46 million millennials can definitely afford a mortgage
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Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as part of attaining the American Dream.
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student loan debt is not a threat to home ownership
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Over the course of the last thirty years, a shift has happened. An entire generation has been raised to believe that a college education (often accompanied with student loan debt) is their key to unlocking opportunities that were not available to their parent’s or grandparent’s generations.
Read More5 tips when buying a newly constructed home
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The lack of existing inventory for sale has forced many homebuyers to begin looking at new construction. When you buy a newly constructed home instead of an existing home, there are many extra steps that must take place.
Read Moreare we about to enter a buyer’s market?
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Home sales are below last year’s levels, home values are appreciating at a slower pace, and there are reports showing purchasing demand softening. This has some thinking we may be entering a buyer’s market after sellers have had the upper hand for the past several years. Is this really happening?
Read Moreis it time to upgrade your starter home?
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It may seem hard to imagine that the first home you purchased might not be the home that will allow you to achieve the rest of your dreams. However, first-time home buyers don’t always consider the differences between starter homes and forever homes. A starter home is a great means to enter the market. You spend less now so you can save more and upgrade when the time (and rates) are right. Buying a forever home for your first purchase generally means spending more upfront to care for your needs long term. Both have their advantages, but starter homes are the typical choice for new buyers. This means that admitting your home no longer suits your needs is not only ok, it’s normal.
Read Moredemand for homes to buy continues to climb
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There is a severe mismatch between the low number of houses for sale and the high demand for those houses! First-time homebuyers are out in force and are being met with a highly competitive summer real estate market.
Read More5 reasons millennials choose to buy a home
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The primary concern among millennials is affordability. It’s clear that they want to buy. However, there are plenty of misconceptions about what is really required to purchase a home. A little clarity may be the extra boost they need.
Read Moredo you need 20% down to buy a home? no.
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The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The survey shows that the main reason non-homeowners do not own their own homes is that they believe they cannot afford them.
Read Morekids’ opinions matter big when buying a home
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When the results were broken down by the parent’s age, millennials (those 18-36) led the way. 74% of homeowners saying that their child’s opinion was a factor in choosing which home to buy. Eighty-three percent of renters believe that their child’s opinion would be a deciding factor when looking to purchase a home.
Read Moreis it a good time to rent or buy?
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People often ask if now is a good time to buy a home, but nobody ever asks whether or not it’s a good time to rent. Regardless, we want to make certain that everyone understands that now is not a good time to rent.
Read Morewaiting until next year to buy a home?
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Last week we discussed how national home prices have increased by 6.7%. Additionally, interest rates have remained historically low which has allowed for more buyers to enter the market. The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year.
Read Morewant to buy a home? time to get pre-approved.
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During spring and summer, we see an influx of buyers competing for the same properties. An active marketplace demands that buyers set themselves apart from each other. One of the easiest ways to do that is to show how serious they are about purchasing a home. Getting pre-approved for a mortgage demonstrates dedication, expedites the loan process and provides an accurate view of the buyer’s budget. To us, starting the buying process with a pre-approval is an absolute must. Otherwise, you’re going into the market blind to what you can afford.
Read Morepay less for your home than your parents
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Housing prices are high, but would you believe that the actual cost of homes is lower today than ever before? Historically prices were lower, however, wages were also lower while mortgage rates were higher. Keeping that in mind, the actual cost to own is cheaper now.
Read Moretime to buy a luxury home in Colorado
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Now is a great time to upgrade to a luxury home if you’re ready. Last month, The Institute for Luxury Home Marketing released its Luxury Market Report showing that buyers are in control of the previously balanced luxury market. With available properties far exceeding willing buyers, more luxury homes are entering the market and staying there longer. For the ready buyer, this can lead to discounted prices and friendlier negotiations on absolutely premium pieces of real estate.
Read Morepros for buying a home in winter
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While spring and summer are more popular seasons for house hunting, winter should not be overlooked. The colder and shorter days may not inspire you to go look at houses, but consider this: they aren’t inspiring other buyers either. This means you’ll likely have fewer to compete with when you’re ready to make an offer. That lack of competition is just one of the many reasons to consider buying a home in the winter.
Read Morethe real cost of your credit score
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Purchasing a new home is an exciting time. However, the numbers can make the process confusing and stressful. Real estate professionals regularly mention credit scores and interest rates, but their connection to each other is not always clear. When purchasing a property, this information can determine a lot in terms of cost for you and your family. It’s a good idea to familiarize yourself with their role before buying a home.
Read Morehow much can i afford?
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The rental market is crazy in Denver right now. Just five years ago it was possible to find a 1 bedroom for under $600/mth and that was in Capitol Hill! These days you are lucky to find one for under $1000. So if you are a first time homebuyer you may find yourself thinking “How much home can I afford?”
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