Tagged : First Time Buyers RSS Icon
Found 35 blog entries tagged as First Time Buyers.

 

As agents, it seems like we're always trying to impress on home buyers the importance of getting at least pre-approved before looking at houses.  But some buyers just don't want to make the effort until they "find the one". 

Now those buyers are two steps behind.  Just getting pre-approved is no longer enough.  Today's savviest agents get their buyers loan approved in advance. 

Pre-Qualification, Pre-Approval & Loan Approved. What's the difference?

Pre-Qualification

Getting pre-qualified for a loan is an easy process. Probably too easy.  It’s just an initial evaluation of your creditworthiness.  You give the lender your approximate income, the amount of your debt and any other important details from your credit history, often over the

673 Views, 0 Comments
Read Full Post

 

Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data covers responses from 2013-2016.

The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).

These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.

There are many who see that statistic and point toward how broad the range of respondents are for the Federal Reserve survey. Their study includes all economic and social groups and also includes all age groups. The argument is

275 Views, 0 Comments
Read Full Post

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

1644 Views, 0 Comments
Read Full Post

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

3053 Views, 0 Comments
Read Full Post

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

1018 Views, 0 Comments
Read Full Post

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

763 Views, 0 Comments
Read Full Post

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

962 Views, 0 Comments
Read Full Post

Keller Home Prices and Family Wealth

The Connection Between Home Prices & Family Wealth

 

How about earning a projected $43,000. increase in equity, before mortgage payments, on a $250,000. house over the next 5 years.... Considering an FHA downpayment is just 3.5% - $8750 to get in... Where else could you get that kind of return?

Over the next five years, national home prices are expected to appreciate 3.22% per year on average and to grow by 17.3% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.  Southlake, Grapevine, Trophy Club,  and surrounding areas are expected to do even better. 

So, what does this mean for homeowners and their equity position?

As an example, let’s assume a young couple

896 Views, 0 Comments
Read Full Post

Keller Home Buyers Impacted By Rising Interest Rates


Mortgage Rates Impact on 2017 Home Values

There is no doubt that historically low mortgage interest rates were a major impetus to housing recovery over the last several years. However, many industry experts are showing concern about the possible effect that the rising rates will have moving forward.

The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are all projecting that mortgage interest rates will move upward in 2017. Increasing interest rates will definitely impact purchasers and may stifle demand.

In a recent study of industry experts, “rising mortgage interest rates, and their impact on mortgage affordability” was named by 56% as the force they think will have the most significant impact

617 Views, 0 Comments
Read Full Post

Rent verses Buy

Some Highlights:

  • Historically, the choice between renting or buying a home has been a close decision.
  • Looking at the percentage of income needed to rent a median-priced home today (30%), vs. the percentage needed to buy a median-priced home (15%), the choice becomes obvious.
  • Every market is different. Before you renew your lease again, find out if you could use your housing costs to own a home of your own!
612 Views, 0 Comments
Read Full Post

What's Your Home Worth? Find out now, for Free.

Let's Go