home buying ct: 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)
home buying ct: Where Are Mortgages Interest Rates in CT Headed in 2018?
- 02/09/18 10:20 AM
The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search. Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next 12 months.
How Will This Impact Your CT Mortgage Payment? Depending on the amount of the loan that you secure, a half of a … (0 comments)
home buying ct: 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)
home buying ct: 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)
home buying ct: Thinking About Buying in CT? Know Your Credit
- 11/03/17 09:01 AM
Knowing your credit score or getting a recent copy of your credit report is one of the first steps that you can take toward knowing how ready you are to start the CT home buying process. Make sure all the information listed on your report is accurate and work to correct any mistakes. The higher your credit score, the more likely you will be to receive a better interest rate for your mortgage, which will translate into more ‘home for your money.' Many potential buyers believe that they need a 750 FICO® Score or higher to be able to purchase a home. … (0 comments)
home buying ct: 84% of CT Residents Believe Buying A Home is A Good Financial Decision
- 07/24/17 06:55 AM
According to the National Association of Realtors®’ 2017 National Housing Pulse Survey, 84% of CT Residents now believe that purchasing a home is a good financial decision. This is the highest percentage since 2007 – before the housing crisis. Those surveyed pointed out five major reasons why they believe homeownership is a good financial decision: CT homeownership means the money you spend on housing goes towards building equity, rather than to a landlord CT homeownership creates the opportunity to pay off a mortgage and own your home by the time you retire CT homeownership is an investment opportunity that builds long-term wealth and … (0 comments)
home buying ct: Singles Are Falling For Their Dream CT Home First
- 07/24/17 06:47 AM
Some Highlights: According to NAR’s Profile of Home Buyers & Sellers, the share of recent CT homebuyers who were single at the time of purchase held steady at 24% last year. The percentage of first-time buyers who were single females rose to 17% (up from 16%), as the share of single men dropped from 11% to 8%. The primary reason for buying a CT home amongst singles was the desire to own a home of their own (38% for women and 37% for men). Contact at Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate … (0 comments)
home buying ct: Is 2017 the Year to Move Up to Your Dream CT Home? If So, Do It Early!
- 05/10/17 07:27 AM
If you are considering moving up to your dream home in CT, it may be better to do it earlier in the year than later. The two components of your monthly mortgage payment (home prices and interest rates) are both projected to increase as the year moves forward, and interest rates may increase rather dramatically. Here are some predictions on where rates will be by the end of the year: Freddie Mac “While full employment and rising inflation are signs of a strong economy, they also have the potential to push mortgage rates and house prices up. The higher … (0 comments)
home buying ct: Real Estate Mogul: Here's Why You Should Buy in CT
- 04/26/17 07:31 AM
Real Estate mogul, Sean Conlon, host of The Deed: Chicago on CNBC, was recently asked the question, should you buy? Or should you rent a house? Conlon responded: “I am a true believer that you save every penny and you buy your first house… and that is still the fastest path to wealth in this country.” Conlon went on to suggest that first-time buyers put down 10-20% “if they can make it work,” and to remain in their home at least 4-5 years to see a return on their investment. Who is Sean Conlon, and why should you listen to his advice?Within a few years of working in the real … (1 comments)
home buying ct: Buying in CT this Spring? Be Prepared for Bidding Wars!
- 04/10/17 05:42 AM
Traditionally, spring is the busiest season for real estate in CT. Buyers come out in force and homeowners list their houses for sale hoping to capitalize on buyer activity. This year will be no different! CT buyers have already been out in force looking for their dream homes and more are on their way, but the challenge is that the inventory of homes for sale has not kept up with demand, which has lead to A LOT of competition for the homes that are available. A recent Bloomberg article touched on the current market conditions: “It’s the 2017 U.S. spring home-selling season, and listings are scarcer than they’ve ever … (0 comments)
home buying ct: Don't Let Your Luck Run Out in CT!!
- 03/17/17 06:32 AM
Some Highlights: The “Cost of Waiting to Buy” in CT is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time. Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while CT home prices are predicted to appreciate by 4.8% according to CoreLogic. Waiting until next year to buy you CT home could cost you thousands of dollars a year for the life of your mortgage! Contact a Real Estate professional from Dave Jones Realty who can assist with all of your … (0 comments)
home buying ct: Over Half of All CT Buyers Are Surprised by Closing Cost
- 03/03/17 10:06 AM
According to a recent survey conducted by ClosingCorp, over half of all CT homebuyers are surprised by the closing costs required to obtain their mortgage. After surveying 1,000 first-time and repeat CT homebuyers, the results revealed that 17% of them were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected. “CT homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.” Bankrate.com recently gathered closing cost data from lenders in CT. The map below was created using the closing costs on a $200,000 mortgage … (0 comments)
home buying ct: Do You Know the Real Cost of Renting in CT vs Buying in CT?
- 02/17/17 07:43 AM
Some Highlights: Historically, the choice between renting or buying a home in CT has been a close decision. Looking at the percentage of income needed to rent a median-priced Connecticut home today (30%), vs. the percentage needed to buy a median-priced home (15%), the choice becomes obvious. Before you renew your lease again, find out if you could use your housing costs to own a Connecticut home of your own! Contact a Real Estate professional from Dave Jones Realty who can assist with all of your Real Estate needs! … (0 comments)
home buying ct: 4 Reasons to Buy Your Home This Winter
- 12/05/16 05:29 AM
As the temperature in many areas of the country starts to cool down, you might think that the Connecticut housing market will do the same. This couldn’t be further from the truth! Here are 4 reasons you should consider buying your dream home this winter instead of waiting for spring! 1. Prices Will Continue to Rise CoreLogic’s latest Home Price Index reports that CT home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.2% over the next year. The bottom in home prices has come and gone. CT home … (2 comments)
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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.
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