ct home buying vs home renting: The Cost of NOT Owning Your CT Home
- 11/28/17 08:40 AM
Owning a CT home has great financial benefits, yet many continue to rent! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed. Zillow recently reported that: “In reality, buying or renting a home is an intensely personal decision, with emotional and even financial considerations that go beyond whether to invest in this one (admittedly large) asset. Looking strictly at housing market numbers, there is a concrete point at which buying a home makes more financial sense than renting it.” What proof exists that owning is … (0 comments)
ct home buying vs home renting: CT Homeowner's Net Worth is Still Greater Than A Renter's
- 08/14/17 06:29 AM
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a CT homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). The latest survey data, covering 2014-2016 will be released later this year. In the meantime, Lawrence Yun, the National Association of Realtors’ Chief Economist estimates that the gap has widened even further, to 45 times greater ($225,000 vs. $5,000)! Put Your CT Housing Cost to Work for You As I’ve said before, simply put, CT homeownership is a form of ‘forced … (0 comments)
ct home buying vs home renting: The Truth Behind The Rent VS Buy Debate in CT!!!
- 06/19/17 06:26 AM
In a blog post published last Friday, CNBC’s Diana Olnick reported on the latest results of the FAU Buy vs. Rent Index. The index examines the entire CT housing market. The researchers at FAU use a “‘horse race’ comparison between an individual that is buying a home and an individual that rents a similar-quality home and reinvests all monies otherwise invested in homeownership.” Having read both the index and the blog post, we would like to clear up any confusion that may exist. There are three major points that I would like to counter: 1. The TitleThe CNBC blog post was titled, “Don’t put your money in a house, says a new … (0 comments)
ct home buying vs home renting: Do You Know the Cost of NOT Owning Your Home in CT?
- 05/15/17 08:48 AM
Owning a CT home has great financial benefits, yet many continue renting! Today, let’s look at the financial reasons why owning a CT home of your own has been a part of the American Dream for as long as America has existed. Zillow recently reported that: “With Rents continuing to climb and interest rates staying low, many renters find themselves gazing over the homeownership fence and wondering if the grass really is greener. Leaving aside, for the moment, the difficulties of saving for a down payment, let’s focus on the monthly expenses of owning a home: it turns out that renters currently paying the median … (0 comments)
ct home buying vs home renting: Your CT Tax Return: Bring it Home
- 04/28/17 08:17 AM
This time of year, many people eagerly check their mailboxes looking for their tax return check from the IRS. But, what do most people plan to do with the money? GO Banking Rates recently surveyed Americans and asked the question - “What do you plan on doing with your tax refund?” The results of the survey were interesting. Here is what they plan to do with their money: 41% - Put it into savings 38% - Pay off debt 11% - Go on a vacation 5% - Make a major purchase (car, home, etc.) 5% - Splurge on a purchase Upon seeing the research, The National Association … (0 comments)
ct home buying vs home renting: Real Estate Mogul: Here's Why You Should Buy in CT
- 04/26/17 07:31 AM
Real Estate mogul, Sean Conlon, host of The Deed: Chicago on CNBC, was recently asked the question, should you buy? Or should you rent a house? Conlon responded: “I am a true believer that you save every penny and you buy your first house… and that is still the fastest path to wealth in this country.” Conlon went on to suggest that first-time buyers put down 10-20% “if they can make it work,” and to remain in their home at least 4-5 years to see a return on their investment. Who is Sean Conlon, and why should you listen to his advice?Within a few years of working in the real … (1 comments)
ct home buying vs home renting: Slaying CT Home Buying Myths!
- 04/24/17 07:45 AM
Some Highlights: CT interest rates are still below historic numbers. 88% of property managers raised their rent in the last 12 months! The credit score requirements for mortgage approval continue to fall. Contact a Real Estate professional from Dave Jones Realty who can assist with all of your Real Estate needs! … (0 comments)
ct home buying vs home renting: Careful... Don't Get Caught in the CT Rental Trap!
- 04/14/17 10:17 AM
There are many benefits to CT homeownership. One of the top benefits is being able to protect yourself from rising rents by locking in your housing cost for the life of your mortgage. Don’t Become Trapped Jonathan Smoke, Chief Economist at realtor.com, reported on what he calls a “Rental Affordability Crisis.” He warns that, “Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.” In the Joint Center for Housing Studies at Harvard University's 2016 State of the Nation’s Housing Report, they revealed that “The number of cost-burdened households rose to 21.3 million. Even more troubling, the number … (1 comments)
ct home buying vs home renting: Again... You Do Not Need 20% Down to Buy in CT NOW!!
- 04/03/17 06:14 AM
A survey by Ipsos found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s CT housing market. There are two major misconceptions that we want to address today. 1. Down PaymentThe survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 40% of consumers think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less. Many CT renters may actually be able to enter the housing market sooner than they ever imagined with new programs that … (1 comments)
ct home buying vs home renting: Looking to Move Up to A Luxury CT Home? Now's the Time!
