home buying: Current Housing Market Favors Homeownership - 06/14/16 01:45 AM

According to the latest Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, homeownership is a better way to produce greater wealth, on average, than renting. The results from the first quarter index showed that "16 of the 23 metropolitan markets investigated moved in the direction of buy territory." The BH&J Index is a quarterly report that attempts to answer the question:
Is it better to rent or buy a home in today's housing market?"The U.S. housing market, when considered as a whole, has swung marginally more in favor of home ownership over renting a comparable property and investing monthly rent savings … (0 comments)

home buying: After Selling: Upkeep or Downscale? - 05/17/16 05:50 AM


A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their house in the near future are planning to scale down. Let's look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller's market. In a recent blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:
A smaller home means less space, but it also means less time, stress … (0 comments)

home buying: You Don't Need 20% Down to Buy a Home Now - 05/02/16 06:21 AM


A survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today's housing market. The study pointed out two major misconceptions that we want to address today.
1. Down PaymentThe survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less. Many renters may actually be able to enter the housing market sooner than … (1 comments)

home buying: How Much Less is Buying a Home Than Renting? - 04/19/16 05:02 AM

In the latest Rent vs. Buy Report from Trulia, they explained 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 updated numbers actually show that the range is an average of 5% less expensive in Orange County (CA) all the way up to 46% in Houston (TX), and 36% Nationwide!
Other interesting findings in the report include:Interest rates have remained low and even though home prices have appreciated around the country, they haven't greatly outpaced rental appreciation.Some markets may tip in favor of renting if home … (1 comments)

home buying: Top Reasons Why Americans Buy Homes - 04/13/16 01:27 AM
 
Last week, the inaugural "Homebuyer Insights Report" was released by the Bank of America. The report revealed the reasons why consumers purchase homes and what their feelings are regarding homeownership. Consumer Lending Executive, D. Steve Boland, explained:
"Homebuyers today are motivated by both emotional and practical reasons. Nearly all want more space, but a majority of homebuyers, especially those purchasing their first home, are also looking for a place to call their own, put down roots and make memories. They value the emotional benefits of owning a home as much as the financial ones."
Boland went on to say:
"The path to homeownership is … (1 comments)

home buying: Why You Need A Real Estate Professional When Selling Your House - 03/16/16 02:17 AM


Every homeowner hopes to accomplish five goals when selling their home:
1.    Sell it for the best price
2.    Sell it within a predetermined time
3.    Sell it with the least amount of hassles
4.    Close on the sale the same day they move into their new home
The fifth reason is the most obvious and the most important:
5.    They want to make sure it sells.
In order to dramatically increase the chances that the house sells, a homeowner should list with a real estate professional in their market. Why? Because agents have access to the vast majority of the available buyers!! According to the National Association of … (0 comments)

home buying: Why Having Your Own Home Is Better Than Renting - 02/17/16 05:10 AM

Every three years the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). In a Forbes article the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun predicts that in 2016 the net worth gap will widen even further to 45 times greater. The graph below demonstrates the results of the last two Federal Reserve studies and Yun’s prediction:


Put Your Housing Cost to Work For You Simply put, home ownership is a form of ‘forced savings’. Every time you pay your mortgage … (0 comments)

home buying: Getting A Mortgage? This is a Must Read! - 01/22/16 12:15 AM

Fannie Mae recently released their “What do consumers know about the Mortgage Qualification Criteria?” Study. The study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home. Here are three takeaways:
§ 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary
§ 86% of Americans either don’t know (59%) or are misinformed (25%) about what an appropriate Back End Debt-to-Income (DTI) ratios is
§ 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required
To help correct these misunderstandings, let’s take a look at the … (0 comments)

home buying: 5 Reasons You Need To Hire a Professional when Buying or Selling! - 01/19/16 04:05 AM

