Monday, April 03, 2017 / by Matthew Freda
Again… You Do Not Need 20% Down to Buy NOW!
Monday April 3rd, 2017 Down Payments, First Time Home Buyers, For Buyers, Move-Up Buyers
A survey by Ipsos found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. There are two major misconceptions that we want to address today.
1. Down Payment
The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 40% of consumers think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.
Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.
2. FICO® Scores
The survey also revealed that 62% of respon ...
Friday, March 31, 2017 / by Matthew Freda
Home Prices Up 6.15% Across the Country! [INFOGRAPHIC]
Friday March 31st, 2017 First Time Home Buyers, For Buyers, For Sellers, Infographics, Move-Up Buyers, Pricing
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!
Alaska, Delaware, West Virginia & Wyoming were the only states where home prices are lower than they were last year.
Thursday, March 30, 2017 / by Matthew Freda
Consumer Confidence in Economy & Housing is Soaring
Thursday March 30th, 2017 For Buyers, For Sellers, Housing Market Updates
The success of the housing market is strongly tied to the consumer’s confidence in the overall economy. For that reason, we believe 2017 will be a great year for real estate. Here is just a touch of the news coverage on the subject.
“Consumers’ faith in the housing market is stronger than it’s ever been before, according to a newly released survey from Fannie Mae.”
“Americans’ confidence continued to mount last week as the Bloomberg Consumer Comfort Index reached the highest point in a decade on more-upbeat assessments about the economy and buying climate.”
“Confidence continues to rise among America’s consumers…the latest consumer senti ...
Tuesday, March 28, 2017 / by Matthew Freda
Millionaire to Millennials: Buy Now!
Tuesday March 28th, 2017 First Time Home Buyers, For Buyers, Millennials, Move-Up Buyers
Self-made millionaire David Bach was quoted in a CNBC article explaining that "the single biggest mistake millennials are making" is not purchasing a home because buying real estate is "an escalator to wealth.”
Bach went on to explain:
"If millennials don't buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter."
In his bestselling book, “The Automatic Millionaire,” Bach does the math:
"As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the sam ...
Monday, March 27, 2017 / by Matthew Freda
Renting or Buying… Either Way You’re Paying a Mortgage
Monday March 27th, 2017 First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers
There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage - either yours or your landlord’s.
As Entrepreneur Magazine, a premier source for small business, explained this month in their article, “12 Practical Steps to Getting Rich”:
“While renting on a temporary basis isn't terrible, you should most certainly own the roof over your head if you're serious about your finances. It won't make you rich overnight, but by renting, you're paying someone else's mortgage. In effect, you're making someone else rich.”
Christina Boyle, Senior Vice ...