homebuying: Creative Financing Options for Homebuyers - 04/24/24 07:21 AM
When it comes to purchasing Real Estate, the traditional financing options may not always be the perfect fit for every aspiring homeowner. Fortunately, a range of alternative financing options exists, offering innovative solutions that cater to diverse financial circumstances. Here are some creative financing avenues that empower homebuyers to achieve their dream of homeownership: rent-to-own, lease-purchase agreements, and shared equity arrangements.
Rent-to-Own: Bridging the Gap
Rent-to-own agreements provide a unique pathway for individuals who may not currently have the financial means to secure a mortgage but aspire to own a home in the future. In a rent-to-own arrangement, a prospective buyer agrees to … (2 comments)

homebuying: The Impact of Virtual Reality in Real Estate - 03/08/24 08:27 AM
When it comes to buying real estate, stepping into your dream home isn't just a matter of physical visits anymore. Thanks to the innovative integration of virtual reality (VR) technology, prospective buyers and curious renters can now explore properties from the comfort of their own spaces. This revolutionary shift not only transforms the way we house-hunt but also reshapes our perceptions of what the future holds in real estate.
Virtual reality, once confined to the realms of gaming and entertainment, has now found a profound purpose in the world of property viewing. The concept is simple yet ingenious: using VR headsets, users … (4 comments)

homebuying: What's Ahead for Mortgage Rates This Week - March 4th, 2024 - 03/04/24 06:20 AM
A number of important consumer related data reports were released last week, giving us a clearer picture on inflation impacts and the state of the economy on a broader scale. First up, looking at the First Revision of GDP numbers, we are seeing they had fallen slightly below expectations, but still showing the economy has not deflated at all as of the result of the prior years’ repeated rate hikes.
With inflation trending down, this makes for a convincing argument that rate cuts are due this year. This also sets the stage for the official consumer confidence reports, revealing mounting anxiety regarding … (0 comments)

homebuying: The Psychology of Homebuying: How Emotions Influence Decisions - 02/29/24 06:40 AM
Buying a home is often considered one of the most significant financial and emotional investments in a person's life. Beyond the mere transactional aspect, the process of purchasing a home is deeply intertwined with human emotions and psychology. From excitement to anxiety, hope to hesitation, the journey of home buying is laden with a complex interplay of feelings that greatly influence our decisions. Let’s explore how emotions can sway real estate decisions.
The Emotional Rollercoaster of Home Buying: The journey of buying a home is akin to riding a rollercoaster of emotions. Initially, there's the thrill of embarking on a new adventure, … (0 comments)

homebuying: Real Estate Investing for Beginners: How to Start with Little Money - 12/29/23 07:22 AM
Real estate investing has long been considered a lucrative venture, but the common misconception is that it requires a substantial amount of capital to get started. In reality, numerous strategies allow beginners to dip their toes into the real estate market with minimal funds. We will guide aspiring investors on how to start their real estate journey with little money and build a solid foundation for long-term success.
Educate Yourself
Before venturing into real estate investing, it's crucial to acquire knowledge about the market, different investment strategies, and potential risks. Utilize online resources, attend local real estate seminars, and read books authored by … (1 comments)

homebuying: Buying Your First Home? These 5 Essential Home Maintenance Skills - 12/06/23 07:21 AM
New homes can be scary. But when you take the time to think about it and plan ahead, maintaining a home is easier than you think a manageable mix of experience and common sense. Here are five skills that will help maintain your new home for years to come.
Fixing A Toilet
It's not as daunting as it sounds. Just remember that toilets work with gravity the water wants to flow freely. Don't be afraid to open that tank up and adjust the floater and valves as needed. Occasionally run the water (flush the toilet, turn on the sink) in unused rooms, like … (3 comments)

homebuying: Pros, Cons, and Considerations When Selling a House "As-Is" - 10/25/23 09:15 AM
When it comes to selling a house, homeowners have different options available to them. One approach that some sellers consider is selling their house "as-is." This means selling the property in its current condition without making any repairs or renovations.                                                                                                                         
Pros of Selling a House "As-Is"
Convenience: One of the primary advantages of selling a house as-is is the convenience it offers. By selling the property in its current condition, you can avoid the time, effort, and cost associated with repairs and renovations.
Cost Savings: Selling a house as-is can potentially save you money. When you sell a property in need of repairs, … (0 comments)