- 04/03/17 05:58 AM
If your CT house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! In today’s premium home CT market, buyers are in control. The inventory of homes for sale in the luxury market far exceeds those searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer, or can be found at a discount. Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to … (0 comments)
ct home buying vs home renting: 4 Great Reasons to Buy in CT this Spring!
- 03/20/17 05:12 AM
Here are four great reasons to consider buying a home in CT today instead of waiting. 1. CT Home Prices Will Continue to RiseCoreLogic’s latest Home Price Index reports that CT home prices have appreciated by 6.9% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.8% over the next year. The bottom in CT home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense. 2. Mortgage Interest Rates Are Projected to Increase in CTFreddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage in CT have remained … (0 comments)
ct home buying vs home renting: Don't Let Your Luck Run Out in CT!!
- 03/17/17 06:32 AM
Some Highlights: The “Cost of Waiting to Buy” in CT is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time. Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while CT home prices are predicted to appreciate by 4.8% according to CoreLogic. Waiting until next year to buy you CT home could cost you thousands of dollars a year for the life of your mortgage! Contact a Real Estate professional from Dave Jones Realty who can assist with all of your … (0 comments)
ct home buying vs home renting: The Connection Between Home Prices And Family Wealth in CT
- 03/06/17 05:39 AM
Over the next five years, CT home prices are expected to appreciate 3.22% per year on average and to grow by 17.3% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey. So, what does this mean for CT homeowners and their equity position? As an example, let’s assume a young couple purchased and closed on a $250,000 home in January. If we look at only the projected increase in the price of that home, how much equity will they earn over the next 5 years? Since the experts predict that CT home prices will increase by 4.4% this year alone, the young homeowners will have gained $11,000 in … (1 comments)
ct home buying vs home renting: Over Half of All CT Buyers Are Surprised by Closing Cost
- 03/03/17 10:06 AM
According to a recent survey conducted by ClosingCorp, over half of all CT homebuyers are surprised by the closing costs required to obtain their mortgage. After surveying 1,000 first-time and repeat CT homebuyers, the results revealed that 17% of them were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected. “CT homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.” Bankrate.com recently gathered closing cost data from lenders in CT. The map below was created using the closing costs on a $200,000 mortgage … (0 comments)
ct home buying vs home renting: The Impact of Connecticut Homeownership on Family Health
- 02/27/17 06:13 AM
The National Association of Realtors recently released a study titled 'Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief of most Americans: “Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.” Today, I wwant to cover the section of the report that quoted several studies concentrating on the impact CT homeownership has on the health of family members. Here are some of the major findings on this issue revealed in the report: There … (0 comments)
ct home buying vs home renting: Are You 1 of the 59 Million Planning to Buy This Year?
- 02/27/17 05:32 AM
According to a survey conducted by Bankrate.com, one in four Americans are considering buying a home this year. If this statistic proves to be true, that means that 59 million people will be looking to enter the housing market in 2017. The survey also revealed 3 key takeaways: Those most likely to buy in CT are ‘Older Millennials’ (ages 27-36) or ‘Generation X’ (ages 37-52) Minorities, particularly African-Americans, were twice as likely to respond that they were considering purchasing a CT home this year than white respondents. Many potential CT buyers believe they need to put 20% down and need to have perfect credit to own and … (1 comments)
ct home buying vs home renting: First Comes Love... Then Comes Mortgage
- 02/17/17 08:32 AM
According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples in CT once again dominated the first-time homebuyer statistics in 2016 at 58% of all buyers. It is no surprise that having two incomes to save for down payments and contribute to monthly housing costs makes buying a home in Connecticut more attainable. But, many couples are also deciding to buy a home before spending what would be a down payment on a wedding, as unmarried couples made up 14% of all first-time buyers last year. If you’re single, don’t fret! Single women made up 18% of first-time buyers … (1 comments)
ct home buying vs home renting: The Impact of Connecticut Homeownership on Civic Movement
- 02/17/17 07:54 AM
The National Association of Realtors recently released a study titled 'Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief: “Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.” Today, I want to cover the section of the report that quoted several studies concentrating on the impact CT homeownership has on the civic participation of family members. Here are some of the major findings on this issue revealed in the report: CT … (0 comments)
ct home buying vs home renting: Do You Know the Real Cost of Renting in CT vs Buying in CT?
- 02/17/17 07:43 AM
Some Highlights: Historically, the choice between renting or buying a home in CT has been a close decision. Looking at the percentage of income needed to rent a median-priced Connecticut home today (30%), vs. the percentage needed to buy a median-priced home (15%), the choice becomes obvious. Before you renew your lease again, find out if you could use your housing costs to own a Connecticut home of your own! Contact a Real Estate professional from Dave Jones Realty who can assist with all of your Real Estate needs! … (0 comments)
ct home buying vs home renting: Three Questions to Ask if You Want to Buy Your Dream Connecticut Home
- 02/13/17 05:14 AM
If you are debating purchasing a home in Connecticut right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the Connecticut real estate market. Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market. 1. Why am I buying a CT home in the first place? This is truly the most important question to answer. Forget the finances for a minute. Why did … (0 comments)
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Owning a CT home has great financial benefits, yet many continue to rent! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed.
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