Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Housing experts say mortgage rates are likely to hover in the 7 percent range in May, amid elevated inflation that is keeping the Federal Reserve from reducing borrowing costs.
The high cost of home loans may keep buyers at bay as they await the decline of rates before they can make the leap toward homeownership.
Read more: Find the Lowest Rates From Top Mortgage Lenders
The Federal Reserve raised interest rates starting in March 2022 to its current two-decade high of 5.25 to 5.5 percent, a move geared to fight soaring inflation. This contributed to the push-up of borrowing costs, including for home loans. Inflation is still struggling to cool down to the 2 percent central bank target, which has forced policymakers to retain the high interest rate environment.
The 30-year fixed rate, for the week ending April 19, rose for the third week in a row to 7.24 percent—the highest level since November 2023.
Economic data, particularly around inflation, have come in higher than expected over the last few weeks. In March, inflation jumped to 3.5 percent on a yearly basis, up from 3.2 percent the prior month.
Unless inflation surprises in the coming weeks, mortgage rates are likely to stay in the 7 to 7.5 percent range, according to Realtor.com’s chief economist Danielle Hale. Fed policymakers are set to conclude their latest meeting on May 1, and they are unlikely to change their current stance on rates.
“Of all the data, I think that the inflation, specifically the [Consumer Price Index] out May 15, will have the biggest impact,” Hale told Newsweek. “Inflation and labor market data has come in higher and hotter than expected. This change in the data, which is driving a change in the outlook, has pushed interest rates, including mortgage rates, higher across the board.”
Read more: How to Get a Mortgage
High mortgage rates will depress buyers’ ability to buy homes.
“I expect homebuyers to approach the housing market more tepidly, and sales will reflect that trend,” Hale told Newsweek.
Orphe Divounguy, a senior economist at Zillow Home Loans, echoed Hale’s perspective on what will drive mortgage rates as inflation remains elevated.
“The fact that government borrowing remains high relative to demand for U.S. Treasury bonds is likely to continue to push yields—which mortgage rates follow—elevated,” he told Newsweek. “Looking into May, we can expect more rate volatility as investors and the Fed wait for more conclusive evidence of a return to low, stable and more predictable inflation.”
Buyers are still likely to be waiting for rates to fall but the key to the trajectory of rates will be how inflation performs over the coming months, said Holden Lewis, a home and mortgage expert at NerdWallet.
“Inflation remains stubbornly above the Fed’s target of 2 [percent], and mortgage rates won’t fall significantly until the inflation rate consistently drops for multiple months in a row,” Lewis told Newsweek. “Potential home buyers are holding back and waiting for mortgage rates to decline. The slowdown in home sales will allow the inventory of unsold homes to increase. That won’t stop home prices from going up, but it might slow down the pace of home price increases this summer.”
In May, policymakers from the Fed will reveal their latest rate decision and provide insights on the trajectory of borrowing costs. Also in May, the CPI inflation data reading for April will give insight into how prices are performing, which will give a signal to how rates might unfold over the next few weeks.
For the housing market, one silver lining may come from buyers who have to acquire homes due to personal situations.
Read more: How to Buy a House if You Have Bad Credit
“Purchases are likely to be dominated by movers who feel like they don’t have a choice to wait out higher rates, but rather, they have to move now for personal reasons,” Hale said.
Zillow’s Divounguy suggested that with mortgage rates expected to stay high, lower-priced homes could see escalated competition.
“We continue to expect significant competition this spring, especially for attractive listings on the lower end of the price range. New construction homes are selling well too; they’re available, and builders are offering financial incentives—such as rate buydowns and covering closing costs—to potential home buyers,” he said. “Remember, higher rates mean the home price a buyer can afford is lower, so if you’re shopping for a home in the mid-tier or lower, it’s best to assume you’ll run into some competition.”
Hale suggested that sellers, who can also be buyers, enter the housing market.
“With 80 [percent] of potential sellers having thought about selling for 1 to 3 years, it could be that higher rates are less of a deterrent this year than in the recent past,” she said.
The perspective from lenders appears to be that the 10-year treasury yields, currently at around 4.7 percent, will drop in the coming weeks to 4 percent and narrow the difference between mortgage rates and treasury rates.
“We expect the spread will tighten further by the end of 2024. The combination implies a 30-year fixed mortgage rate mostly unchanged in the coming weeks but eventually moving closer to 6.5 percent by the end of 2024,” Joel Kan, Mortgage Bankers Association’s deputy chief economist, told Newsweek.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Source: newsweek.com
The number one rule of the marketplace is to understand your customer. Knowing what they need, what they want and what they fear is fundamental for success. The housing market has shifted. Today it’s dominated by baby boomers who make up 39% of all homebuyers and 52% of all home sellers.
Known as “Peak 65”, in 2024 more than 12,000 people per day will turn 65. The massive age wave is cresting over the next three years, and by 2030 all boomers will have turned 65. This has baby boomers deeply concerned about retirement, as they are scrambling to prepare for life after work. The expensive and limited housing inventory today has created a scarcity mentality, that has Realtors struggling to provide appropriate housing for an aging population.
To retire successfully, to meet the challenges and manage the risks boomers face, they will need to secure their own personal, Financial Trifecta of:
These critical needs are the fundamentals of retirement planning, and “Peak 65” demographics will largely reshape housing, real estate and lending for decades to come.
To understand your boomer customer is to know what they fear most. In this age of longevity, when the boomer generation must plan for decades of life after work, the big fear is running out of money. In my experience of serving boomers for more than four decades, the biggest fear is the loss of their independence, and becoming a burden on their children if they run out of money.
