home buying: Renting vs. Buying: The Net Worth Gap You Need To See
- 11/07/24 06:20 AM
Trying to decide between renting or buying a home? One key factor that could help you choose is just how much homeownership can grow your net worth. Every three years, the Federal Reserve Board shares a report called the Survey of Consumer Finances(SCF). It shows how much wealth homeowners and renters have – and the difference is significant. On average, a homeowner’s net worth is nearly 40 times higher than a renter’s. Check out the graph below to see the difference for yourself: Why Homeowner Wealth Is So HighIn the previous version of that report, the average homeowner’s net worth was about $255,000, while (0 comments)
home buying: Expect the Unexpected: Anticipating Volatility in Today’s Housing Market
- 11/05/24 06:10 AM
You’ve probably noticed one thing if you’re thinking about making a move: the housing market feels a bit unpredictable right now. The truth is, from home prices to mortgage rates, we’re seeing more volatility – and it’s important to understand why. At a high-level, let’s break down what’s happening and the best way to navigate it. What’s Driving Today’s Market Volatility? Factors like economic data, unemployment numbers, decisions coming out of the Federal Reserve (The Fed), and even the presidential election, are creating uncertainty right now – and uncertainty leads to market volatility. You can see that when you look at (0 comments)
home buying: Is a Fixer Upper Right for You?
- 11/04/24 08:49 AM
Looking to buy a home but feeling like almost everything is out of reach? Here’s the thing. There’s still a way to become a homeowner, even when affordability seems like a huge roadblock – and it might be with a fixer upper. Let’s dive into why buying a fixer upper could be your ticket to homeownership and how you can make it work. What Is a Fixer Upper?A fixer upper is a home that’s in livable condition but needs some work. The amount of work varies by home – some may need cosmetic updates like wallpaper removal and new flooring, while others (4 comments)
home buying: How Real Estate Agents Take the Fear Out of Moving
- 10/31/24 02:26 PM
Feeling a bit unsure, or even afraid, to move with everything going on right now? The decision to move shouldn’t be scary, it should be exciting. And the best way to eliminate any fear is to work with a pro. Real estate agents are so much more than just transaction facilitators; they’re trusted guides to help you navigate the complexities of the housing market with confidence and ease. And a great agent can turn what may feel like a daunting process into a manageable—and even enjoyable—experience. That’s why, in a Bright MLS survey, respondents agreed partnering with an agent is essential and helps (0 comments)
home buying: Debunking Scary Myths About Buying a Home
- 10/25/24 08:01 AM
There are a number of scary myths about homebuying in today’s market. Here’s what you need to know. Prices are not expected to crash, it is possible to buy even with student loan debt, and there are programs that can help you save for a down payment. Don’t let scary myths delay your homebuying plans. Let's connect so you have a pro to help you separate the facts from your fears.
Contact us: PHP Houses 142 W Lakeview Ave Unit 1030 Lake Mary, FL 32746 Ph: (407) 641-1531 Fax: (407) 205-1951 email: info@phphouses.com Let’s Connect: Facebook Linkedin Twitter Instagram The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. (2 comments)
home buying: Why Buying Now Is Worth It
- 10/18/24 07:34 AM
You may be torn between buying a home now or waiting. But don’t forget to factor in the equity you’ll gain as prices rise. Experts forecast prices will climb over the next 5 years – and based on those forecasts, you could gain about $90k in equity in that time. So, you could wait, but you’ll miss out on a lot of equity if you do. If you’re ready and able to buy, let’s connect so you can start growing your wealth now.
Contact us: PHP Houses 142 W Lakeview Ave Unit 1030 Lake Mary, FL 32746 Ph: (407) 641-1531 Fax: (407) 205-1951 email: info@phphouses.com Let’s Connect: Facebook Linkedin Twitter Instagram The information contained, and the opinions expressed, (4 comments)
home buying: The Benefits of Using Your Equity To Make a Bigger Down Payment
- 10/16/24 06:51 AM
Did you know? Homeowners are often able to put more money down when they buy their next home. That’s because, once they sell, they can use the equity they have in their current house toward their next down payment. And it’s why as home equity reaches a new height, the median down payment has too. According to the latest data from Redfin, the typical down payment for U.S. homebuyers is $67,500—that’s nearly 15% more than last year, and the highest on record (see graph below): Here’s why equity makes this possible. Over the past five years, home prices have increased significantly, which (2 comments)
home buying: Why an Agent Is Essential When Buying a Newly Built Home
- 10/15/24 02:28 PM
For some buyers, there’s a misconception that newly built homes aren’t made to last or fall short of the quality you can find in older homes. Unfortunately, this is turning some buyers away from what may be one of their best options in today’s housing market. As Builder Online says: “As resale inventory remains limited and the price spread between new and resale homes narrows, new homes are increasingly an attractive value proposition for buyers, with incentives such as rate buydowns a way to help address ongoing affordability challenges.”So, is there any merit to the myth? Let’s break down the best way (3 comments)
home buying: Why a Condo Could Be Your Perfect First Home
- 10/14/24 09:42 AM
If you’re looking to break into homeownership but the price of single-family homes has you second-guessing, you might want to consider a condominium (condo) or townhome. These types of homes often come with a lower barrier to entry – and that can help you start to build equity and enjoy the benefits of owning a home sooner. Since they're usually smaller than single-family homes, they can be easier on your wallet. While it’s not always the case, smaller square footage usually comes with a smaller price tag too. As a result, according to the latest data from Realtor.com, condos typically have a (3 comments)
home buying: Buying Beats Renting in These Top Cities
- 10/11/24 07:21 AM
Based on a recent study, in 22 of the top 50 metros, the monthly mortgage payment is lower than the rent payment. Make sure you work with a pro who can help you crunch the numbers and see how your city stacks up. This may be your opportunity to forget renting for good. If you want to see which option makes the most sense in our area, let’s do the math together.
