A survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today. 1. Down Payment The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with … [Read more...]
Thinking of Selling? The Market Needs Your Listing!!
The housing market is really heating up and buyer demand is dramatically increasing as we enter the spring season. However, one challenge to the current market is a major shortage of inventory. Below are a few comments made in the last month by industry experts. Lawrence Yun, Chief Economist of NAR “Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what's being scooped up by a growing pool of buyers. Without adequate supply, … [Read more...]
Buying a Home is 36% Less Expensive Than Renting Nationwide!
In the latest Rent vs. Buy Report from Trulia, they explained 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 5% less expensive in Orange County (CA) all the way up to 46% in Houston (TX), and 36% Nationwide! Other interesting findings in the report include: Interest rates have remained low and even though home prices have appreciated … [Read more...]
Vacation Home Sales Reach 2nd Highest Mark Since 2006 [INFOGRAPHIC]
Some Highlights: 58% of vacation homes purchased were single family homes. 51% of vacation homes that were purchased were found online. The median price of a vacation home is up 28% from 2014. … [Read more...]
Vacation Home Sales: Sales Down, Prices Up
The National Association of Realtors recently released their 2016 Investment and Vacation Home Buyers Survey. The survey revealed many characteristics of both vacation home purchasers and investors. Today, we want to concentrate on the vacation real estate market. The survey found that vacation home sales last year declined to an estimated 920,000, down 18.5% from their most recent peak level of 1.13 million in 2014. However, this is still the second highest number of vacation sales since 2006. Lawrence Yun, … [Read more...]
The Top Reasons Why Americans Buy Homes
Last week, the inaugural “Homebuyer Insights Report” was released by the Bank of America. The report revealed the reasons why consumers purchase homes and what their feelings are regarding homeownership. Consumer Lending Executive, D. Steve Boland, explained: “Homebuyers today are motivated by both emotional and practical reasons. Nearly all want more space, but a majority of homebuyers, especially those purchasing their first home, are also looking for a place to call their own, put down roots … [Read more...]
Over Half of Americans Planning on Buying in the Next 5 Years
According to the BMO Harris Bank Home Buying Report, 52% of Americans say they are likely to buy a home in the next five years. Americans surveyed for the report said that they would be willing to pay an average of $296,000 for a home and would average a 21% down payment. The report also included other interesting revelations. Those Looking to Buy 74% of those looking to buy a new home will consult with a real estate agent 59% said they will visit online real estate websites 37% will seek recommendations from … [Read more...]
You Can Save for a Down Payment Faster Than You Think
In a study conducted by Builder.com, researchers determined that nationwide, it would take “nearly eight years” for a first-time buyer to save enough for a down payment on their dream home. Depending on where you live, median rents, incomes and home prices all vary. By determining the percentage of income a renter spends on housing in each state, and the amount needed for a 10% down payment, they were able to establish how long (in years) it would take for an average resident to save. According to the … [Read more...]
More & More Singles Are Falling For Their Dream Home [INFOGRAPHIC]
Some Highlights: 24% of all recent home buyers were single at the time of purchase. 47% of single men cite the desire to own a home of their own as the primary reason to buy. 18% of first-time buyers were single women. … [Read more...]
Building Wealth: First Rung on the Ladder is Housing
How Housing Matters is a joint project of the Urban Land Institute and the MacArthur Foundation. It is “an online resource for the most rigorous research and practical information on how a quality, stable, affordable home in a vibrant community contributes to individual and community success”. A recent story they published, The First Rung on the Ladder to Economic Opportunity Is Housing, discussed the importance of having affordable housing available to as many families as possible because: “The … [Read more...]
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