dave jones realty: Pre-Approval Should Always Be Your First Step When Buying in CT
- 06/27/17 06:50 AM
The number of CT buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Knowing your budget will give you the confidence of knowing if your dream home in CT is within your reach. Freddie Mac lays out the advantages of pre-approval in the My Home section of their website: “It’s highly recommended that you work with your lender to get pre-approved before … (1 comments)
dave jones realty: 2 Myths Holding Back CT Home Buyers
- 06/26/17 06:29 AM
In Realtor.com’s recent article, “Home Buyers’ Top Mortgage Fears: Which One Scares You?” they mention that “46% of potential home buyers fear they won’t qualify for a mortgage to the point that they don’t even try.” Myth #1: “I Need a 20% Down Payment”CT buyers overestimate the down payment funds needed to qualify for a home loan. According to the First Quarter 2017 Homeownership Program Index (HPI) from Down Payment Resource, saving for a down payment was the barrier that kept 70% of renters from buying. Rob Chrane, CEO of Down Payment Resource had this to say, “There are many mortgage-ready renters today, but they don’t know it. Often, homebuyers remain sidelined for years due to … (0 comments)
dave jones realty: The Cost of Renting vs Buying in CT
- 06/23/17 06:40 AM
Some Highlights: The choice between renting or buying a home in CT has been a tough decision. Looking at the percentage of income needed to rent a median-priced CT home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious. Before you renew your lease again, find out if you can put your housing costs to work by buying this year! Contact at Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs! … (0 comments)
dave jones realty: The Importance of Home Equity in Retirement Planning in CT
- 06/23/17 06:36 AM
I often discuss the difference in family wealth between homeowner households and renter households in CT. Much of that difference is the result of the equity buildup that CT homeowners experience over the time that they own their home. In a report recently released by the nonpartisan Employee Benefit Research Institute (EBRI), they reveal how valuable equity can be in retirement planning. Craig Copeland, Senior Research Associate at EBRI, recently authored a report, Importance of Individual Account Retirement Plans and Home Equity in Family Total Wealth, in which he reveals: “Individual account retirement plan assets, plus home equity, represent almost all of what families have to use for retirement expenses outside of Social Security and … (0 comments)
dave jones realty: The Supply & Demand Problem Plaguing New Construction in CT
- 06/23/17 06:30 AM
Many Real Estate economists have called on new home builders to ramp up production to help relieve the shortage of inventory of homes for sale in CT. The added inventory would no doubt aid buyers in their search to secure their dream home, while also helping to ease price increases throughout the country. Unfortunately for builders, there are many forces that are making it difficult for them to do just that! Last week at the National Association of Real Estate Editors 51st Annual Conference,CoreLogic’s Chief Economist Frank Nothaft broke down the 4 ‘L’s of New Home Construction: Lots, Labor, Lumber, and Lending. The concept of supply and demand is … (0 comments)
dave jones realty: Do You Know How Much Equity You Have in Your CT Home?
- 06/20/17 06:31 AM
CoreLogic’s latest Equity Report revealed that many properties in CT regained equity in the first quarter of 2017. This is great news, since most of the mortgaged properties are now in a positive equity situation. Price Appreciation = Good News for CT HomeownersFrank Nothaft, CoreLogic’s Chief Economist, explains: “One million borrowers achieved positive equity over the last year, which means risk continues to steadily decline as a result of increasing home prices.” Frank Martell, President and CEO of CoreLogic, believes this is a great sign for the CT market in 2017 as well, as he had this to say: “Homeowner equity increased by $766 billion over the last year, the largest increase … (1 comments)
dave jones realty: Buying is Now 33.1% Cheaper Than Renting in CT!
- 06/19/17 07:20 AM
The results of the latest Rent vs. Buy Report from Trulia show that CT homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage. Interesting findings in the report include: CT interest rates have remained low and, even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation. With CT rents & home values moving in tandem, shifts in the ‘rent vs. buy’ decision are largely driven by changes in mortgage interest rates. CT rates would have to reach 9.1%, a 128% increase over today’s average of 4.0%, for renting to be cheaper than buying. Rates haven’t been that high … (0 comments)
dave jones realty: Are CT Home Prices Approaching Bubble Territory?
- 06/19/17 06:42 AM
As CT home values continue to rise, some are questioning whether we are approaching another housing bubble. Zillow just reported that: “National home values have surpassed the peak hit during the housing bubble and are at their highest value in more than a decade.” Though that statement is correct, we must realize that just catching prices of a decade ago does not mean we are at bubble numbers. Here is a graph of median prices as reported by the National Association of Realtors (NAR). We can see that prices rose during the early 2000s, fell during the crash and have risen since 2013. However, let’s assume there was no housing bubble … (0 comments)
dave jones realty: The Truth Behind The Rent VS Buy Debate in CT!!!
- 06/19/17 06:26 AM
In a blog post published last Friday, CNBC’s Diana Olnick reported on the latest results of the FAU Buy vs. Rent Index. The index examines the entire CT housing market. The researchers at FAU use a “‘horse race’ comparison between an individual that is buying a home and an individual that rents a similar-quality home and reinvests all monies otherwise invested in homeownership.” Having read both the index and the blog post, we would like to clear up any confusion that may exist. There are three major points that I would like to counter: 1. The TitleThe CNBC blog post was titled, “Don’t put your money in a house, says a new … (0 comments)
dave jones realty: CT Homeownership is a Good Financial Investment!!!
