Low Interest Rates Have a High Impact on Your Purchasing Power
Bubble Alert! Is it Getting Too Easy to Get a Mortgage?
Access is an Important Factor in Getting Your House SOLD!
Homeowners: Your House Must Be Sold TWICE
Top 4 Home Renovations for Maximum ROI
Your Friends Are Crazy Wrong If They're Telling You Not to Buy
On this episode we are exploring beautiful Peoria. Make sure you check out the lake!
Local Realtor and team leader at Integrity Realty Group has raised the bar on home tours. Tired of the boring vanilla home tours, Shane Saunders decided to PITCH a house like the great late night infomercial pitch men.
Dont make the same mistakes I did!
On this episode we are exploring all that North Glendale has to offer.
The #1 Reason to List Your House, NOW!
5 Reasons to Hire a Real Estate Professional When Buying or Selling!
The Cost of Renting vs. Buying a Home
Hiring an Agent to Sell Your House May Cost You NOTHING!
If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! We recently shared data from Trulia’s Market Mismatch Study which showed that in today’s premium home market, buyers are in control.
The inventory of homes for sale in the luxury market far exceeds those searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer which can eventually lead to a price change.
Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call your house their new home.
The sale of your starter or trade-up house will aid in coming up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.
But not all who are buying luxury properties have a home to sell first.
In a Washington Post article, Daryl Judy, an associate broker with Washington Fine Properties, gave some insight into what many millennials are choosing to do:
“Some high-earning millennials save money until they are in their early 30s to buy a place and just skip over that starter-home phase. They’ll stay in an apartment until they can afford to pay for the place they want.”
The best time to sell anything is when demand is high and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs and you are looking to step into a luxury home, now’s the time to list your house for sale and make your dreams come true.
Buying Remains Cheaper Than Renting in 39 States!
Builder Offering to Pay Off Student Loans for Buyers
Millionaire to Millennials: Buy a Home Now!
No… You Do Not Need 20% Down to Buy NOW!
The Mortgage Process: What You Need to Know
A Tale of Two Markets: A 6-Month Update
You Don't Want to Hear This from Your Listing Agent
Which Homes Have Increased in Value the Most?
Should I Buy a Home Now? Or Wait Until Next Year?
Thinking of Selling your Home? Competition is Coming
More Than Half of All Buyers Are Surprised by Closing Costs
How to Get the Most Money from the Sale of Your Home
Lack of Existing Home Inventory Slows Sales Heading into Fall
More Americans Say Now is a Good Time to Sell!
Home Sales Expected to Increase Nicely in 2018
Top 5 Reasons Why Millennials Choose to Buy
Report: Homeownership Is a Precondition of the American Dream
Looking for Your Dream Home? Know What You Want vs. What You Need
- The concept of supply & demand is a simple one. The best time to sell something is when the supply of that item is low & the demand for that item is high!
- Anything under a 6-month supply is a seller’s market!
- Nationally, there has not been a 6-months inventory supply since August 2012!
- Inventory levels differ depending on the area of the country and price range, so let’s get together to discuss the exact market conditions in our area.
Homeowners: Do You Know Your Home’s Value?
How Your Home’s Value Grows Your Family’s Wealth
14,904 Homes Sold Yesterday… Did Yours?
Top 5 A+ Reasons to Hire a Real Estate Pro
Empty Nesters: Best to Remodel or Time to Sell?
Number of Buyers Putting Down Less Than 10% Hits 7-Year High
Where Are Home Prices Heading in The Next 5 Years?
Don’t Disqualify Yourself… 52% of Approved Loans Have A FICO® Score Under 750
Home Prices Up 6.64% Across the Country!
Study: FSBOs Don’t Save Real Estate Commission
Want to Keep up with the Joneses? Now's the Time
More Boomerang Buyers Are about to Enter the Market
Why Is It Important to Use a Professional to Sell Your Home?
58% of Homeowners See a Drop in Home Values Coming
To Stage...or Not to Stage? That Is the Question!
Homeowner’s Net Worth Is Still Greater Than a Renter’s
What State Gives You the Most ‘Bang for Your Buck’?
Hey, Millennial Homeowners!! It May Be Time to Sell
93.9% Of Homes in The US Have Positive Equity
How Long Do Most Families Stay in Their Home?
Millennial Homeownership Rate Increases
Do Your Future Plans Include a Move? What's Stopping You from Listing Now?
Buyer Demand Continues Outpacing the Supply of Homes for Sale
Be Careful Not to Get Caught in The Rental Trap!
Americans Still Believe Real Estate is Best Long-Term Investment
A ‘Buyer’ in Hand is Worth Two in the Bush
Rising Home Prices Mean Great News for Homeowners
U.S. Housing Inventory Hits a New Low… List Your House TODAY!
