Nearly ¼ Of Homeowners Purchase Property With Less Than 5% Down
A lot of potential home buyers think that in order to successfully buy property they need to save up a sizeable down payment of 20% of the purchase price—and that until they have that down payment in the bank they can’t transition to homeownership.
But the “20% down payment myth” just isn’t true. Thanks to a variety of lending options, there are plenty of buyers out there purchasing property with far less than 20% down.
According to recent research from Zillow, 24.2% of buyers put down 5% or less when purchasing their homes. That’s nearly one in four buyers on the market!
According to this data, it’s...
Why Do Houses “Expire”?
You’ve seen this happen…
A house sits on the market forever, and it doesn’t get sold.
You see an agent’s for sale sign sitting in the yard for months and months. And then, all of a sudden, another one appears.
Sometimes, the new agent will get the house sold.
But sometimes, no matter how many different agents list the house, it just never sells.
You’ve been watching that house “expire”.
That is industry-speak for when a house doesn’t get sold during the time frame an owner has a listing contract with a particular real estate agent.
When a listing expires, it’s not uncommon for the owner to hire someone new to list their home…figuring the first real estate agent just didn’t have what it takes to get their home sold.
But, it usually isn’t the agent that was the problem. There are a few common problems that...
3 Tips On Timing The Sale And Purchase Of A Home
If you’re like most people, you’re probably concerned about selling your house before having one lined up to buy.
You don’t want to sell your house first, not having somewhere to go.
But, at the same time, you know you can’t buy another house, without selling the house you already own.
Ideally, you want to time the sale and closing of the house you have to sell, with the purchase of the house you’re moving to. Ideally…
But, it isn’t always easy, or even possible. You certainly can’t bank on it. So, it’ll help you to have a few tips to up the chances of timing the sale and purchase as much as possible, or at least have a plan just in case it doesn’t…
1. Negotiate time to find a home.
Probably the easiest solution is to sell your home to a buyer who’s willing to give you some nice terms in the contract.
Open House Etiquette 101: A Guide For Buyers
Open houses can be an interesting experience for first-time buyers and seasoned buyers alike — especially if the owners are still living in the home.
It can be a bit awkward walking through someone’s home, looking at their things, and judging whether their property is a place you can envision as a home for you and your family.
But it doesn’t have to be awkward! As long as you know what’s appropriate in terms of etiquette, open houses can be a breeze.
So, what are the rules for open houses? What’s proper etiquette? And how should you as a buyer behave when attending an open house?
Treat the host with respect
The first — and most important — rule of open house etiquette is to treat your host with respect. Whether you’re dealing with a real estate agent, an owner, or both, it’s important that you’re polite and respectful. If you fall...
Fixer Upper vs. Move-In Ready: Which One Is Right For You?
When it comes to buying real estate, you want to make sure the property you purchase is the right fit for your needs. For some buyers, purchasing a home that needs some work is the ideal situation. For others, getting a turnkey home that’s move-in ready is the only option they’ll consider. And for still others, both seem like reasonable options.
The question is: which is for you? There are pros and cons to both fixer uppers and move-in ready homes. The important thing is to recognize which is the best fit for you, your budget, and what you want out of a home.
Let’s take a look at the pros and cons of fixer uppers and move-in ready homes to help you determine which is the better fit for you:
Fixer uppers are, as the name implies, homes that need a bit of TLC – or fixing up – upon move in.
Mortgage Rates Tumble In 2019—Making Now A Great Time To Buy
One of the biggest factors for buyers in determining the right time to buy a home? Mortgage rates. Securing a low interest rate on your mortgage can save you tens of thousands of dollars over the course of your loan while buying when rates are high can cost you tens of thousands of dollars in interest.
So where, exactly, are mortgage rates in 2019—and what does that mean for buyers?
According to a recent article in REALTOR Magazine, mortgage rates have been steadily falling in 2019. Currently, the average rate for a 30-year fixed-rate mortgage is 4.28 percent—down .17 percent from this time last year (when the rates averaged 4.45 percent). Rates for 15-year fixed-rate mortgages have fallen even more; currently, the average rate for a...
4 Tips For Buying A Home From A Distance
Chances are, if you’re looking for a new home, you’re ready for a change of scenery. And while that might mean just a new property or a new neighborhood, for many potential homebuyers, that often means a new city. And if you’re considering buying property in a city other than the one where you currently reside, you probably have a lot of questions about the process. Will you have to fly to your new city every weekend to look at properties? Will you miss out on hot properties? Is it even possible to buy without physically being in your city?
Buying a home from a distance certainly presents its own set of unique challenges, but by no means is it impossible. Here are four tips for buying a home from a distance to make the process easier, faster, and less stressful for you and your family:
1. Gather information
When you’re buying property in an unfamiliar city, the first thing you need to do...
The Real Estate Market Is Looking Sunny For Buyers This Spring
The first thing that comes to mind when you think of spring is, of course, sunshine. And for buyers who are looking to purchase real estate this spring season, the forecast is looking pretty sunny.
According to a recent article in Realtor Magazine, while home prices across the country are up year over year, the outlook is improving—and homes are expected to become increasingly affordable as we move through spring. The reason for the improved affordability outlook? Falling mortgage rates, which has increased potential homeowners’ buying power and reduced the average monthly mortgage payment (according to the article, mortgage payments on an average-priced home in the US have dropped by $62 per month).
3 Common Fears Of First Time Home-Buyers… And How To Overcome Them
Buying your first home can be one of the most exciting experiences of your life. But it can also be one of the scariest.
Buying real estate is a complicated process. And if you’ve never purchased a home before, the fear of all those unknown variables can make the experience stressful, frustrating, and downright terrifying.
If you’re thinking about purchasing a home but are dealing with the fear that comes along with it, don’t worry! You’re not alone. Most first time home-buyers deal with a certain level of fear as they get ready to buy their first home.
But that fear doesn’t have to hold you back. Here are three of the most common fears of first time home-buyers (and how you can overcome them).
“I can’t afford to buy a home.”
The number one fear most first time home-buyers struggle with is the fear they can’t afford...
7 Budgeting Tips To Help You Buy Your First Home
So you’ve decided to purchase your first home. Congratulations! Purchasing a home is a huge decision, and it can be one of the most exciting and rewarding experiences of your life.
But purchasing a home requires capital, and if your savings account is looking a little trim, it means that you will have to do some budgeting in the upcoming year to make your dream of being a homeowner a reality.
Here are 7 budgeting tips to help you buy your first home:
1. Track Everything You Spend
You will not be able to make any major changes to your budget if you don’t have a firm understanding of how your money is being spent. Tracking everything you spend for a month will show you exactly how much you’re spending, where you’re spending it, how much of your budget is going towards necessities and how much of your budget is going towards luxuries.
You can keep track of all of your expenses...