Some are afraid the real estate market may be looking a lot like it did prior to the housing crash in 2008. One of the factors they’re pointing at is the availability of mortgage money. Recent articles about the availability of low-down payment loans and down payment assistance programs are causing concern that we’re returning to the bad habits of a decade ago. Let’s alleviate the fears about the current mortgage market. The Mortgage Bankers’ Association releases an index several times a … [Read more...]
Buyer Demand Growing in Every Region
Buyers are out in full force this fall, increasing the demand for homebuying in all four regions of the country. According to the latest ShowingTime Showing Index, “Home showing activity was up again nationwide with a 4.6 percent rise in traffic, as the traditionally slow fall season began with a marked boost in buyer interest.” Buyers clearly have the right idea, as mortgage rates have dropped over a full percentage point since the fall of 2018. They’ve hovered in a historically low range since … [Read more...]
Homeownership Rate Remains on the Rise
In the third quarter of 2019, the U.S. homeownership rate rose again, signaling another strong indicator of the current housing market. The U.S. Census Bureau announced, “The homeownership rate of 64.8 percent was not statistically different from the rate in the third quarter 2018 (64.4 percent), but was 0.7 percentage points higher than the rate in the second quarter 2019 (64.1 percent).” Today there is still a lack of inventory, particularly at the entry and middle-level segments of the market, but … [Read more...]
75 Years of VA Home Loan Benefits
Today, on Veterans Day, we salute those who have served our country in war or peace, and we thank them for their sacrifice. This year marks the 75th anniversary of VA Home Loan Benefit offerings through the Servicemen’s Readjustment Act, also known as the GI Bill. Since 1944, this law has created opportunities for those who have served our country, ranging from vocational training to home loans. Facts About VA Home Loans: Nearly 24 million home loans have been guaranteed by the Veterans … [Read more...]
Millennials: Here’s Why the Process is Well Worth It.
Millennials have waited longer than any other generation to become homeowners, but the wait for this cohort is just about over. According to National Mortgage News, “Millennials, those young adults now aged 23 to 38, are now entering their peak household formation and homebuying years.” If you’re a Millennial, you’re already well aware that you’re among a generation of those who favor fast-paced, real-time answers – and results. When you’re ready to make a decision, … [Read more...]
Planning on Buying a Home? Be Sure You Know Your Options.
When you’re ready to buy, you’ll need to determine if you prefer the charm of an existing home or the look and feel of a newer build. With limited existing home inventory available today, especially in the starter and middle-level markets, many buyers are considering a new home that’s recently been constructed, or they’re building the home of their dreams. According to Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), “The second half of 2019 has seen … [Read more...]
How to Determine If You Can Afford to Buy a Home
The gap between the increase in personal income and residential real estate prices has been used to defend the concept that we are experiencing an affordability crisis in housing today. It is true that home prices and wages are two key elements in any affordability equation. There is, however, an extremely important third component to that equation: mortgage interest rates. Mortgage interest rates have fallen by more than a full percentage point from this time last year. Today’s rate is 3.75%; it was 4.86% at … [Read more...]
4 Reasons to Buy a Home This Fall
Here are four great reasons to consider buying a home today, instead of waiting. 1. Prices Will Continue to Rise CoreLogic’s latest Home Price Insights Report shows that home prices have appreciated by 3.6% over the last 12 months. The same report predicts prices will continue to increase at a rate of 5.8% 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. 2. Mortgage Interest Rates Are … [Read more...]
Buying a home can be SCARY…Until you know the FACTS [INFOGRAPHIC]
Some Highlights: Many potential homebuyers believe they need a 20% down payment and a 780 FICO® score to qualify to buy a home. This stops many people from even trying to jump into homeownership! Here are some facts to help take the fear out of the process: 71% of buyers who purchased homes have put down less than 20%. 78.1% of loan applications were approved last month. In September, the average credit score for approved loans was 737. … [Read more...]
5 Reasons to Consider Living in a Multigenerational Home
Did you know that 1 in 6 Americans currently live in a multigenerational household? According to Generations United, the number of multigenerational households rose from 42.4 million in 2000 to 64 million in 2016. The 2018 Profile of Home Buyers and Sellers from the National Association of Realtors shows that 12% of all buyers have a multigenerational household. Why Are Many Americans Choosing to Live in a Multigenerational Household? The benefits to multigenerational living are significant. According to Toll … [Read more...]
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