information, we encourage you to consult with the appropriate professionals. The use or reliance to any information contained on this site or mobile application is solely at your own risk.

Buying, Renting, or Both? A Homeownership Lesson From Millennials

Many people think that homeownership is a headache because of inflation and many other factors that they have to consider. On the other hand, millennials have been proving this wrong, especially since report shows that they are getting the best of both worlds when it comes to renting and owning homes.

According to Mynd's Consumer Insights Report, millennials are just as aware when it comes to the challenges that they may face when buying a home, however, they are still eager to pursue homeownership.

This is because most millennials see homeownership not just as a place to stay, but also a source of income. Since most of them may transfer to difference locations for their jobs, leisure, or both, they may need to rent places. In order to sustain rental expenses, they rent out their properties which is a smart move in terms of getting their loans paid off while enjoying the freedom of living wherever they want. In fact, two-thirds of the Millennial and Gen Z participants agree that investing in properties is a wise financial decision.

Apart from the flexibility of living according to their preferred location, millennials are also able to build their net worth faster, compared to those who wait for a long time before investing in real estate.

If you are looking for ways on how you can buy your first investment home or planning to move elsewhere and want to know what your options are, make sure to talk to real estate expert such as Kyle Kelly of the Island Wide Team. Getting professional advice will not only make things easier for you. It will also help you save time and have peace of mind.

Call or Text: 631-831-0912

FB Messenger: m.me/KKellyNY

Personal Email: KKellyNY@gmail.com

Team Email: islandwideteam@gmail.com

Instagram: @kkellyny @IslandWideTeam

Twitter: @kkellyny

TikTok: @therealdoublek

YouTube: youtube.com/agentkkelly

YouTube: The Island Wide Team

Website: islandwideteam.com

Website: kksells.com

Disclaimer: Views and information provided in this post are for general informational and educational purposes only and is not a substitute for professional advice. Before taking any action based upon such information, we encourage you to consult with the appropriate professionals. The use or reliance to any information contained on this site or mobile application is solely at your own risk.

3 Effective Procrastination-Busting Tips for Realtors® (and Non-Realtors®)

Have you found yourself putting tasks aside, even if you know you have to do them? Here are some tips that Realtors® (and Non-Realtors®) can use to avoid this lackadaisical habit.

1) Make A To-Do List

This may be the most common advice that we see everywhere, but the truth is, not everyone makes a to-do list. A good thing about doing this is you can make sure that you don't miss out on important tasks at the end of the day. Remember the time when you went to the store and bought a bunch of things and went back without the most important item that you need? That's exactly the reason why lists are so important.

2) Rank Your Tasks

As you jot down the tasks that you need to do, you can rank them according to importance so that you can use your time effectively. As a Realtor®, there may be tasks that you need to do on the same day, but there is also a possibility that you can move some of those around to ensure that you are able to attend to more urgent responsibilities.

3) Practice Grandma's Law

The oldest trick in the book, also known as, "Grandma's Law", is a simple way to help people tackle difficult tasks. This is done by making the seemingly impossible tasks a must, in order to get the rewards after. For instance, "I must put up the yard signs today, so that I can relax tomorrow."

If you need expert advice on how to start your business, how to become an effective Realtor®, how to buy a home, or sell your home without headaches, there is always an expert willing to help you. Reach out to Kyle Kelly of The Island Wide Team and see how expert advice can make a difference!

Call or Text: 631-831-0912

FB Messenger: m.me/KKellyNY

Personal Email: KKellyNY@gmail.com

Team Email: islandwideteam@gmail.com

Instagram: @kkellyny @IslandWideTeam

Twitter: @kkellyny

TikTok: @therealdoublek

YouTube: youtube.com/agentkkelly

YouTube: The Island Wide Team

Website: islandwideteam.com

Website: kksells.com

Disclaimer: Views and information provided in this post are for general informational and educational purposes only and is not a substitute for professional advice. Before taking any action based upon such information, we encourage you to consult with the appropriate professionals. The use or reliance to any information contained on this site or mobile application is solely at your own risk.