07.01.24

Written by Chase Majerus

2024 Fourth of July

Good morning, afternoon, or evening depending on where you’re reading this! We hope that this email newsletter finds you well (even if it finds you in the middle of a dumpster fire at work). Let’s all take a minute to take a deep breath, and give thanks, because it’s the 4th of July this week and there is no better time to enjoy some delicious BBQ with friends and family.

Did you know that “over the past two decades, a staggering 21.8 million Americans found themselves living within 3 miles (5 kilometers) of a large wildfire. Most of those residents would have had to evacuate, and many would have been exposed to smoke and emotional trauma from the fire. Nearly 600,000 of them were directly exposed to the fire, with their homes inside the wildfire perimeter.” (SOURCE)

Now might be a great time to get a plan together in case of a fire if you don’t already have one!

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Today's Agenda:

S1L Home Equity Loan

Use Your Home For The Best Future Gains

A home equity line of credit, or HELOC, lets you borrow against your home’s available equity. Applying for a HELOC with Synergy One Lending is fast and easy. Our application is fast, easy, and all online. If pre-approved, you’ll be instantly presented with your offer options.

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The Summer Cooldown

Read More About the Market Cooldown Here!

The housing market is showing signs of cooling, with home prices no longer rising as rapidly as they did in the past few years. Despite prices still being higher than a year ago, several indicators suggest a shift in the seemingly big time cool down of the housing market…

  • Price Adjustments: For the first time since the Covid-19 pandemic began, the typical house sold for slightly less than its asking price, with homes selling at 0.3% below list price during the four weeks ended June 23.
  • Slowing Growth: Annual home price growth slipped to 4.6% in May from 5.3% in April, marking the slowest growth rate in seven months, according to ICE Mortgage Technology.
  • Increasing Supply: Total active listings are now 35% higher than they were a year ago, contributing to the cooling of prices, although inventory remains down more than 30% from pre-pandemic levels.
  • Mortgage Rates: Mortgage rates remain high, with the average rate on a 30-year fixed mortgage stuck just above 7% for the third straight month, impacting affordability for buyers.

Major Manor

Tripping Through Time

The Hitchcock Estate in Millbrook, New York, once home to Harvard professor and psychedelic advocate Timothy Leary, is on the market for $65 million, potentially setting a new record for the Hudson Valley. Dating back to the 1800s, this home gained cultural significance in the 1960s as a hub for Leary and other LSD enthusiasts, including notable figures like Jack Kerouac and Allen Ginsberg. Leary’s time at the estate was marked by extensive use of psychedelics, turning it into a renowned site for psychedelic exploration. Let’s check it out:

  • 2,000 acre estate; 14,706-square-foot mansion; 10,000-square-foot bungalow
  • Stone bowling alley, a Bavarian-style gate house, and a tennis pavilion
  • There are 10 bedrooms, including a suite of two bedrooms that connect via a common living room, plus staff quarters
  • The property has undergone significant upgrades after falling in disrepair for years, The wood and the windows have been restored and the wiring, plumbing and steam systems have also been updated. But, the property lacks many modern conveniences, including air conditioning!!

Read About this Trip Through Time Here!

Social Space

Our Top Social Links of the week

Read:
How long does it take to save for a down payment on a home? – Read here!

Video:
Thinking of owning a home aquarium? This will blow your mind – Watch here!

Video:
The real problem with real estate, according to an economist – Watch here!

Video:
Is your home ready for hurricane season? – Watch here!

S1 FinFit App

Digital financial assistant at your fingertips

S1 FinFit is a FREE app that provides a roadmap to help you reach your financial and lifestyle goals, no matter how big or small! Free credit monitoring with alerts, set financial goals, create budgets, and keep track of your spending to see where your money is going.

Download the app on the appropriate app store with the links below!

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Election Year Proposals

2024 is a big year because it’s an election year! And with big election years comes massive proposals which sometimes help determine which party’s policies and agendas will shape the future of housing regulations and federal support for homeownership.

For instance, The Heritage Foundation’s Project 2025 proposed significant changes to federal housing agencies, and has huge implications that would impact prospective homebuyers. This proposal includes ideas such as the breaking up of the United States Department of Housing and Urban Development, transferring its functions to other agencies, and raising the Federal Housing Administration’s mortgage insurance premiums for loans over 20 years.

The plan also seeks to privatize Fannie Mae and Freddie Mac, aiming to create a more robust private mortgage market. Additionally, it calls for the dissolution of the Consumer Financial Protection Bureau (this is a huge change!), which could reduce consumer protections and limit enforcement actions. These changes could increase costs and reduce federal support for homebuyers. The plan also aims to reverse many Biden-era housing policies, including those addressing climate change and fair housing.

Overall, it suggests a significant reduction in federal intervention in the housing market, potentially making it more challenging for some to purchase homes.

Read About How This Could Shape 2025 Here!

Vlog

Be A Smart Homeowner

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What is 1 thing that every smart homeowner has in common?

They know their home equity, and they use it to their advantage!

What I mean by home equity is, the difference in what owe on your home loan, and what your home is currently worth.

The smartest homeowners know that when they have both good credit and a lot of that home equity, they now have the option to use some of that equity. YES, you can literally get money from some of that “what you owe on your home loan vs. home worth” difference.

One of the most well known and commonly used products for accessing your home equity is through this thing called a HELOC or Home Equity Line Of Credit. And with that HELOC money, you can do stuff. Like, pay off credit cards, pay for home improvements like solar panels, go on a summer vacation… or, like many smart homeowners, use that money for a down payment on a rental property.

Apply for a HELOC today with Synergy One Lending and be a smart homeowner.

Watch : HERE

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