buying a home in ct: The Cost of Waiting: CT Interest Rates
- 08/17/18 06:51 AM
Some Highlights: Interest rates in CT are projected to increase steadily heading into 2019. The higher your interest rate, the more money you end up paying for your home and the higher your monthly payment will be. Rates in CT are still low right now – don’t wait until they hit 5% to start searching for your dream home!. Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs!
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buying a home in ct: Ct Homebuyers Would Sacrifice 'Must Haves' For Good School Districts
- 08/15/18 06:31 AM
It should come as no surprise that buying a home in a good school district is important to homebuyers in CT. According to a report from Realtor.com, 86% of 18-34 year-olds and 84% of those aged 35-54 indicated that their home search areas were defined by school district boundaries.
What is surprising, however, is that 78% of recent homebuyers sacrificed features from their “must-have” lists in order to find homes within their dream school districts.
The top feature sacrificed was a garage at 19%, followed closely by a large backyard, an updated kitchen, the desired number of bedrooms, and an outdoor living area. The full results … (0 comments)
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buying a home in ct: Have You Outgrown Your Ct Starter Home?
- 08/14/18 06:29 AM
For many CT residents, buying their first home is their first taste of achieving part of the American Dream. There is a sense of pride that comes along with owning your own home and building your family’s wealth through your monthly mortgage payment.
It may seem hard to imagine that the first home you purchased (which made your dreams come true) might not be the home that will allow you to achieve the rest of your dreams. The good news is that it’s ok to admit that your home no longer fits your needs!
According to CoreLogic’s latest Home Price Index, prices in the … (1 comments)
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buying a home in ct: Owning Your Own Home in CT Can Help You Retire Sooner!
- 08/06/18 06:24 AM
In a CNBC article, self-made millionaire David Bach explained that: “Buying a home is the escalator to wealth in America. Homeownership can also help you retire early, that is, if you pay your mortgage off.”
Bach suggests that homebuyers should, “Take out a 30-year mortgage, but with the intention of paying it off in 25, 20 or ideally, 15 years.”
How does he suggest you do this? Here’s the secret:
“…If you were paying $1,000 a month, now you’re going to make $1,100 payments every month. Inform the bank that you are doing this and that you want the extra $100 a month to be applied to the … (0 comments)
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buying a home in ct: Home Buying Myths in CT Slayed
- 08/03/18 08:19 AM
Some Highlights: The average down payment for first-time homebuyers is only 6%! Despite mortgage interest rates being over 4%, rates are still below historic numbers. 88% of property managers raised their rents in the last 12 months! Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs!
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buying a home in ct: Buying is Now 26.3% Cheaper Than Renting in CT
- 08/01/18 06:24 AM
The results of the latest Rent vs. Buy Report from Trulia show that homeownership in CT remains cheaper than renting, with a traditional 30-year fixed rate mortgage, in 98 of the 100 largest metro areas in the United States.
Below is a map of the 100 metros that were studied. The darker the blue dot on the metro, the cheaper it is to buy there.
In order to calculate the true cost of renting vs. buying, Trulia includes all assumed renting costs, including one-time costs (like security deposits), and compares them to the monthly costs of owning a home (insurance, mortgage payments, taxes, and maintenance) including … (3 comments)
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buying a home in ct: What You Need To Know About The Mortgage Process in CT
- 07/20/18 11:41 AM
Some Highlights: Many CT 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. Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs!
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buying a home in ct: Demand for Homes to Buy in CT Continues to Climb
- 07/18/18 07:56 AM
There is a severe mismatch between the low number of houses for sale and the high demand for those houses! First-time homebuyers are out in force and are being met with a highly competitive summer CT real estate market.
According to the National Association of Realtors (NAR), the inventory of homes for sale “has fallen year-over-year for 36 consecutive months,” and now stands at a 4.1-month supply. A 6-month supply of inventory is necessary for a balanced market and has not been seen since August of 2012.
NAR’s Chief Economist Lawrence Yun had this to say,
“Inventory coming onto the market during this year’s spring buying season – … (0 comments)
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buying a home in ct: 4 Real Reasons Why We Buy A Home in CT!
- 07/17/18 09:17 AM
We often talk about why it makes financial sense to buy a home, but more often than not, the emotional reasons are the more powerful or compelling ones.
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 in CT offers you the stability to start and raise a family Between the best neighborhoods … (0 comments)
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buying a home in ct: CT House Buying Power At Near Historic Levels
- 07/16/18 07:30 AM
We keep hearing that home affordability is approaching crisis levels. While this may be true in a few metros across the country, housing affordability is not a challenge in CT. In their most recent Real House Price Index, First American reported that consumer “house-buying power” is at “near-historic levels.”
Their index is based on three components:
Median Household Income Mortgage Interest Rates Home Prices The report explains:
“Changing incomes and interest rates either increase or decrease consumer house-buying power or affordability. When incomes rise and/or mortgage rates fall, consumer house-buying power increases.”
Combining these three crucial pieces of the home purchasing process, First American created an … (0 comments)
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buying a home in ct: Rising Interest Rates in CT Have Not Dampened Demand
- 07/16/18 07:20 AM
Since the beginning of the year, mortgage interest rates have risen over a half of a percentage point (from 3.95% to 4.52%), according to Freddie Mac. Even a small rise in interest rates can greatly impact a buyer’s monthly mortgage payment.
