Terminology Every Homebuyer Should Know – Part 2

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

Terminology Every Homebuyer Should Know – Part 1

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

New Construction Should Be Part of Your Home Search

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

Can You Afford Not to Be a Homeowner?

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?

Saving To Buy a House?

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?