Posts from July 2015
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31
New Homeowner Tips – 5 Do's and Dont's
New Homeowner Do's:
There are a few home maintenance projects that should top the to-do list of every new homeowner. According to a recent ar...24
Homebuyers Today Reap Rewards Quickly
Though some homebuyers who bought 10 years ago have not broke even on their investment, buyers today can break even in two years or less, according to a recent Zillow® analysis. Nationally, homebuyers today can break even in an average of 1.9 years.
"It's very clear that when it comes to maximizing gains from an investment in real estate, timing really does matter a great deal," says Zillow Chief Economist Dr. Stan Humphries. "However, timing isn't everything, and trying to time the market perfectly is incredibly difficult, even for professionals.
"There are any number of factors to consider when purchasing a home, only one of which is the potential for financial gain," Humphries adds. "Potential buyers should always place their personal needs and their family's needs first, and make the decision to buy only when...
17
Don't Delay Buying a Home – It Can Cost You
If you are on the fence about buying a home, consider this: waiting to buy could cost thousands in accumulated wealth. According to a recent realtor.com® report, the financial penalties of delaying or forgoing on a home purchase have become very steep – the average buyer is estimated to gain $217,726 (in today's dollars) in wealth over a 30-year period.
Although some markets are more buyer-friendly than others, national data shows homeowners see significant financial benefits as compared to lifetime renters. In nearly 90 percent of metro areas, buying a home produces a financial benefit of at least $100,000 over 30 years.
"This analysis looks solely at the financial reasons to buy a home, based on assumptions about rising mortgage rates and changes in home values," realtor.com® Chief Economist Jonathan Smo...
10
Overseas Volatility Pushes Mortgage Rates Down
Mortgage rates recently dropped in response to global uncertainty, helping to keep buyer activity strong toward the close of the homebuying season, according to Freddie Mac's Primary Mortgage Market Survey® (PMMS®).
The results of the survey found the 30-year fixed-rate mortgage (FRM) averaging 4.04 percent, and the 15-year FRM averaging 3.20 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent. The 1-year Treasury-indexed ARM averaged 2.50 percent.
"Yields on Treasury securities declined this week in response to investor concerns about events in Greece and China," explains Freddie Mac Chief Economist Sean Becketti. "Mortgage rates fell as well, although not by as much as government bond yields.
"Overseas volatility is likely to persist for some time, providing so...
3
6 Good Credit Habits for Buyers and Renters
Your credit score has a critical impact on your housing options, and healthy credit is essential to buying a home or renting one. "An important step to finding a home, whether you're renting or buying, is ensuring that you have a good credit history," says Frank Keating, president and CEO of the American Bankers Association (ABA). "A strong credit score can open doors to better homes and lower mortgage rates."
To build a good credit history, the ABA recommends adopting these habits.
1. Request a copy of your credit report–and make sure it is correct. Your credit report illustrates your credit performance, and it needs to be accurate so that you can apply for other loans, such as a mortgage. Everyone is entitled to receive a free copy of his or her credit report annually from each of th...