Hi Friends,
Purchasing a home is one of, if not entirely, the largest & most significant purchases a person makes in their lifetime.
Take a look at this article, Buying A Home? You Don't Need to Do It Alone! You
don't have to go it alone when buying your first or next home!
"Discover Home Loans conducted an interesting survey that revealed how prepared homebuyers are for the actual mortgage process.
The survey reported that 94% of prospective buyers believe they are
making a good investment decision if they buy a home. The survey also
explained that 66% of buyers reach out to real estate agents to help
determine whether buying a certain home would be a good investment.
However, there is less certainty regarding the mortgage process.
Most buyers overwhelmed
The majority of potential buyers are actually overwhelmed with the
plethora of information available about the home financing process.
Here are some interesting highlights from the report:
- Nearly 66% feel overwhelmed with the amount of information available
- 76% of those under the age of 30 feel overwhelmed
- 76% of first time buyers feel the same way
- 54% of those buyers who have previously owned also were overwhelmed
- 59% of buyers turn to mortgage bankers to help evaluate mortgage terms and comparing offers
- 49% of buyers turn to real estate agents to help evaluate mortgage terms and comparing offers
There is help available…use it!
Cameron Findlay, chief economist at Discover Home Loans, gives great advice:
“The industry is becoming more transparent in an
effort to help homebuyers become informed about changes that may affect
their process. The sheer amount of information can lead to confusion and
stress. Those looking to purchase should work closely with their lender
and realtor to make sure they are comfortable with mortgage terms and
understand the impact a loan will have on their finances.”
Bottom Line
Purchasing a home can put great pressure on a family. Reach out to
the best mortgage and real estate professionals in your market for
assistance throughout the process."
As always, let me know if you have any questions!
~Amy
**Source: KCMBlog.com
Hi Friends!
There's nothing worse than that feeling of being stuck wondering whether to stay or to make a move.
With a stabilizing market, even here in the Salem-Keizer area, folks are still wondering if now is the time.
Take a a look at this article, Don't Wait! Move Up To The Home You Always Wanted!,
as it offers some wisdom on how the current & projected interest
rates could affect your buying power in the coming months.
As always, let me know if you have any questions or if I can be of help!
~Amy
Source: KCM Blog
Hi Friends!
It's finally Fall here in Salem - and so many are wondering how, and if, to move forward with the process of selling their home.
Take a look at this article, Why You Should Sell Your House Now, and consider the insight this author offers.
"
School is back in session, the holidays are right around the corner,
you might not think that now is the best time to sell your house. But
with inventory below historic numbers and demand still strong, you could
be missing out on a great opportunity for your family.
1. Demand is Strong
Foot traffic refers to the number of people out actually physically
looking at home right now. The latest foot traffic numbers show that
there are more prospective purchasers currently looking at homes than at
any other time in the last twelve months which includes the latest
spring buyers’ market. These buyers are ready, willing and able to
buy…and are in the market right now!
As we get later into the year, many people have other things
(weather, holidays, etc.) that distract them from searching for a home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing supply is still under the historical number of 6 months’
supply. This means that, in many markets, there are not enough homes for
sale to satisfy the number of buyers in that market. This is good news
for home prices. However, additional inventory is about to come to
market.
There is a pent-up desire for many homeowners to move as they were
unable to sell over the last few years because of a negative equity
situation. Homeowners are now seeing a return to positive equity as real
estate values have increased over the last two years. Many of these
homes will be coming to the market in the near future.
Also, new construction of single-family homes is again beginning to increase. A recent study by Harris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference).
The choices buyers have will continue to increase over the next few
months. Don’t wait until all this other inventory of homes comes to
market before you sell.
3. The Process Will Be Quicker
One of the biggest challenges of the 2014 housing market has been the
length of time it takes from contract to closing. Banks are requiring
more and more paperwork before approving a mortgage. Any delay in the
process is always prolonged during the winter holiday season. Getting
your house sold and closed before those delays begin will lend itself to
a smoother transaction.
4. There Will Never Be a Better Time to Move-Up
If you are moving up to a larger, more expensive home, consider doing
it now. Prices are projected to appreciate by over 19% from now to
2018. If you are moving to a higher priced home, it will wind-up costing
you more in raw dollars (both in down payment and mortgage payment) if
you wait. You can also lock-in your 30 year housing expense with an
interest rate in the low 4’s right now. Rates are projected to be over
5% by this time next year.
5. It’s Time to Move On with Your Life
Look at the reason you decided to sell in the first place and
determine whether it is worth waiting. Is money more important than
being with family? Is money more important than your health? Is money
more important than having the freedom to go on with your life the way
you think you should?
Only you know the answers to the questions above. You have the power
to take back control of the situation by putting your home on the
market. Perhaps, the time has come for you and your family to move on
and start living the life you desire.
That is what is truly important."
As always, let me know if your thoughts or have any questions!
~Amy
Hi Friends!
Interest rates are always in the news - and always the hot topic when it comes to entering the real estate market; at any price point.