Those Realtors, builders and originators who choose to serve this massive market shift, will need to accommodate the Retirement Trifecta. Baby boomers value relationships with those providers, that customize solutions to fit their needs and wants to retire.
Housing costs will likely be the number one expense through retirement. Because 78% of boomers surveyed want to age-In-place, costs of home modification and maintenance will need to be carefully planned out.
Boomers in pursuit of their Trifecta will need us to understand and accommodate the urgent demands of their retirement. A housing professional’s value proposition must extend beyond building and selling homes and originating mortgage loan transactions. The housing industry must provide real solutions to the challenges that a rapidly growing, elder centric population demands. The industry professionals with the vision to adapt their services will be those who will thrive and help usher in a great new era of American housing.
The baby boom generation has created more housing wealth than any other generation in history. Today, boomers have approximately 13 trillion in available home equity. Boomers home equity will likely grow past 20 trillion by the end of this decade. Today, boomers are living in the very asset needed to help provide for their personal Retirement Trifecta.
To solve the problems we face, and unleash the possibilities of the future, we as an industry must elevate the scope and purpose of our work. We need inspired home-building that includes universal design. We need Realtors trained in matters of aging-in-place, who are committed to guiding senior buyers into buying decisions that will provide housing security for the long-term. We also need a growing professional class of strategic mortgage planners committed to providing home equity conversion solutions that address the demands of the Retirement Trifecta.
From my experience as a home builder, and a mortgage planning specialist, having sat down at more than 4,000 kitchen tables, serving the housing needs of homeowners since 1976, this truth I confidently share with you.
“The single most impactful quality of life decision people make, is the home in which they choose to live.”
Home is where family happens, and we who provide housing have the great privilege, through our life’s work, to make the dreams of those we serve, the possible dream.
To contact the editor responsible for this story: [email protected]
Source: housingwire.com
Accountant/Financial Advisor In terms of professions that check both boxes as it pertains to financials and skill set, accountants or financial advisors could be the perfect person to entice to join the real estate investment space. As someone who manages money for a living, not only will they have made enough money to fund a … [Read more…]
Maybe you’ve recently spoken to a broker or financial adviser about investments, and they suggested exchange-traded funds (ETFs) as a way to diversify your portfolio and boost your earnings.
But, you don’t know how they work or how to go about adding them to your arsenal of investments. Or perhaps you’re just starting out and want to learn more before making an investment decision?
Either way, we’ve got you covered. Read on to learn more.
In a nutshell, an exchange-traded fund (ETF) is a basket of assets that can include a medley of the following:
Exchange-traded funds are ideal for individual investors because they allow you to diversify your holdings without purchasing individual shares of each asset. And the profits are generated by the performance of the overall ETF and not individual shares.
Furthermore, ETFs trade like stocks and are easily bought and sold on the stock exchange, making it simple for investors to buy and sell.
Before exchange-traded funds hit the exchange for trading, they must be created by authorized participants or specialized investors. They conduct extensive research and choose the assets that they deem as most suitable for the portfolio.
The pool of assets is then divided into ETF shares and traded on a major stock exchange, like the NYSE or NASDAQ, or through a brokerage firm.
Each exchange-traded fund has a ticker symbol like a stock and intraday price that can be tracked throughout the day. But unlike mutual funds or index funds, prices are constantly fluctuating because ETF shares are issued and redeemed throughout the day.
Mutual funds are priced at the end of the trading day, so all buyers and sellers receive the same price. This is referred to as the NAV (net asset value.)
Individual investors can purchase ETFs, but the way returns are generated differs from what you’d see with stocks or bonds. Profits are not tied to the actual assets in the ETF, but a sum of the profits generated from interest and dividends from the overall ETF. The return is collectively based on your proportion of ownership in the ETF.
There’s no shortage of exchange-traded funds as offerings are designed to track various sectors, markets, and indexes both here in the U.S. and abroad. The types of ETFs that are most popular among investors include:
With ETFs, you can invest with minimal effort to fit your taste in securities, risk tolerance, and investment goals. This also means you can choose from various market segments. Furthermore, poor-performing assets can offset those that are performing well.
Professional fund managers do all the work for you according to your investment objectives. They also continuously monitor the performance of the ETF. But since these investments are generally passive and track an index, your fund manager won’t have to spend a bulk of their time day in and day out managing the ETF to stay ahead of the curve.
Quick note: The exception to this rule applies when you’re dealing with an actively managed ETF that is designed to beat an index.
Unlike mutual funds, ETFs are available for purchase at any time of the day. There’s also flexibility with orders as you can choose from margin, limit, or stop-loss orders. Even better, there are no minimum holding periods, like you’ll see with some mutual funds, so you’re free to sell at any point after you purchase ETF shares.
This added flexibility is also beneficial to investors because it minimizes the level of risk they’ll have to absorb if the market takes an unexpected turn for the worse. ETFs are much easier to unload in a shorter window than mutual funds, that sometimes have a 30-day holding period before they can be sold.
With taxable mutual funds, you must pay taxes on distributions, regardless of whether you keep the cash or use it to invest in more mutual fund shares. However, you will only pay capital gains on ETFs when your investment is sold.
As mentioned earlier, the performance of a particular ETF can be tracked throughout the day using the ticker. And the end of each day, the ETF’s holdings are shared with the public. But mutual funds only disclose this information on a monthly or quarterly basis.
Unless the ETF is actively managed, your administrative costs will be substantially lower than what you’d find with a portfolio that must have oversight at all times, like a mutual fund. On average, the expense ratio for most ETFs is lower than .20 per year, compared to the 1% or more per year in administrative costs that accompany actively managed mutual funds, according to Nasdaq.
