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:
- 72% of buyers who purchased homes this year have put down less than 20%.
- 76.4% of loan applications were approved last month.
- The average credit score of approved loans was 727 in September.
- 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!
- Buying a home can be intimidating if you are not familiar with the terms used during the process.
- To start you on your path with confidence, we have compiled a list of some of the most common terms used when buying a home.
- The best way to ensure that your home-buying process is a confident one is to find a real estate professional who not only puts your family’s needs first, but will guide you through every aspect of the transaction with ‘the heart of a teacher.’
- According to a study by GOBankingRates, it is cheaper to buy a home than rent in 38 states across the country.
- In six states the difference between buying & renting would account for less than a $50 monthly difference, leaving the choice up to the individual family.
- Nationwide, it is now 26.3% cheaper to buy.
I Would Buy Now!
- 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 5.2% by the third quarter of 2019.
- CoreLogic predicts home prices to appreciate by 5.1% over the next 12 months.
- If you are ready and willing to buy your dream home, find out if you are able to!
- Housing inventory is still under the 6-month supply that is needed for a normal housing market, except in the following Nassau and Suffolk County towns as of August 2018:
- (Not a complete list for all Nassau and Suffolk County towns)
- Buyers are often competing with one another for the listings that are available.
- Perhaps the time has come for you and your family to move on and start living the life you desire.
- According to a new survey from Open Listings, 62% of Americans ages 25-54 believe that buying a home is more stressful than planning a wedding.
- Many young couples are saving for a wedding and a home at the same time.
- The average US wedding now costs 66% of a median home down payment, according to The Knot.
- The Federal Housing Finance Agency (FHFA) recently released their latest quarterly Home Price Index report.
- In the report, home prices are compared both regionally and by state.
- Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!
- Hiring a real estate professional to help you buy your dream home or sell your current house is one of the most ‘educated’ decisions you can make!
- A real estate professional has the experience needed to help you through the entire process.
- Make sure that you hire someone who knows current market conditions and can simply and effectively explain them to you and your family!