Cost Across Time
- With interest rates still around 4.5%, now is a great time to look back at where rates have been over the last 40 years to determine cost across time.
- Rates are projected to climb to 5.1% by this time next year according to Freddie Mac.
- The impact your interest rate makes on your monthly mortgage cost is significant!
- Lock in a low rate now while you can!
Don't get too close!
- “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their own homes dream of the day when they will be able to paint the walls whatever color they’d like or renovate an outdated part of their living space.
- According to the latest Existing Home Sales Report from the National Association of Realtors, sales grew 1.1% in March to an annual pace of 5.60 million.
- This is the strongest pace since November of 2017.
- Inventory levels dropped year-over-year for the 34th consecutive month and are now 7.2% lower than March 2017 levels, representing a 3.6-month supply.
[caption id="" align="alignnone" width="648"] Home Buying Myths[/caption]
- The average down payment for first-time homebuyers is only 6%!
- Despite mortgage interest rates being over 4%, rates are still below historic numbers.
- 88% of property managers raised their rents in the last 12 months!
- The credit score requirements for mortgage approval continue to fall.
- A trend that has been emerging for some time now is the contrast between inventory & demand in the Premium & Luxury Markets vs. the Starter & Trade-Up Home Markets and what that’s, in turn, doing to prices!
- Inventory continues to rise in the luxury & premium home markets which is causing prices to cool.
- Demand continues to rise with low inventory in the starter & trade-up home markets, causing prices to rise!
[caption id="" align="alignnone" width="648"] VA Home Loans[/caption] [caption id="attachment_37319" align="alignnone" width="650"] VA Home Loans[/caption]
- Since the creation of the VA Home Loans Program, 22 million veterans have been able to achieve the American Dream of homeownership.
- In 2017, $188 billion was loaned to veterans and their families through the program.
- VA Purchase Loans are on the rise in 46 out of 50 states and Washington, DC.
[caption id="" align="alignnone" width="648"] Renting vs. Buying[/caption] [caption id="attachment_37281" align="alignnone" width="650"] Renting vs Buying[/caption]
- Historically, the choice between renting vs. buying a home has been a tough decision.
- Looking at the percentage of income needed to rent a median-priced home today (28.9%) vs. the percentage needed to buy a median-priced home (15.7%), 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!
[caption id="" align="alignnone" width="648"] Tips for preparing your house for sale[/caption] [caption id="attachment_37239" align="alignnone" width="650"] Tips for preparing your house for sale[/caption]
- When listing your house for sale your top goal will be to get the home sold for the best price possible!
- There are many small projects that you can do to ensure this happens!
- Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!
[caption id="" align="alignnone" width="648"] Cost of Waiting[/caption][caption id="attachment_37182" align="alignnone" width="650"] Cost of Waiting[/caption]
- Interest rates are projected to increase steadily heading into 2019.
- The higher your interest rate, the more money you end up paying for your home and the higher your monthly payment will be.
- Rates are still low right now. Don’t wait until rates hit 5% to start searching for your dream home!
Bottom Line:Don't allow the cost of waiting to keep you from buying the home you've always dreamed about! Call me today.
- Don’t forget to set your clocks forward this Sunday, March 11th at 2:00 AM EST in observance of Daylight Saving Time.
- Unless of course, you are a resident of Arizona or Hawaii!
- Every hour in the United States: 614 homes are sold, 81 homes regain equity (meaning they are no longer underwater on their mortgage), and the median home price rises $1.51!