Tag Archives: home buyers

First-Time Home Buyers Have Increased

For the first time in three years, the percentage of home buyers in the real estate market has increased.

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Millennials Make Up Half of US Real Estate Buyers

News from Zillow’s recent real estate study

HomeForSaleSignZillow released a study on Tuesday, revealing some of their real estate findings; including: “half of all buyers are under age 36, meaning the Millennial generation is driving more of the housing market than we previously understood.”

Another finding had to do with the hiring of real estate agents. They found that “buyers aren’t replacing the expertise of real estate agents with online research—but they are doing a tremendous amount of research online before contacting an agent. Those who start their home searches online are actually more likely to use an agent than other buyers.”

The report summarizes Zillow’s findings in a 164-page report; click here to read about all of the real estate findings in detail.

Money Monday: Good news for home buyers

Incomes are finally rising faster than home prices.

Photo from Pictures of Money

Photo from Pictures of Money

“For the first time since 2011, incomes rose faster than home prices in the U.S., according to a new report from Zillow.

“The median home price climbed to $188,100 in August, a 5% increase from the same time a year ago.

“And last week, the Census Bureau reported that median household income increased to $56,516 in 2015, up 5.2% from 2014.”

CNN. “Here’s some good news for house hunters.”  http://money.cnn.com/2016/09/22/real_estate/incomes-rise-faster-than-home-values

Read more of this article at CNN here.

Homebuyer Challenges

Potential homebuyers can face challenges to buying a home.

What difficulties to they face?

  • Saving for a down payment (need help on saving/not spending as much? Check out my Money Monday posts!)
  • Lack of houses for sale (real estate inventory)
  • Difficulty getting financing and credit
  • Personal debt (I have some tips in my past Money Monday posts!)

BuyerRoadblocks

 

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS at CAR.org.

Money Monday: Brexit and U.S. Homebuyers

Why Brexit is great news for U.S. homebuyers

“It’s now even cheaper to get a mortgage.

“The average rate of a 30-year fixed mortgage dropped to 3.48% — the lowest level since May 2013, according to Freddie Mac. A year ago, the rate was 4.08%.

“The drop comes in the wake of the U.K.’s decision to leave the European Union. The historic vote sent the yield on the U.S. 10-year Treasury, which serves as benchmark for consumer loans, tumbling to 1.45% this week…”

Read more of this article from CNN Money here: “Why Brexit is great news for U.S. homebuyers“.

Money Monday: 5 things homebuyers need to do

If you’re looking to purchase a home in the near future, start planning now on what you need to do before actually looking for a home.

buyers and sellers real estate disclosures

There’s a lot on your to-do list when it comes time to buy a home, but you can avoid making some big mistakes and hurdles by realizing these five helpful pieces of information (tips from the Bankrate’s helpful article here: “5 first-time homebuyer mistakes“):

  • Realize that you’ll be paying more than just mortgage payments
  • Get loan preapproval before starting the house hunt
  • Get professional help from a real estate agent (In San Diego County and don’t have a Realtor? Call me at (619) 890-3648!), loan agent, and perhaps a lawyer)
  • Don’t use all your savings on the down payment
  • Wait until you’ve officially closed to make any other big purchases

Bankrate’s article is full of many more details and information on these tips, so click over to their website and read their article here: “5 first-time homebuyer mistakes“.

Money Monday: 4 reasons 2016 is the year to buy a home

“If you’ve been on the fence about buying a home, 2016 is the year to take the plunge.Mortgage rates have been bouncing around record lows for a while now. But even though they’re likely to start going up, you haven’t missed your chance to get a deal on a house.

“A number of factors are coming together, making next year a good time to buy:”

1. Home prices will still go up, but should slow down

2. More homes will come onto the market 

3. Mortgage rates will go up

4. Rents will still be high

Read more of CNN.com’s article here: “4 reasons 2016 is the year to buy a home“.

Money Monday: Buying a home without a 20% down payment 

Are you thinking of buying a home, but don’t have 20% of the purchase price for a downpaynent?

That doesn’t necessarily mean that you’re out of luck. 
  

With the national average listing price for a four-bedroom, two-bathroom home at $302,632, according to Coldwell Banker Real Estate, home buyers need to come up with $60,526 to put 20% down.

A recent article from Money.CNN.com has some helpful ideas for hopeful homebuyers:

1. Apply for an FHA loan. These require as little as 3.5% down. 

2. See what your options are through the government. 

“The Department of Veteran’s Affairs guarantees VA home loans with 0% down to former and current service members… 

“The Department of Agriculture has a home loan program to increase homeownership in more rural and less-populated areas…

“Many cities and municipalities offer down payment assistance programs to help potential buyers…”

3. Ask family members for a loan.

4. Get the money as a gift 

5. Use retirement funds 

Read CNN’s full post on this here: “How to buy a home without a 20% down payment“.