buying a home: The Cost Across Time [INFOGRAPHIC] - 11/22/19 06:59 AM

 Some Highlights: With interest rates around 3.66%, now is a great time to look back at where they’ve been over the past few decades. Comparatively, they’re pretty low! According to Freddie Mac, rates are projected to increase to 3.9% by this time next year. The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year and $7,200 over the life of your loan. Maybe it’s time to lock in now, while rates are still historically low. We hope you found this post informative. 
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buying a home: Here are 2 Myths Holding Back Home Buyers - 11/18/19 08:15 AM

In a recent article, First American shared how millennials are not really any different from previous generations when it comes to the goal of homeownership; it is still a huge part of their American Dream. The piece, however, also reveals,
 “Saving for a down payment is one of the biggest obstacles faced by first-time home buyers. Dispelling the 20 percent down payment myth could open the path to homeownership for many more.”
 Myth #1: “I Need a 20% Down Payment”Buyers often overestimate how much they need to qualify for a home loan. According to the same article:
“Americans still overestimate the qualifications needed to get … (0 comments)

buying a home: The Cost of Renting vs. Buying a Home [INFOGRAPHIC] - 11/15/19 07:24 AM

 Some Highlights: Historically, the choice between renting and buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a median-priced home (17.5%), the choice is clear. Every market is different. Before you renew your lease, find out if you can put your housing costs to work by buying a home this year. We hope you found this post informative. 
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team@davidsonhomegroup.com 
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buying a home: Millennials: Here’s Why the Process is Well Worth It. - 11/06/19 09:53 AM

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Millennials have waited longer than any other generation to become homeowners, but the wait for this cohort is just about over.
According to National Mortgage News,
 “Millennials, those young adults now aged 23 to 38, are now entering their peak household formation and homebuying years.”
If you’re a Millennial, you’re already well aware that you’re among a generation of those who favor fast-paced, real-time answers – and results. When you’re ready to make a decision, it’s go-time, and you probably want the latest technology at your fingertips to make it happen.
National Mortgage News agrees, stating,
“Millennials are different than previous generations—not only in their delayed homebuying but also … (0 comments)

buying a home: Planning on Buying a Home? Be Sure You Know Your Options. - 11/05/19 06:30 AM

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When you’re ready to buy, you’ll need to determine if you prefer the charm of an existing home or the look and feel of a newer build. With limited existing home inventory available today, especially in the starter and middle-level markets, many buyers are considering a new home that’s recently been constructed, or they’re building the home of their dreams.
According to Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB),
“The second half of 2019 has seen steady gains in single-family construction, and this is mirrored by the gradual uptick in builder sentiment over the past few months.”
This is great news for homebuyers because it … (0 comments)

buying a home: Can You Afford to Buy a Home? - 10/30/19 08:25 AM

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The gap between the increase in personal income and residential real estate prices has been used to defend the concept that we are experiencing an affordability crisis in housing today.
It is true that home prices and wages are two key elements in any affordability equation. There is, however, an extremely important third component to that equation: mortgage interest rates.
Mortgage interest rates have fallen by more than a full percentage point from this time last year. Today’s rate is 3.75%; it was 4.86% at this time last year. This has dramatically increased a purchaser’s ability to afford a home.
Here are three reports validating … (0 comments)

buying a home: 4 Reasons to Buy a Home This Fall - 10/28/19 01:06 PM

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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 Insights Report shows that home prices have appreciated by 3.6% over the last 12 months. The same report predicts prices will continue to increase at a rate of 5.8% 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 Next Year
The Primary Mortgage Market Survey from Freddie Mac indicates that interest rates for a 30-year mortgage have recently hovered just above 3.5%. This is great news … (3 comments)

buying a home: Buying a home can be SCARY…Until you know the FACTS [INFOGRAPHIC] - 10/25/19 12:10 PM

Some Highlights:Many potential homebuyers believe they need a 20% down payment and a 780 FICO® score to qualify to buy a home. This stops many people from even trying to jump into homeownership! Here are some facts to help take the fear out of the process:
71% of buyers who purchased homes have put down less than 20%. 78.1% of loan applications were approved last month. In September, the average credit score for approved loans was 737. We hope you found this information helpful. 
Contact us today for all your real estate needs.
team@davidsonhomegroup.com 
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buying a home: Depending on the Price, You’re Going to Need Advice - 10/22/19 08:48 AM

IMAGE: COURTESY SEAN PAVONE/SHUTTERSTOCK To understand today’s complex real estate market, it is critical to have a local, trusted advisor on your side – for more reasons than you may think.
In real estate today, there are essentially three different price points in the market: the starter-home market, the middle-home market, and the premium or luxury market. Each one is unique, and depending on the city, the price point in these categories will vary. For example, a starter or lower-end home in San Francisco, California is much more expensive than almost any other part of the country. Let’s explore what you need to know about each of these tiers.
Starter-Home Market: This market varies … (0 comments)

buying a home: "The Best App in Real Estate" - KW App Reviewer - 10/21/19 09:31 AM
"I love the KW App! I was able to find the house of my dreams in a distant city while traveling. Keller Williams also has access to ALL the houses on the MLS ... other services I tried only offered minimal listings." -KW App Reviewer.  Download Now: www.downloadkurtsapp.com
📲❤️📲🏠📲❤️📲🏠📲🙋‍♀️🙋🏻‍♂️
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buying a home: 5 Tips for Starting Your Home Search - 10/21/19 09:18 AM