- 06/19/17 06:15 AM
According to a recent report by Trulia, “buying is cheaper than renting by an average of 33.1%.” The report may have some people thinking about buying a CT home instead of signing another lease extension, but does that make sense from a financial perspective? Ralph McLaughlin, Trulia’s Chief Economist explains: “Owning a CT home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.” The article listed five reasons why owning a CT home makes financial sense: CT Mortgage payments can … (1 comments)
dave jones realty: 4 Reasons to Buy in CT This Summer!
- 06/12/17 06:42 AM
Here are four great reasons to consider buying a CT home today, instead of waiting. 1. Prices Will Continue to Rise CoreLogic’s latest Home Price Index reports that home prices have appreciated by 7.1% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.9% over the next year. The bottom in CT 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 Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained around 4%. … (0 comments)
dave jones realty: The Impact Your Interest Rate Makes in CT
- 06/12/17 06:38 AM
Some Highlights: CT interest rates have come a long way in the last 30 years. The interest rate you secure directly impacts your monthly payment and the amount of house that you can afford if you plan to stay within a certain budget. Interest rates are at their lowest in years… RIGHT NOW! If buying your first CT home, or moving up to the CT home of your dreams is in your future, now may be the time to act! Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs! … (0 comments)
dave jones realty: CT Mortgage Interest Rates Reverse Course in 2017
- 06/12/17 06:34 AM
To start the year, housing experts all agreed on one thing: 2017 was going to be the year we would see mortgage interest rates begin to rise. After years of historically low rates, and an improving economy, the question wasn’t if they would increase but instead how much they would increase. Some thought we could see rates hit 5-5.5% by the end of the year. However, the exact opposite has happened. Instead of higher rates as we head into the middle of 2017, we now have the lowest rates of the year (as reported by Freddie Mac). Here is a graph of mortgage rate movement … (0 comments)
dave jones realty: 69% of CT Buyers Are Wrong About Down Payment Needs
- 06/12/17 06:26 AM
According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, CT mortgage professionals say that first-time buyers still believe a 20% down payment is necessary to buy in today’s market. Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the home-buying process is keeping potential buyers on the sidelines. Saving for a down payment is often cited as a huge barrier for first-time homebuyers to make the leap into homeownership. If CT homeowners believe that they need a 20% down payment to enter the market, they also believe that they will have to wait … (0 comments)
dave jones realty: If Your CT Home Hasn't Sold Yet... Definitely Check the Price
- 06/12/17 06:20 AM
If Your Home Hasn’t Sold Yet… Definitely Check the Price! The CT residential housing market has been hot. Home sales have bounced back solidly and are now at their fourth highest pace over the past year. Demand has remained strong throughout spring as many CT real estate professionals are reporting bidding wars with many homes selling above listing price. What about your house? If your house hasn’t sold, it could be the price. If your home is on the CT market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically … (0 comments)
dave jones realty: #1 Reason to List Your House For Sale in CT NOW!
- 05/30/17 06:55 AM
If you are debating listing your CT house for sale this year, here is the #1 reason not to wait! CT Buyer Demand Continues to Outpace the Supply of Homes for Sale The National Association of REALTORS’ (NAR) Chief Economist Lawrence Yun recently commented on the inventory: “Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market. Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from … (0 comments)
dave jones realty: CT Inventory Challenges Continue!
- 05/30/17 06:50 AM
Some Highlights: After a surge in March, existing CT home sales and new home sales slowed due to a drop in inventory available for sale in the start-up and trade-up categories. Median existing CT home prices surged for the 62nd straight month, up 6.0% over last year to $244,800. New CT home prices slowed as builders have started to turn their focus toward single family, smaller homes. Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs! … (0 comments)
dave jones realty: How's the CT Real Estate Market? Find Out What Experts Are Saying
- 05/30/17 06:45 AM
As we head into summer, it is a great time to review how the 2017 CT real estate market is doing so far. Here is what the experts are saying: Doug Duncan, Fannie Mae Chief Economist “Positive demographic factors should continue to reshape the housing market, as rising employment and incomes appear to be positively influencing millennial homeownership rates.” Diana Olick, CNBC “Even as more homes come on the market for this traditionally popular sales season, they're flying off fast, with bidding wars par for the course. Home prices have now surpassed their last peak, and at the entry level, where demand is … (0 comments)
dave jones realty: 4 Tips for Effectively Making An Offer in CT
- 05/17/17 09:33 AM
So, you’ve been searching for that perfect house in CT to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market, you want to make sure that you make a good offer so that you can guarantee that your dream of making this house yours comes true! Freddie Mac covered “4 Tips for Making an Offer” in their latest Executive Perspective.Here are the 4 tips they covered along with some additional information for your consideration: 1. Understand How Much You Can Afford“While it's not nearly as fun as house hunting, fully understanding your finances is critical in making an … (1 comments)
dave jones realty: Selling Your CT Home? Is Your Listing 'Pet Friendly'?
- 05/17/17 09:14 AM
One of the many benefits of owning your own home in CT is the freedom to find your ‘furever’ friend. By pointing out the aspects of your home that make it ‘pet-friendly’ in your listing, you’ll attract these buyers rather than alienate the majority of Connecticut households that have a pet! If you are one of the many CT homeowners looking to list your home for sale, how do you stand out to the millions of pet parents searching for their dream homes? Whether a dog person, a cat person, or someone who prefers the company of another pet species, 99% of pet … (0 comments)
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The number of CT buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
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