But keep in mind that expense ratios aren’t the same across the board. So, it’s best to speak with the ETF issuer to get a better idea of what you’d expect to pay in administrative costs should you decide to invest in their ETFs.
Before you invest in ETFs, there are some drawbacks you should be mindful of.
Prices often change, so you could be at a disadvantage if you like to buy in small increments. And it’s not always possible to buy low and sell high if the ETF is a slow mover.
Looking to buy ETFs through an online broker? If you select an ETF that’s outside the scope of what they offer, you could incur substantial fees from brokerage commissions.
If the ETF underperforms and is forced to shut down abruptly, you have no control over the hit you may take, either through a loss on your investment or tax obligation.
When you sell ETFs, there’s a two-day settlement window that must pass before you can access your cash. This could be to your disadvantage if you need the funds right away to invest in another asset.
To invest in exchange-traded funds (ETFs), you’ll need to follow these steps:
Keep in mind that investing in ETFs carries risks, and it’s important to do your own research and consider your own financial goals and risk tolerance before making any investment decisions. It’s also a good idea to consult a financial professional for personalized advice.
It’s easy to buy or sell ETFs and make them part of your investment strategy. By gaining a thorough understanding of how they work and working with a broker to analyze how they will impact your investment portfolio, you’ll have the best chance of maximizing your returns.
Source: crediful.com
Purchasing a home is a milestone achievement for many, filled with excitement and the promise of new beginnings. However, the process involves navigating a maze of legal documents, negotiating contracts, and understanding zoning laws, which can vary widely from one location to another.
These complexities can quickly transform the joy of buying a home into a stressful ordeal.
Over the years, we’ve seen many individuals and families encounter unexpected hurdles during what should be one of the most exciting times of their lives.
That’s why we strongly recommend enlisting the services of a skilled real estate lawyer. In this article, we will explore the peace of mind and protection a real estate lawyer can offer, using real-life scenarios to illustrate the value they bring to the homebuying process.
Let’s take the case of John and Sarah, a young couple brimming with excitement about purchasing their first home in Philadelphia.
They found a charming row house in Bella Vista, perfect for their growing family. They poured over the contract themselves, feeling confident in their ability to handle the legalese. Everything seemed straightforward.
Unfortunately, a month into ownership, a major leak sprung from the roof. The previous owner had neglected crucial repairs, and the cost of fixing the damage was substantial. John and Sarah, devastated and frustrated, discovered a hidden clause in the contract limiting their ability to recoup repair costs from the seller.
A real estate lawyer in Philadelphia could have identified this clause during the review process, potentially saving them a significant financial burden.
Peace of Mind: Buying a house is likely the biggest financial investment you’ll ever make. A lawyer ensures the process is smooth and transparent, mitigating potential headaches and legal roadblocks.
Contract Expertise: Real estate contracts are intricate documents. A real estate lawyer can decipher legalese, identify potential issues, and negotiate terms in your best interest. This includes crucial details like property disclosures, inspections, closing costs, and title insurance.
Dispute Resolution: Unexpected issues can arise during a transaction. A lawyer can advocate for you and protect your rights if disagreements emerge with the seller, lender, or other parties involved, just like a Philadelphia real estate lawyer could have helped John and Sarah spot the hidden clause and navigate the ensuing disputes.
Real estate law goes beyond just buying a house. A lawyer can also assist with:
Ideally, consult with a lawyer as early as possible in the homebuying process. Their guidance can save you time, money, and stress throughout the transaction.
Look for a lawyer with solid experience in real estate law, a strong reputation, and clear communication skills. You’ll also want to ensure they’re responsive and don’t take long to reply to emails and phone calls to avoid extending your closing process for longer than needed.
Costs vary depending on the complexity of your case. Many lawyers offer flat fees or hourly rates.
Bring any relevant documents you have, such as the purchase agreement, inspection reports, and loan pre-approval paperwork.
Yes, discuss fees upfront and inquire about potential discounts or payment plans.
Remember, buying a house is a significant undertaking. Don’t navigate this journey alone. A real estate lawyer can be your trusted advisor, ensuring a smooth and successful transaction. Contact us today to schedule a consultation and turn your dream home into a reality.
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Source: fancypantshomes.com
Net asset value (NAV) is an important metric for knowing how much each share of an investment fund, like a mutual fund or ETF, is worth. However, NAV alone cannot tell investors everything they need to know about potential investments.
Calculating NAV is helpful for fund valuation and pricing. Still, there are times when it is more beneficial to look at other aspects of a fund, like total return, to determine investment opportunities. Nonetheless, investors need to know how to calculate NAV, when it makes sense to use it, and why.
Net asset value, or NAV, represents the value of an investment fund. NAV, most simply, is calculated by adding up what a fund owns (the assets) and subtracting what it owes (the liabilities).
NAV is typically used to represent the value of the fund per share, however, so the total above is usually divided by the number of outstanding shares. This makes it easier for investors to value and price the shares of a fund. Mutual funds, for example, use per-share NAV to determine their share price.
The NAV will also change daily because an investment fund’s assets and liabilities change daily based on market prices.The assets of an investment fund include the daily market value of the fund’s holdings, which are usually securities like stocks and bonds. The liabilities of a fund are usually debts owed to financial institutions and expenses, like salaries, operating costs, and other fees.
The Securities and Exchange Commission (SEC) requires that mutual funds calculate their NAV at least once each business day. Most mutual funds perform their calculations after the major U.S. securities exchanges close for the day.