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In today’s market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. Here are five tips from realtor.com’s article, “How to Find Your Dream Home—Without Losing Your Mind.”
1. Get Pre-Approved for a Mortgage Before You Start Your Search
One way to show you’re serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage. Even if you’re in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach. This will … (2 comments)

buying a home: What You Need to Know About the Mortgage Process - 10/11/19 07:37 AM
Some Highlights: Many buyers are purchasing homes with down payments as little as 3%. You may already qualify for a loan, even if you don’t have perfect credit. Your local professionals are here to help you determine how much you can afford, so take advantage of the opportunity to learn more. We hope you found this information helpful. 
Contact us today for all your real estate needs.
team@davidsonhomegroup.com 
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buying a home: What FICO® Score Do You Need to Qualify for a Mortgage? - 10/08/19 08:37 AM

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While a recent announcement from CNBC shares that the average national FICO® score has reached an all-time high of 706, the good news for potential buyers is that you don’t need a score that high to qualify for a mortgage. Let’s unpack the credit score myth so you can to become a homeowner sooner than you may think.
With today’s low interest rates, many believe now is a great time to buy – and rightfully so! Fannie Mae recently noted that 58% of Americans surveyed say it is a good time to buy. Similarly, the Q3 2019 HOME Survey by the National Association of Realtors said 63% of people believe now is … (0 comments)

buying a home: 62% of Buyers Are Wrong About Down Payment Needs - 10/07/19 09:03 AM

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According to the ‘2019 Home Buyer Report’ conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market:
“More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.”
When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say,
“The truth: 32% of current U.S. homeowners put 5% or less down on their home, … (0 comments)

buying a home: What to Expect from Your Home Inspection - 10/01/19 08:45 AM

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You made an offer and it was accepted. Your next task is to have the home inspected prior to closing. Agents often recommend you make your offer contingent upon a clean home inspection.
This contingency allows you to renegotiate the price you offered for the home, ask the sellers to cover repairs, or in some cases, walk away if challenges arise. Your agent can advise you on the best course of action once the report is filed.
How to Choose an Inspector Your agent will most likely have a short list of inspectors they’ve worked with in the past to recommend to … (0 comments)

buying a home: How Does the Supply of Homes for Sale Impact Buyer Demand? - 09/30/19 11:43 AM

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The price of any item is determined by supply, as well as the market’s demand for the item. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand).
Buyer Demand
The map below was created after asking the question: “How would you rate buyer traffic in your area?”The darker the blue, the stronger the demand for homes is in that area. The survey shows that in 3 of the 50 U.S. states, buyer demand is … (2 comments)

buying a home: What Is the Cost of Waiting Until Next Year to Buy? [INFOGRAPHIC] - 09/27/19 07:41 AM
Some Highlights: The “cost of waiting to buy” is defined as the additional funds necessary to buy a home if prices and interest rates were to increase over a period of time. Freddie Mac forecasts interest rates will rise to 3.8% by Q4 2020. CoreLogic predicts home prices will appreciate by 5.4% over the next 12 months. If you’re ready and willing to buy your dream home, now is a great time to buy.
 BORED WAITING GIF BY NDRWe hope you found this information helpful. 
Contact us today for all your real estate needs.
team@davidsonhomegroup.com 
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buying a home: Are You Ready for the ‘Black Friday’ of Real Estate? - 09/25/19 08:15 AM

Photo: Yahoo Finance
Every year, ‘Black Friday’ is a highly anticipated event for eager shoppers. Some people prepare for weeks, crafting and refining a strategic shopping agenda, determining exactly when to arrive at each store, and capturing a wish list of discounted must-have items to purchase. But what about buying a home? Is there a ‘Black Friday’ for the home-buying process? Believe it or not, there is.
According to a new study from realtor.com, the week of September 22 is the best time of year to buy a home, making it ‘Black Friday’ for homebuyers.
After evaluating housing data in 53 metros from 2016 to 2018, realtor.com determined that the first … (0 comments)

buying a home: One of the Top Reasons to Own a Home - 09/19/19 09:53 AM

Photo: Abodo
One of the benefits of homeownership is that it is a “forced savings plan.” Here’s how it works: You make a mortgage payment each month. Part of that payment is applied to the principal balance of your mortgage. Each month you owe less on the home. The difference between the value of the home and what you owe is called equity.
If your home has appreciated since the time you purchased it, that increase in value also raises your equity. Over time, the equity in your home could be substantial. Recently, CoreLogic revealed that the average homeowner gained more than $65,000 in equity over the last 5 … (0 comments)

buying a home: The Fed Will Probably Cut Rates Today - 09/18/19 08:38 AM
By Matthew C. Klein – Barron’s
Photo: Washington Examiner
Market prices currently imply a 90% chance the Federal Reserve will reduce short-term interest rates by a quarter-point to a range of 1.75%-2.0% when policy makers meet this week. Such a move would be consistent with the Fed’s “midcycle adjustment” that began in July.
The interesting question, therefore, is not what the Fed will do to rates when its two-day policy meeting concludes Wednesday, but what it will indicate it wants to do over the next few years. Current pricing implies a 60% chance that the Fed’s rate band will be lowered again before the end of 2019, and … (0 comments)

 
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Kurt Davidson

Gratefully Serving Greater Portland-Vancouver

Portland, OR

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