home buying: Be Thankful You Don’t Have to Pay Your Parents’ Interest Rate!
- 03/30/18 06:23 PM
Be Thankful You Don’t Have to Pay Your Parents’ Interest Rate!Interest rates hovered around 4% for the majority of 2017, 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 … (3 comments)
home buying: Moving up Is MORE Affordable Now Than Any Other Time in 40 Years
- 03/21/18 06:21 PM
Moving up Is MORE Affordable Now Than Almost Any Other Time in 40 Years If you are considering selling your current home, to either move up to a larger home or into a home in an area that better suits your current family needs, great news was just revealed. Last week, Trulia posted a blog, Not Your Father’s Housing Market, which examined home affordability over the last 40+ years (1975-2016). Their research revealed that: “Nationally, homes are just about the most affordable they’ve been in the last 40 years… the median household could afford a home 1.5 times more expensive than the median home price. In 1980, the … (0 comments)
home buying: You Can Save for a Down Payment Faster Than You Think!
- 03/20/18 05:47 PM
You Can Save for a Down Payment Faster Than You Think! Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state. Using data from the United States Census Bureau and Zillow, we 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 … (1 comments)
home buying: 4 Reasons Spring is a Great Time to Buy a Home!
- 03/19/18 05:32 PM
4 Reasons Spring is a Great Time to Buy a Home! Here are four great reasons to consider buying a home today instead of waiting. Prices Will Continue to RiseCoreLogic’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. Home values will continue to appreciate for years. Waiting no longer makes sense. Mortgage Interest Rates Are Projected to IncreaseFreddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage hovered close … (0 comments)
home buying: Competition is Coming, Are You Thinking of Selling Your Home?
- 03/13/18 05:52 PM
Competition is Coming, Are You Thinking of Selling Your Home? The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.4% over last year. How will this impact buyers?More inventory means more options. Lawrence Yun, NAR’s Chief Economist, explained this is good news for the housing market – especially for those looking to buy: “This rise in single-family housing construction will help tame home price growth, and the increase in multifamily … (0 comments)
home buying: It’s Tax Season Use Your Refund & Jump Start Down Payment Savings!
- 03/07/18 05:47 PM
It’s Tax Season… Use Your Refund to Jump Start Your Down Payment Savings!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 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. (The refunds received for the 2017 tax year should … (0 comments)
home buying: Mortgage Rates on FIRE! Home Prices Up in Smoke?
- 03/03/18 04:53 PM
Mortgage Rates on FIRE! Home Prices Up in Smoke? Mortgage interest rates have already risen by over a quarter of a percentage point in 2018. Many are projecting that rates could increase to 5% by the end of the year. What impact will rising rates have on house values? Many quickly jump to the conclusion that an increase in mortgage rates will have a detrimental impact on real estate prices as fewer buyers will be able to qualify for a loan. This seems logical; if there is less demand for housing then prices will drop. However, in a good economy, rising … (0 comments)
home buying: 80% of Renters Believe Homeownership is a Part of Their American Dream
- 03/02/18 11:39 AM
80% of Renters Believe Homeownership is a Part of Their American Dream According to the latest Aspiring Home Buyers Profile by the National Association of Realtors (NAR), 82% of surveyed renters desire to own a home in the future, with 80% believing homeownership is a big part of achieving their American Dream. The profile went on to state that 50% of millennials believe that their rent will increase, with 20% believing that an increase in rent will be the catalyst that pushes them to consider buying a home vs. renewing their lease. So, what is holding renters back? What would make renters take … (1 comments)
home buying: 5 Reasons to Hire a Real Estate Professional When Buying or Selling
- 02/19/18 05:19 PM
Top 5 Reasons to Hire a Real Estate Professional When Buying or Selling! Many people wonder whether they should hire a real estate professional to assist them in buying their dream homes or if they should first try to go through the buying process on their own. In today’s market: you need an experienced professional! You Need an Expert Guide If You Are Traveling a Dangerous Path The field of real estate is loaded with landmines; you need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and is ready for you to … (2 comments)
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 home, find out if you are able to! Ready to move forward with your home purchaser? Start your search here... http://www.searchallproperties.com/freelist/JamesDWest576/ColumbusIf you have a home … (1 comments)
home buying: Which Comes First… Marriage or Mortgage?