Singles Are Falling for Their Dream Home First
84% of Americans Believe Buying a Home is a Good Financial Decision
3 Tips to Succeed in Today’s Real Estate Market
Thinking of Selling? You Should Act NOW!
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 interests at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.
Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market.
1. Why am I buying a home in the first place?
This is truly the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.
For example, a survey by Braun showed that over 75% of parents say, “their child’s education is an important part of the search for a new home.”
This survey supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the top four reasons Americans buy a home have nothing to do with money. They are:
- A good place to raise children and for them to get a good education
- A place where you and your family feel safe
- More space for you and your family
- Control of that space
What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.
2. Where are home values headed?
According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), the median price of homes sold in May (the latest data available) was $252,800, which is up 5.8% from last year. This increase also marks the 63rd consecutive month with year-over-year gains.
If we look at home prices year over year, CoreLogic is forecasting an increase of 5.3% over the next twelve months. In other words, a home that costs you $250,000 today will cost you an additional $13,250 if you wait until next year to buy it.
What does that mean to you?
Simply put, with prices increasing each month, it might cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy.
3. Where are mortgage interest rates headed?
A buyer must be concerned about more than just prices. The ‘long-term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.
The Mortgage Bankers Association (MBA), NAR, and Fannie Mae have all projected that mortgage interest rates will increase over the next twelve months, as you can see in the chart below:
Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.
The 5 Greatest Benefits of Homeownership
Homeowners: Your Home Must Be Sold TWICE
The High Impact of Low Interest Rates on Your Purchasing Power
Median Days on the Market Drops to 27!
Be Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate
Your Opportunity to Achieve the American Dream Keeps Getting Better!
75% of Homeowners Think Now is a Good Time to Sell!
Do You Know How Much Equity You Have in Your Home?
Buying Is Now 33.1% Cheaper Than Renting in the US
Are Home Prices Approaching Bubble Territory?
Homeownership Is a Good Financial Investment!
The TRUTH Behind the RENT vs. BUY Debate
If Your Home Hasn’t Sold Yet… Definitely Check the Price!
What Would You Sacrifice to Save For Your Next Home?
Can Your Real Estate Agent Answer These Important Questions?
Why Working with a Local Real Estate Professional Makes All the Difference
#1 Reason to List Your House for Sale, NOW!
How's the Real Estate Market? Find Out What the Experts Are Saying
More Americans Chose to Own a Home Than Rent in Q1
5 Reasons to Hire a Real Estate Professional When Buying or Selling!
#1 Answer to the Housing Shortage: New Construction
Selling Your Home? Is Your Listing ‘Pet-Friendly’?
4 Tips for Effectively Making an Offer
Do You Know the Cost of NOT Owning Your Home?
What You Need to Know About Qualifying for a Mortgage
3 Reasons the Housing Market is NOT in a Bubble
Gallup: Real Estate is Best Long-Term Investment 4 Years Running
Inventory Shortages Are Slowing Down the Market
Is 2017 the Year to Move Up to Your Dream Home? If So, Do It Early!
Financial Planning: 4 Reasons to Buy a House Today
Is the Current Pace of Home Sales Maintainable?
Homes are Selling Fast Across the Country
Real Estate Mogul: Here’s Why You Should Buy
3 Charts That Shout, ‘List Your Home Today!’
Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take you to save for a down payment in each state.
Using data from the United States Census Bureau and Zillow, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense.
By determining the percentage of income spent renting a 2-bedroom apartment in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.
According to the data, residents in Iowa can save for a down payment the quickest in just under 2 years (1.99). Below is a map created using the data for each state:
What if you only needed to save 3%?
What if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3% down programs? Suddenly, saving for a down payment no longer takes 5 or 10 years, but becomes attainable in a year or two in many states as shown in the map below.
Whether you have just started to save for a down payment, or have been saving for years, you may be closer to your dream home than you think! Let's meet up so I can help you evaluate your ability to buy today.
Tax Return Depressing? Owning a Home Could Help
Measuring Your Ability to Achieve the American Dream
US Housing Market Continues the Move into ‘Buy Territory’!
Thinking of Selling? Now Is the Time to Act
Is Your First Home Within Your Grasp?
Home Mortgages: Rates Up, Requirements Easing
Millennials Flock to Low Down Payment Programs
Careful…Don’t Get Caught in the Rental Trap!
The Importance of Using a Professional to Sell Your Home
Some industry experts are claiming that the housing market may be headed for a slowdown as we proceed through 2017, based on rising home prices and a potential jump in mortgage interest rates. One of the data points they use is the Housing Affordability Index, as reported by the National Association of Realtors (NAR).
