first time buyers: Why Do Lancaster,PA Residents Buy a Home ? - 12/29/17 08:18 AM
Top 4 REAL Reasons We Buy a Lancaster Home We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful or compelling reasons.
No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, the emotional reasons why we choose to buy our own homes are typically more important to us than the financial ones.
1. Owning your home offers stability to start and raise a … (5 comments)

first time buyers: Why Do I Need to Buy a House ? Lancaster,PA - 12/01/17 04:11 AM
The Cost of NOT Owning Your Home Owning a 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 … (3 comments)

first time buyers: Mortgage Payments Remain Low in Lancaster,PA ! - 11/30/17 07:54 AM
2 Charts That Show the Truth about Home Affordability There is a lot of discussion about the current state of housing affordability for both first-time and move-up buyers, and much of the narrative is tarnished with a negative slant. However, the truth is that housing affordability is better today than at almost any time in our history.
The naysayers are correct in the fact that affordability today is not as good as it has been over the last several years. But, we must remember that home prices collapsed during the housing crash, and distressed properties (foreclosures and short sales) kept home … (1 comments)

first time buyers: Are Mortgage Rates Headed Upward in Lancaster,PA ? - 11/28/17 06:21 AM
Low Interest Rates Have a High Impact on Your Purchasing Power According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.92%, which is still near record lows in comparison to recent history!
The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.
Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease if you plan to stay … (1 comments)

first time buyers: Is it Hard to get a Mortgage in Lancaster, PA ? - 11/23/17 03:31 AM
 Is it Getting Too Easy to Get a Mortgage ? There is little doubt that it is easier to get a home mortgage today than it was last year. The Mortgage Credit Availability Index (MCAI), published by the Mortgage Bankers Association, shows that mortgage credit has become more available in each of the last several years. In fact, in just the last year:
More buyers are putting less than 20% down to purchase a home The average credit score on closed mortgages is lower More low-down-payment programs have been introduced This has some people worrying that we are returning to the … (1 comments)

first time buyers: Should I Still Buy if Rates Go Up in Lancaster Co., PA ? - 11/20/17 04:20 AM
Mortgage Interest Rates Are Going Up… Should I Wait to Buy?
Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.
This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 3.5%. However, we must realize that current rates are still at historic lows.
Here is a chart showing the average mortgage interest rate over the last several decades:

Bottom Line Though you … (4 comments)

first time buyers: Careful who You Listen to about Home buying ,Lancaster,PA - 11/16/17 07:07 AM
Your Friends Are Crazy Wrong If They're Telling You Not to Buy The current narrative is that home prices have risen so much so that it is no longer a smart idea to purchase a home. Your family and friends might suggest that buying a home right now (whether a first-time home or a move-up home) makes absolutely no sense from an affordability standpoint. They are wrong!
Homes are more affordable right now than at almost any time in our country’s history except for the foreclosure years (2009-2015) when homes sold at major discounts. As an example, below is a graph … (0 comments)

first time buyers: Why Aren't People Moving as Often ? - 11/15/17 03:10 PM
Feeling ‘Stuck in Place’? You Aren’t Alone… And There’s Hope! Whether you are a renter who is searching for your dream home or a homeowner who feels like your only option is to renovate, you have at least one thing in common: feeling stuck in place.
According to data from the National Association of Realtors’ Profile of Home Buyers & Sellers, the average amount of time that a family stays in their home remained at 10 years in 2017. This mark ties the highest marks set in 2014 and 2016. Back in 1985, when data was first collected on this subject, … (0 comments)

first time buyers: Why Consumers Buy Lancaster Co., PA Homes ! - 11/13/17 04:58 AM
5 Reasons Homeownership Makes ‘Cents’ The American Dream of homeownership is alive and well. Recent reports show that the US homeownership rate has rebounded from recent lows and is headed in the right direction. The personal reasons to own differ for each buyer, but there are many basic similarities.
Today I want to talk about the top 5 financial reasons you should own your own home.
Homeownership is a form of forced savings – Paying your mortgage each month allows you to build equity in your home that you can tap into later in life for renovations, to pay off high-interest credit … (2 comments)

first time buyers: Prices Head Upward in Lancaster Co.,PA ! - 11/10/17 04:21 AM
Low Inventory Causes Home Prices to Maintain Fast Growth The National Association of Realtors (NAR) released their latest Quarterly Metro Home Price Report last week. The report revealed that severely lacking inventory across the country drained sales growth and kept home prices rising at a steady clip in nearly all metro areas. Home prices rose 5.3% over the last quarter across all metros.
Lawrence Yun, Chief Economist at NAR, discussed the impact of low inventory on buyers in the report:
“Unfortunately, the pace of new listings were unable to replace what was quickly sold. Home shoppers had little to choose from, and many had to … (3 comments)

