Fannie Mae recently released their “What do consumers know about the Mortgage Qualification Criteria?” Study. The study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home. Here are three takeaways: 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary 86% of Americans either don’t know (59%) or are misinformed (25%) about what an appropriate Back End Debt-to-Income (DTI) ratios is 76% … [Read more...]
Rents Still Skyrocketing
Zillow recently revealed that the 43 million renter households in the US spent $535 billion on rent in 2015. Aggregate numbers like these often make it difficult to truly assess a situation. For more clarity, we want to share some points that were made in a Wall Street Journal article earlier this month. The article made two important points: 1. Rents are increasing faster than the last several years: “Apartment rents increased faster last year than at any time since 2007.” 2. Rent increases are … [Read more...]
Are You Wondering What It Takes To Buy Your First Home?
There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family. Others may think they are too young. And still others might think their current income would never enable them to qualify for a mortgage. We want to share what the typical first time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & … [Read more...]
Thinking of Buying? Selling? 5 Reasons You Need To Hire A Professsional
Whether you are buying or selling a home, it can be quite an adventurous journey. You need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO. The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but have rather been strengthened due to the projections of higher mortgage interest rates & home prices as the market continues to … [Read more...]
Why Do Americans Consider Moving? [INFOGRAPHIC]
Some Highlights: In a recent Harris Poll, Americans listed "change in climate/weather" as their top reason for wanting to relocate. 41% would move for a better job opportunity. Being closer to loved ones filled out 3 of the top 6 reasons why American's move. … [Read more...]
The Most Appealing Aspects of Homeownership
The National Association of Realtors (NAR) just released their first issue of the Housing Opportunities & Market Experience Survey (HOME). In the report, NAR revealed what Americans believe to be the most appealing aspects of homeownership. Here is a graph showing the results: It is interesting to see that the two most appealing aspects had nothing to do with money, but instead, addressed the non-financial benefits of homeownership. … [Read more...]
When Is It A Good Time To Rent? NOT Now!
People often ask whether or not now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent. The Census Bureau recently released their third quarter median rent numbers. Here is a graph showing rent increases from 1988 until today: A recent Wall Street Journal article reports that rents rose “faster last year than at any time since 2007, a boon for landlords but one that has stoked concerns … [Read more...]
Thinking of Buying a Home? 3 Questions Every Buyer Should Answer First
If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market. Answering the following 3 questions will help you determine if now is actually a good time for you to buy in today’s market. 1. Why am I buying a home in the first place? This truly is the most important question to answer. Forget the finances for a … [Read more...]
Obstacles to Homeownership: Perceived or Real?
Yesterday, we discussed the belief Americans have in homeownership and their desire to partake in this piece of the American Dream. We also discussed some of the obstacles preventing them from attaining that goal. However, studies have shown that that many of the obstacles mentioned are perceived, not real. A recent study by Fannie Mae, What Do Consumers Know About The Mortgage Qualification Criteria?, revealed that many consumers are either unsure or misinformed regarding the minimum requirements necessary to … [Read more...]
Homeownership Still Part of the American Dream
The National Association of Realtors (NAR) just released the first edition of their Housing Opportunities and Market Experience Survey (H.O.M.E.). NAR explained that the report covers: “…core topics that will be tracked on a monthly basis such as views on housing as a good financial investment, whether homeownership is part of the American Dream…” The current survey confirmed two long standing beliefs regarding homeownership: 1. Americans at every income level believe homeownership is … [Read more...]