Contact us: PHP Houses 142 W Lakeview Ave Unit 1030 Lake Mary, FL 32746 Ph: (407) 641-1531 Fax: (407) 205-1951 email: info@phphouses.com Let’s Connect: Facebook Linkedin Twitter Instagram The information contained, and the opinions expressed, in this article are not intended to be construed as investment (2 comments)
home buying: Now’s the Time To Upgrade to Your Dream Home
- 10/07/24 03:25 PM
If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below): But there’s also a good chance you, like many other people, have been holding off on that goal because of recent market challenges. It makes sense – when you’re planning an upgrade that could increase your monthly housing costs, affordability has a huge impact on when you make your move. But there’s good news: now’s actually a (1 comments)
home buying: The Top 3 Reasons Affordability Is Improving
- 10/04/24 01:40 PM
Affordability is based on three key factors: mortgage rates, home prices, and wages. And today, it’s improving quickly as rates come down, prices level off, and wages climb. If you put your search on pause because it was too expensive to buy, let’s talk about why now may be the perfect time to jump back in.
Contact us: PHP Houses 142 W Lakeview Ave Unit 1030 Lake Mary, FL 32746 Ph: (407) 641-1531 Fax: (407) 205-1951 email: info@phphouses.com Let’s Connect: Facebook Linkedin Twitter Instagram The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or (4 comments)
home buying: Home Values Rise Even as Median Prices Fall
- 10/03/24 08:57 AM
Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a buyer or seller, it’s easy to assume that means prices are coming down. But here’s the catch: those numbers don’t tell the full story. Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create. Homes on the Market Right Now Are SmallerThe biggest reason for the dip in (1 comments)
home buying: Buying Beats Renting in 22 Major U.S. Cities
- 09/30/24 06:43 AM
That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments (see chart below): As mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country. This is a big deal if you’ve been renting for a while now. But if you don’t see your city on this list, don’t sweat it. (1 comments)
home buying: Don’t Fall for These Real Estate Agent Myths
- 09/28/24 08:07 AM
When it’s time to buy or sell a home, one of the most important decisions you’ll make is who you’ll work with as your agent. That choice will have an impact on your entire experience and how smoothly it goes. As you figure out who you’ll partner with, it’s important to know what to expect and what to look for. Unfortunately, there may be some myths holding you back from making the best decision possible. So, let’s take some time to address those, and make sure you have the information you need to find the right agent for you. Myth #1: (6 comments)
home buying: Buy Now, or Wait?
- 09/27/24 10:07 AM
If you’re wondering if you should buy now or wait, here’s what you need to know. If you wait for rates to drop more, you’ll have to deal with more competition and higher prices as additional buyers jump back in. But if you buy now, you’d get ahead of that and have the chance to start building equity. Should you buy now or wait? Let’s talk through it together, so you can make your best decision.
Contact us: PHP Houses 142 W Lakeview Ave Unit 1030 Lake Mary, FL 32746 Ph: (407) 641-1531 Fax: (407) 205-1951 email: info@phphouses.com Let’s Connect: Facebook Linkedin Twitter Instagram The information contained, and the opinions expressed, in this article are not intended to (1 comments)
home buying: The Down Payment Assistance You Didn’t Know About
- 09/26/24 07:31 AM
Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it. And if you’re hoping to buy a home, this is a mission-critical gap to close – fast (see graph below): Here’s what you need to know to make the most of your down payment in today’s housing market. Amplify Your Down Payment Potential For first-time buyers, the name of the game with down payments is making sure you’re taking advantage of all the resources out there designed to help you. And a bunch of them can get you to your goal (3 comments)
home buying: Why Buying Now May Be Worth It in the Long Run
- 09/25/24 07:55 AM
Should you buy a home now or should you wait? That’s a question a lot of people have these days. And while what’s right for you is going to depend on a lot of different factors, here’s something you’ll want to consider as you make your decision. As soon as you buy, you’ll start gaining equity. And you’d be surprised how quickly that can add up – even with more moderate home price appreciation. Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home (4 comments)
home buying: Lower Mortgage Rates Boost Your Buying Power
- 09/20/24 06:39 AM
Mortgage rates are trending down and that’s great news for your bottom line. As rates drop, your monthly payment on your next home does too. Even a small change in mortgage rates can have a big impact on your purchasing power. If you put your search on hold when mortgage rates were higher, think about how much you could save now that rates are coming down.
Contact us: PHP Houses 142 W Lakeview Ave Unit 1030 Lake Mary, FL 32746 Ph: (407) 641-1531 Fax: (407) 205-1951 email: info@phphouses.com Let’s Connect: Facebook Linkedin Twitter Instagram The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee (1 comments)
home buying: Falling Mortgage Rates Are Bringing Buyers Back
- 09/19/24 03:55 PM
If you’ve been hesitant to list your house because you’re worried no one’s buying, here’s your sign it may be time to talk with an agent. After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming down due to a number of economic factors. And yesterday the Federal Reserve cut the Federal Funds Rate for the first time since they began raising that rate in March 2022. And while they don’t control mortgage rates, this sets the stage for mortgage rates to fall even further than they already have – especially since more (2 comments)