buying a home: What to Expect from Your Home Inspection
- 10/01/19 08:45 AM
Shutterstock 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
Shutterstock 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 Download Our Home Search App Portland-Vancouver Home Price Check Oh, by the way … if … (0 comments)
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)
buying a home: 6 Graphs Showing the Strength of the Current Housing Market
- 09/13/19 08:25 AM
Some Highlights: Keeping an eye on the current status of the housing market is one of the best ways to make powerful and confident decisions when buying or selling a home. Mortgage rates remaining near historic lows and houses selling in an average of only 29 days are just two key elements driving the strength of today’s market. With the national data shown here, make sure to also determine what’s happening in your local market so you are fully informed when you’re ready to make your next move. We hope you found this information helpful. Contact us today for all your real … (0 comments)
buying a home: A+ Reasons to Hire a Real Estate Pro
- 09/06/19 09:44 AM
Some Highlights: Hiring a real estate professional to help you buy your dream home or sell your current house is one of the most powerful decisions you can make. A real estate professional has the experience to help you confidently navigate through the entire process. Make sure you work with someone who knows the current market conditions and can simply and effectively explain them to you and your family. We hope you found this information helpful. Contact us today for all your real estate needs. team@davidsonhomegroup.com Download Our Home Search App Portland-Vancouver Home Price Check Oh, by the way … if you know of someone who would … (0 comments)
buying a home: How Property Taxes Can Impact Your Mortgage Payment
- 09/05/19 09:46 AM
When buying a home, taxes are one of the expenses that can make a significant difference in your monthly payment. Do you know how much you might pay for property taxes in your state or local area? When applying for a mortgage, you’ll see one of two acronyms in your paperwork – P&I or PITI – depending on how you’re including your taxes in your mortgage payment. P&I stands for Principal and Interest, and both are parts of your monthly mortgage payment that go toward paying off the loan you borrow. PITI stands for Principal, Interest, Taxes, and Insurance, and they’re all important factors to calculate when you want to determine … (0 comments)
buying a home: Top Priorities When Moving with Kids
- 08/28/19 08:31 AM
toyiniloriconsulting.com According to the Pew Research Center, around 37% of U.S students will be going back to school soon and the rest have already started the new academic year. With school-aged children in your home, buying or selling a house can take on a whole different approach when it comes to finding the right size, location, school district, and more. Recently, the 2019 Moving with Kids Report from the National Association of Realtors®(NAR) studied “the different purchasing habits as well as seller preferences during the home buying and selling process.” This is what they found: When Purchasing a HomeThe major difference between the homebuyers who have children and those who do not is … (0 comments)
buying a home: What’s the Latest on Interest Rates?
- 08/27/19 08:11 AM
Shutterstock Mortgage rates have fallen by over a full percentage point since Q4 of 2018, settling at near-historic lows. This is big news for buyers looking to get more for their money in the current housing market. According to Freddie Mac’s Primary Mortgage Market Survey, “the 30-year fixed-rate mortgage (FRM) rate averaged 3.60 percent, the lowest it has been since November 2016.” Sam Khater, Chief Economist at Freddie Mac, notes how this is great news for homebuyers. He states, “…consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.” As a potential buyer, the best thing you can do is work … (1 comments)
buying a home: Experts Predict a Strong Housing Market for the Rest of 2019
- 08/26/19 08:17 AM
Shutterstock We’re in the back half of the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the predictions are for the remainder of 2019. Here’s what some of the experts have to say:Ralph McLaughlin, Deputy Chief Economist for CoreLogic “We see the cooldown flattening or even reversing course in the coming months and expect the housing market to continue coming into balance. In the meantime, buyers are likely claiming some ground from what has been seller’s territory over the past few years. If mortgage rates stay low, wages continue to grow, and inventory picks up, … (0 comments)
buying a home: A Latte a Day Keeps Homeownership Away [INFOGRAPHIC]
- 08/23/19 10:18 AM