💡 Quick Tip: How to manage potential risk factors in a self-directed investment account? Doing your research and employing strategies like dollar-cost averaging and diversification may help mitigate financial risk when trading stocks.
Net asset value, as mentioned above, is calculated by taking a company or investment fund’s total assets and subtracting its liabilities. This figure is usually divided by the fund’s number of outstanding shares because NAV is generally represented on a per-share basis. The formula looks like this:
NAV = (Total Value of Assets – Total Value of Liabilities) / Number of Shares Outstanding
NAV can be used for investments, and by investors, in a number of ways, often depending on the specific type of asset an investor is analyzing. It can give investors insight into a fund’s performance, but doesn’t necessarily tell the whole story.
Mutual funds are usually open-ended funds, meaning that investors buy and sell shares of the fund from the fund directly and not on an exchange like a stock. Because these funds don’t trade on an exchange for market prices, NAV is used to price the fund’s shares.
Mutual funds calculate their NAV per share daily, usually at the end of the business day, and that is the price an investor will pay to buy or sell shares in the fund. Every mutual fund company has its own cut-off time for buying and selling shares. After that time, investors buying or selling shares will get the fund’s NAV for the day after their transaction order is received.
💡 Recommended: Understanding the Different Types of Mutual Funds
Exchange-traded funds (ETFs) and closed-end funds are similar to traditional mutual funds, but one big difference is that investors can buy and sell ETFs throughout the trading day for a market price and not the NAV per share. Investors can make buy and sell orders for traditional mutual funds once per day and only at their published NAVs.
ETFs are still required to calculate the fund’s NAV once per day, like a mutual fund. Additionally, an ETF’s NAV is calculated approximately every 15 seconds over each trading day and published on various financial websites.
Because ETFs tend to trade at a premium or a discount to their NAV, traders often compare market prices and NAV to take advantage of the differences and make investment decisions.
As an example of calculating mutual fund NAV, imagine that mutual fund XYZ has $100 million worth of investments in different securities, based on the day’s closing prices for each security, and $10 million in liabilities and expenses. The NAV for this fund would be $90 million. If the fund has 5 million shares outstanding, the NAV per share for mutual fund XYZ would be $18.
The NAV for mutual fund XYZ can be calculated using the above formula:
NAV = ($100,000,000 – $10,000,000) / 5,000,000 = $18
A fund’s NAV alone doesn’t tell investors much; a high NAV for one fund is not necessarily better than a low NAV in another fund. Similar to stock prices, a high stock price doesn’t necessarily mean the stock is a better investment than a stock with a lower price.
Looking at a fund’s NAV and comparing it to another fund does not provide investors insight into which fund is the better investment. It’s more important for investors to look at NAV alongside other factors, like the fund’s past performance, the allocation of securities within each fund, and how it performs compared to benchmark indices like the S&P 500 Index.
💡 Quick Tip: How do you decide if a certain trading platform or app is right for you? Ideally, the investment platform you choose offers the features that you need for your investment goals or strategy, e.g., an easy-to-use interface, data analysis, educational tools.
A mutual fund’s NAV will likely change every trading day because the prices of securities in which the fund invests are likely to change every trading day, affecting the total assets in the fund. It’s also because the number of outstanding shares held by investors often changes daily, as new investors buy shares and existing investors sell.
Other factors can also impact a fund’s NAV. For example, the fund’s management fee and additional fees that add up to the fund’s total expense ratio will come out of the fund’s total assets, thus affecting NAV. In addition to management fees, expenses can include costs related to the administrative, compliance, distribution, management, marketing, shareholder services, and record-keeping of the fund. It’s common practice for mutual funds to assess this debit on the fund’s assets every trading day.
If a mutual fund invests in dividend-paying stocks or fixed-income assets, these securities’ dividends and interest payments go to the investor. Additionally, a mutual fund may distribute realized capital gains to shareholders. These payouts reduce the fund’s assets and result in a lower NAV. Because these benefits lower a fund’s NAV, it shows that NAV may not be the only figure to pay attention to when analyzing the performance of a fund.
When analyzing the performance of mutual funds, it can make sense to look at metrics other than NAV alone, like investment yield and the funds’ total return. The total return considers capital gains and losses from all of the securities the fund invests in, as well as the dividends and interest earned by the fund, minus the fund’s expenses.
Net asset value, or NAV, is a daily calculation that can track the value of a mutual fund, ETF, or money market fund. But while this figure can be helpful to gauge a fund’s performance, it isn’t the only metric that investors should consider. Total return, yield, and fees are also important figures when making mutual fund investing decisions.
Remember that NAV itself doesn’t tell an investor everything that they need to know, but is just one metric or data point that can be used along with an array of others to analyze funds.
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NAV and share price are two different things. Net asset value is the value of the investments within a fund, or the value of a portion of the fund. The share price of a fund, though it may be related, is different from that value.
Net asset value is important for investors because it describes the total equity or value of a fund. It can help determine the value a share of a fund has, and can help investors evaluate the overall value of an investment.
NAV on its own doesn’t tell investors a whole lot, so whether NAV is high may not be good or bad. What’s more important is how high a fund’s NAV is relative to other metrics, which may include its market price.
If a fund’s NAV is down, that could be a sign that the fund’s performance is suffering. But it doesn’t necessarily mean that it’s a good time to invest in that fund, or a bad time to do so – other metrics must be considered along with NAV, at any given time, to determine whether an investor wants to alter their position.
