first time homebuyers: 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. 
Contact us … (0 comments)

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

Shutterstock
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)

first time homebuyers: 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 
Download Our Home Search App
Portland-Vancouver Home Price Check
Oh, by the … (0 comments)

first time homebuyers: Think Prices Have Skyrocketed? Look at Rents. - 10/24/19 07:33 AM

Shutterstock
Much has been written about how residential real estate values have increased since the housing market started its recovery in 2012. However, little has been shared about what has taken place with residential rental prices. Let’s shed a little light on this subject.
In the most recent Apartment Rent Report, RentCafe explains how rents have continued to increase over the last twelve months because of a large demand and a limited supply.
 “Continued interest in rental apartments and slowing construction keeps the national average rent on a strong upward trend.”
Zillow, in its latest Rent Index, agreed that rents are continuing on an “upward trend” across most of the country, … (0 comments)

first time homebuyers: 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)

first time homebuyers: 5 Tips for Starting Your Home Search - 10/21/19 09:18 AM

Shutterstock
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)

first time homebuyers: Gen Z: The Next Generation of Homebuyers - 10/15/19 09:28 AM

NBC News
You’ve likely heard a ton about Millennials, but what about Gen Z? In the next 5 years, this generation will be between the ages of 23 and 28, and they’re eager to become homeowners faster than you may think.
According to realtor.com, “Nearly 80 percent of Generation Z members say they want to own a home before age 30,” and Concentrix Analytics said, “52% of prospective Gen Z buyers are already saving to buy a home.”
Wikipedia defines Generation Z (Gen Z) as “the demographic cohort after the Millennials. Demographers and researchers typically use the mid-1990s to mid-2000s as starting birth years.”
The report from Concentrix goes a little deeper … (0 comments)

first time homebuyers: 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 
Download Our Home Search App
Portland-Vancouver Home Price Check
Oh, by the way … if you know of someone who would appreciate the level of service we provide, please call us with their name and business number.  We’ll … (0 comments)

first time homebuyers: 62% of Buyers Are Wrong About Down Payment Needs - 10/07/19 09:03 AM

Shutterstock
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)

first time homebuyers: 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)

first time homebuyers: 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)

first time homebuyers: What Buyers Need to Know About HOAs - 09/18/19 08:01 AM

thewyatt.com
When searching for a home, you may end up selecting a property in a community with a Homeowners Association (HOA). Before you buy, it’s important to know how an HOA works and what they mean for you.
According to a recent article on realtor.com,
“In a nutshell, an HOA helps ensure that your community looks its best and functions smoothly…The number of Americans living in homes with HOAs is on the rise, growing from a mere 1% in 1970 to 25% today, according to the Foundation for Community Association Research.”
An HOA is governed by a board nominated by those living in the neighborhood. It … (0 comments)

first time homebuyers: Things to Avoid After Applying for a Mortgage - 09/16/19 01:47 PM

Shutterstock
Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home, but before you make any large purchases, move your money around, or make any big-time life changes, consult your loan officer – someone who will be able to tell you how your decisions will impact your home loan.
Below is a list of Things You Shouldn’t Do After Applying for a Mortgage. Some may seem obvious, but some may not.
1. Don’t Change Jobs or the Way You Are Paid at Your Job. Your loan officer must be able to track the … (2 comments)

first time homebuyers: Millennial Buying Power Poised to Boost Homeownership - 09/11/19 10:45 AM

Vice
In a recent article by Realtor Magazine, Mark Fleming, Chief Economist of First American Financial Corporation, notes,
“The largest group of millennials by birth year will turn 30 in 2020, which puts them entering their prime homebuying years”.
The article continues to describe how millennials have more buying-power than the generations that preceded them, making their interest in embracing homeownership stronger than ever,
“Millennials—the most educated generation—have the highest incomes across their generational cohorts, even when salaries are adjusted for inflation.”
This combination of power and desire has the potential to drive positive growth in the homeownership rate heading into the near future. According to Fleming,
‘“The gap between the potential … (0 comments)

first time homebuyers: 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)

first time homebuyers: 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)

first time homebuyers: 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)

first time homebuyers: Busting the Myth About a Housing Affordability Crisis - 08/15/19 07:14 AM

It seems you can’t find a headline with the term “housing affordability” without the word “crisis” attached to it. That’s because some only consider the fact that residential real estate prices have continued to appreciate. However, we must realize it’s not just the price of a home that matters, but the price relative to a purchaser’s buying power.
Homes, in most cases, are purchased with a mortgage. The current mortgage rate is a major component of the affordability equation. Mortgage rates have fallen by over a full percentage point since December 2018. Another major piece of the affordability equation is a buyer’s … (0 comments)

first time homebuyers: 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)

first time homebuyers: Having Trouble Saving Enough for Your Down Payment? Crowdfund It! - 08/22/18 08:22 AM
Download your HOME SEARCH app
What’s my HOME WORTH in today’s market?
You read that right! First-time buyers across the country are getting creative when it comes to saving the necessary down payment to buy a home.
Many couples are asking their wedding guests to contribute to their “Down Payment Fund” rather than fulfilling a traditional registry. This is fueled by the fact that many couples live together prior to marriage and already have the necessary items to make a house a home…they just need the house!
The average wedding in the United States has 120 guests who give wedding gifts valued, on average, at … (0 comments)

 
Kurt Davidson, Gratefully Serving Greater Portland-Vancouver (Davidson Home Group | Keller Williams Portland Central) Rainmaker large

Kurt Davidson

Gratefully Serving Greater Portland-Vancouver

Portland, OR

More about me…

Davidson Home Group | Keller Williams Portland Central

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog