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...]
Mortgage Interest Rates Reverse Course in 2017
To start the year, housing experts all agreed on one thing: 2017 was going to be the year we would see mortgage interest rates begin to rise. After years of historically low rates, and an improving economy, the question wasn’t if they would increase but instead how much they would increase. Some thought we could see rates hit 5-5.5% by the end of the year. However, the exact opposite has happened. Instead of higher rates as we head into the middle of 2017, we now have the lowest rates of the year (as reported … [Read more...]
69% of Buyers are Wrong About Down Payment Needs
According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, 69% of potential first-time buyers still believe a 20% down payment is necessary to buy in today’s market. Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the home-buying process is keeping potential buyers on the sidelines. Saving for a down payment is often cited as a huge barrier for first-time homebuyers to make the … [Read more...]
If Your Home Hasn’t Sold Yet… Definitely Check the Price!
The residential housing market has been hot. Home sales have bounced back solidly and are now at their fourth highest pace over the past year. Demand has remained strong throughout spring as many real estate professionals are reporting bidding wars with many homes selling above listing price. What about your house? If your house hasn’t sold, it could be the price. If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market … [Read more...]
5 Reasons You Should Sell This Summer
Here are five reasons listing your home for sale this summer makes sense. 1. Demand Is Strong The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home. Take advantage of the buyer activity currently in the market. 2. There Is Less … [Read more...]
What Would You Sacrifice to Save For Your Next Home? [INFOGRAPHIC]
Some Highlights: 95% of first-time homebuyers are willing to sacrifice to make homeownership a reality. The top item that buyers sacrifice is new clothes, at 54%. Even repeat or experienced buyers say they sacrificed taking a vacation or buying a new car to buy their last home. … [Read more...]
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