So in my reading recently, I came across the article below that may offer some insight on how current & anticipated interest rates might impact you & your family's real estate decision making.
"
With interest rates still in the low 4%’s, many buyers may be on the fence as to whether to act now and purchase a new home, or wait until next year.
If you look at what the experts are predicting for 2015, it may make the decision for you.
Predictions for 2015 3Q:
Even an increase of half a percentage point can put a dent in your family’s net worth.
Let’s look at it this way…
The monthly payment (principal & interest only) on a $250,000 home today, with the current 4.1% interest rate would be $1,208.
If we take that same home a year later, the Home Price Expectation Survey projects that prices will rise about 4% making that home cost $10,000 more at $260,000.
If we take Freddie Mac’s rate projection of 4.8%, the monthly mortgage payment climbs to $1,364.
Some buyers might not think that an extra $156 a month is that bad.
But over the course of 30-year mortgage you have spent an additional $56,160 by waiting a year."
With these expected changes in interest rates - take the opportunity now to make the most of your real estate buying power!
And as always, please let me know if you have any questions!
~Amy
Source: KCM Blog
Hi Friends,
There may be some of you who are going back & forth about whether it's a good time to make your first or next home purchase.
There are so many factors that play in to making that decision for every family.
But I came across the article below during my regular reading, and thought it might prove helpful for those who are in that exact position. Wondering when or it to make that move.
Take a read & let me know if you have any questions!
"Here are four great reasons to consider buying a home today, instead of waiting.
1. Prices Will Continue to Rise
The Home Price Expectation Survey polls a distinguished
panel of over 100 economists, investment strategists, and housing
market analysts. Their most recent report projects appreciation in home
values over the next five years to be between 30.8% (most optimistic)
and 9.4% (most pessimistic).
The bottom in home prices has come and gone. Home values will continue
to appreciate for years. Waiting no longer makes sense.
2. Mortgage Interest Rates Are Projected to Increase
Although the Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage are currently around 4.2%, Freddie Mac is projecting
that rates will increase to 5.2% by this time next year.
An increase in rates will impact YOUR monthly mortgage payment. Your
housing expense will be more a year from now if a mortgage is necessary
to purchase your next home.
3. Either Way, You are Paying a Mortgage
As a research paper from the Joint Center for Housing Studies at Harvard University explains:
“Households must consume housing whether they own or rent. Not even
accounting for more favorable tax treatment of owning, homeowners pay
debt service to pay down their own principal while households that rent
pay down the principal of a landlord plus a rate of return. That’s yet
another reason owning often does—as Americans intuit—end up making more
financial sense than renting.”
4. It’s Time to Move On with Your Life
The ‘cost’ of a home is determined by two major components: the price of
the home and the current mortgage rate. It appears that both are on the
rise.
But, what if they weren’t? Would you wait?
Look at the actual reason you are buying and decide whether it is worth
waiting. Whether you want to have a great place for your children to
grow up, you want your family to be safer, or you just want to have
control over renovations, maybe it is time to buy.
If the right thing for you and your family is to purchase a home this
year, buying sooner rather than later could lead to substantial savings"
Source: KCM Blog
As always, please let me know if there's any way I can be of help!
~Amy
Hi Friends!
It is a great honor of mine to be able to introduce our newest team member of The McLeod Group here at RE/MAX Integrity.
Terri Hays, Buyer Broker for The McLeod Group
503-371-5209
terrihays@integrityagents.com
Terri comes to our team with energy & excitement to work with Buyers as they search for their ideal home!
We are looking forward to continued success for Terri & The McLeod Group as we work together for you, our clients!
~Amy
Hi Friends!
I
often hear from Sellers & Buyers alike that they're going to
"wait" for the market to get "better." But sometimes
that waiting can cost you much more than you may have been expecting!
Take a moment and look over this article I found in my reading. I'm
hopeful this information may help some of you who are trying to decide if now
is the right time to make a change!
"Whether you are a first time buyer or a move-up buyer, you should
look at the projections housing experts are making in two major areas:
home prices and mortgage rates.
PRICES
Over 100 economists, real estate experts and investment & market strategists were recently surveyed.
They were asked to project where home prices were headed. The average
value appreciation projected over the next twelve month period was
approximately 4%.
MORTGAGE INTEREST RATES
In their last Economic & Housing Market Outlook, Freddie Mac predicted that 30 year fixed mortgage rates would be 4.8% by this time next year. As of last week, the Freddie Mac rate was 4.14%.
What does this mean to you?
If you are a first time buyer currently looking at a home priced at $250,000, this is what it could cost you on a monthly basis if you wait to buy next year:
If you are a move-up buyer currently looking at a home priced at $500,000, this is what it could cost you on a monthly basis if you wait to buy next year:
Bottom Line
With both home prices and interest rates projected to increase, buying now instead of later might make sense."
As always, please let me know if you have any questions at all!
~Amy
*Article courtesy of KCMBlog.com
