EXIT Realty Premier Blog
According to Bankrate’s latest Financial Security Index Poll, Americans who have money to set aside for the next 10 years would rather invest in real estate than any other type of investment.
Bankrate asked Americans to answer the following question:
“Which would be the best way to invest money you did not need for more than 10 years?”
Real Estate came in as the top choice with 25% of all respondents, while cash investments (such as savings accounts and CD’s) came in second with 23%. Th...
One of the biggest takeaways from Pulsenomics’ most recent Home Price Expectation Survey is that over the next five years, home prices are expected to appreciate 3.5% per year on average and to grow by around 18% cumulatively.
What does this mean for homeowners and their equity position?
As an example, let’s assume that a young couple purchased and closed on a $250,000 home in January of this year. If we take a look at only the projected increase in the price of that home, how much equity wi...
Eric Belsky is the Managing Director of the Joint Center of Housing Studies (JCHS) at Harvard University. He authored a paper on homeownership titled - The Dream Lives On: The Future of Homeownership in America. In his paper, Belsky reveals five financial reasons why people should consider buying a home.
Here are the five reasons, each followed by an excerpt from the study:
1. Housing is typically the one leveraged investment available.
“Few households are interested in borrowing money to buy...
GETTING A MORTGAGE:
WHY SO MUCH PAPERWORK?
Why is there so much paperwork mandated by lenders for a mortgage loan application when buying a home today? It seems that they need to know everything about you and require three separate sources to validate each and every entry on the application form.
Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.
There are two very good reasons that...
Do your research, reach out to the professionals, stick to your budget & be sure you are ready to take on the financial responsibilities of being a homeowner.
Depending on where you live, median rents, incomes and home prices all vary. By determining the percentage of income a renter spends on housing in each state, and the amount needed for a 10% down payment, they were able to establish how long (in years) it would take for an average resident to save.
According to the study, residents in South Dakota are able to save for a down payment the quickest in just under 3.5 years.
On the right is a map created using the data for each state.
In many markets across the country, the amount of buyers searching for their dream home greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
