Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering other expenses. According to new data released from ApartmentList.com, 49.5 million renters in the United States were cost-burdened in 2017, meaning they spent more than 30% of … [Read more...]
Thinking of Selling Your Home? Here’s Why You Need A Pro in Your Corner
With home prices on the rise and buyer demand still strong, some sellers may be tempted to try and sell their homes on their own without using the services of a real estate professional. Real estate agents are trained and experienced in negotiation and, in most cases, the seller is not. Sellers must realize that their ability to negotiate will determine whether or not they get the best deal for themselves and their families. Here is a list of just some of the people with whom the seller must be prepared to … [Read more...]
Buying a Home Can Be Scary… Until You Know the Facts [INFOGRAPHIC]
Some Highlights: Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify to buy a home which stops many of them from even trying! Here are some facts: 72% of buyers who purchased homes this year have put down less than 20%. 76.4% of loan applications were approved last month. The average credit score of approved loans was 727 in September. … [Read more...]
Where are Home Values Headed over the Next Few Years?
There are many questions about where home prices will be next year as well as where they may be headed over the next several years to come. We have gathered the most reliable sources to help answer these questions: The Home Price Expectation Survey – A survey of over 100 market analysts, real estate experts, and economists conducted by Pulsenomics each quarter. Zelman & Associates – The firm leverages unparalleled housing market expertise, extensive surveys of industry executives, and rigorous … [Read more...]
Still Think You Need 15-20% Down to Buy a Home? Think Again!
According to a new study from Urban Institute, there are over 19 million millennials in 31 cities who are not only ready and willing to become homeowners, but are able to as well! Now that the largest generation since baby boomers has aged into prime homebuying age, there will no doubt be an uptick in the national homeownership rate. The study from Urban Institute revealed that nearly a quarter of this generation has the credit and income needed to purchase a home. Surprisingly, the largest share of mortgage-ready … [Read more...]
Housing Is Still Affordable in the United States!
Lately, there have been many headlines circulating about whether or not there is an “affordability issue forming in the housing market.” If you are considering selling your current house and moving up to the home of your dreams, but are unsure whether or not to believe what you’re seeing in the news, let’s look at the results of the latest Housing Affordability Report from the National Association of Realtors (NAR). According to NAR: “A value of 100 means that a family with the median … [Read more...]
Will Home Prices Continue to Increase?
There are many unsubstantiated theories about what is happening with home prices. From those who are worried that prices are falling (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are not at peak levels when they are adjusted for inflation), there seems to be no shortage of opinion. However, the increase in prices is easily explained by the … [Read more...]
20 Tips for Preparing Your House for Sale This Fall [INFOGRAPHIC]
Some Highlights: When listing your house for sale, your top goal will be to get the home sold for the best price possible! There are many small projects that you can do to ensure this happens! Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help! … [Read more...]
Is the Increase in Inventory a Bullish or Bearish Sign for Real Estate?
In a recent article, National Housing Inventory Crisis Reaches Inflection Point, realtor.com reported that: New listings jumped 8% year-over-year nationally, the largest increase since 2013 Total listings in the 45 largest markets are now up 6% on average over last year This increase in housing inventory has sparked two different reactions. Some are saying this is the first sign of a potential collapse while others are saying it is a welcomed reprieve from the lack of inventory that has stalled the market … [Read more...]
5 Tips for Starting Your Home Search
In today’s real estate market, with low inventory dominating the conversation in many areas of the country, it can often be frustrating to be a first-time homebuyer if you aren’t prepared. In a recent realtor.com article entitled, “How to Find Your Dream Home—Without Losing Your Mind,” the author highlights some steps that first-time homebuyers can take to help carry their excitement of buying a home throughout the whole process. 1. Get Pre-Approved for a Mortgage Before You Start Your … [Read more...]
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