obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: How Do I Get a Mortgage in Lancaster Co., PA ? - 10/07/17 08:03 AM
The Mortgage Process: What You Need to Know Some Highlights: Many buyers are purchasing a home with a down payment as little as 3%. You may already qualify for a loan, even if you don't have perfect credit. Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford . Your first step in the Home Buying Process is to obtain a Mortgage Pre-Approval .  Email MikePerryKW@gmail.com  to get started .
  … (2 comments)

obtaining a mortgage: 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)

obtaining a mortgage: 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)

obtaining a mortgage: Why Millennials Buy in Lancaster Co., PA - 09/15/17 05:46 AM
Top 5 Reasons Why Millennials Choose to Buy in Lancaster County ! Some Highlights: “The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home.” The top reason millennials choose to buy is to have control over their living space, at 93%. Many millennials who rent a home or apartment prior to buying their own homes dream of the day that they will be able to paint the walls whatever color they'd like, … (4 comments)

obtaining a mortgage: Livin the Dream in Lancaster Co., PA !!! - 09/14/17 04:59 AM
Report: Homeownership Is a Precondition of the American Dream Hearth just released their 2017 State of the American Dream report which showed that Americans still see homeownership as an integral piece of the American Dream. The report confirmed that “all generations–including millennials–agree homeownership is very important to achieving the American Dream.”
Americans ranked “owning a home I love” higher than any other options (including “starting a family” and “finding a fulfilling career”) as an important part of the American Dream.
Despite some claims that homeownership’s importance to the American Dream is in decline, the report found that the dream of homeownership … (3 comments)

obtaining a mortgage: Saying "I Do"to a Lancaster Co., PA Home ! - 09/13/17 04:58 AM
The Cost of a Wedding vs. Down Payment Married couples once again dominated the first-time homebuyer statistics last year at 66% of all buyers, according to the most recent Profile of Home Buyers & Sellers. It is no surprise that having two incomes to save for down payments and contribute to monthly housing costs makes buying a home more attainable.
Many couples are deciding to use what would otherwise be their wedding fund as a down payment on their first home, as unmarried couples made up 8% of all first-time buyers last year. If you’re single, don’t fret; you can still … (3 comments)

obtaining a mortgage: Should you buy a Lancaster Co,PA Home this Fall ? - 09/11/17 05:29 AM
4 Reasons to Buy in Lancaster This Fall! Here are four great reasons to consider buying a home today, instead of waiting.
1. Prices Will Continue to Rise CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.0% over the next year.
The bottom in 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 Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for … (3 comments)

obtaining a mortgage: Do I Need a REALTOR in Lancaster Co., PA ? - 09/07/17 03:47 AM
Top 5 A+ Reasons to Hire a Lancaster REALTOR Some Highlights: Hiring a real estate professional to buy your dream home, or sell your current house, is one of the most 'educated' decisions you can make! A real estate professional has the experience needed to help you through the entire process. Make sure that you hire someone who knows current market conditions & can simply and effectively explain them to you and your family! Whether you are buying or selling, your first step is to meet with a real estate professional (or two) ! Email mikeperrykw@gmail.com to have the entire process further … (1 comments)

obtaining a mortgage: What FICO Score do I NEED to Buy in Lancaster , PA ? - 08/30/17 04:32 AM
Don’t Disqualify Yourself… 52% of Approved Loans Have A FICO® Score Under 750 The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.
One such study by the Wharton School of Business at the University of Pennsylvania revealed that many millennials have not yet considered purchasing homes simply because they don’t believe they can qualify for a mortgage.
A recent article about millennials by Realtor.com explained that:
“About 72% of aspiring millennial buyers said they’re waiting because they can’t afford to buy…”
The … (1 comments)

obtaining a mortgage: Do I Need 10% Down Payment to Buy in Lancaster, PA ? - 08/30/17 04:31 AM
Number of Buyers Putting Down Less Than 10% Hits 7-Year High According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million Americans have purchased a home with down payments under than 10% over the last 12 months. This is great news for buyers as this marks a 7-year high.
Many mortgage programs offered by agencies like Freddie Mac and Fannie Mae allow buyers to put down as low as 3% to purchase their dream homes. The strength of the housing market has aided buyers who used low-down-payment programs to buy. As a recent CNBC article points out,
“Defaults on recent … (1 comments)

obtaining a mortgage: Where are Lancaster Co., PA Home Prices Headed ? - 08/25/17 06:34 AM
Home Prices Up 6.64% Across the Country! Some Highlights: The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report. In the report, home prices are compared both regionally and by state. Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more! Alaska & West Virginia were the only states where home prices are lower than they were last year. Prices are headed upward , don't delay your home purchase ! Your first step is to obtain Mortgage Pre-Approval . Email mikeperrykw@gmail.com to get started .  … (3 comments)

obtaining a mortgage: Boomerang Buyers are Back in Lancaster Co., PA ! - 08/22/17 06:25 AM
More Boomerang Buyers Are about to Enter the Lancaster Market We previously informed you about a study conducted by TransUnion titled, “The Bubble, the Burst and Now – What Happened to the Consumer?” The study revealed that 1.5 million homeowners who were negatively impacted by the housing crisis could re-enter the housing market between 2016-2019.
Recently, HousingWire analyzed data from the US Bankruptcy Courts and revealed that 6 million Americans will have their bankruptcies disappear off their credit reports over the next five years and that this could “possibly send a flood of more homebuyers into the housing market.”
The chart below shows … (8 comments)

obtaining a mortgage: A Lancaster Co.,PA Home will increase your Net Worth ! - 08/14/17 04:51 AM
Homeowner’s Net Worth Is Still Greater Than a Renter’s 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 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 Housing Cost to … (4 comments)

obtaining a mortgage: Is PA an Affordable Place to Live ? - 08/12/17 02:49 AM
  
What State Gives You the Most ‘Bang for Your Buck’ ? Some Highlights: Thinking of moving across the country? How far will your money take you? The majority of states in the Midwest and South offer a lower cost of living compared to Northeast and Western states. The ‘Biggest Bang for your Buck’ comes in Mississippi where, compared to the national average, you can actually purchase $116.01 worth of goods for $100. For more information regarding the methodology used to create the map, visit the Tax Foundation. Buyers,  your first step is obtaining Mortgage Pre-Approval ! Email mikeperrykw@gmail.com  to get … (4 comments)

obtaining a mortgage: Millennials are Buying in Lancaster Co.,PA ! - 08/05/17 06:01 AM
Millennial Homeownership Rate Increases Recent headlines exclaimed the homeownership rate, as reported by the Census Bureau, rose again in the second quarter of 2017. What didn’t get much attention in the reports is that the homeownership rate for American households under the age of 35 increased a full percentage point from last quarter’s 34.3% to 35.3%. Millennials proved to have the highest increase of any age group.
This came as a surprise to some considering Millennials have come to be known as the “renter” generation. However, a new study by First American, 6 Trends Poised to Reshape Homeownership Demand, revealed reasons … (2 comments)

obtaining a mortgage: Attention Lancaster , PA Renters - 08/05/17 05:57 AM
Be Careful Not to Get Caught in The Rental Trap! There are many benefits to 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  A recent article by ConsumerAffairs addressed the continuous rise in rents, stating:
“The cost of putting a roof over your head continues to go up. Not only are home prices still rising, but the cost of rent rose 0.5% in June.”
Additionally, in the Joint Center for Housing Studies at Harvard University’s 2017 State of the Nation’s Housing Report, it … (2 comments)

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

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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