first time buyers: What if I Wait to Make My Offer ? - 11/05/17 05:41 AM
The Difference an Hour Makes in Real Estate Every Hour in the US Housing Market:  624 Homes Sell 347 Homes Regain Positive Equity Median Home Values Go Up $1.13 Five New Buyer Prospects view the same listing    Buyers ,your first step is obtaining Mortgage Pre-Approval ! Email  mikeperrykw@gmail.com to schedule a Buyers Consultation Session .     … (4 comments)

first time buyers: Don't let Fear Stop You from Home Shopping ,Lancaster,PA ! - 10/31/17 05:00 AM
Buying a Lancaster, PA Home Can Be Scary... Unless You Know the Facts Some Highlights: Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify to buy a home, which stops many of them from even trying! Here are some facts:
40% of millennials who purchased homes this year have put down less than 10%. 76.4% of loan applications were approved last month. The average credit score of approved loans was 724 in September.   Buyers your first step is Mortgage Pre-Approval ! For more information email mikeperrykw@gmail.com … (3 comments)

first time buyers: Can Someone Help Pay My Mortgage in Lancaster, PA ? - 10/28/17 06:15 AM
How to Save on a Mortgage Payment Whether Buying or Selling In Trulia’s recent report, Rent vs. Buy: Roommate Edition, they examined the impact that renting with a roommate has in determining whether it is more expensive to rent or buy. The study explains:
“Since we started keeping track in 2012, it’s been a better deal to buy than rent in America’s largest housing markets – and for much of that time it hasn’t been close.”
It then goes on to ask the question:
“But does the equation change for renters who share their rent with a roommate?”
The report reveals: “While the … (1 comments)

first time buyers: Zero Downpayment Loans are Available in Lancaster,PA ! - 10/26/17 07:12 AM
Millennials Flock Towards Low Down Payment Programs
A report released by Down Payment Resource shows that 61% of first-time homebuyers purchased their homes with a down payment of 6% or less.
The trend continued among all buyers with a mortgage, as 73% made a down payment of less than 20%.
An article by Chase points to a new wave of millennial homebuyers:
“We teamed up with Google to help us better understand what customers are searching for and how the home buying landscape is evolving. We found that millennials and first-time homebuyers are making a big splash in the market, and affordability remains top of mind.”
Among … (0 comments)

first time buyers: It's Cheaper to Own than Rent in Lancaster,PA ! - 10/26/17 07:01 AM
The Cost of Renting vs. Buying a Home
Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious. Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!       Buyers , your first step is Mortgage Pre-Approval ! Email mikeperrykw@gmail.com to get started .     … (1 comments)

first time buyers: Build Wealth with a Lancaster Co.,PA Home ! - 10/16/17 05:03 AM
Net Worth of Homeowners 44X Greater than Renters 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 data, covering 2013-2016 was released two weeks ago.
The study revealed that the 2016 median net worth of homeowners was $231,400 - a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.
Owning a home is a … (3 comments)

first time buyers: Should I Wait toBuy a Home ? - 10/16/17 04:52 AM
Millionaire to Millennials: Buy a Home Now! In a CNBC article, self-made millionaire David Bach explained that “the single biggest mistake millennials are making” is not purchasing a home because buying real estate is “an escalator to wealth.”
Bach went on to explain:
“If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter.”
In his bestselling book, “The Automatic Millionaire,” Bach does the math:
“As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month … (1 comments)

first time buyers: Will I need a 20% Down Payment to Buy ? - 10/13/17 08:43 AM
No… You Do Not Need 20% Down to Buy In Lancaster,PA !
The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that non-homeowners cite the main reason for not currently owning a home, as not being able to afford one.
This brings us to two major misconceptions that we want to address today.
1. Down Payment NAR’s survey revealed that consumers overestimate the down payment funds needed to qualify … (3 comments)

first time buyers: Should Lancaster,PA Home Buyers Wait til Next Year ? - 09/29/17 06:40 AM
Should I Buy a Home Now? Or Wait Until Next Year? Some Highlights: The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time. Freddie Mac predicts interest rates to rise to 4.4% by next year. CoreLogic predicts home prices to appreciate by 5.0% over the next 12 months. If you are ready and willing to buy your dream home, find out if you are able to! Buyers, your first step is obtaining Mortgage Pre-Approval ! Email  mikeperrykw@gmail.com to get … (1 comments)

first time buyers: Do Lancaster Co.,PA Home Buyers pay Closing Costs ? - 09/28/17 05:57 AM
More Than Half of Lancaster Buyers Are Surprised by Closing Costs According to a survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.
After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.
“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”
Bankrate.com gathered closing cost data from lenders in every state and Washington, D.C. in … (1 comments)

 
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Michael J. Perry

Lancaster, PA Relo Specialist

Lancaster, PA

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KW Elite

Address: 1280 Plaza Blvd., Lancaster, PA, 17601

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