Tag Archives: buy

by

4 Home Buying Ducks to Get in a Row for 2014

Home Tour

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.

by

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.

Read the article…

by

Why today’s home buyer needs a real estate agent more than ever

Home Tour

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.

Read more…

by

6 Things Real Estate Agents Wish You Knew

Open House

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.

by

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.

Read more…

by

3 Rent vs. Buy Market Myths

Calculator

To rent or to buy? That is the question. Well, at least for many buyer prospects.

Buyers are sometimes stunned at the number of potentially life-changing decisions and choices they are required to make over the course of a house hunt. This neighborhood or that one?  Condo or single family? Fixer or move-in ready? Is that the right house? How much to offer, and on what terms? When to make an offer?  Whether to remove contingencies?

And that’s just the short list. Read more…

by

Second Chance for Foreclosed Home Owners

Home

The Federal Housing Administration is giving some former home owners another shot at home ownership. The FHA sent a letter to mortgage lenders stating that it would offer mortgage insurance to borrowers who once filed for bankruptcy, or who lost their homes through foreclosure or short sale during the recession.

Still, potential borrowers must show they can meet all other FHA requirements and that they are no longer financially constrained. Borrowers also will have to undergo housing counseling and FHA is requiring lenders to verify that at least a year has passed since the foreclosure or “economic event” that caused the foreclosure or bankruptcy.

Read more…

by

Buying is Cheaper Than Renting Til Mortgage Rates Hit 10.5%

The recent rise in mortgage rates has made buying a house a little more expensive: the increase in the 30-year fixed rate over the past month from 3.4% to 3.9% (Freddie Mac) raised the monthly payment on a $200,000 mortgage by $56, or 6%. However, because mortgage rates are still near long-term lows, and because prices fell so much after the housing bubble burst and remain low relative to rents even after recent price increases, buying is still much cheaper than renting. That means that the recent jump in rates doesn’t change the rent-versus-buy math much.

Rates are likely to keep rising, but how far must rates rise before buying a home starts to look expensive relative to renting?

Read the very informative article…

by

The DOs and DON’Ts of a New Mortgage

For Sale and Sold

You’ve made a great decision to buy a home.  Now what?!

From now until you closing, you’ll want to keep your accounts clean when it comes to getting a mortgage.  Here are just a few things to remember throughout the process.

by

Top Reasons Renters Say They Want to Own

Home

A recent study by mortgage giant Fannie Mae showed that 90 percent of renters aspire to be home owners one day, and the top reason behind that desire is for the sense of gaining greater control over their living arrangements.

The survey revealed the following top reasons why renters want to own…