EXIT Realty Premier Blog
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.
WHAT DO YOU ACTUALLY NEED TO
QUALIFY FOR A MORTGAGE?
Fannie Mae recently released their “What Do Consumers Know About The Mortgage Quali cation Criteria?” Study. The study revealed that Americans are misinformed about what is really required to qualify for a mortgage when purchasing a home.
To help correct these misunderstandings, let’s take a look at the survey results compared to the latest Ellie Mae Origination Insight Report, which focuses on recently approved loans.
Survey Results vs....
Why You Need A Professional When Buying A Home
Many people wonder whether they should hire a real estate professional to assist them in buying their dream home or if they should first try to do it on their own. In today’s market: you need an experienced professional!
You Need an Expert Guide if You Are Traveling a Dangerous Path
The field of real estate is loaded with land mines. You need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home t...
HOME PRICES OVER THE LAST YEAR
Every quarter, the Federal Housing Finance Agency (FHFA) reports on the year-over-year changes in home prices. Below, you will see that prices are up year-over-year in every region.
Looking at the breakdown by state, you can see that each state is appreciating at a different rate. This is important to know if you are planning on relocating to a different area of the country. Waiting to move may end up costing you more!
Be smart about how you spend money to live somewhere. Invest in your future.
There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents while locking in your housing cost for the life of your mortgage.
Don’t Become Trapped.
Jonathan Smoke, Chief Economist at realtor.com recently reported on what he calls a “Rental Affordability Crisis.” He warns that,
“Low rental vacancies and a lack of new rental construction are pushing up rents, an...
