Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious. Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year! … [Read more...]
The Importance of Home Equity in Retirement Planning
We often discuss the difference in family wealth between homeowner households and renter households. Much of that difference is the result of the equity buildup that homeowners experience over the time that they own their home. In a report recently released by the nonpartisan Employee Benefit Research Institute (EBRI), they reveal how valuable equity can be in retirement planning. Craig Copeland, Senior Research Associate at EBRI, recently authored a report, Importance of Individual Account Retirement Plans and … [Read more...]
Do You Know How Much Equity You Have in Your Home?
CoreLogic’s latest Equity Report revealed that 91,000 properties regained equity in the first quarter of 2017. This is great news for the country, as 48.2 million of all mortgaged properties are now in a positive equity situation. Price Appreciation = Good News for Homeowners Frank Nothaft, CoreLogic’s Chief Economist, explains: “One million borrowers achieved positive equity over the last year, which means risk continues to steadily decline as a result of increasing home … [Read more...]
Buying Is Now 33.1% Cheaper Than Renting in the US
The 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 updated numbers actually show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide! Other interesting findings in the report include: Interest rates have remained low and, even though home prices have … [Read more...]
Top Home Renovations for Maximum ROI [INFOGRAPHIC]
Some Highlights: Whether you are selling your home, just purchased your first home, or are a homeowner planning to stay put for a while, there is value in knowing which home improvement projects will net you the most Return On Investment (ROI). While big projects like adding a bathroom or a complete kitchen remodel are popular ways to increase a home’s value, something as simple as updating landscaping and curb appeal can have a quick impact on a home’s value. For more information about top renovation … [Read more...]
Are Home Prices Approaching Bubble Territory?
As home values continue to rise, some are questioning whether we are approaching another housing bubble. Zillow just reported that: “National home values have surpassed the peak hit during the housing bubble and are at their highest value in more than a decade.” Though that statement is correct, we must realize that just catching prices of a decade ago does not mean we are at bubble numbers. Here is a graph of median prices as reported by the National Association of Realtors (NAR). We can see that … [Read more...]
The TRUTH Behind the RENT vs. BUY Debate
In a blog post published last Friday, CNN’s Diana Olnick reported on the latest results of the FAU Buy vs. Rent Index. The index examines that entire US housing market and then isolates 23 major markets for comparison. The researchers at FAU use a “‘horse race’ comparison between an individual that is buying a home and an individual that rents a similar-quality home and reinvests all monies otherwise invested in homeownership.” Having read both the index and the blog post, we would … [Read more...]
Homeownership Is a Good Financial Investment!
According to a recent report by Trulia, “buying is cheaper than renting in 100 of the largest metro areas by an average of 33.1%.” The report may have some people thinking about buying a home instead of signing another lease extension, but does that make sense from a financial perspective? Ralph McLaughlin, Trulia’s Chief Economist explains: “Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. … [Read more...]
4 Reasons to Buy This Summer!
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 Index reports that home prices have appreciated by 7.1% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.9% 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 Projected to Increase Freddie … [Read more...]
The Impact Your Interest Rate Makes [INFOGRAPHIC]
Some Highlights: Interest rates have come a long way in the last 30 years. The interest rate you secure directly impacts your monthly payment and the amount of house that you can afford if you plan to stay within a certain budget. Interest rates are at their lowest in years… RIGHT NOW! If buying your first home, or moving up to the home of your dreams is in your future, now may be the time to act! … [Read more...]
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