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Home Buying Myths Slayed [INFOGRAPHIC]

Some Highlights: The average down payment for first-time homebuyers is only 6%! Despite mortgage interest rates being over 4%, rates are still below historic numbers. 88% of property managers raised their rents in the last 12 months! The credit score requirements for mortgage approval continue to fall.

By | 2018-04-20T04:00:20+00:00 April 20th, 2018|Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Infographics, Interest Rates, Move-Up Buyers|Comments Off on Home Buying Myths Slayed [INFOGRAPHIC]

Is Family Mortgage Debt Out of Control?

Some homeowners have recently done a “cash out” refinance and have taken a portion of their increased equity from their house. Others have sold their homes and purchased more expensive homes with larger mortgages. At the same time, first-time buyers have become homeowners and now have mortgage payments for the first time. These developments have caused concern that families might be reaching unsustainable levels of mortgage debt. Some are worried that we may be repeating a behavior that helped precipitate the housing crash ten years [...]

By | 2018-04-19T04:00:41+00:00 April 19th, 2018|First Time Home Buyers, For Buyers, For Sellers, Interest Rates, Move-Up Buyers|Comments Off on Is Family Mortgage Debt Out of Control?

How Much Do You Need to Make to Buy a Home in Your State?

It’s no mystery that cost of living varies drastically depending on where you live, so a new study by GOBankingRates set out to find out what minimum salary you would need to make in order to buy a median-priced home in each of the 50 states, and Washington, D.C. States in the Midwest came out on top as most affordable, requiring the smallest salaries in order to buy a median-priced home. States with large metropolitan areas saw a bump in the average salary needed to [...]

By | 2018-04-18T04:00:14+00:00 April 18th, 2018|First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers|Comments Off on How Much Do You Need to Make to Buy a Home in Your State?

Rising Prices Help You Build Your Family’s Wealth

Over the next five years, home prices are expected to appreciate, on average, by 3.6% per year and to grow by 18.2% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey. So, what does this mean for homeowners and their equity position? As an example, let’s assume a young couple purchased and closed on a $250,000 home this January. If we only look at the projected increase in the price of that home, how much equity will they earn over the next 5 years? Since the experts predict [...]

By | 2018-04-17T04:00:48+00:00 April 17th, 2018|First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers|Comments Off on Rising Prices Help You Build Your Family’s Wealth

Getting Pre-Approved Should Always Be Your First Step

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream [...]

By | 2018-04-16T04:00:36+00:00 April 16th, 2018|Buying Myths, First Time Home Buyers, For Buyers, Move-Up Buyers|Comments Off on Getting Pre-Approved Should Always Be Your First Step

A Tale of Two Markets [INFOGRAPHIC]

  Some Highlights: A trend that has been emerging for some time now is the contrast between inventory & demand in the Premium & Luxury Markets vs. the Starter & Trade-Up Home Markets and what that’s, in turn, doing to prices! Inventory continues to rise in the luxury & premium home markets which is causing prices to cool. Demand continues to rise with low inventory in the starter & trade-up home markets, causing prices to rise!

By | 2018-04-13T04:00:51+00:00 April 13th, 2018|First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Infographics, Move-Up Buyers|Comments Off on A Tale of Two Markets [INFOGRAPHIC]

The COST of Your Next Home Will Be LESS Than Your Parents’ Home Was

There is no doubt that the price of a home in most regions of the country is greater now than at any time in history. However, when we look at the cost of a home, it is cheaper to own today than it has been historically. The Difference Between PRICE and COST The price of a home is the dollar amount you and the seller agree to at the time of purchase. The cost of a home is the monthly expense you pay for your [...]

By | 2018-04-12T04:00:28+00:00 April 12th, 2018|First Time Home Buyers, For Buyers, For Sellers, Interest Rates, Move-Up Buyers|Comments Off on The COST of Your Next Home Will Be LESS Than Your Parents’ Home Was

Mortgage Interest Rates Have Begun to Level Off

Whether you are a buyer searching for your first home, or a homeowner looking to move up to your next home, you should pay attention to where mortgage interest rates are heading. Over the course of 2018, according to Freddie Mac’s Primary Mortgage Market Survey, rates have increased from 3.95% in the first week of January to 4.40% in the first week of April. At first glance, the difference between these numbers in such a short amount of time could be concerning, but if we [...]

By | 2018-04-11T04:00:44+00:00 April 11th, 2018|First Time Home Buyers, For Buyers, For Sellers, Interest Rates, Move-Up Buyers|Comments Off on Mortgage Interest Rates Have Begun to Level Off

What Is Private Mortgage Insurance (PMI)?

When it comes to buying a home, whether it is your first time or your fifth, it is always important to know all the facts. With the large number of mortgage programs available that allow buyers to purchase homes with down payments below 20%, you can never have too much information about Private Mortgage Insurance (PMI). What is PMI? Freddie Mac defines PMI as: “An insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, [...]

By | 2018-04-10T04:00:22+00:00 April 10th, 2018|First Time Home Buyers, For Buyers, Move-Up Buyers|Comments Off on What Is Private Mortgage Insurance (PMI)?

US Housing Market Still In ‘Buy Territory’!

According to the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. housing market has continued to move deeper into buy territory, supporting the belief that housing markets across the country remain a sound investment. The BH&J Index is a quarterly report that attempts to answer the question: In today’s housing market, is it better to rent or buy a home? The index examines the entire US housing market and then isolates 23 major cities for comparison. The researchers “measure the relationship between purchasing property and building [...]

By | 2018-04-09T04:00:22+00:00 April 9th, 2018|First Time Home Buyers, For Buyers, Move-Up Buyers, Rent vs. Buy|Comments Off on US Housing Market Still In ‘Buy Territory’!