buying a house: Buying or Selling in 2018? 5 Reasons to Resolve to Hire a Pro
- 12/29/17 07:15 AM
Some Highlights: As we usher in the new year, one thing is for certain… if you plan to buy or sell a house this year, you need a real estate professional on your team! There are many benefits to using a local professional! Pick a professional who knows your local market and can help you achieve your dreams! Contact your local expert’s at The Liz Freeman Team for all your Real Estate needs! 252.439.4000 or liz@lizfreeman.com. By: KCM Crew … (1 comments)
buying a house: Rents Are on the Rise: Don’t Get Caught in the Rental Trap!
- 12/19/17 11:24 AM
There are many benefits to homeownership. One of the top benefits is protecting yourself from rising rents, by locking in your housing cost for the life of your mortgage. Don’t Become Trapped A recent article by Apartment List addressed rising rents by stating: “Rents are up 2.7% year-over-year at the national level. Year-over-year growth continues to fall between the 2.1% rate from this time last year and the 3.4% growth rate from October 2015.” The article continues explaining that: “Despite the seasonal slowdown, rents are still up year-over-year in 89 of the 100 Largest cities. Additionally, the Urban Institute revealed that, “Over a quarter of renters, or 11.1 million households, are severely cost burdened, spending at least half their income on … (0 comments)
buying a house: A Housing Bubble? Industry Experts Say NO!
- 11/09/17 08:18 AM
With residential home prices continuing to appreciate at levels above historic norms, some are questioning if we are heading toward another housing bubble (and subsequent burst) like the one we experienced in 2006-2008. Recently, five housing experts weighed in on the question. Rick Sharga, Executive VP at Ten-X: “We’re definitely not in a bubble.” “We have a handful of markets that are frothy and probably have hit an affordability wall of sorts but…while prices nominally have surpassed the 2006 peak, we’re not talking about 2006 dollars.” Christopher Thornberg, Partner at Beacon Economics: “There is no direct or indirect sign of any kind of bubble.” “Steady as she goes. Prices … (1 comments)
buying a house: How to Save on a Mortgage Payment Whether Buying or Selling
- 10/26/17 07:04 AM
In Trulia’s recent report, Rent vs. Buy: Roommate Edition, they examined the impact that renting with a roommate has in determining whether it is more expensive to rent or buy. The study explains: “Since we started keeping track in 2012, it’s been a better deal to buy than rent in America’s largest housing markets – and for much of that time it hasn’t been close.” It then goes on to ask the question: “But does the equation change for renters who share their rent with a roommate?” The report reveals:“While the standard rent vs. buy analysis reveals buying is cheaper than renting in all of the nation’s 100 largest metros, … (0 comments)
buying a house: Millennial Homeownership Rate Increases
- 08/03/17 06:05 AM
Recent headlines exclaimed the homeownership rate, as reported by the Census Bureau, rose again in the second quarter of 2017. What didn’t get much attention in the reports is that the homeownership rate for American households under the age of 35 increased a full percentage point from last quarter’s 34.3% to 35.3%. Millennials proved to have the highest increase of any age group. This came as a surprise to some considering Millennials have come to be known as the “renter” generation. However, a new study by First American, 6 Trends Poised to Reshape Homeownership Demand, revealed reasons why homeownership numbers will continue to increase for Millennials. Millennials are … (0 comments)
buying a house: #1 ANSWER TO THE HOUSING SHORTAGE: NEW CONSTRUCTION
- 05/18/17 06:49 AM
The biggest challenge to today’s housing market is the shortage of housing inventory for sale. A normal market would see a six-month supply of homes for sale. Currently, that number is below four months. This is the major reason home prices have continued to appreciate at higher levels than historic averages. The good news is that builders are now starting to build more homes in lower price ranges. Builder Confidence is UpThe Housing Market Index from the National Association of Home Builders (NAHB)reveals that builder confidence increased last month. HousingWire quoted NAHB Chief Economist Robert Dietz about the reason for the increase in confidence amongst builders. “The HMI measure of … (2 comments)
buying a house: 3 REASONS THE HOUSING MARKET IS NOT IN A BUBBLE
- 05/11/17 07:27 AM
With housing prices appreciating at levels that far exceed historical norms, some are fearful that the market is heading for another bubble. To alleviate that fear, we just need to look back at the reasons that caused the bubble ten years ago. Last decade, demand for housing was artificially propped up because mortgage lending standards were way too lenient. People that were not qualified to purchase were able to attain a mortgage anyway. Prices began to skyrocket. This increase in demand caused homebuilders in many markets to overbuild. Eventually, the excess in new construction and the flooding of the market with distressed properties … (2 comments)
buying a house: FINANCIAL PLANNING: 4 REASONS TO BUY A HOUSE TODAY
- 05/04/17 07:50 AM
Homeownership will always be a part of the American Dream. There are advantages to owning your own home (educational, health, social) that far transcend any economic impact. However, we want to look at several of the financial advantages of homeownership in today’s post. 1. Buying is Cheaper Than RentingThe results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. The report reveals that: “Interest rates have remained low, and even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation…Nationally, rates … (1 comments)
