Real estate blog entries tagged with home buying by Bob Elliot, 30+ Yrs Industry Experience (eXp Realty)

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home buying: What's Ahead for Mortgage Rates This Week - December 30th, 2024 - 12/30/24 09:21 AM

With Christmas concluding the prior week, there were few reports other than Consumer Confidence, which had come in slightly below expectations. This should prove to have little impact, especially in the following week. With the New Year on the horizon, there are no reports other than the Chicago Manufacturing output report for the entire week. Happy Holidays!
Consumer Confidence
A post-election pop in consumer confidence fizzled at the end of the year, owing to worries about the U.S. stock market and a potentially higher cost of living as a result of new tariffs. The index of consumer confidence dropped 8.1 points to a … (2 comments)

home buying: Why Checking for Open Permits Is Essential Before Selling Your Home - 12/20/24 08:49 AM

When preparing your home for sale, there’s a checklist of tasks to tackle like decluttering, staging, and perhaps making minor repairs. One item that often gets overlooked, yet is critically important, is checking for open permits on your property. Ignoring this step could lead to unexpected delays, renegotiations, or even jeopardizing your sale entirely. Here's what you need to know about open permits and why resolving them is vital.
What Are Open Permits?
An open permit occurs when work done on a property hasn’t been fully approved or closed out by the local permitting authority. This can happen if the required inspections weren’t … (1 comments)

home buying: What's Ahead for Mortgage Rates This Week - December 16th, 2024 - 12/16/24 06:54 AM

Last week featured a light release schedule, with the key highlights being the CPI and PPI reports. The CPI has proven to be exactly within expectations, signaling the Federal Reserve should be on track for another planned rate cut. However, this was offset by higher-than-expected PPI inflation. Despite these mixed signals, both indicators show stable trends, and overall inflation appears to be moving toward the Federal Reserve's target. The Federal Reserve remains committed to reducing inflation until their goal is achieved.
Consumer Price Index
Consumer prices rose in November at the fastest pace in seven months. Still, the latest inflation report is probably … (1 comments)

home buying: The Benefits of Buying an Unfinished Home for Your Family - 11/20/24 07:44 AM

Purchasing a home is a major life decision, and for many homebuyers, the ideal property may not always come fully finished. An unfinished home offers a unique opportunity to create a space that suits your family’s needs while potentially saving money upfront. Whether you're looking to save on your initial purchase or enjoy the flexibility of customizing your home, buying an unfinished house could be a great option.
If you're considering an unfinished home as your next residence, here’s why it might be the right choice for you and your family.
Save Money on the Purchase Price
One of the primary advantages of buying … (2 comments)

home buying: Choosing the Right Homeowners Insurance for Your Needs - 11/18/24 08:00 AM

Buying a home is one of the most significant investments you’ll make in your lifetime. But it’s not just about purchasing the property itself—it’s also about protecting it. Homeowners insurance is a crucial part of homeownership, offering financial protection against damage or loss caused by unexpected events like accidents, natural disasters, or theft.
Whether you're a first-time homebuyer or an experienced homeowner, choosing the right homeowners’ insurance can be a challenge. Understanding your coverage options and finding a policy that suits your needs is essential to safeguarding your home, your belongings, and your financial future.
Why Homeowners Insurance is Essential
For most homebuyers, homeowners’ … (1 comments)

home buying: What's Ahead for Mortgage Rates This Week - November 18th, 2024 - 11/18/24 07:57 AM

With the release of the latest CPI and PPI data, inflation has increased month-to-month for the first time since March, marking the first rise in over seven months. The Federal Reserve has reiterated its goal of reducing inflation to a 2% target within a year. While this development doesn't necessarily indicate an imminent interest rate hike, it suggests that current rates may remain unchanged for an extended period. Earlier optimism about a potential rate cut by the end of the year has significantly diminished in light of recent inflation figures and economic data. However, Retail Sales data presents a more positive … (0 comments)

home buying: The Impact of Nearby Developments on Property Value - 11/11/24 06:59 AM

