Tuesday, June 25, 2019 / by Michelle Ramos
Let us update you with what's currently happening in the real estate market. We have a list of three significant influencers that directly impacts our seller's market as we know it.
1. Interest Rates
One of the most important things to consider when buying a home is the interest rate you will be charged to borrow the money. In our recent post we posed the question, “Are Low Interest Rates Here To Stay?” The latest information from Freddie Mac makes it appear they are. We are currently at a 21-month low in interest rates.
2. Building Materials
Talk of tariffs could also affect the housing market. According to a recent article, the National Association of Home Builders reports that as much as $10 billion in goods imported from China are used in homebuilding. Depending on the outcome of the tariff and trade discussions between several countries, there could be as much as a 25% boost in the cost of building materials.
3. Economic Slowdown
In a prior blog pos ...
Thursday, June 20, 2019 / by Michelle Ramos
Although it's generally accepted that owning a home offers more benefits than renting, the real reason behind why personally chose one over the other is sometimes governed by our current situation. Let's take a closer look at what each has to offer.
With the housing market crash in 2008, many homeowners lost their homes and became renters. According to Iproperty Management,
“the number of households renting their home … rose from 31.2% of households in 2006 to 36.6% in 2016”.
Some choose to rent because it is more convenient for their lifestyle. Those whose job requires frequent moves need the flexibility that a 6-12 month lease agreement gives them so they can move to their next assignment! Many renters believe that renting is cheaper because they do not have to pay for maintenance and repairs. (Not true! Landlords work those expenses into your rent and other fees).
Another reason many rent is that they feel like they cannot afford the do ...
Tuesday, June 18, 2019 / by Michelle Ramos
If you ask prospective home buyers what they think the biggest obstacle they need to tackle is, sure enough, you'll hear two constant answers come up in almost all of them. Let's find out what they are and see if any of them holds ground.
Freddie Mac recently released a report entitled,
“Perceptions of Down Payment Consumer Research.” Their research revealed that, “For many prospective homebuyers, saving for a down payment is the largest barrier to achieving the goal of homeownership. Part of the challenge for those planning to purchase a home is their perception of how much they will need to save for the down payment…
…Based on our recent survey of individuals planning to purchase a home in the next three years, nearly a third think they need to put more than 20% down.”
Myth #1: “I Need a 20% Down Payment” Buyers often overestimate the funds needed to qualify for a home loan. According to the same report: 22% of re ...
Friday, June 14, 2019 / by Michelle Ramos
More and more baby boomers sell their home for a lot of different reasons. But despite what triggered them to sell in the first place, there is something in common with every home put on the market by boomers - they all consider these things important.
The National Association of Realtors recently released their 2019 Home Buyer and Seller Generational Report. The report revealed many interesting tidbits about both categories of baby boomers: younger boomers (ages 54 to 63) and older boomers (64 to72). Here are a few of the more interesting topics.
Percentage of Buyers who Looked Online First
All Buyers: 44%
Younger Boomers: 46%
Older Boomers: 44%
Where Boomers Found the Home They Purchased
The two major ways buyers found the home they purchased:
All buyers: 50% on the internet, 28% through a real estate agent
Younger Boomers: 46% on the internet, 33% through a real estate agent
Older Boomers: 36% on the internet, 35% through a real estate agent
Thursday, June 13, 2019 / by Michelle Ramos
Experiences may vary from person to person, but regardless of the method of procurement, type of home acquired, location and owner's demographic, there's one universal emotion radiating from a home owned versus rented home all across the board.
Frederick Peters, a contributor for Forbes, recently wrote about that feeling, and the pride that comes from owning your own home.
“As homeowners discover, living in an owned home feels different from living in a rented home. It’s not just that an owner can personalize the space; it touches a chord even more fundamental than that.
Homeownership enhances the longing for self-determination at the heart of the American Dream. First-time homeowners, young or old, radiate not only pride but also a sense of arrival, a sense of being where they belong. It cannot be duplicated by owning a 99-year lease.”
Owning a home brings a sense of accomplishment and confidence that cannot be achieved through renting.
If you a ...