An example of NAV could be $18, and that would be calculated looking at a fund’s underlying securities. You’d need to rope in assets and liabilities, and calculate accordingly to find NAV. Again, $18 is just an example, as NAV could be any dollar figure as it relates to the fund’s assets and liabilities.
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SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below:
Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
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Exchange Traded Funds (ETFs): Investors should carefully consider the information contained in the prospectus, which contains the Fund’s investment objectives, risks, charges, expenses, and other relevant information. You may obtain a prospectus from the Fund company’s website or by email customer service at [email protected]. Please read the prospectus carefully prior to investing.
Shares of ETFs must be bought and sold at market price, which can vary significantly from the Fund’s net asset value (NAV). Investment returns are subject to market volatility and shares may be worth more or less their original value when redeemed. The diversification of an ETF will not protect against loss. An ETF may not achieve its stated investment objective. Rebalancing and other activities within the fund may be subject to tax consequences.
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If you invest in Exchange Traded Funds (ETFs) through SoFi Invest (either by buying them yourself or via investing in SoFi Invest’s automated investments, formerly SoFi Wealth), these funds will have their own management fees. These fees are not paid directly by you, but rather by the fund itself. these fees do reduce the fund’s returns. Check out each fund’s prospectus for details. SoFi Invest does not receive sales commissions, 12b-1 fees, or other fees from ETFs for investing such funds on behalf of advisory clients, though if SoFi Invest creates its own funds, it could earn management fees there.
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Source: sofi.com
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I love Ikea, Target and Wayfair as much as the next girl, but is anyone else getting seriously annoyed by how often you find the “perfect” lamp, rug or planter, only to find out that three of your friends have the exact same one? I feel like I’m living the episode of Friends where Phoebe finds out Rachel has made their apartment a carbon copy of the Pottery Barn catalog in real life (unbeknownst to Phoebe, who hates things that aren’t as unique as she is). These big box stores are certainly convenient, but sometimes, just like Phoebe, I want something a little more unique for my home. That’s when I turn to Etsy.
With its collection of quirky and unique independently run shops, Etsy is where I go when I’m searching for items that will bring a wow-factor to my home. And even though I’m buying unique things, there are still a ton of shops that are affordable.
These are some of our favorite Etsy shops selling modern home decor even for those of us on a budget — proof positive your home can be unique and chic without depleting your savings account.
A version of this article was originally published in September 2017.
$13
$35
$54
$16
$7+
$232
$12
$20
$84+
$59+
Source: sheknows.com
Do you want to learn how to sell gold for cash? Selling your gold can be a quick way to make extra money and potentially turn a profit depending on if the price of gold increased. Whether you have gold jewelry, gold coins, gold bars, or even dental gold, you can most likely make extra…
Do you want to learn how to sell gold for cash?
Selling your gold can be a quick way to make extra money and potentially turn a profit depending on if the price of gold increased.
Whether you have gold jewelry, gold coins, gold bars, or even dental gold, you can most likely make extra money from it.
In this article, we’ll go over the strategies to turn your short stories into a profitable side hustle, and you will learn:
Recommended reading: Where To Sell Jewelry: 12 Best Places For Extra Money
Here’s a list of the 11 best places to sell gold for cash.
Worthy is an online auction platform specifically for selling jewelry and this is usually the best place to sell gold jewelry for cash. They buy jewelry (bracelets, rings, necklaces, etc.), diamonds, watches, platinum jewelry, and other valuables. The platform helps connect you to a group of professional buyers which may lead you to getting a better price for your gold.
This is one of the best places to sell your gold due to the convenience and reliability of the website. Worthy is built with the seller and buyer in mind, making it as easy as possible to buy and sell jewelry.
Here’s how to sell your gold on Worthy.
You can start selling your gold jewelry on Worthy by clicking here.
Recommended reading: Worthy Review – Is Selling Jewelry On Worthy Legit?
Cash For Gold USA is an online platform that buys gold, such as gold jewelry and gold coins, with benefits such as being A+ on BBB, $100,000 insurance on every shipment, with over $150 million bought and sold on the website.
Here’s how Cash For Gold USA works:
Cash For Gold USA even has a gold calculator on their home page that gives you a rough estimate of what you can get for your gold. If you do not like the estimate or no longer want to sell your gold, you can decline the offer and Cash For Gold USA will return your item free of charge.
Express Gold Cash is a reputable online platform for selling gold (even dental gold!). With over 5,000 positive Trustpilot reviews, you can feel peace of mind knowing you’re working with a reputable gold dealer.
This is how Express Gold Cash works:
Alloy is an online market that offers a seamless way to sell your gold for cash. Similar to Express Gold Cash and Cash For Gold USA, Ally works by sending in your gold via appraisal kit. Alloy covers shipping and up to $100,000 insurance at no cost to you.
Once receiving your package, Alloy will inspect, weigh, and test the gold to give you an accurate valuation. Once the team appraises the items, an Alloy Advisor will reach out to you and give you a cash offer. The Alloy Advisor can also answer any questions you may have.
Once you accept an offer, the payout is processed. How quickly you get your money depends on which payment option you choose. Choosing PayPal or Venmo pays out immediately.
Selling your gold to a local pawn shop is one of the quickest ways to get cash. Research local pawn shops in your area and check for reviews and recommendations from friends or family. Check current market prices for gold to get an idea of what your gold is worth. Bring your gold to the pawn shop for assessment where the pawnbroker will check for quality, purity, and weight of the gold.
The pawnbroker will give you an offer. If you don’t like the offer, you can negotiate for a higher price. If you accept the offer, the pawnshop will give you cash on the spot. If you pawned your items instead of selling them outright, you’ll need to repay the loan amount plus any interest fees within the agreed loan period.