Whether you are buying or selling a home, it can be quite an adventurous journey. You need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO. The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but have rather been strengthened due to the projections of higher mortgage interest rates & home prices as the market continues to recover.
1. What do you do with all this paperwork?Each state has different regulations regarding the contracts required for … (1 comments)

home buying: Is it a good time to Rent? - 01/13/16 12:38 AM

People often ask whether or not now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent. The Census Bureau recently released their third quarter median rent numbers. Here is a graph showing rent increases from 1988 until today: A recent Wall Street Journal article reports that rents rose “faster last year than at any time since 2007, a boon for landlords but one that has stoked concerns about housing affordability for renters.”  The article also cited results from a recent Reis … (1 comments)

home buying: The American Dream of Home Ownership is Still Very Much Alive - 01/04/16 02:14 AM

In a recent post, Trulia examined whether homeownership was again being seen by adults in the US as a “part of their personal American Dream.” Over the last five years:
§ The percentage of U.S. adults who believe homeownership is part of their American Dream increased from 70% to 75%
§ The percentage of 18-34 Year-olds who believe homeownership is part of their American Dream increased from 65% to 80%
Here is a graph of the survey over the last five years:
Bottom LineAs the housing industry recovers from the crisis of 2008-2010, Americans belief in homeownership as part of their own personal American Dream has also made a strong … (0 comments)

home buying: We Need to Sell Your House Twice - 05/05/15 05:21 AM

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in such a market is that bank appraisal. If prices are jumping, it is difficult for appraisers to find adequate comparable sales (similar houses in the neighborhood that closed recently) to defend the price when doing the appraisal for the bank. With escalating prices, the second sale might be even more difficult than the first. And … (1 comments)

home buying: Location is KEY - 03/17/15 07:05 AM

A recent Demand Institute report revealed “nearly half of all American households plan to move at some point in the future.” Seventy-five percent of those surveyed in the report cited one or more ‘location-related reasons’ for their eagerness to move. Here are the top 5 reasons:
1.    Safer Neighborhood – 30%
2.    Closer to Family – 27%
3.    Change of Climate – 26%
4.    Closer to Work – 25%
5.    For a New Job – 23%
While the majority of Americans (74%) will move within their home state, for the 26% planning to call a new state home, it is important to know that prices in each state are … (0 comments)

home buying: Thinking of Buying? What are you waiting for? Read me :) - 02/23/15 04:29 AM

If you are planning on becoming a homeowner, or moving up to the home of your dreams in 2015, here are four great reasons to consider buying a home now, instead of waiting until spring.
1. Prices Will Continue to Rise The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects appreciation in home values over the next five years to be between 11.7% (most pessimistic) and 27.5% (most optimistic). The bottom in home prices has come and gone. Home values will continue to appreciate for … (0 comments)

home buying: 2015: A Year of Housing Opportunity - 02/17/15 04:06 AM

Many believed that when the housing market crashed, so too would the desire of American’s to own a home again. Many reports have shown that, especially among younger generations, the American Dream of homeownership is still very much alive. Julián Castro, Secretary for HUD, recently summed up what it means to own a home in a speech at the National Press Club.
"Homeownership is still the cornerstone of the American Dream — a fact you can see in the lives of everyday folks. It’s a source of pride. It’s a source of wealth, providing both a nest and a nest egg. And it … (0 comments)

home buying: Buying a home before winter? Here Are 4 Reasons to do so... - 09/08/14 02:29 AM

It's that time of year, the seasons are changing and with them bring thoughts of the upcoming holidays, family get togethers, and planning for a new year. Those who are on the fence about whether now is the right time to buy don't have to look much farther to find four great reasons to consider buying a home now, instead of waiting.
1. Prices Will Continue to Rise The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report released recently projects appreciation in home values over the … (0 comments)

home buying: Mortgage Application Proper Planning for Bronx Residents - 04/27/12 05:54 AM
Mortgage Application Proper Planning for Bronx Residents  
 
 

 

 
With good preparation, most things are easier. That works in mortgages too! Today, I want to give you some ideas that can make your mortgage experience less painful.
 
Income Items:  
1.     Gather your documents. Today, many people will have to produce 2 years’ complete tax returns, including W2′s, 1099′s, K1′s, and all the schedules, as well as a month’s worth of pay stubs.
 
2.    Be prepared to explain them. Deductions in your returns and your pay stubs may impact the income your lender will … (0 comments)

 
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Rummy Dhanoa

Rummy Dhanoa

Bronx, NY

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