obtaining a mortgage: How Much Downpayment Do I Need in Lancaster , PA ? - 01/17/18 05:25 AM
 
×It looks like you are using an ad blocker in your browser.This may cause challenges with your Personalized Posts, and prevent the share buttons from appearing with each post. We recommend whitelisting the KCM website or changing your settings to prevent any potential issues.   61% of First-Time Buyers Put Down Less than 6% According to the National Association of Realtors’ latest Realtors Confidence Index, 61% of first-time homebuyers purchased their homes with down payments below 6% from October 2016 through November 2017.
Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have … (3 comments)

obtaining a mortgage: When is the Best Time to Buy a Lancaster,PA Home ? - 01/16/18 04:47 AM
Wondering If You Can Buy Your First Home? There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family, others might think they are too young, and still, others might think their current income would never enable them to qualify for a mortgage.
We want to share what the typical first-time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here … (3 comments)

obtaining a mortgage: Lancasterians Believe in Home Ownership ! - 01/12/18 07:37 AM
 
×It looks like you are using an ad blocker in your browser.This may cause challenges with your Personalized Posts, and prevent the share buttons from appearing with each post. We recommend whitelisting the KCM website or changing your settings to prevent any potential issues. In Lancaster County, PA  ..... 93% Believe Home Ownership Is Important in Attaining the American Dream  Americans continue to believe that homeownership is important in achieving the American Dream. A recent survey by NeighborWorks America reported that:
“Owning a home remains a core element of the American Dream.”
When asked “How important a part of the … (3 comments)

obtaining a mortgage: Will a Low FICO Score Keep Me From Buying in Lancaster,PA ? - 01/12/18 07:34 AM
FICO® Scores on Approved Home Loans Drop Again According to Ellie Mae’s latest Origination Report, the average FICO® Score on all closed loans dropped to 722 which is its lowest mark since April. The average includes all approved refinance and purchase loans.
FHA and VA loans showed the most opportunity for millennials looking to enter the market with low down payments and even lower FICO® Score requirements.
Ellie Mae’s Millennial Tracker revealed that those who purchased homes in December with an FHA Loan were able to do so with an average down payment of 4% and a FICO® Score of only … (3 comments)

obtaining a mortgage: Why Should I buy a Lancaster,PA Home ? - 01/03/18 05:09 AM
The Benefits of Owning a Lancaster Home Go Beyond the Financial Homeownership is a major part of the American Dream. As evidence of that, 91% of Americans believe that owning a home is either essential (43%) or important (48%) to achieving that “dream.” In a market where some people may be unsure about the benefits and possibilities of buying a home, it is important that we remember this.
Homeownership is NOT just about the money. In fact, some of the major benefits are non-financial. Here are a few of those benefits as per the National Association of Realtors:
Consistent findings show that homeownership … (3 comments)

obtaining a mortgage: Are Lancaster Co., PA Homes Appreciating in 2018 ? - 12/29/17 08:26 AM
There’s More to a Bubble Than Rising Home Prices What truly causes a housing bubble and the inevitable crash? For the best explanation, let’s go to a person who correctly called the last housing bubble – a year before it happened.
“A bubble requires both overvaluation based on fundamentals and speculation. It is natural to focus on an asset’s fundamental value, but the real key for detecting a bubble is speculation…Speculation tends to chase appreciating assets, and then speculation begets more speculation, until finally, for some reason that will become obvious to all in hindsight, the ‘bubble’ bursts.
I have taken … (0 comments)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

 
Michael J. Perry, Lancaster, PA   Relo Specialist (KW Elite ) Rainmaker large

Michael J. Perry

Lancaster, PA Relo Specialist

Lancaster, PA

More about me…

KW Elite

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

Office: (717) 735-1145

Mobile: (717) 951-9933

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog