Back to School

The kids are headed back to the classroom and it got me thinking that a lot of adults could use some schooling as well.  So much has changed in mortgage and real estate in the last few years and recent numbers from Black Knight Financial Services show evidence of housing market recovery:   

  • Home prices are up 5.3% year-over-year
  • Prices as of June rose for the 50th consecutive month 

Interest rates are still low, but a lot of young people grew up during a time of great real estate distress and haven’t experienced the strong markets that propelled the worth and wealth building of their parents.  They also haven’t experienced the evolution of interest rates and how high they’ve been to know anything other than the “historic lows” we’ve had for years.  They won’t last…it’s time to get schooled up on the current market and what’s involved in buying a home to make an educated decision as to whether homeownership is possible and the right decision for the long run.  The GCS Title team and I work with many outstanding, experienced real estate and mortgage professionals who can “teach” you what’s involved in the process and “instruct” you on your options.  We’re happy to introduce you! ~Charlie  

There’s a lot going on….

The market’s moving fast and our Realtor and lender partners are busy trying to help as many people as possible with low inventory and low interest rates.  It’s busy and exciting and GCS has news too:  We’ve moved our offices and we’ve got a lot of amazing new people.  Our internal staff is amazing and we’ve featured some of the new faces.  We wanted to let you know about some of the other folks who are likely to walk into your office to say hello – if you don’t know them already. 

Garrett Kranz is our Director of Sales and Marketing:  https://www.gcstitle.com/team/garrett-kranz/ 

Many of you have met Jess…. https://www.gcstitle.com/team/jessica-kinsella/ 

Kari Olson represents GCS in the north metro:  https://www.gcstitle.com/team/kari-olson-daily-di~fference/

 All of us at GCS Title are here to help – whether you’re a Realtor, lender, homeowner or renter.  We can refer you to great resources and answer your questions.  What’s on your mind in this busy market?  Let’s talk!  ~Charlie

Could? Should?

Zillow has been busy.  That makes sense – it takes a lot of research activity and media attention to create the massive online presence they have.  Their latest release is a data analysis with this headline:  “14% of Renters Can Afford to Buy.”   It’s human nature to react to headlines, and that’s a statement that can either prompt people to say, “Maybe I can qualify to buy a home!” or “There’s more than an 80% chance I can’t qualify to buy a home.”  Outside of an initial reaction to a news story, many renters really do want to know two things:  Could I buy a home? Should I buy a home? It’s definitely worth finding out the answer to both of these questions.  

The “could” question can easily be answered by talking to a qualified mortgage loan officer.  Qualified lenders can tell you what your status is now and help you get prepared to get approved for a loan if you’re not quite ready or have some work or organizing to do with your financing.  A loan officer can help you plan and give you a timeline.   

The “should” question is a little more complicated.  Ultimately, the individual consumer needs to decide that homeownership is for them.  Realtors can provide information to help you decide if owning a home will help you move forward with your goals in the short and long term.  Housing is the biggest monthly expense most of us have.  Advice from a qualified mortgage loan officer and Realtor can help you figure out how to get the best return on that huge monthly investment.   

The GCS Title team and I can introduce you to great people who can help you answer the “coulds” and “shoulds” of owning a home.  We’re here to help!  ~Charlie

Title Fight?!

I’m surprised to hear that a member of the public knows what title insurance IS, so imagine my reaction when I heard someone “got in a fight about title insurance.”  A friend is on the Board of Directors of her condominium association and apparently got in quite the dustup with others on the board over whether or not they needed to buy title insurance on parking spaces the association was buying downtown Minneapolis.  Luckily, she was in the majority and the association purchased policies for all of the spaces, but some common perceptions and misperceptions about title insurance came up in the “argument.”  Dissenting board members argued the following things:

 

 

  1. Title insurance is expensive.

Well, it does cost money – but the price is nothing compared to the expense of defending yourself against a lawsuit, mechanic’s lien or another hostile claim to the ownership of and equity in your property.

  1. We’re buying five parking spaces, but we only need title insurance on one.

Wrong!  These parking spaces are newly-constructed and the chance of mechanic’s liens popping up is higher than on a piece of property that has been built for many years.  Also, every owner of each piece of property generally gets named in the types of suits that these new spaces are vulnerable to.  If something went wrong, the only space protected would be the one with a policy.

  1. Title companies only insure things when there is no risk.

Wrong again.  I could tell you so many stories….

There’s a reason lenders require title insurance policies – they need to make sure their interests are protected.  Home buyers should do the same.  Title insurance protects you against things you never imagined would come up.  The lady that went to the mat to convince her condo board to buy title insurance was pushing to spend some of the association’s money – but the amount they paid is well worth what they’ll save if there’s a problem.  Got questions?  The GCS Title team and I are here – call anytime!  ~Charlie

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