Your REALTOR®:
Ken Libby
August 2020
Real


It’s All About The ’Burbs: In A Time Of Pandemic, More Young Families Are Fleeing The City For The Country
Scoffers label it, ‘panic-moving.’ Others call it common sense. Wherever you stand, there is little doubt that, as the pandemic continues to surge, the flight of families from city to suburbs is picking up steam across the nation.
      “Young New York couples typically put off a move to the suburbs until after the birth of their second child,” said Elizabeth Nunan, president of Houlihan Lawrence, a leading New York residential brokerage. “It gives them time to save some money and enjoy the perks of city living until the need for space and the cost of childcare make the family-friendly suburbs a better choice.”  
      But circumstances
Mortgage Rates
U.S. averages as of August 2020:


30 yr. fixed: 2.99%
15 yr. fixed: 2.51%
5/1 yr. adj: 2.94%






have flipped the concept on its ear.
      “Living in the epicenter of the coronavirus pandemic left most New Yorkers justifiably fearful,” Nunan said.
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Preparing Your Home for Sale During the Pandemic
     Despite the ongoing coronavirus pandemic, the real estate market must go on. Homeowners still need to sell, house-hunters still need to buy, and real estate agents still need to make a living. But the typical home selling process involves frequent contact with strangers—which is not recommended during this time of social distancing.
      By now, you’re probably getting pretty good at making adjustments in your everyday life to protect the health and safety of yourself and those around you. Along the same lines, there are steps you can take to show your home to potential buyers without risking your health or hurting your chances of a sale. Here are some tips to prepare your home for sale in the coronavirus



Thinking of a Remodel? Here Are Your Financing Options
     People are spending a lot more time at home. Whether it’s because of a stay-at-home edict or just choosing to work remotely instead of heading toward the office, many are choosing the stay-at-home model and some employers have found the stay-home can be an option for the employee going forward. And spending more time at home might also lead to thinking of a few household projects. Is the kitchen looking a little dated after all? How about some new countertops and upgraded appliances? Is the living room carpet looking a bit threadbare? If so, you’ll need to decide how to pay for those improvements.
      The obvious way is to pay cash. It’s quick, interest-free and you can tap into a checking or savings account pretty much anytime you need it. You get a bid, decide whether or not to move forward and write a check. On the flip-side however, pulling money out of an account can put a dent in the balance and in any interest-bearing account, money out

Should You Refinance From An FHA Loan To A Conventional Loan?
     For many first-time buyers, a Federal Housing Administration (FHA) loan is the prudent—and often the only—choice for a mortgage. With the flexible credit and low down payment requirements, an FHA loan makes it easier to qualify than almost any loan out there.  
      However, the ongoing private mortgage insurance (PMI) you have to pay when you have an FHA loan makes your monthly payments more expensive. And, unlike a conventional loan, which allows you to remove your PMI at a certain point, you can never get rid of it with an FHA loan—even when you have tons of equity in your home. So, with rates at historic lows, should you refi out of your FHA loan to a conventional loan? We’re looking at the pros and cons.
      Pro: You can get rid of private mortgage insurance (PMI) “FHA loans require certain provisions which sometimes place a heavy burden on a homeowner’s budget, often in the form of premiums paid for mortgage insurance,” said PennyMac. 
      That mortgage insurance on an FHA loan ranges from .45–1.05% of your home loan amount every year. On a


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Ken Libby,RSPS/ePro/RECS/TRC/Broker
E-mail: Ken@KenLibby.com
Website: http://www.stowearearealty.com
802-793-2002
Stowe Area Realty Group
at KW Vermont-Stowe

802-760-3100 * Fax 802-760-3105
1056 Mountain Road. Suite 1
Stowe, VT 05672


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