buying a house: YOUR TAX RETURN: BRING IT HOME
- 04/27/17 10:16 AM
This time of year, many people eagerly check their mailboxes looking for their tax return check from the IRS. But, what do most people plan to do with the money? GO Banking Rates recently surveyed Americans and asked the question - “What do you plan on doing with your tax refund?” The results of the survey were interesting. Here is what they plan to do with their money: 41% - Put it into savings 38% - Pay off debt 11% - Go on a vacation 5% - Make a major purchase (car, home, etc.) 5% - Splurge on a purchase Upon seeing the research, The National Association of … (0 comments)
buying a house: Tax Return Depressing? Owning a Home Could Help
- 04/20/17 10:03 AM
Many Americans got some depressing news last week; either their tax return was not as large as they had hoped or, in some cases, they were told they owed additional money to either the Federal or State government or both. One way to save on taxes is to own your own home. According to the Tax Policy Center’s Briefing Book -“A citizen's guide to the fascinating (though often complex) elements of the federal Tax System” - there are several tax advantages to homeownership. Here are four items, and a quote on each, from the Briefing Book: 1. Mortgage Interest Deduction“Homeowners who itemize deductions may reduce their taxable income by … (0 comments)
buying a house: HOME MORTGAGES: RATES UP, REQUIREMENTS EASING
- 04/13/17 11:59 AM
The media has extensively covered the rise in mortgage interest rates since last fall (from 3.42% last September to the current 4.1% according to Freddie Mac). However, a less covered aspect of the mortgage market is that requirements to get a mortgage have eased while rates have risen. The Mortgage Bankers Association (MBA) quantifies the availability of mortgage credit each month with their Mortgage Credit Availability Index (MCAI). According to the MBA, the MCAI is: “A summary measure which indicates the availability of mortgage credit at a point in time.” The higher the index, the easier it is to get a mortgage. Here is a chart showing the MCAI over the last several months … (1 comments)
buying a house: THE ‘REAL’ NEWS ABOUT HOUSING AFFORDABILITY
- 04/06/17 09:24 AM
Some industry experts are claiming that the housing market may be headed for a slowdown as we proceed through 2017, based on rising home prices and a potential jump in mortgage interest rates. One of the data points they use is the Housing Affordability Index, as reported by the National Association of Realtors (NAR). Here is how NAR defines the index: “The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data.” Basically, a value of 100 means a family earning the median … (0 comments)
buying a house: WHICH HOMES HAVE APPRECIATED THE MOST?
- 03/16/17 11:57 AM
Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 7.1%. CoreLogic, in their most recent Home Price Insights Report, reveals that national home prices have increased by 6.9% year-over-year. The CoreLogic report broke down appreciation even further into four different price categories: Lower Priced Homes: priced at 75% or less of the median Low-to-Middle Priced Homes: priced between 75-100% of the median Middle-to-Moderate Priced Homes: priced between 100-125% of the median High Price Homes: priced greater than 125% of the median Here is how each category did in … (1 comments)
buying a house: Where Did Americans Move in 2016?
- 03/03/17 12:43 PM
Some Highlights: For the 5th year in a row, the Northeast saw a concentration of “High Outbound” activity. For the first time ever, South Dakota held the top spot for “High Inbound” states. Much of America’s outbound activity can be attributed to Boomers relocating to warmer climates after retiring. by The KCM Crew Courtesy of Greenville NC Real Estate Expert Liz Freeman. … (1 comments)
buying a house: MORTGAGE RATES IMPACT ON 2017 HOME VALUES
- 03/02/17 07:06 AM
There is no doubt that historically low mortgage interest rates were a major impetus to housing recovery over the last several years. However, many industry experts are showing concern about the possible effect that the rising rates will have moving forward. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are all projecting that mortgage interest rates will move upward in 2017. Increasing interest rates will definitely impact purchasers and may stifle demand. In a recent study of industry experts, “rising mortgage interest rates, and their impact on mortgage affordability” was named by 56% as the force they think will have the most significant impact on … (1 comments)
buying a house: The Impact of Homeownership on Civic Involvement
- 02/16/17 11:00 AM
The National Association of Realtors recently released a study titled 'Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief of most Americans: “Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.” Today, we want to cover the section of the report that quoted several studies concentrating on the impact homeownership has on the civic participation of family members. Here are some of the major findings on this issue revealed in the … (1 comments)
buying a house: HOW LOW INTEREST RATES INCREASE YOUR PURCHASING POWER
- 01/24/17 12:25 PM
According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 4.09%, which is still very low 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 monthly housing budget. The chart below shows what impact rising interest … (0 comments)
Some Highlights:
;)
;)
;)