A consignment store is a popular spot for selling gold for cash if you’re looking for a hands-off approach to selling your gold. Consignment stores work by handling the selling process on your behalf and in exchange, the consignment store earns a percentage of the sale price of your item.
To get started, research consignment stores in your area and look for places with good reviews and recommendations.
Once you find one (or some) that you’re interested in, give them a phone call and ask them about their terms and fees. You should prepare your gold items before taking them in by cleaning and making them presentable.
Bring your gold to the consignment store where they may assess the quality and condition of the item. Once that is finished, you’ll likely sign a consignment agreement with the store which includes the agreed-upon sale price, fees, and consignment period.
Once your gold is sold, the consignment fee will be deducted from the sale price and provide you with the remaining amount.
Selling your gold to a local jewelry store is a convenient option if you want to make cash quickly.
You can start by researching local jewelry stores in your area to see if they buy gold. Also, make sure the jewelry store has good reviews and recommendations.
I recommend that you write down the details of the gold you want to sell such as the weight and purity, and then check the current market price of gold. Then, call local jewelry stores to see if they have specific days or times when they handle gold buying.
If you want to sell your gold right away, a local coin shop may be a good option.
To get started, research local coin shops and check the reviews. Gather important details about your gold including its weight, purity, and any certificates or special documentation. Then, get in touch with local coin shops and schedule an appointment if necessary.
Before going to any local coin shops, check the current market price of gold to get a rough estimate of what gold is worth.
You may want to negotiate the price if the shop’s buying policies allow it. Shops need to make a profit when reselling these items, so keep that in mind when getting your offer. Online buyers may pay you more for your gold coins due to having less overhead costs, but going to a local coin shop may be easier or faster because you don’t have to ship anything.
eBay is another option for selling your gold jewelry. eBay has the benefit of an international customer base which may increase your profit.
To get started selling on eBay, research the current market price of gold to give you an idea of what you should sell your gold for.
In your eBay listing, use a descriptive title including the gold, weight, and purity. The description should include detailed info about the piece of gold including weight, purity (18k, 24k, etc.), dimensions, and certificates of authenticity. Include high-quality photos of the gold including close-ups. Share the condition the item is in and if it’s new, used, or like new.
JM Bullion is a website that buys gold for cash. This site is rated 4.8 on Shopper Approved with over 370,000 reviews.
To get started, you need to create an account at JM Bullion. Similarly to other gold buying platforms, JM Bullion sends you a prepaid shipping label and package mailer so that you can send them your jewelry.
Once JM Bullion receives your package, they’ll get started inspecting your item and approving the sale. After approval, payment will be issued to you.
Luriya is a New York-based jewelry buyer who has in-store appointments or mail-in kits to sell jewelry.
To get started, you can request a mail-in kit from Luriya and send your jewelry to them. The mail-in kits are insured for up to $1,000, but you can pay extra to have your items insured for up to $1,000,000.
Once the item is received, Luriya will contact you to confirm they’ve received it. Within 24-48 hours, you’ll have an offer.
The amount you’ll receive from selling your gold will depend on factors such as:
To get an idea of how much you’ll receive for your gold, weigh your gold in grams. Check the purity and identify the karat of your gold. Once you know this information, you can research current gold prices which are usually quoted per ounce or gram.
You can also calculate the value of your gold with this equation:
Multiply the weight of gold by its purity (percentage of pure gold) and then by the current price of gold per gram or ounce.
Understand that this is just a ballpark estimate to give you an idea and isn’t the exact amount you’ll receive.
Also, I do want to say that online gold buyers many times will pay more because as an online purchaser, they have lower operating costs.
Now, if we’re talking gold jewelry, then the amount will be a little different. This is because the value of jewelry can depend on so many things, such as the brand, quality, and more. To get the best price for your gold jewelry, then you may want to compare offers and shop around.
Below are answers to common questions about how to sell your gold for cash.
The place that gives you the most money for your gold include options like local jewelry stores or pawn shops, auction sites like Worthy, and gold buyers and dealers.
To maximize your earnings for selling your gold, get quotes from multiple buyers to compare prices. Make sure any buyer you talk to is reputable and licensed and check with organizations like Better Business Bureau for complaints.
The value of 14k gold fluctuates daily based on the current market price of gold. As of April 2024, 14k gold price per gram is $43.68.
How much you’ll get at a pawn shop depends on their fees and overhead costs. Get quotes from multiple pawn shops and dealers to compare offers to ensure you’re getting a fair price.
Gold is considered an asset, so any profit you earn from selling your gold is taxed by the IRS. How much you owe depends on factors like:
Whether or not you should sell gold or pawn it depends on how quickly you need cash. If you need cash quickly, pawning gold jewelry at a pawnshop can get you cash quickly, even within the hour.
When you pawn gold (this is different from selling gold to a pawn shop), you’ll receive a loan amount based on the appraised value of the item. You’ll need to repay the loan, interest, and fees within the loan period to get your gold back.
If you’re not in a rush to get cash now, it may be better to sell your gold jewelry as you’ll likely get more cash this way.
Pawn shops determine the value of gold based on several factors, including:
The best places to sell gold for cash online include places like:
Each platform has different fees, so make sure to read the fine print clearly and research reviews for each website from Better Business Bureau. You’ll also want to think about factors like shipping costs, insurance coverage, and payment methods for each website.
To sell gold for cash near you, there are a few options to try selling at. Here are some places you can sell gold for cash near you.
I hope you enjoyed this article on the best places to sell gold for cash.
