ct home buyers: 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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ct home buyers: The Wave of Millennial Homebuyers in CT Continues to Swell
- 08/08/18 06:22 AM
Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as a part of attaining their American Dream.
Comparatively speaking, millennials in CT have taken longer to obtain traditional milestones (like getting married, having kids and buying a home) than generations before them, but that does not mean that they do not aspire to still achieve those things.
For older millennials (aged 25-34) who have established themselves in their career and are starting to build their families, homeownership is the next logical choice.
According to the Urban Institute’s State of Millennial Housing, the probability of a millennial becoming … (1 comments)
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ct home buyers: 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!
… (0 comments)
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ct home buyers: 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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ct home buyers: 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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ct home buyers: 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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ct home buyers: How Long Do Families in CT Live in a House?
- 07/16/18 07:14 AM
The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of their data points, which has changed dramatically, is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving.
As the graph below shows, over the last twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2014, that average is almost ten years – an increase of almost 50%.
Why the dramatic increase? The reasons for this change are plentiful!
The fall in CT home prices during the housing crisis left many homeowners in a negative equity … (1 comments)
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ct home buyers: 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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ct home buyers: CT Homes Are Much More Affordable Now
- 06/21/18 07:19 AM
With both home prices and mortgage rates increasing this year, many are concerned about a family’s ability to purchase a major part of the American Dream – its own home. However, if we compare housing affordability today to the average affordability prior to the housing boom and bust, we are in much better shape than most believe.
In Black Knight’s latest monthly Mortgage Monitor, they revealed that in the vast majority of the country, it is actually more affordable to purchase a home today than it was between 1995 to 2003 when looking at mortgage payments (determined by price and interest rate) as compared to incomes. Home prices are … (0 comments)
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ct home buyers: Be Thankful You Don't Have To Pay Your Parent's Interest Rate!
- 03/30/18 09:05 AM
Interest rates hovered around 4% for the majority of 2017 in CT, which gave many buyers relief from rising home prices and helped with affordability. In the first quarter of 2018, rates have increased from 3.95% up to 4.45% and experts predict that rates will increase even more by the end of the year.
The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home. Don’t let the prediction that rates will increase stop you from purchasing your dream home this year.
Let’s take a look at a historical view of interest … (1 comments)
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ct home buyers: 7 Factors to Consider When Choosing a Home to Retire in in CT
- 03/14/18 06:53 AM
As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s CT housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.
According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.
1. Affordability “It may be easy enough to purchase your home today but think long-term about your monthly costs. Account for property taxes, insurance, … (0 comments)
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ct home buyers: You Can Save For a Down Payment to Buy A Home Faster Than You Think!
- 03/14/18 06:43 AM
Saving for a down payment is often the biggest hurdle for a first-time homebuyer in CT. Depending on where you live, median income, median rents, and home prices all vary.
I determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense.
According to the data, residents in Connecticut can save for a down payment in approximately 3.46 years.
What if you only needed to save 3%? What if … (0 comments)
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ct home buyers: 4 Reasons Spring is A Great Time to Buy a Home in CT!
- 03/12/18 09:04 AM
Here are four great reasons to consider buying a home in CT today instead of waiting.
Prices Will Continue to Rise in CT CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.3% over the next year.
The bottom in home prices has come and gone. CT home values will continue to appreciate for years. Waiting no longer makes sense.
Mortgage Interest Rates Are Projected to Increase Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage hovered close … (0 comments)
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ct home buyers: The Difference An Hour Will Make in CT This Spring
- 03/12/18 08:55 AM
Some Highlights: Every hour in the United States: 614 homes are sold, 81 homes regain equity (meaning they are no longer underwater on their mortgage), and the median home price rises $1.51! Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs! … (0 comments)
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ct home buyers: Use Your Tax Refund to Jump Start Your Down Payment Savings in CT
- 03/05/18 06:58 AM
According to data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $2,840 this year when filing their taxes. This is down slightly from the average refund of $2,895, last year.
Tax refunds are often thought of as ‘extra money’ that can be used toward larger goals; for anyone looking to buy a home in CT in 2018, this can be a great jump start toward a down payment!
The map below shows the average tax refund Americans received last year by state. CT averages ~$3,126!
Many first-time CT buyers believe that a 20% down payment is required … (0 comments)
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ct home buyers: Is Now A Good Time to Rent in CT?
- 03/05/18 06:49 AM
People often ask if now is a good time to buy a home, but nobody ever asks when it’s a good time to rent. Regardless, I want to make certain that everyone understands that today is NOT a good time to rent in CT.
The Census Bureau recently released their 2017 fourth quarter median rent numbers. 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 your lease, you might be pleasantly … (0 comments)
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ct home buyers: Should I Wait Until Next Year to Buy in CT? Or Buy Now?
- 02/21/18 09:08 AM
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 5.1% by 2019. CoreLogic predicts home prices to appreciate by 4.3% over the next 12 months. If you are ready and willing to buy your dream CT home, find out if you are able to! Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs!
… (1 comments)
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ct home buyers: Millionaire to CT Millennials: Don't Rent a Home... Buy!
- 02/09/18 10:07 AM
In a CNBC article, self-made millionaire David Bach explained that: “The biggest mistake millennials are making is not buying their first home.” He goes on to say that, “If you want to build real financial security, real wealth for your lifetime, then you need to buy a home.”
Bach went on to explain:
“Homeowners are worth 40 times more than renters. Now, that first home doesn’t need to be a dream home, it can be a very small home. You might literally have to buy a small studio apartment, but that’s how you get started.”
Then he explains the secret in order to buy that home!
“Don’t … (1 comments)
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ct home buyers: Millennials in CT Deserve More Credit!
- 02/01/18 07:34 AM
When it comes to talking about millennials in CT, there are many stereotypes out there that have influenced the way the public feels about the generation. Whether it’s the assumption that millennials are irresponsible with money and would rather buy avocado toast than save for a down payment, or that millennials jump from job to job, the majority of these stereotypes paint the generation in a negative light.
A new study by Bank of America entitled Better Money Habits Millennial Report recently came to the defense of the generation when it reported that:
“Millennials deserve more credit – both from themselves and from others – … (0 comments)
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ct home buyers: 2 Major Myths Holding Back CT Home Buyers
- 02/01/18 07:30 AM
Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership,” which revealed that “eighty percent of consumers either are unaware of how much lenders require for a down payment or believe all lenders require a down payment above 5 percent.”
Myth #1: “I Need a 20% Down Payment” CT buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report:
“Consumers are often unaware of the option to take out low-down-payment mortgages. Only 19% of consumers believe lenders would make loans with a down payment of 5% or less… While 15% believe lenders require a 20% … (0 comments)
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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.
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