homebuying: Understanding Mortgage Amortizations & Why Longer Periods Can Cost You - 09/28/23 06:55 AM
Buying a home is one of the largest investments you will make in your life, and that's why so many people have longer mortgage amortization periods to pay down the principal. While it may seem appealing to have a longer amortization period, here's why an extended loan term can end up costing you more and may be less financially beneficial when it comes right down to it.
About Mortgage Amortization
Generally speaking, a 25-year mortgage amortization period can be typical, but there are many loan periods that a homebuyer can choose for amortization. While a longer-loan period may seem enticing because it will … (1 comments)

homebuying: Why You Should Consider a Home Energy Audit - 07/20/23 06:40 AM
In today's environmentally conscious world, finding ways to save on energy costs has become increasingly important. One effective method to achieve both goals is by conducting a home energy audit. A home energy audit is a comprehensive assessment of your home's energy efficiency and helps identify areas where energy is being wasted.
Identify Energy Inefficiencies: A home energy audit provides a detailed analysis of your home's energy consumption patterns. Certified auditors use specialized tools and techniques to evaluate various aspects of your property, including insulation, HVAC systems, appliances, lighting, and more.
Save on Energy Costs: Identifying energy inefficiencies through a home energy audit … (1 comments)

homebuying: How Do I Get Rid of PMI? - 04/27/23 08:11 AM
How to Get Rid of PMI?
PMI (Private Mortgage Insurance) is a type of insurance that lenders may require borrowers to pay if they have a down payment of less than 20% of the home's purchase price. The purpose of PMI is to protect the lender in case the borrower defaults on the loan. However, once you have paid off enough of your mortgage or your home has appreciated in value, you may be able to get rid of PMI. Here are some ways to do so:
Pay down your mortgage: If you make extra payments on your mortgage or pay more than … (2 comments)

homebuying: What's Ahead For Mortgage Rates This Week - April 10, 2023 - 04/10/23 07:51 AM
Last week's economic reporting included readings on construction spending and labor sector readings on employment and the national unemployment rate for March. Weekly readings on mortgage rates and jobless claims were also released.
Commerce Department: February Construction Spending Falls
The U.S. Commerce Department reported less construction spending in February than in January as construction spending fell by 0.10 percent to a year-over-year reading of $1.844 trillion for all types of construction. Year-over-year construction spending increased by 5.20 percent.  While total construction spending fell in February, residential construction spending increased.
Spending on single-family home construction slowed due to builders’ concerns over materials costs, supply chains, … (2 comments)

homebuying: Getting A Mortgage When Self-Employed: What You Need To Know - 01/27/23 11:53 AM
There is a common misconception that someone who is self-employed will not have the tax records or income necessary to qualify for a mortgage; however, that is not necessarily the case. In reality, if you are self-employed, there are a lot of home loan options available to you. It is true that it might require some additional paperwork and planning, but as long as you have the necessary information, you should be able to qualify for a mortgage. 
What Is Necessary To Qualify For A Self-Employed Mortgage Loan?
If you are interested in taking out a mortgage when you are self-employed, you will … (1 comments)

homebuying: Landlord Squeezing You for yet Another Rent Increase? - 12/07/22 09:08 AM
Did you recently receive your annual notice that the rent is going up? If so, you're not alone. Millions of renters are seeing more and more of their income drained away due to higher rents. To make matters worse, every dollar in rent is one that you are not saving, investing or using to build your net worth. If you're feeling the pinch of higher rents, it might be time to buy your first starter home.
Comparing Rent With A Mortgage
Have you ever done the math to understand how close your monthly rent might be to a mortgage payment? Here's a … (2 comments)