First American recently released the results of their quarterly Real Estate Sentiment Index (RESI), in which they surveyed title and real estate agents across the country about the impact of rising rates on first-time homebuyers.
Real estate professionals around CT have not noticed a slowdown in demand for housing among young buyers; nearly 93% of all first-time homebuyers last quarter were between the ages of 21-35, with … (0 comments)
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buying a home in ct: 5 Reasons Millennials Choose to Buy a CT Home
- 06/29/18 07:37 AM
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 CT millennials who rent a home or apartment prior to buying their own homes dream of the day when they will be able to paint the walls whatever color they’d like or renovate an outdated part of their living space. Contact a … (0 comments)
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buying a home in ct: What's the Median Home Value in CT?
- 06/27/18 06:44 AM
If you’ve entered the CT real estate market as a buyer or a seller, you’ve inevitably heard the mantra “location, location, location” in reference to identical homes increasing or decreasing in value based on where they’re located.
In today’s housing market where home prices are appreciating quickly, it’s important to know that not every home appreciates at the same rate. The map below demonstrates that point on a state-by-state basis using data from the National Association of Realtors.
Demand often dictates value, even for houses in the same area of the country! High demand for starter and trade-up homes have driven prices up in these … (0 comments)
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buying a home in ct: Are You Wondering if You Can Buy Your First Home in CT?
- 06/26/18 06:42 AM
There are many people sitting on the sidelines trying to decide if they should purchase a CT home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they get married or start a family, some might think they are too young, and still, some others might think their current incomes 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 are some interesting revelations on the first-time buyer:
Bottom Line You … (0 comments)
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buying a home in ct: You DO NOT Need 20% Down to Buy A Home in CT NOW!
- 06/26/18 06:34 AM
The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the CT Residents 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 the main reason why non-homeowners do not own their own homes is because they believe that they cannot afford them.
This brings us to two major misconceptions that we want to address today.
1. Down Payment A recent survey by Laurel Road, the National Online Lender and FDIC-Insured Bank, revealed that consumers overestimate the down payment funds needed to qualify for a home loan.
According to the survey, 53% of Americans … (1 comments)
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buying a home in ct: 3 Issues Facing Today's Real Estate Market!
- 06/20/18 08:58 AM
Last week, the National Association of Real Estate Editors (NAREE) held their 52nd Annual Journalism Conference in Las Vegas, NV. Among the many highly anticipated sessions was one called “Top Ten Issues Affecting Real Estate™,” given by Joseph Nahas, Jr., Chair of the Counselors of Real Estate & Senior Vice President of Equus Capital Partners.
The Counselors of Real Estate (CRE) “is an international organization of high profile property professionals which include principals of prominent real estate, financial, legal, and accounting firms as well as recognized leaders of government and academia.”
Their annual “top 10” list spans any and all issues that could have an impact on the real estate market. … (0 comments)
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buying a home in ct: Are CT Lending Standards Too Loose... or Too Tight?
- 06/14/18 06:29 AM
With CT home values appreciating at record rates, some are concerned that we may be heading for another housing bubble like the one we experienced a decade ago. One of the major culprits of that housing boom and bust was the loosening of standards for mortgage credit.
In a study done at the University of North Carolina immediately after the crisis, it was revealed that:
“Lenders began originating large numbers of high risk mortgages from around 2004 to 2007, and loans from those vintage years exhibited higher default rates than loans made either before or after.”
A study by John V … (0 comments)
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buying a home in ct: Parents Say Kids' Opinions Matter Big When Buying a Home in CT
- 06/14/18 06:27 AM
A recent survey conducted by Harris Poll found that “55% of homeowners with a child under the age of 18 at the time when they purchased their home said that the opinion of their offspring played a major role in their home buying decision.”
When the results were broken down by the parent’s age, millennials (those 18-36) led the way with 74% of homeowners saying that their child’s opinion was a factor in choosing which home to buy. Eighty-three percent of renters believe that their child’s opinion would be a deciding factor when looking to purchase a home.
So what features in a home are most … (0 comments)
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buying a home in ct: When is A Good Time to Rent in CT? Not Now!
- 06/14/18 06:25 AM
People often ask if now is a good time to buy a home in CT, but nobody ever asks whether or not it’s a good time to rent. Regardless, I want to make certain that everyone understands that now is NOT a good time to rent.
The Census Bureau recently released their 2018 first quarter median rent numbers. According to their report, here is a graph showing rent increases from 1988 until today:
As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew … (0 comments)
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buying a home in ct: 3 Tips for Making Your Dream of Owning a CT Home a Reality
- 05/16/18 08:17 AM
Some Highlights: Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking much about it. Living within a budget right now will help you save money for down payments while also paying down other debts that might be holding you back. What are you willing to cut back on to make your dreams of homeownership a reality? Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs!
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Some Highlights: Interest rates in CT are projected to increase steadily heading into 2019. The higher your interest rate, the more money you end up paying for your home and the higher your monthly payment will be. Rates in CT are still low right now – don’t wait until they hit 5% to start searching for your dream home!. Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs!
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