There are plenty of valid reasons to own instead of rent, especially in the current low rate environment. Let’s take a look at why homeownership simply makes more sense than renting, especially over a long-term basis.
Category Archives: Buyers
4 Home Buying Ducks to Get in a Row for 2014
When it comes to putting your ducks in a row for buying a home, a few things are key. First, start early. Whenever you think you should get started doing the actual prep steps, work backwards about 3 or 6 months before that on the calendar and start then.
Secondly, be bold. Many buyers-to-be hesitate to get into the not-so-adorable territory of credit and savings, out of a fear that they’ll learn something that will kill their dreams. The bolder you are about going into scary territory, the faster you’ll learn the truth of what work lies ahead of you – and the more time you’ll have to do what it’ll take to overcome any challenges. Also, just the knowing will make anything scary less so. Here are four ducks you’ll want to start getting lined up and comfortable with now if you hope to buy a home in 2014.
Housing Predictions: How 2014 Will Be Different
What should you expect for next year’s housing market? Trulia’s Chief Economist, Jed Kolko, dipped into the data to find out. Check out his predictions for the 5 ways that the 2014 housing market will be different from 2013, as well as the top 10 cities to watch as we enter the new year.
Picking a Home Over the Phone
More home buyers use a mobile device, such as a smartphone, as a primary information-gathering tool. More than half of all page views of listings nationwide now occur through a mobile device, as opposed to a desktop computer, according to an analysis by Realtor.com. Of mobile searches, more than twice as many listings are viewed via iPad and iPhone than via Android devices. Searches with iPhones are nearly three times as high as Android searches.
Predictions for the New Year
The coming year is expected to be a little kinder to home buyers. While affordability will continue to be a problem in hot markets like New York and San Francisco, buyers in general may find they have more homes to choose from and more lenders vying for their business.
Skyrocketing rents hit ‘crisis’ levels
Since the housing crisis began in 2008, approximately 4.6 million homes were lost to foreclosure, according to CoreLogic. The vast majority of those homeowners became renters. Even as housing recovered, credit tightened, pushing even more potential buyers out of homeownership and into rentals, both apartments and single-family rental homes.
There are now 43 million renter households, or 35 percent of all U.S. households, the highest rate in over a decade for all age groups, according to Harvard’s Joint Center for Housing Studies; 4 million more renters today than there were in 2007. For those aged 25 to 54, rental rates are the highest since the center began record keeping in the early 1970s.
As a result, rental vacancies have fallen dramatically, and rents have skyrocketed.
Why today’s home buyer needs a real estate agent more than ever
Last summer a Realtor got an email from a local real estate attorney who wanted to buy a house. He’d just gotten engaged and wanted to save some money by representing himself.
This attorney wanted to do all the work an agent would do to find and buy his first home, and get paid a commission for his work. She explained to him that the commission is payable to the listing agent who agrees to pay a portion of it to the Realtor representing a buyer.
6 Things Real Estate Agents Wish You Knew
Real estate agents see it all.
From the unmade beds to the overstuffed garages to the “What were they thinking?” decor. Over the years, they learn a thing or two: Why some houses sell, while others linger on the market. Why some promising buyers never make it to the closing table. How to get a better deal on the mortgage. Even just how much the other agents stand to make on your home. And the good news is, they want to share. Whether you’re a buyer, seller or both, here are six things real estate agents wish you already knew.
NAR Chief Economist Reveals 2014 Predictions
Speaking at the 2013 Realtors Conference & Expo earlier this month, National Association of Realtors (NAR) chief economist Lawrence Yun predicted steadiness in existing-home sales over the next year as prices continue to ascend.
Over the past two years, Yun says existing-home sales have shown a 20 percent cumulative increase, while prices have gained 18 percent. Meanwhile, incomes have only barely risen, coming up somewhere between 2-4 percent.
International Clients Buy Detached Single-Family Houses
About 64 percent of international clients typically buy detached single-family homes, which they intend to use for primary residence and for longer than six months. This information is based on the National Association of REALTORS® 2013 Profile of International Home Buying Activity, which captures transactions of REALTOR® respondents with international clients in the 12 months ended March 2013.
International clients include persons who principally reside in another country (Type A) and recent immigrants and foreigners on temporary visas in the U.S (Type B). About 49 percent of REALTOR® respondents reported that their international client was a Type B client.
Resident foreigners include recent immigrants, professional and managerial employees of businesses and institutions, and International students enrolled in U.S. colleges and universities who are in the U.S. on a temporary but extended visit; all of these groups may plan on using the property year round for primary residence.
Managing The Real Estate Details 