November 26, 2013 10:15 am
The big question for homebuyers is when interest rates will begin to rise to the 5% mark. The effect of a rise in mortgage rates could be a dramatic increase in the monthly mortgage payment when purchasing a home. In an article
last week, HousingWire
quoted two different sources regarding this issue.
Most experts are projecting that rates will rise when the Fed decides to taper the purchase of bonds which has acted as a stimulus to the housing market by keeping long term mortgage rates at historic lows.
November 25, 2013 10:15 am
Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a home than right now. Here are five major reasons purchasers should consider buying:
Supply Is Shrinking
With inventory declining in many regions, finding a home of your dreams may become more difficult going forward. There are buyers in more and more markets surprised that there is no longer a large assortment of houses to choose from. The best homes in the best locations sell first. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy.
Price Increases Are on the Horizon
Prices are projected to appreciate by over 25% from now to 2018. First home buyers will probably pay more both in price and interest rate if they wait until the spring. Even if you are a move-up buyer, it will wind-up costing you more in net dollars as the home you will buy will appreciate at approximately the same rate as the house you are in now.
Owning a Home Helps Create Family Wealth
November 22, 2013 10:12 am
November 21, 2013 10:09 am
Throughout the home buying process there can be various hurdles to jump over to make sure everything goes smoothly. In today’s culture, we are finding more often unmarried couples are purchasing their first homes together. Although this sounds like a great plan, there are precautions that need to be taken in order to make sure the process is done right. Doing your research beforehand can alleviate any headaches. From a financial sense it is more difficult to break the co-ownership of a house, than it is to get a divorce, if things turn sour.
When making the decision to purchase a home with your significant other, you and partner must know that just like with marriage, a property agreement is a legal contract. One of the more important aspects of purchasing a home together is knowing how the investment will be split. In many cases, one partner may initially invest more money into the home than the other. This may cause issues in the future if things don’t work out due to the fact that legally one person may end up owning more of the house than the other.
November 20, 2013 10:09 am
Critiques and defenses about Millennials abound. However, I think an overlooked aspect of the kerfuffle over Generation Y is the question “Why?” Although it is great to spur the generation on to great heights
, it is crucial we understand some of the hurdles they are facing, economically and socially in order to anticipate how the market will have to change and adjust to accommodate a new generation’s capabilities and values.
Educational Debt & Credit
No big newsflash here: millennials are facing unprecedented levels of debt, between the various recessions, housing bubbles, and explosion of educational debt. New legislation in the works is attempting to help set up a more stable higher education financing system as well as relieve the staggering debt loads. Although debt forgiveness is the big buzzword these days, most students will still face shouldering a majority of their debt. Fortunately for the economic outlook, the legislation focuses on creating more income-based repayment plans that won’t put millennials on the street. However, the big question that remains is how will this affect their credit?
Public vs. Private Sector