homebuying: Speed up Your Mortgage Closing Process - Handy Four-step Guide - 09/30/22 08:26 AM
Are you in the market for a new house or apartment? If you are financing the purchase by taking out a mortgage, you'll want to know how to make this transaction run as smooth as possible. In today's article, we'll share a quick four-step guide to speeding up the mortgage closing process.
Step #1: Check In On Your Credit Score
The first step before applying for your mortgage is to check in on your credit. Request a copy of your credit score and history from one of the major reporting firms. Go over this report, paying close attention to any old or outstanding … (1 comments)

homebuying: Can I Qualify for a Mortgage After Declaring Bankruptcy? - 06/27/22 06:10 AM
It may feel like a very daunting task to consider buying a home after you've declared bankruptcy, and there's no doubt that it's an uphill battle. Fortunately, while you'll have hard work ahead, there are things you can do in order to make your dream of home ownership a possibility. Whether you've just declared bankruptcy or some time has passed, here are some things you should consider before getting into the market.
Wait It Out
It might not be what you want to hear, but it's, unfortunately, the case that you'll have to wait at least two years before you purchase a home … (2 comments)

homebuying: Don’t Let Rising Inflation Delay Your Homeownership Plans - 05/20/22 06:53 AM

Some Highlights If recent headlines about rising inflation are making you wonder if it’s still a good time to buy, here’s what experts have to say. Housing is an asset that typically grows in value. Plus, your mortgage helps stabilize your monthly housing costs, and buying protects you from rising rents. Experts say owning a home is historically a good hedge against inflation. Let’s connect if you’re ready to start the homebuying process today. … (3 comments)

homebuying: The One Thing Every Homeowner Needs To Know About a Recession - 05/20/22 06:22 AM
The One Thing Every Homeowner Needs To Know About a Recession
A recession does not equal a housing crisis. That’s the one thing that every homeowner today needs to know. Everywhere you look, experts are warning we could be heading toward a recession, and if true, an economic slowdown doesn’t mean homes will lose value.
The National Bureau of Economic Research (NBER) defines a recession this way:
“A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy … (1 comments)

homebuying: How Homeownership Can Help Shield You from Inflation - 04/27/22 11:58 AM

If you’re following along with the news today, you’ve likely heard about rising inflation. You’re also likely feeling the impact in your day-to-day life as prices go up for gas, groceries, and more. These rising consumer costs can put a pinch on your wallet and make you re-evaluate any big purchases you have planned to ensure they’re still worthwhile.
If you’ve been thinking about purchasing a home this year, you’re probably wondering if you should continue down that path or if it makes more sense to wait. While the answer depends on your situation, here’s how homeownership can help you combat the rising costs … (4 comments)

homebuying: Are Home Prices Continuing To Rise? - 03/03/22 10:11 AM
Are Home Prices Continuing To Rise?
Many analysts projected home price appreciation would slow dramatically in the fall of 2021 and then continue to soften throughout 2022. So far, that hasn’t happened. The major price indices are all revealing ongoing double-digit price appreciation. Here’s a look at their reports on year-over-year price appreciation for December:
Federal Housing Finance Agency (FHFA): 17.6% S&P Case-Shiller: 18.8% CoreLogic: 18.5% To show that they’re not seeing signs of softening, here’s a graph that gives the progression of all three indices for each month of 2021.

As the graph above reveals, last year, home price appreciation accelerated … (2 comments)

homebuying: Millennials: Do You Need a Home with More Space? - 02/28/22 08:05 AM
Millennials: Do You Need a Home with More Space?
If you’re a millennial, homebuying might be top of mind for you. Your generation is the largest group of homebuyers in the market today and has been since 2014, according to the National Association of Realtors (NAR). And while other millennials are looking to buy for the first time, you may be one of the many who are now discovering you’ve outgrown your home.
If that’s the case, you’re not alone. The past two years brought about significant changes for many people, and today, homeowners are reevaluating what they truly need in a home. … (2 comments)

 
Bob Elliot, 30+ Yrs Industry Experience (eXp Realty)

Bob Elliot

30+ Yrs Industry Experience

Minneapolis, MN

More about me…

eXp Realty

Address: 15451 Founders Lane, Apple Valley, MN, 55124

Mobile: 612 868 5500

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