Study Shows “Millennials Deserve More Credit”

When it comes to talking about millennials, there are many stereotypes out there that have influenced the way the public feels about the generation. Whether it’s the assumption that millennials are irresponsible with money and would rather buy avocado toast than save for a down payment, or that millennials jump from job to job, the majority of these stereotypes paint the generation in a negative light. A new study by Bank of America entitled Better Money Habits Millennial Report recently came to the defense of the generation when it reported that: “Millennials deserve more credit – both from themselves and from others – for their mindfulness … [Read more...]

2 Major Myths Holding Back Home Buyers

Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership,” which revealed that “eighty percent of consumers either are unaware of how much lenders require for a down payment or believe all lenders require a down payment above 5 percent.” Myth #1: “I Need a 20% Down Payment” Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report: “Consumers are often unaware of the option to take out low-down-payment mortgages. Only 19% of consumers believe lenders would make loans with a down payment of 5% or less… While 15% believe lenders require a 20% down payment, … [Read more...]

5 Reasons Millennials Choose to Buy [INFOGRAPHIC]

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their own homes dream of the day when they will be able to paint the walls whatever color they’d like, or renovate an outdated part of their living space. Powered by WPeMatico … [Read more...]

Why You Need a Professional on Your Team When Buying a Home

Many people wonder whether they should hire a real estate professional to assist them in buying their dream homes or if they should first try to go through the buying process on their own. In today’s market: you need an experienced professional! You Need an Expert Guide If You Are Traveling a Dangerous Path The field of real estate is loaded with landmines; you need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and is ready for you to move into can be tricky. An agent listens to your wants and needs, and can sift through the homes that do not fit within the … [Read more...]

Buying A Home Is More Affordable Than Renting In 54% Of US Counties

According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.S. counties analyzed for the report.” For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments). Daren Blomquist, Senior Vice President of ATTOM Data Solutions had this to … [Read more...]

Where Did Americans Move in 2017? [INFOGRAPHIC]

Some Highlights: Atlas Van Lines recently released the results of their annual Migration Patterns Survey in which they tracked their customer’s movement from state-to-state over the course of 2017. Idaho held on to the top spot of ‘high inbound’ states for the 2nd year in a row followed by Washington. The ‘outbound’ states seem to draw a line straight across the country from Connecticut to Wyoming. Powered by WPeMatico … [Read more...]

What Impact Will the New Tax Code Have on Home Values?

Every month, CoreLogic releases its Home Price Insights Report. In that report, they forecast where they believe residential real estate prices will be in twelve months. Below is a map, broken down by state, reflecting how home values are forecasted to change by the end of 2018 using data from the most recent report. As we can see, CoreLogic projects an increase in home values in 49 of 50 states, and Washington, DC (there was insufficient data for HI). Nationwide, they see home prices increasing by 4.2%. How might the new tax code impact these numbers? Recently, the National Association of Realtors (NAR) conducted their own analysis to … [Read more...]

61% of First-Time Buyers Put Down Less than 6%

According to the National Association of Realtors’ latest Realtors Confidence Index, 61% of first-time homebuyers purchased their homes with down payments below 6% from October 2016 through November 2017. Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying. The median down payment for all buyers in 2017 was just 10% and that percentage drops to 6% for first-time buyers. Zillow Senior Economist Aaron Terrazas’ recent comments shed light on why buyer demand has remained strong, “Looking into 2018, rent is expected to continue gaining. More widespread rent … [Read more...]

Wondering If You Can Buy Your First Home?

There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family, others might think they are too young, and still, others might think their current income would never enable them to qualify for a mortgage. We want to share what the typical first-time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first-time buyer: Bottom Line You may not be much different than many people … [Read more...]

93% Believe Homeownership Is Important in Attaining the American Dream

Americans continue to believe that homeownership is important in achieving the American Dream. A recent survey by NeighborWorks America reported that: “Owning a home remains a core element of the American Dream.” When asked “How important a part of the American dream is owning a home?” 18% of those surveyed said it was the most important part 53% of those surveyed said it was very important 22% of those surveyed said it was somewhat important Homeownership and Financial Stability The survey also revealed that 81% of Americans believe that owning a home leads to a family being more financially stable. This feeling was reiterated by Zillow … [Read more...]