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The National Association of Realtors (NAR) keeps historic data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average [...]
Are you thinking of buying a home? Are you dreading having to walk through strangers’ houses? Are you concerned about getting the paperwork correct? Hiring a professional real estate agent can take away most of the challenges of buying. A great agent is always worth more than the commission they charge, just like a great [...]
A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification.For many, the mortgage process can be scary, but it doesn’t have to be!In order to qualify in today’s market, you’ll need to [...]
Some Highlights:36% of Americans think they need a 20% down payment to buy a home.44% of Millennials who purchased a home this year have put down less than 10%.71.8% of loan applications were approved last month.The average credit score of approved loans was 731 in September.Powered by WPeMatico
So you made an offer, it was accepted, and now your next task is to have the home inspected prior to closing. More often than not, your agent may have made your offer contingent on a clean home inspection.This contingency allows you to renegotiate the price paid for the home, ask the sellers to cover [...]
The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.The updated numbers actually show that the range is an average of 17.4% less expensive in Honolulu (HI), all the way [...]
Recently there has been a lot of talk about home prices and if they are accelerating too quickly. In some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers out looking for a home, which has caused prices to rise.The great news about rising prices, however, is [...]
In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search.If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE [...]
According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.47%. Rates have remained at or below 3.5% each of the last 16 weeks, marking a historic low.The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but [...]
The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.One such study by the Wharton School of Business at the University of Pennsylvania, revealed that many Millennials have not yet considered purchasing a home, simply because [...]