Wednesday, August 29, 2018 / by Carlyn Voges
A home is arguably the biggest purchase you're ever going to make. It's important to make sure that you don't end up regretting your investment. Unfortunately, a lot of buyers - particularly those who are looking for a home for the first time, are so eager to start their ascent up the property ladder, that they forget to check the things that could act as red-flags for a problematic new house.
While the right realtor can help to steer you towards the property that's best for you, it's also worth approaching your viewings with a list of things to look for, so that you feel totally prepared to go in with your eyes wide open. Here are just some of our best tips for a successful viewing every time.
1. Start by Looking Online
If you want to get a good idea of what's available in your area, then the internet is a great place to start. Browsing the featured listings on a reputable website will allow you to check out some features before you go for a viewing. ...
Tuesday, August 21, 2018 / by Carlyn Voges
Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV binge session? We’ve all been there, watching entire seasons of “Love it or List it,” “Million Dollar Listing,” “House Hunters,” “Property Brothers,” and so many more all in one sitting.
When you’re in the middle of your real estate themed show marathon, you might start to think that everything you see on TV must be how it works in real life, but you may need a reality check.
Reality TV Show Myths vs. Real Life:
Myth #1: Buyers look at 3 homes and decide to purchase one of them.Truth: There may be buyers who fall in love and buy the first home they see, but according to the National Association of Realtors the average homebuyer tours 10 homes as a part of their search.
Myth #2: The houses the buyers are touring are still for sale.Truth: Everything is staged for TV. Many of the ...
Monday, August 20, 2018 / by Carlyn Voges
Interest rates are projected to increase steadily heading into 2019
The higher your interest rate, the more money you end up paying for your home and the higher your monthly payment will be.
Rates are still low right now – don’t wait until they hit 5% to start searching for your dream home!
Monday, August 06, 2018 / by Carlyn Voges
In a CNBC article, self-made millionaire David Bach explained that: “Buying a home is the escalator to wealth in America. Homeownership can also help you retire early, that is, if you pay your mortgage off.”
Bach suggests that homebuyers should, “Take out a 30-year mortgage, but with the intention of paying it off in 25, 20 or ideally, 15 years.”
How does he suggest you do this? Here’s the secret:
“…If you were paying $1,000 a month, now you’re going to make $1,100 payments every month. Inform the bank that you are doing this and that you want the extra $100 a month to be applied to the principal (not the interest).”
What will happen to your mortgage?
Bach explains that, “If you keep this up, you’ll wind up paying off your 30-year mortgage in about 25 years. Increase your monthly payment by 20 percent, and you’ll have that mortgage retired in about 22 years.”
Thursday, August 02, 2018 / by Carlyn Voges
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 98 of the 100 largest metro areas in the United States.
In the six years that Trulia has conducted this study, this is the first time that it was cheaper to rent than buy in any of the metropolitan areas.
It’s no surprise, however, that those two metros are San Jose and San Francisco, CA, where median home prices have jumped to over $1 million dollars this year. Home values in San Jose have risen 29% in the last year, while rents have remained relatively unchanged.
For the 98 metros where homeownership wins out, 97 of them show a double-digit advantage when buying. The range is an average of 2.0% less expensive in Honolulu (HI), all the way up to 48.9% in Detroit (MI), and 26.3% nationwide!
Below is a map of the 100 metros that were studied. The darker the blue dot on the metro, the c ...