There has been a lot of talk about the falling homeownership rate in the United States. In December 2004, the homeownership rate reached an all-time high of 69.4%, while the current rate is 62.9%. When comparing these two figures, there is some room for concern regarding the difference.However, today we want to shine some light on the issue by:Showing what historic homeownership rates have looked like over the last 130 years.Breaking down the current percentages by state.Historic Homeownership Rates:Current … [Read more...]
What to Expect When Home Inspecting
So you made an offer, it was accepted, and now your next task is to have the home inspected prior to closing. More often than not, your agent may have made your offer contingent on a clean home inspection.This contingency allows you to renegotiate the price paid for the home, ask the sellers to cover repairs, or even, in some cases, walk away. Your agent can advise you on the best course of action once the report is filed.How to Choose an InspectorYour agent will most likely have a short list of inspectors that … [Read more...]
Buying is Now 37.7% Cheaper Than Renting in the US
The 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.The updated numbers actually show that the range is an average of 17.4% less expensive in Honolulu (HI), all the way up to 53.2% less expensive in Miami & West Palm Beach (FL), and 37.7% nationwide!Other interesting findings in the report include:Interest rates have remained low, and even though home … [Read more...]
Sales of Distressed Properties Hit New Low
The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report revealing that distressed property sales accounted for 4% of sales in September. This is down from 7% in 2015, and is the lowest figure since NAR began tracking distressed sales in October 2008.Below is a graph that shows just how far the market has come since January 2012 when distressed sales accounted for 35% of all sales.Existing Home Sales Hit 2nd Highest Figure Since June Mortgage interest rates remained … [Read more...]
7 Graphs That Show the Real Estate Market is Back! [INFOGRAPHIC]
Some Highlights:Distressed property sales fell to its lowest number since NAR began tracking it in 2008.As you can see, with less distressed properties, sales are up in all price ranges except the $0 - $100K price range.Interest rates are still at historic lows, signifying that now is the right time to buy! … [Read more...]
The ‘Great News’ About Rising Prices
Recently there has been a lot of talk about home prices and if they are accelerating too quickly. In some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers out looking for a home, which has caused prices to rise.The great news about rising prices, however, is that according to CoreLogic’s latest US Economic Outlook, the average American household gained over $11,000 in equity over the course of the last year, largely due to home value increases.The map below was … [Read more...]
Starting to Look for a Home? Know What You WANT vs. What You NEED
In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search.If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or Pinterest, and start looking at the countless homes listed for sale with rose-colored glasses.Do you … [Read more...]
How Historically Low Interest Rates Increase Your Purchasing Power
According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.47%. Rates have remained at or below 3.5% each of the last 16 weeks, marking a historic low.The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.Purchasing power, simply put, is the amount of home you can afford buy for the budget you have available to spend. As rates increase, the price of … [Read more...]
Don’t Disqualify Yourself… Over Half of All Loans Approved Have a FICO Score Under 750
The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.One such study by the Wharton School of Business at the University of Pennsylvania, revealed that many Millennials have not yet considered purchasing a home, simply because they don’t believe they can qualify for a mortgage.The article quoted Jessica Lautz, the National Association of … [Read more...]
Top Ranked St. Tammany Parish Public Schools
According to National Association of Realtors, one of the most influential factors when considering the purchase of a home is the quality and proximity of the schools. Top Ranked St. Tammany Parish Public Schools can have a big impact on home values. In fact, 1 out of 5 buyers say they are willing to pay between 6 – 10% more for a home to be in a top ranked school district and 1 out of 10 buyers say they will pay as much as 20% more to be in a top ranked school district. What exactly does this mean to you as a … [Read more...]
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