- 02/15/18 06:29 PM
Which Comes First… Marriage or Mortgage? According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once again dominated the first-time homebuyer statistics in 2017 at 57% of all buyers. It is no surprise that having two incomes to save for down payments and contribute to monthly housing costs makes buying a home more attainable. But, many couples are also deciding to buy a home before spending what would be a down payment on a wedding, as unmarried couples made up 16% of all first-time buyers last year. If you’re single, don’t fret! Single women made up 18% of … (0 comments)
Highlights: Hiring a real estate professional to guide you through the process of buying a home or selling your house can be one of the best decisions you make! They are there for you to help with paperwork, understanding the process, negotiations, and helping you with pricing (both when making an offer or setting the right price for your home). One of the top reasons to hire a real estate professional is their understanding of your local market and how the conditions in your neighborhood will impact your experience. You might also enjoy reading... Buying or Selling in 2018? 5 Reasons … (2 comments)
home buying: Homeownership: “The Reports of My Death Have Been Greatly Exaggerated”
- 02/09/18 11:38 AM
Homeownership: “The Reports of My Death Have Been Greatly Exaggerated” The famous quote by Mark Twain in the title of this article can be used to describe homeownership in America today. Last week, the Census revealed that the percentage of homeowners in the country increased for the first time in thirteen years. A story in the Wall Street Journal gave these new homeownership numbers some context: “The annual increase marks a crucial turning point because it comes after the federal government reined in bubble-era policies that encouraged banks to ease lending standards to boost homeownership. This time, what’s driving the market is a shift in favor of owning rather than … (1 comments)
home buying: Where Are Mortgage Interest Rates Headed in 2018?
- 02/08/18 05:36 PM
Where Are Mortgage Interest Rates Headed in 2018? 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 Mortgage Payment?Depending on the amount of the loan that you secure, a half … (1 comments)
home buying: Are You a Millennial? Millionaire says: Don’t Rent a Home… Buy!
- 02/07/18 04:57 PM
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 do a 30-year mortgage. … (2 comments)
home buying: Study Shows “Millennials Deserve More Credit”
- 02/05/18 09:13 AM
Study Shows “Millennials Deserve More Credit”When it comes to talking about millennials, 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)
home buying: Why You Need a Professional on Your Team When Buying a Home
- 02/01/18 06:35 PM
Why You Need a Professional on Your Team When Buying a HomeMany people wonder whether they should hire a real estate professional to assist them in buying their dream homes or if they should first try to go through the buying process on their own. In today’s market: you need an experienced professional!You Need an Expert Guide If You Are Traveling a Dangerous PathThe field of real estate is loaded with landmines; you need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and is ready for you to move … (0 comments)
home buying: Low Interest Rates Have a High Impact on Your Purchasing Power
- 02/01/18 10:35 AM
Low Interest Rates Have a High Impact on Your Purchasing Power According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.92%, which is still near record lows in comparison to recent history! The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power. Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain … (0 comments)
home buying: 2 Major Myths Holding Back Home Buyers
- 01/31/18 09:17 AM
2 Major Myths Holding Back Home Buyers 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” 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 … (1 comments)
home buying: FICO® Scores on Approved Home Loans Drop Again
- 01/31/18 07:50 AM
FICO® Scores on Approved Home Loans Drop Again Wednesday January 10th, 2018 First Time Home Buyers, For Buyers, Move-Up Buyers According to Ellie Mae’s latest Origination Report, the average FICO® Score on all closed loans dropped to 722 which is its lowest mark since April. The average includes all approved refinance and purchase loans. FHA and VA loans showed the most opportunity for millennials looking to enter the market with low down payments and even lower FICO® Score requirements. Ellie Mae’s Millennial Tracker revealed that those who purchased homes in December with an FHA Loan were able to do so with an average down payment of 4% … (0 comments)
Be Thankful You Don’t Have to Pay Your Parents’ Interest Rate!Interest rates hovered around 4% for the majority of 2017, 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.
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