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First Time Buyers

Found 44 blog entries about First Time Buyers.

tips for home buyers in Keller, TX and surrounding areas

It's Not Always All About the Money

You've been watching the online listings of homes for sale.  You want just the right school district, and a reasonable distance for your commute.   You've driven by a few homes, attended open houses, and toured several after work and on weekends too.  Finally you find that perfect house to call a ‘home.’   The price is right, but you know in a competitive market you'll need to make a great offer to guarantee that your dream of making this house yours comes true!

Here are 4 steps to consider when making an offer in today's market:

1. Don't Get Pre-approved.  Get Loan Approved

As agents, it seems like we're always trying to impress on home buyers the importance of getting pre-approved before looking at

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Keller, Southlake and Trophy Club homes for sale
Mortgage interest rates have risen over a quarter of a point in just the first two months of 2018,  and Freddie Mac's US Economic and Housing Market Outlook is projecting a steady increase of interest rates throughout the year,  Many suggest rates could reach 5% by the end of the year. Now those of us who have been around a while recognize 5% interest rates are still a "gift", having seen rates much higher in the past.  Several of us who were in the market in the mid to late 1980's even remember 12-14% rates.  Still each increase, especially when combined with increasing housing prices, bodes poorly for homebuyers sitting on the fence.

What impact will rising rates have on home values?

Just as in years past, I'm starting to hear some potential home

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Mortgage Interest Rates affecting home buyers in Keller, Southlake, Trophy Club

Is Waiting to Buy Your Road to Nowhere?

For several years now rising home prices in Keller, Southlake, Trophy Club and other North Texas areas have forced home buyers to expect less and less for their home buying dollars.  Now rising interest rates appear be an additional factor those considering a home purchase will have to navigate as well.  Just like rising home prices, rising mortgage interest rates have a direct impact on your monthly payment and which homes you can qualify to buy.  

And each step up in rates, especially when combined with increasing housing prices, bodes poorly for those sitting on the fence.

Where are mortgage interest rates going in 2018?  Below are the projections from Freddie Mac’s U.S. Economic & Housing

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Drop in Keller School District Home Values

58% of Homeowners See a Drop in Home Values Coming

Over half of US homeowners believe there will be a "housing bubble and price correction" between now and mid-2019.  That's according to a survey by ValueInsured, a company that sells insurance to homebuyers that reimburses housing downpayments should the market decline.  Now, I am not familiar with ValueInsured, and the point of this post is not to encourage you to check out their product.  But their "Modern Homebuyer Survey" sure caught my eye. I can certainly understand the concerns potential home buyers and owners have about the rise in housing prices, especially with a still fresh memory of the downturn less than a decade ago.  But this market has little in common with the forces of that

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Lock In Your Housing Expense

Lock in Your Housing Costs Now


Is now the time to lock in your housing costs?  I got a call this week from some renters who have put off buying a home in the Keller School District because housing prices have risen.  They often say they waited because the housing market was going up so fast.  But now these folks are starting to realize they can't save for a down payment faster than home prices are going up, and their rent is increasing too.  There are lots of advantages to homeownership, and as these renters are realizing,  one of the top advantages is being able to protect themselves from rising rents by locking in housing cost for the life of a mortgage.

It’s Cheaper to Buy Than Rent

The latest Rent vs. Buy Report from Trulia shows that

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Homeownership The American Dream

Measuring DFW's Ability to Achieve the American Dream


Have you seen Forbes.com's  new American Dream Index?   They just released this latest examination of "the prosperity of the middle class".  This new monthly index measures a multitude of economic factors broken down by state.  Some of the factors Forbes look at include employment items like goods-producing employment, unemployment insurance claims, labor force participation, and layoffs.  Other items such as personal and commercial bankruptcies, building permits and startup activity are also reviewed. 

The full results can be seen in the map below.

Homeownership Dream Index

 

Forbes Senior Editor Kurt Badenhausen explained why many states saw a boost in the index last month:

“[B]usinesses are hiring in…
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Luxury Home Southlake TX
Looking to Move-Up to a Luxury Home? Now’s the Time!


Does your current home still fit your needs?  If you're planning an upgrade into a luxury home, now is a great time to do it! I recently shared data from Trulia’s Market Mismatch Study showing buyers currently have more control in area luxury markets like Southlake, Trophy Club and Colleyville.  The inventory of homes for sale in those markets is higher than in those offering homes closer to DFW median price points.  So sometimes, homes in the area's luxury markets are staying on the market longer, or can be found at a discount.

If you're selling your starter or trade-up home, you may well find buyers competing, and often entering bidding wars, to be able to call your house their new home.  This

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Keller Housing Market Prices to Rise

Inventory Mismatch Paints a More Detailed Picture


the National Association of Realtors latest Existing Home Sales Report  reports the inventory of existing homes for sale in today’s market to be at a 3.6-month supply. That's now 7.1% lower than this time last year, marking the 20th consecutive month of year-over-year drops. We're seeing the same thing in our area. 

Typically,  a 6-month supply of homes for sale is considered a "normal market",  where home prices appreciate with inflation. When there is less than about a 6-month supply the demand for houses outpaces supply.  And you are probably aware of what happens when demand is higher then availability.  Prices go up.  

Here's the chart showing the US has been in a sellers' market for the

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Mortgage Interest Rates Rising

Mortgage Interest Rates Went Up Again… Now What?

In case you hadn't noticed, mortgage interest rates have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.

So now I'm hearing would-be home buyers in Keller, Trophy Club and North Richland Hills wonder if they should wait to buy...  

If you think it's been hard so far to find a home that fits your budget and your needs, it's going to get worse. - Jonathan Smoke, Realtor.com's Chief Economist.

Possible home sellers in the area that have lower mortgage interest rates may be less inclined to move up or buy a new

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Are You Buying a Home This Year?

Are You 1 of the 59 Million Planning to Buy a Home This Year?

According to a survey conducted by Bankrate.com, one in four Americans are considering buying a home this year. If this statistic proves to be true, that means that 59 million people will be looking to enter the housing market in 2017.  Are you one of them?

The survey also revealed 2 key takeaways:

  1. Those most likely to buy are ‘Older Millennials’ (ages 27-36) or ‘Generation X’ (ages 37-52)
  2. Many potential buyers believe they need to put 20% down and need to have perfect credit to own and are unaware of programs that would allow them to buy now.

Holden Lewis, a mortgage analyst for Bankrate.com, pointed to one big reason why many Americans are starting to consider

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