3 Reasons This is NOT the 2008 Real Estate Market

Today’s real estate market is nothing like the 2008 market. When an economic slowdown happens, it won’t resemble the last one. No one knows for sure when the next recession will occur. What is known, however, is that the upcoming economic slowdown will not be caused by a housing market crash, as was the case in 2008. There are those who disagree and are comparing today’s real estate market to the market in 2005-2006, which preceded the crash. In many ways, however, the market is very different now. Here are three suppositions being put forward by some, and why they don’t hold up. SUPPOSITION #1 A critical warning sign last time was the … [Read more...]

3 Reasons to Use a Real Estate Pro in a Complex Digital World

If you’re searching for a home online, you’re not alone; lots of people are doing it. The question is, are you using all of your available resources, and are you using them wisely? Here’s why the Internet is a great place to start the home-buying process, and the truth on why it should never be your only go-to resource when it comes to making such an important decision. According to the National Association of Realtors (NAR), the three most popular information sources home buyers use in the home search are: Online website (93%) Real estate agent (86%) Mobile/tablet website or app (73%) Clearly, you’re not alone if you’re starting your search … [Read more...]

Be on the Lookout for Gen Z: The Next Generation of Homebuyers

Gen Zers are the next generation of homeowners, and they’re eager to jump in and buy their first homes. Whether you are part of this generation or any other, it’s never too early to start saving, so you can reach your homeownership goal sooner rather than later. You’ve likely heard a ton about Millennials, but what about Gen Z? In the next 5 years, this generation will be between the ages of 23 and 28, and they’re eager to become homeowners faster than you may think. According to realtor.com, “Nearly 80 percent of Generation Z members say they want to own a home before age 30,” and Concentrix Analytics said, “52% of prospective Gen Z buyers … [Read more...]

Homeownership is the Top Contributor to Your Net Worth

Recently two U.S. Census Bureau researchers released their findings on the biggest determinants of household wealth. What they found may help shape your view on building your family’s net worth. Many people plan to build their net worth by buying CDs or stocks, or just having a savings account. Recently, however, Economist Jonathan Eggleston and Survey Statistician Donald Hays, both of the U.S. Census Bureau, shared the biggest determinants of wealth, “The biggest determinants of household wealth [are] owning a home and having a retirement account.” (Shown in the graph below): This does not come as a surprise, as we often mention that … [Read more...]

What FICO® Score Do You Need to Qualify for a Mortgage?

It’s common knowledge that your FICO® score plays an important role in the homebuying process. However, many buyers have misconceptions regarding what exactly is required to get the loans they need. While a recent announcement from CNBC shares that the average national FICO® score has reached an all-time high of 706, the good news for potential buyers is that you don’t need a score that high to qualify for a mortgage. Let’s unpack the credit score myth so you can to become a homeowner sooner than you may think. With today’s low interest rates, many believe now is a great time to buy – and rightfully so! Fannie Mae recently noted that 58% of … [Read more...]

62% of Buyers Are Wrong About Down Payment Needs

Contrary to common misconception, a down payment is often much less than many believe. According to the ‘2019 Home Buyer Report’ conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market: “More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.” When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say, “The truth: 32% of current U.S. … [Read more...]

5 Homebuying Acronyms You Need to Know [INFOGRAPHIC]

Some Highlights: Learning the lingo of homebuying is an important part of feeling successful when buying a home. From APR to P&I, you need to know the acronyms that will come up along the way, and what they mean when you hear them. Your local professionals are here to help you feel confident and informed from start to finish…and this infographic will help you as you go. Powered by WPeMatico … [Read more...]

What to Expect from Your Home Inspection

You made an offer and it was accepted. Your next task is to have the home inspected prior to closing. Agents often recommend you make your offer contingent upon a clean home inspection. This contingency allows you to renegotiate the price you offered for the home, ask the sellers to cover repairs, or in some cases, walk away if challenges arise. Your agent can advise you on the best course of action once the report is filed. How to Choose an Inspector Your agent will most likely have a short list of inspectors they’ve worked with in the past to recommend to you. HGTV suggests you consider the following five areas when choosing the right home … [Read more...]

Homeowners Are Happy! Renters? Not So Much.

When people talk about homeownership and the American Dream, much of the conversation revolves around the financial benefits of owning a home. However, two recent studies show that the non-financial benefits might be even more valuable. In a recent survey, Bank of America asked homeowners: “Does owning a home make you happier than renting?” 93% of the respondents answered yes, while only 7% said no. The survey also revealed: More than 80% said they wouldn’t go back to renting 88% agreed that buying a home is the “best decision they have ever made” 79% believed owning a home has changed them for the better Those surveyed talked about the … [Read more...]

Are You Ready for the ‘Black Friday’ of Real Estate?

According to a new study from realtor.com, the week of September 22 is the best time of year to buy a home, making it ‘Black Friday’ for homebuyers. Every year, ‘Black Friday’ is a highly anticipated event for eager shoppers. Some people prepare for weeks, crafting and refining a strategic shopping agenda, determining exactly when to arrive at each store, and capturing a wish list of discounted must-have items to purchase. But what about buying a home? Is there a ‘Black Friday’ for the home-buying process? Believe it or not, there is. According to a new study from realtor.com, the week of September 22 is the best time of year to buy a home, … [Read more...]