Some Highlights: The pumpkin spice latte is launching soon, so you may be tempted to spend your extra cash on a daily caffeine fix, but that small expense can add up to a big number – fast! Saving for a down payment takes a little discipline, so limiting your extra purchases (like a latte a day from your favorite coffee shop) will help you get there faster. Depending on where you live, putting away just a small amount each day will get you to the average down payment you may need for homeownership faster than you think. We hope you found … (0 comments)
buying a home: Housing Supply Not Keeping Up with Population Increase
- 08/20/19 08:43 AM
Bigstock Many buyers are wondering where to find houses for sale in today’s market. It’s a true dilemma. We see an increase in buyer demand, but the supply available for purchase isn’t keeping up. The number of new housing permits issued prior to the great recession increased for 15 years until 2005 (from 1.12 million in 1990 to a pre-recession peak of 2.16 million in 2005). According to Apartment List, “From 1990 to 2005, the number of single-family permits issued more than doubled, while the number of multi-family permits grew by 49 percent.” When the housing market crashed, the number of new homes permitted decreased to … (0 comments)
buying a home: A Great Way to Increase Your Net Worth
- 08/19/19 09:34 AM
Shutterstock Every three years, the Federal Reserve conducts its Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016. The study revealed that the median net worth of a homeowner is $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 great way to build family wealth.As we’ve said before, simply put, homeownership is a form of ‘forced … (0 comments)
buying a home: Buying a Home: Do You Know the Lingo? [INFOGRAPHIC]
- 08/16/19 12:07 PM
Some Highlights: Buying a home can be intimidating if you’re not familiar with the terms used throughout the process. To point you in the right direction, here’s a list of some of the most common language you’ll hear when buying a home. The best way to ensure your home-buying process is a positive one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher.’ We hope you found this information helpful. Contact us today for all your real estate needs. team@davidsonhomegroup.com Download Our Home Search App Portland-Vancouver Home Price Check Oh, by the way … (2 comments)
buying a home: Rent Vs. Own [INFOGRAPHIC]
- 08/09/19 07:49 AM
Some Highlights: Owning your own home vs. renting may lead to some great options, such as locking in your monthly payments and having the freedom to customize your living space. Whether you rent or own, you have to cover someone’s mortgage costs. You may as well be doing so to build your own wealth, rather than that of your landlord. Renting and owning both have up-front fees when you sign your lease or close, respectively. Think about putting that money to work for you! We hope you found this information helpful. Contact us today for all your real estate needs. team@davidsonhomegroup.com Download Our Home … (0 comments)
buying a home: How Much Do You Know About Down Payments?
- 08/06/19 07:38 AM
Shutterstock Whether you’ve owned a home before, or you’re ready to jump into homeownership for the first time, there are always a lot of questions swirling around about what is truly required for a down payment, and how to best source down payment assistance. Let’s tackle these two today. 1. How much do you really need for a down payment?There is a long-standing misconception about down payment requirements. A survey from Fannie Mae shows only 17% of consumers know the minimum options are actually between 1 – 5% of the purchase price and 40% don’t know how much they need at all. There are many mortgage loans available … (0 comments)
buying a home: How to Increase Your Equity Over the Next 5 Years
- 07/30/19 10:31 AM
Shutterstock Many of the questions currently surrounding the real estate industry focus on home prices and where they are heading. The most recent Home Price Expectation Survey (HPES) helps target these projected answers. Here are the results from the Q2 2019 Survey: Home values will appreciate by 4.1% in 2019 The average annual appreciation will be 3.2% over the next 5 years The cumulative appreciation will be 16.8% by 2023 Even experts representing the most “bearish” quartile of the survey project a cumulative appreciation of over 6.7% by 2023 What does this mean for you?A substantial portion of family wealth comes from home equity. As the … (0 comments)
buying a home: Rent or Buy: Either Way You’re Paying A Mortgage!
- 08/27/18 08:28 AM
There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s. As Entrepreneur Magazine, a premier source for small business, explained in their article, “12 Practical Steps to Getting Rich”: “While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else … (2 comments)
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