The real estate market is moving more and more into a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the summer, supply is not keeping up.Here are the thoughts of a few industry experts on … [Read more...]
Is 2017 the Year to Move Up to Your Dream Home? If So, Do It Early!
If you are considering moving up to your dream home, it may be better to do it earlier in the year than later. The two components of your monthly mortgage payment (home prices and interest rates) are both projected to increase as the year moves forward, and interest rates may increase rather dramatically. Here are some predictions on where rates will be by the end of the year:Freddie Mac“While full employment and rising inflation are signs of a strong economy, they also have the potential to push mortgage … [Read more...]
Do You Know the Cost of Waiting? [INFOGRAPHIC]
Some Highlights: The “Cost of Waiting to Buy” is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while home prices are predicted to appreciate by 4.9% according to CoreLogic.Waiting until next year to buy could cost you thousands of dollars a year for the life of your mortgage! … [Read more...]
Financial Planning: 4 Reasons to Buy a House Today
Homeownership will always be a part of the American Dream. There are advantages to owning your own home (educational, health, social) that far transcend any economic impact. However, we want to look at several of the financial advantages of homeownership in today’s post.1. Buying is Cheaper Than RentingThe 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. … [Read more...]
Buying a Home? Do You Know the Lingo?
Buying a home can be intimidating if you are not familiar with the terms used during the process. To start you on your path with confidence, we have compiled a list of some of the most common terms used when buying a home.Freddie Mac has compiled a more exhaustive glossary of terms in their “My Home” section of their website.Annual Percentage Rate (APR) – This is a broader measure of your cost for borrowing money. The APR includes the interest rate, points, broker fees and certain other credit … [Read more...]
Is the Current Pace of Home Sales Maintainable?
There are some experts questioning whether the current pace of residential home sales is maintainable. Are too many people buying homes like in 2004-2006? Are we headed for another housing crisis? Actually, if we look closely at the numbers, we can see that we are looking at a very healthy real estate market.Why the concern?Some are looking at the last four years of home sales and comparing them to the three years just prior to the housing bubble. Looking at the graph below, we can understand that thinking.However, … [Read more...]
Your Tax Return: Bring it Home
This time of year, many people eagerly check their mailboxes looking for their tax return check from the IRS. But, what do most people plan to do with the money? GO Banking Rates recently surveyed Americans and asked the question - “What do you plan on doing with your tax refund?”The results of the survey were interesting. Here is what they plan to do with their money:41% - Put it into savings38% - Pay off debt11% - Go on a vacation5% - Make a major purchase (car, home, etc.)5% - Splurge on a … [Read more...]
Real Estate Mogul: Here’s Why You Should Buy
Real Estate mogul, Sean Conlon, host of The Deed: Chicago on CNBC, was recently asked the question, should you buy? Or should you rent a house?Conlon responded:“I am a true believer that you save every penny and you buy your first house… and that is still the fastest path to wealth in this country.”Conlon went on to suggest that first-time buyers put down 10-20% “if they can make it work,” and to remain in their home at least 4-5 years to see a return on their investment.Who is Sean … [Read more...]
How Fast Can You Save for a Down Payment?
Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long would it take you to save for a down payment in each state?Using data from the United States Census Bureau and Zillow, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household … [Read more...]
Slaying Home Buying Myths [INFOGRAPHIC]
Some Highlights:Interest rates are still below historic numbers.88% of property managers raised their rent in the last 12 months!The credit score requirements for mortgage approval continue to fall. … [Read more...]
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