When buying a home, it's easy to focus solely on the property itself—square footage, curb appeal, layout, and finishes all tend to grab our attention. But what happens outside the property can be just as impactful, especially when new developments are underway nearby. Whether it's the construction of a new shopping center, school, or transit line, nearby developments can significantly influence property values, sometimes raising them and, in certain situations, leading to complexities. Here’s how developments around your property might shape its value and tips on researching these projects before making a decision.
How Nearby Developments Can Boost Property Values
Improved Access … (2 comments)

home buying: School Districts & Their Impact on Home Values - 11/07/24 09:20 AM

When purchasing a home, many elements shape the decision-making process, and for countless buyers, school districts are at the top of the list. Quality education access not only influences family decisions but also has a profound impact on property values. Whether you're a family prioritizing educational opportunities, an investor focused on appreciating assets, or a homeowner thinking about resale value, understanding how school districts affect home values is crucial. This guide explores the connections between school districts and property values, delving into buyer priorities, market demand, community stability, investment potential, and resale value.
The Value of Education-Driven DecisionsFor families with children, … (2 comments)

home buying: Essential Final Verifications Before Closing The Mortgage On the Home - 10/23/24 09:16 AM

As you approach the final stages of securing your mortgage, it’s crucial to understand the various verifications that lenders perform to ensure they’re making a sound investment. Just as you confirm the condition of your future home through a property inspection, lenders also conduct thorough checks before finalizing your mortgage. These steps are designed to protect both you and the lender, and while they may add to your closing costs, they play a vital role in a smooth transaction.
Key Final Closing Verifications
Property AppraisalOne of the first steps in this final verification process is the property appraisal. This independent assessment determines … (2 comments)

home buying: What Buyers and Sellers Need to Know About Statements of Information - 10/17/24 07:04 AM

When purchasing or selling a property, the title company plays a crucial role in ensuring that the transaction proceeds smoothly. A significant part of this process involves completing a Statement of Information (SOI), which helps the title company distinguish between individuals with similar names. This step is essential to protect all parties involved and ensure a clean title transfer.
What Is a Statement of Information?
A Statement of Information is a form requested by the title company from buyers, sellers, and borrowers when seeking title insurance. It contains personal details that allow the title company to differentiate the actual buyers and sellers from … (1 comments)

home buying: What's Ahead for Mortgage Rates This Week - October 14th, 2024 - 10/14/24 07:08 AM

The CPI and PPI reports delivered their data, showing inflation figures slightly below expectations. However, the positive impact of these reports was tempered by hawkish comments from Federal Reserve members during recent meetings. Despite this, the overall outlook remains optimistic, as further rate cuts are anticipated. Lending partners have also responded positively, significantly lowering their lending rates over the past month.
Consumer Credit
Consumer credit increased by $8.9 billion in August, following a revised $26.6 billion surge in July, the Federal Reserve reported on Monday. This represents a 2.1% annual growth rate in August, a slowdown from the 6.3% rise in the previous … (0 comments)

home buying: What's Ahead for Mortgage Rates This Week - October 7th, 2024 - 10/07/24 07:00 AM

Last week was a fairly light week, with the non-farm payroll data being the most significant release. The data showed that payrolls are growing at a faster rate than historical trends suggest, which could indicate that inflation is still above the Federal Reserve's target. In contrast, the upcoming week has a busy schedule, with many important economic releases lined up back to back.
Non-Farm Payrolls
Hourly pay for American workers rose a sharp 0.4% in September - above expectations - to put the increase over the past 12 months at 4.0%. That's up from 3.9% in the prior month. Wages are rising faster … (0 comments)

home buying: How to Buy a Home After Bankruptcy - 10/03/24 11:28 AM

Filing for bankruptcy can make your dream of homeownership feel distant, but it doesn’t have to be the end of the journey. While there are challenges, understanding how bankruptcy impacts your finances and planning strategically can set you on the right path. Here's a step-by-step guide to buying a home after bankruptcy.
The Long-Term Impact of Bankruptcy
Bankruptcy creates immediate financial relief but also leaves a lasting mark on your credit report. This can affect your ability to qualify for a mortgage, but it’s important to remember that bankruptcy doesn't close the door to homeownership forever.
The Role of Credit Scores
One of the biggest … (3 comments)

home buying: Why the Cost of Title Insurance is Worth the Investment - 10/02/24 09:33 AM

