Renting or Buying…Either Way, You're Paying Someone's Mortgage
There are some people who have not purchased homes yet because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
Buying a Home Can Be Scary... Unless You Know the Facts [INFOGRAPHIC]
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Some Highlights
Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify to buy a home, which stops many of them from even trying! Here are some facts:- 40% of millennials who purchased homes this year have put down less than 10%.
- 76.4% of loan applications were approved last month.
- The average credit score of approved loans was 724 in September.
How to Save on a Mortgage Payment Whether Buying or Selling
In Trulia’s recent report, Rent vs. Buy: Roommate Edition, they examined the impact that renting with a roommate has in determining whether it is more expensive to rent or buy. The study explains:
The #1 Reason to List Your House, NOW!
The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report which revealed that sales rose 0.7% month-over-month, but remain 1.5% lower than they were a year ago. Some may look at these numbers and think that now is not a good time to sell their house, but in fact, the opposite is true.
Millennials Flock Towards Low Down Payment Programs
A report released by Down Payment Resource shows that 61% of first-time homebuyers purchased their homes with a down payment of 6% or less.
5 Reasons to Hire a Real Estate Professional When Buying or Selling!
Whether you are buying or selling a home, it can be quite an adventurous journey. This is why you need an experienced real estate professional to guide you on the path to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO.
The Cost of Renting vs. Buying a Home [INFOGRAPHIC]
![The Cost of Renting vs. Buying a Home [INFOGRAPHIC] | Simplifying The Market](https://files.keepingcurrentmatters.com/wp-content/uploads/2017/10/20170623-Rent-vs.-Buy-STM.jpg)
Some Highlights
- Historically, the choice between renting or buying a home has been a tough decision.
- Looking at the percentage of income needed to rent a median-priced home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious.
- Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!
Buying Remains Cheaper Than Renting in 39 States!
In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.
4 Reasons to Sell This Fall [INFOGRAPHIC]
![4 Reasons to Sell This Fall [INFOGRAPHIC] | Simplifying The Market](https://files.keepingcurrentmatters.com/wp-content/uploads/2017/10/4-Reasons-STM.jpg)
Some Highlights
- Buyer demand continues to outpace the supply of homes for sale! Buyers are often competing with one another for the listings that are available!
- Housing inventory is still under the 6-month supply that is needed for a normal housing market.
- Perhaps the time has come for you and your family to move on and start living the life you desire.
Net Worth of Homeowners 44X Greater than Renters
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey data, covering 2013-2016 was released two weeks ago.
Builder Offering to Pay Off Student Loans for Buyers
Millennials are on track to become the most educated generation in history. This means they are also the generation with the most student debt. Depending on the type of degree earned, as well as the prestige of the institution attended, there are some millennials who graduate college with what equates to a mortgage payment.
Millionaire to Millennials: Buy a Home Now!
In a CNBC article, self-made millionaire David Bach explained that “the single biggest mistake millennials are making” is not purchasing a home because buying real estate is “an escalator to wealth.”
No… You Do Not Need 20% Down to Buy NOW!
The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that non-homeowners cite the main reason for not currently owning a home, as not being able to afford one.
The Mortgage Process: What You Need to Know [INFOGRAPHIC]
![The Mortgage Process: What You Need to Know [INFOGRAPHIC] | Simplifying The Market](https://files.keepingcurrentmatters.com/wp-content/uploads/2017/10/Mortgage-Process-STM.jpg)
Some Highlights
- Many buyers are purchasing a home with a down payment as little as 3%.
- You may already qualify for a loan, even if you don't have perfect credit.
- Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.
A Tale of Two Markets: A 6-Month Update
Six months ago, we reported that the mismatch between the type of inventory of homes for sale and the demand of buyers in the US was causing the formation of two markets.
You Don't Want to Hear This from Your Listing Agent
You’ve decided to sell your house. You begin to interview potential real estate agents to help you through the process. You need someone you trust enough to:
Which Homes Have Increased in Value the Most?
Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 5.6%. CoreLogic, in their most recent Home Price Index Report, revealed that national home prices have increased by 6.7% year-over-year.
Should I Buy a Home Now? Or Wait Until Next Year? [INFOGRAPHIC]
![Should I Buy a Home Now? Or Wait Until Next Year? [INFOGRAPHIC]| Simplifying The Market](https://files.keepingcurrentmatters.com/wp-content/uploads/2017/09/Cost-of-Waiting-STM.jpg)
Some Highlights
- The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
- Freddie Mac predicts interest rates to rise to 4.4% by next year.
- CoreLogic predicts home prices to appreciate by 5.0% over the next 12 months.
- If you are ready and willing to buy your dream home, find out if you are able to!
What to Look for in Your Real Estate Team
How do you select the members of your team who are going to help you make your dream of owning a home a reality? What should you be looking for? How do you know if you’ve found the right agent or lender?
More Than Half of All Buyers Are Surprised by Closing Costs
According to a survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.
Lack of Existing Home Inventory Slows Sales Heading into Fall [INFOGRAPHIC]
![Lack of Existing Home Inventory Slows Sales Heading into Fall [INFOGRAPHIC] | Simplifying The Market](https://files.keepingcurrentmatters.com/wp-content/uploads/2017/09/20170922-EHS-Report-STM.jpg)
Some Highlights
- The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.
- First-time homebuyers made up 31% of all sales in August.
- Homes are selling quickly with 51% of homes on the market for less than a month.
- A limited supply continues to drive up prices for the 66th consecutive month.
Why Are So Few Homes for Sale?
There is no doubt that the largest challenge in today’s housing market is a lack of housing inventory for sale. This challenge has been defined as an “overwhelming lack of supply,” and even a “straight up inventory crisis.”
More Americans Say Now is a Good Time to Sell!
Recently released data from Fannie Mae’s National Housing Survey revealed that rising home prices were the catalyst behind an eight-point jump in the net percentage of respondents who say now is a good time to sell. The index is now 21 points higher than it was this time last year.
5 Reasons to Sell This Fall
Here are five reasons listing your home for sale this fall makes sense.
Top 5 Reasons Why Millennials Choose to Buy [INFOGRAPHIC]
![Top 5 Reasons Why Millennials Choose to Buy [INFOGRAPHIC] | Simplifying The Market](https://files.keepingcurrentmatters.com/wp-content/uploads/2017/09/Millennials-Choose-to-Buy-STM.jpg)
Some Highlights
- “The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home.”
- The top reason millennials choose to buy is to have control over their living space, at 93%.
- Many millennials who rent a home or apartment prior to buying their own homes dream of the day that they will be able to paint the walls whatever color they'd like, or renovate an outdated part of their living space.