If you want to sell your gold for cash and get the most money, you can try selling your gold on auction sites like Worthy or gold dealers. Evaluate your gold items based on purity and weight to get a better idea of how much your gold is worth.
I also recommend getting multiple quotes to compare offers so you get the best deal for your gold. Take the time to understand any fees that may impact your profit like overhead costs at pawnshops and other buyer fees.
Are you interested in selling your gold for cash?
Recommended reading:
Source: makingsenseofcents.com
Do you want to learn how to turn $1,000 into $10,000? Turning $1,000 into $10,000 might seem like a big challenge, but it’s possible with the right plans and some creativity. Whether you want to make extra income, run a full-time business, or if you are just looking to learn how to turn your $1K…
Do you want to learn how to turn $1,000 into $10,000?
Turning $1,000 into $10,000 might seem like a big challenge, but it’s possible with the right plans and some creativity.
Whether you want to make extra income, run a full-time business, or if you are just looking to learn how to turn your $1K into $10K quickly, there are many options that may interest you.
Below are the best ways to turn $1,000 into $10,000.
Recommended reading: 22 Ways To Make Money Online Without Paying Anything
Turning your $1,000 into $10,000 might sound like a dream, but one practical way to work toward this goal is by flipping items for profit. Start by searching your home for things you don’t use anymore.
You’d be surprised how much money you can make from selling stuff like old phones, laptops, fancy clothes, and even that couch you never sit on.
I have flipped many items for resale over the years, and I even had a small reselling business at one point. It’s a fun way to make extra money!
Here are some ideas:
Then, to take it a bit further, you can start buying items to flip for a profit. So, you might find furniture that needs a little bit of cleaning up, high-end clothing that needs to be repaired, or an appliance that needs a new part. Fix them up and sell them for a higher price.
One of my friends does this for a living.
Some of the best flipped items that they’ve done include:
Launching your own online business is a solid path to multiply your money.
Some service-based businesses you can try include online businesses such as freelance writing, proofreading, transcription, or bookkeeping, as well as in-person businesses like car detailing, meal prep service, lawn care, dog walking, tutoring, and local tour guide.
These are in high demand and don’t require much to start – usually just a good laptop or some equipment (like car washing soap and a sponge).
To start your own business with just $1,000, marketing is key. You can use social media to reach your target audience (such as by simply just posting something on your personal Facebook page) or add flyers to local bulletin boards.
There are many ways to turn $1,000 into $10,000 in real estate.
I’ve tried out a few real estate side gigs myself, and I know plenty of others who do the same. Starting in real estate doesn’t have to be expensive. There are several side hustles in real estate that you can begin even if you’re new or working with a tight budget.
These include:
You can learn more about this at 23 Best Real Estate Side Hustles.
Turning $1,000 into $10,000 might seem like a dream, but you can try peer-to-peer (P2P) lending platforms to help grow your money. These platforms connect people who want to borrow money with those who are willing to lend it.
Peer-to-peer lending is like helping out a friend who needs a loan. For example: You have extra money and a friend asks to borrow some. You lend it to them, and they pay you back with interest – more than what you gave them. P2P lending works similarly but on a bigger, online level where individuals lend money to others through a platform, earning interest on the loans they provide.
Getting started with peer-to-peer lending is fairly straightforward. Here’s how:
Remember, investing has risks and loans might not be paid back, impacting your return.
Stock investing is an investment strategy when you buy a share of ownership in a company, like Microsoft, Apple, or Tesla. Individual company stock prices can go up or down, but if it goes up, then you may be able to turn $1,000 into $10,000.
This may take a year, 10 years, or even longer. All stocks are different, but it is possible to learn how to turn $1,000 into $10,000 in stocks.
Stocks give you a chance to make more money than by just putting it in the bank. Over time, companies grow and can pay you back more than what you started with.
Usually, long-term investors (this is the type of investing I personally do) like to diversify their portfolios so that all of their eggs aren’t in one basket. This way, if one company doesn’t do so well, then you won’t lose all your money.
One option is to invest in funds (like exchange-traded funds or mutual funds) instead of individual stocks. A fund is a bunch of stocks wrapped up in one package and this can make things less risky for you.
Recommended reading: How To Start Investing For Beginners With Little Money
Note: Some people do short-term investing to make money in the stock market. Yes, this is another way, but you’ll want to do a lot more research about your investment decisions, the different fees you may come across, understand your risk tolerance, and more before opening up a brokerage account. This is because while the right strategy can make you money in the stock market, the wrong strategy can lose you a ton of money.
Creating digital products is a way to turn your $1,000 into $10,000 (and even make passive income). By designing products that people can download and use, you tap into a market with very low overhead costs.
You can start by thinking about what skills or knowledge you have that others might pay for. It could be anything from a guide on how to care for exotic plants, templates for social media branding, weekly routine printables, printable wall art, and more.
Your earning potential can vary, and digital product sellers can typically start this business side hustle with little needed.
You can learn more about this at How I Make Money Selling Printables On Etsy.
Flipping domains is similar to flipping houses: You buy domain names at a lower price and sell them for more. Domain names are the web addresses people use to visit websites.
For example, my domain name is “makingsenseofcents.com.”
Now, this can be risky, because you don’t know what domains will eventually sell. Someone has to want it in order for you to sell it.
Some ways to brainstorm domain ideas include looking for catchy, short, and easy to remember names. Think about what’s trending or might become popular soon.
You can hold on to the domains until you’re ready to sell, or you can list them on sites like Flippa right away.
Just like with all ways to make money (especially if you want to turn a small amount of money into $10K), this is risky. You have to be smart with the domain you choose to buy (and a little lucky), and there can be legal issues as well, such as trademark problems.