When buying a home, there are many expenses to think about, title insurance might seem like just another one on the list. Conversely, this investment is important and can save you a lot of stress and money in the long run. Here’s why the cost of title insurance is well worth it.
Protecting Your Ownership Rights
Title insurance protects you against claims from others who might say they have rights to your property. For instance, if a previous owner failed to pay property taxes or there are undisclosed heirs, you could face legal battles without title insurance. This coverage ensures that your ownership … (4 comments)

home buying: How to Find Out If Your Dream Neighborhood Is In a Buyer's Market? - 10/02/24 09:30 AM

When you're searching for a home, knowing the state of the local market is essential. Whether it's a buyer's or seller's market can influence everything from price negotiations to how quickly homes sell. So, how can you tell if your dream neighborhood is favoring buyers? Here are some useful tips to help you gauge the market:
Check Housing Inventory High Inventory: A large number of homes for sale often indicates a buyer’s market. With more choices, sellers may be more open to negotiations. Low Inventory: Fewer available homes suggest a seller’s market, where demand is high and buyers face stiffer competition. … (0 comments)

home buying: Three Excellent Reasons to Buy a Home So You Can Get out of Renting - 09/30/24 06:06 AM

Renting a home is a good option for some, but buying a home just might be the best thing for you. When you rent a home, you send money to someone else every month in exchange for knowing that you can call on your landlord when the roof leaks, an appliance stops working or your bathroom faucet breaks.
There are some big advantages to buying a house that will help you get out of your renting rut and focus more on your future.
Build Equity
Did you know that when you rent a home, you help someone else build equity? Any changes that you … (0 comments)

home buying: What's Ahead for Mortgage Rates This Week - September 30th, 2024 - 09/30/24 06:02 AM

With the release of the PCE Index data, we are seeing the trend hold as inflation continues to slow down. This gives the Federal Reserve room to continue its rate cuts in the future. Following the positive news for inflation data, the GDP has also seen a larger-than-expected growth of 3% this quarter. The only data running against the tide is the Consumer Confidence reports, which reported to show that consumers are at their most anxious since 2021. We should expect a greater impact on the lending and broader markets ahead of the elections.
PCE Index
The Federal Reserve’s preferred PCE index inched … (0 comments)

home buying: Home Equity Can Help You Reach Your Retirement Goals - 09/26/24 11:37 AM

If you plan on retiring soon, you are probably looking at a few options that can get you over the hump. You are probably excited to start a new phase of life. With a record number of people closing in on their retirement age, many are starting to assess their resources to make sure they have enough money to last them for the rest of their lives. If you already own a home, you might be able to tap into your home equity to help you fuel your retirement.
Your Home Has Probably Gone Up In Value
Your house is an investment and … (1 comments)

home buying: 3 Considerations When Making a Down Payment - 09/24/24 10:11 AM

When considering the journey of purchasing a new home, one of the fundamental decisions you'll encounter revolves around determining the appropriate amount of money to allocate for your down payment. It's a decision-making process that involves weighing the benefits of opting for a larger down payment against the potential advantages of utilizing some of those funds to purchase "discount points," thereby reducing your interest rate. Each option carries its own set of merits and demerits, and the optimal choice for you hinges on a careful examination of your unique financial circumstances and objectives.
Here's a more detailed exploration of the factors to consider:
Cost … (2 comments)

home buying: Understanding 1031 Exchanges for Real Estate Investors - 09/18/24 08:30 AM

When it comes to real estate investment, understanding tax strategies is crucial to maximizing your returns. One of the most effective tools for deferring taxes and boosting your investment potential is the 1031 exchange. This IRS provision allows investors to defer capital gains tax on the sale of investment properties, providing more capital to reinvest and grow their portfolios.
What is a 1031 Exchange?
A 1031 exchange, named after Section 1031 of the Internal Revenue Code, enables investors to defer paying capital gains tax when they sell one investment property and use the proceeds to purchase another. To qualify, the properties must be … (1 comments)

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