If you’re on the fence about buying a house and think a looming crash in the housing market will bring down prices, many experts believe that not only will there NOT be a crash, but home prices will continue to rise. Are their assessments correct? Here’s some of their reasons to consider: It’s Harder to… Continue reading Why Experts Believe We Are NOT Headed for a Housing Crash
Have you been reading headlines saying that foreclosures are rising? For those that were homeowners during the crash of 2009 and the following few years, rising foreclosure counts might make you feel uneasy. Like most things, however, perspective is important, and a lot (i.e. most) web and TV news outlets are more concerned with attention… Continue reading Worried About Rising Foreclosures?
Equity In real estate, equity represents the value of ownership in a property. It is the difference between the fair market value of the property and the amount of money you owe on the mortgage. For example, if you own a house with a market value of $500,000 and you owe $200,000 on the mortgage,… Continue reading Terminology Every Homebuyer Should Know – Part 2
Affordability Refers to the financial feasibility of a potential home buyer to purchase a home. It primarily takes into account the buyer’s income, down payment, and monthly debts. Appraisal An appraisal is an unbiased professional opinion of a home’s value. It is the estimation of a home’s current market value. This valuation is typically calculated… Continue reading Terminology Every Homebuyer Should Know – Part 1
If you’re someone that’s postponing selling your home because of low inventory fears, or one that’s delaying buying a home because of interest rate fears, new construction may be the answer for both! According to an article by Keeping Current Matters: “Newly built homes are becoming an increasingly significant part of today’s housing inventory. According… Continue reading New Construction Should Be Part of Your Home Search
On the fence about buying a home? The long-term financial benefits of home ownership should be enough to push you off of it. The Federal Reserve releases a Survey of Consumer Finances (SCF) every three years. The latest report shows the average homeowner’s net worth is almost 40X greater than a renter’s (see graph below): This gap… Continue reading Can You Afford Not to Be a Homeowner?
So, you’ve applied for a mortgage, found the perfect house, are under contract, and your excitement about moving into your new home is exploding. Don’t get too far ahead of yourself and put your loan in jeopardy! Don’t Deposit Large Sums of Cash Lenders need to source your money, and cash isn’t easily traceable. Before you… Continue reading Common Mistakes to Avoid After Applying for a Mortgage
Understanding the costs or expenses you’ll be confronted with is critical when putting together a savings plan to purchase a house. Here are a few of those expenses: The Down Payment – This is probably the one everyone thinks of first, and for good reason. We’ve been conditioned over the years to think that a… Continue reading Saving To Buy a House?
Are you preparing to purchase a home? If you’re financing, a critical step is building a solid credit score. Did you know that a higher credit score can result in a better mortgage rate? An article from CNBC explains: “When it comes to mortgages, a higher credit score can save you thousands of dollars in… Continue reading Boost Your Credit Scrore When Preparing to Buy a Home
When you make an offer to buy a house, it stands to reason that you want it to be accepted. Here are some things home buyers do that can cause a seller to not accept their offer: 😠 Low-Ball Offer – Quite possibly the number one rule is don’t p!ss-off the seller, and nothing does… Continue reading Things Home Buyers Do That Can Cause a Seller to not Accept Their Offer