Recommended reading: How I’ve Made $80,000 Selling Blogs
Starting a blog can be a great option if you’re looking to grow your $1,000 into $10,000.
A blog is essentially an online journal or informational website where you share your thoughts, knowledge, or experiences. You create posts that people can read, engage with, and share. And yes, blogging can be profitable!
Blogging is what I personally do to make money online, and I started by spending $0, actually. It took me around 2 years to start making $10,000 each month.
I started this website, Making Sense of Cents, back in 2011, and it has helped me earn over $5,000,000 since then. I started my blog on a whim to share my own money journey, not even knowing that people could make money with websites.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
Below are answers to common questions about how to turn $1,000 into $10,000 (and other ways to grow your money).
Turning $1,000 into $5,000 in one month would be hard but not impossible. You could create a product that you sell (such as an online course), sell something that you already make (for example, if you are a photographer, you may be able to sell prints of a picture that you’ve taken), buy something to flip and resell for a higher price, and more.
Increasing your money to $10,000 in six months can be challenging but may be possible. You might look into starting a side business such as selling items online.
To double your $1,000, investing in a diversified portfolio of stocks and bonds could be a smart move, with the potential to grow over time. With this, though, patience is key, as doubling your investment won’t happen overnight.
There are many ways that you can use $1,000 to make money. You could start a business, such as a website, an online store, an in-person business like a lawn mowing business, an at-home business selling dog treats, or even a business where you sell soy candles at craft fairs. You don’t need to spend a ton of money to start your business, just $1,000 or less can help you start many different business ideas.
I hope you enjoyed this article on how to turn $1,000 into $10,000.
There are many ways to turn $1,000 into $10,000 such as investing in real estate or stock, starting an online business like a blog, and even reselling items for profit.
For me, I was able to start my own online business for less than $100, and I have turned it into a business that has earned me well over $10,000 a month for many years now – so I know that it is possible to get started with a low amount of money.
If you have a financial goal where you need to make more money, then there are plenty of side hustles, home-based businesses, and other ways to make money.
Why do you want to turn $1,000 into $10,000?
Recommended reading:
Source: makingsenseofcents.com
Homeowners coming off fixed rate mortgages faced huge rises in their monthly payments, latest figures have revealed, with the costs severely biting into household disposable income.
With the Bank of England base rate rising to 5.25 per cent in the summer of last year, families faced soaring mortagage rates with the average two-year fixed rate reaching 6.9 per cent.
The new rates meant many homeowners, especially those with large mortgages still to pay, faced challenging increases in monthly payments.
Last year, more than 1.4m households in the UK had fixed rate mortgage up for renewal, with more than half coming off rates of less than two per cent.
Ken James, director at Contractor Mortgage Services, told The Independent that the change in payments meant some were forced to either extend their mortgages or even sell up and move elsewhere.
“And while they may have had money in previous years for a holiday or a new car, they are now having to hold back as their monthly mortgage payments rise,” he added.
The Office for National Statistics has published estimates on the impact of the rising mortgage rates for those impacted in 2023, breaking the figures down by region to calculate which areas were most exposed.
In Kensington and Chelsea, in London, the ONS estimates that the average increase in monthly mortgage payments for households impacted by rate changes was a jump of £1,193 to £5,100, the equivalent of more than £14,000 in a year.
The area was followed by Camden with a £924 monthly increase, Islington with a £803 rise and Hammersmith with a £776 increase. Outside London, homeowners in Elmbridge in Surrey saw their monthly mortgage payments rise by £456.
The huge increase in Kensington and Chelsea equated to 27 per cent of the disposable income for an average household in the area – however just six per cent of households were impacted by rate changes last year since they either rented, owned their homes outright, or had fixed mortgages.
Far from the capital, homeowners living in areas in the north of the country saw the lowest increases in mortgage payments.
In Allerdale, in Cumbria, the average increase in monthly payments was £80 to £453 in 2023. It was followed by Barrow-in-Furness, also in Cumbria, where homeowners saw an increase of £83 in monthly payments, then Copeland, also in Cumbria, and Stoke-on-Trent, which both saw a £87 rise.
Despite the lowest rise in payments, homeowners in Allerdale were among the most exposed in the country with the jump in costs equating to 17 per cent of a household’s disposable income.
In Allerdale, 13 per cent of households remortgaged last year.
The year 2024 started off with hopes homeowners faced a brighter picture with many lenders cutting their rates in January.
That was followed by top economists predicting the 5.25 per cent Bank of England base rate would fall in May, with two-year fixed mortgages rates dropping to nearly four per cent at the start of the year.
However, since then rates have risen. This week, five mortgage lenders increased their rates as inflation slowed less than expected in March. The central bank is using higher rates for longer to keep inflation under control.
This marked another blow for homeowners, with many coming off fixed rate mortgage set more than two years ago when costswere much lower.
Ken James, director at Contractor Mortgage Services, said he feared banks had jumped the gun at the start of the year.
“The banks took a little bit of a gamble by thinking the market was looking good and the base rate was going to be coming down [it remains at 5.25 per cent], because of that they started to bring in lower rates and we saw movement.”
He said the increase had “concerned” clients with some having to make difficult choices against rising monthly payments, such as extending their mortgage terms or even selling and moving home.
Some were looking to sell and go into rented accommodation, but then they faced rising costs again, said Mr James, who added: “I don’t see the situation changing for a while, I think people are prepared to wait out this difficult period and hope for better news in a couple of years’ time.”
Source: independent.co.uk