Here is how NAR defines the index:
“The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data.”
Basically, a value of 100 means a family earning the median income earns enough to qualify for a mortgage on a median-priced home, based on the price and mortgage interest rates at the time. Anything above 100 means the family has more than enough to qualify.
The higher the index, the easier it is to afford a home.
Why the concern?
The index has been declining over the last several years as home values increased. Some are concerned that too many buyers could be priced out of the market.
But, wait a minute…
Though the index skyrocketed from 2009 through 2013, we must realize that during that time, the housing crisis left the market with an overabundance of distressed properties (foreclosures and short sales). All prices dropped dramatically and distressed properties sold at major discounts. Then, mortgage rates fell like a rock.
The market is recovering, and values are coming back nicely. That has caused the index to fall.
However, let’s remove the crisis years (shaded in gray) and look at the current index as compared to the index from 1990 – 2008:
Though prices and rates appear to be increasing, we must realize that affordability is composed of three ingredients: home prices, interest rates, and income. And, incomes are finally rising.
ATTOM Data Solutions recently released their Q1 2017 U.S. Home Affordability Index. The report explained:
“Stronger wage growth is the silver lining in this report, outpacing home price growth in more than half of the markets for the first time since Q1 2012, when median home prices were still falling nationwide. If that pattern continues, it will help turn the tide in the eroding home affordability trend.”
Compared to historic norms, it is still a great time to buy from an affordability standpoint.
Buying this Spring? Be Prepared for Bidding Wars
There are some homeowners that have been waiting for months to get a price they hoped for when they originally listed their house for sale. The only thing they might want to consider is... If it hasn't sold yet, maybe it's not priced properly.
After all, 15,014 houses sold yesterday, 15,014 will sell today and 15,014 will sell tomorrow.
That is the average number of homes that sell each and every day in this country, according to the?National Association of Realtors’ (NAR) ?latest?Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.48 million. Divide that number by 365 (days in a year) and we can see that, on average, over 15,014 homes sell every day.
The report from NAR also revealed that there is currently only a 3.8-month supply of inventory available for sale,?(6-months inventory is considered ‘historically normal’).
This?means that there are?not enough homes available for sale to satisfy the buyers who are out in the market now in?record numbers.
We realize that you want to get the fair market value for your home. However, if it hasn't sold in today's active real estate market, perhaps you should reconsider your current asking price.
Again… You Do Not Need 20% Down to Buy NOW!
Home Prices Up 6.15% Across the Country!
Consumer Confidence in Economy & Housing is Soaring
Looking to Move-Up to a Luxury Home? Now’s the Time!
Renting or Buying… Either Way You’re Paying a Mortgage
How Low Supply & High Demand Impacts the Real Estate Market
The Foreclosure Crisis: 10 Years Later
What Are the Experts Saying about Mortgage Rates?
It's a Seller's Market! Should I Downsize Now?
Which Homes Have Appreciated the Most?
A Tale of Two Markets: Inventory Mismatch Paints a More Detailed Picture
Mortgage Interest Rates Went Up Again… Should I Wait to Buy?
Spring Forward: The Difference An Hour Makes
The Connection Between Home Prices & Family Wealth
Mortgage Rates Impact on 2017 Home Values
Over Half of All Buyers Are Surprised by Closing Costs
How Long Do Most Families Stay in Their Home?
Where Are the Home Prices Heading in the Next 5 Years?
Existing Home Sales Reach Highest Mark Since 2007
The Impact of Homeownership on Family Health
Are You 1 of the 59 Million Planning to Buy This Year?
US Housing Market Is Moving into 'Buy Territory'!
The Impact of Homeownership on Civic Involvement
The Great News About Rising Prices for Homeowners
First Comes Love… Then Comes Mortgage?
3 Questions to Ask If You Want to Buy Your Dream Home
The Impact of Homeownership on Educational Achievement
Lack of Homes for Sale Slowing Down the Housing Market
No Matter What the Groundhog Says, Here are 5 Reasons to Sell Before Spring!
Buyer Demand Is Outpacing the Supply of Homes for Sale
Thinking of Making an Offer? 4 Tips for Success
2 Myths That May Be Holding Back Buyers
Buying a Home is More Affordable Than Renting in 66% of US Counties
How Low Interest Rates Increase Your Purchasing Power
Tips for Preparing Your House For Sale [INFOGRAPHIC]
Will Housing Affordability Be a Challenge in 2017?
What Would a Millennial Baby Boom Mean for Housing?
5 Myths About Real Estate Reality TV Explained
Why Pre-Approval Should Be Your First Step
Is This the Year to Move Up to Your Dream Home? If So, Do it Early
9 Qualities That Make Western Hunters Great Realtors