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6 Reasons to Buy a House Right Now

best-time-to-buy-a-homeThe down payment-interest rate-economic factors-qualification variables can be so confusing. Rising rates, loosening requirements, down payment options, buyer’s markets, seller’s markets – what does it all mean to you if you want to buy a home? The truth is that while the banks might have a magical formula to determine your mortgage-worthiness, determining if the time is right really comes down to three main questions:

Do you want to buy a home?
Are you financially prepared?

Is your credit where it needs to be?

If your answer is yes, then you should take that leap of faith and go for it. Here are six reasons to do it now.

1. Prices are good. In most regional markets, home prices are still gaining, but have slowed. This is good news if you were afraid that big price gains would put homeownership out of reach and also bodes well for your long-term equity once you purchase. Attempting to buy a home when the market is at its lowest point—or to sell at the peak—is tricky. Like trying to time the stock market. ,you might get lucky one or two times, but overall, timing the market does not work. It is all about purchasing power, and that’s a reflection of price and interest rates, which will both be higher in the future.”

2. Rates are low. Mortgage interest rates are still low—for now. A 30-year-fixed-rate loan now averages 4.16%, according to Freddie Mac, but many economists believe we will see 5% rates next year. As interest rates increase, so do your monthly payments. Imagine the unthinkable. paying over 18% interest on a 30-year fixed mortgage.  That was the reality for home buyers in October 1981. The average rate has been 5.18% since the start of this country’s history,” making today’s rates, which hover around historic lows at 4%, sound even better.

3. Loan requirements are softening. It is not quite the look-the-other-way-and-stamp-it-approved levels of 2008, but the overly tough restrictions that followed have loosened. Major lenders are making adjustments, and lowering the minimum FICO score for borrowers applying for loans. You can look to banks that have lowered loan-to-value standards in certain markets for both jumbos and conforming mortgages. For buyers that can mean an easier road to loan approval, even without a ton of money upfront and perfect credit.

4. Fewer buyers around the holidays means less competition. Sellers that are actively looking to sell their homes during the holiday months — namely, October through December — are serious about shedding their residences. This often works in favor of savvy buyers looking to get favorable terms on an aquisition. Having less competition on the buyer’s side can mean lower prices on homes, in addition to fewer counter-offers to compete against.

5. Pent-up demand could zap affordability. “The housing market is about to get even more competitive,” said Yahoo. “The pent-up demand of younger professionals, who moved back in with their  parents during the recession, is about to explode. This eager subset of buyers will create some steep competition for homes, especially if they have been saving up to make larger down payments or high ticket offers. If the current homes on the market have more potential buyers, bidding wars develop, and the purchase prices are driven up.

6. It’s time to move on with your life. The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait? Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

 

Home Ownership and The Right to Vote

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One of the very first discussions the Founding Fathers had was about how to balance the rights of all individuals with the rights of those who owned property. They knew that if only property owners could vote, the rights of individuals and minorities might be suppressed … but, if voting extended to non-property owners, the rights of property owners could be unfairly overruled. In the end, they left the question of voter rights to the

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Home Sellers Checklist for Millennial Buyers

millennial home biyers

Who cares what baby boomers or generation Xers want these days in home features, interior design, and outdoor space? The cohort now poised to rule the world is the millennials — loosely defined as those born between the early 1980s and early 2000s and numbering between 80 million and 90 million. It’s the largest group to emerge since baby boomers, and it’s changing how home buying and design is conducted — along with the results.

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Out With The Old house, When Buying the New?

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The current housing market, while up in most areas, has one basic problem: low supply. With many buyers choosing to keep their old home when they purchase a new home, fewer homes are on the market, driving up demand.

Buyers that do not need the equity in their current property in order to purchase the home into which they are moving, are choosing to become landlords instead. The financial crisis and ensuing recovery has

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Luxury Sales Cool as the Hot Summer Ends

luxury home sales

Selling any home is a challenge. That’s been especially true in 2014, a year in which the number or existing-home sales has fallen. And if you’re selling a high-end luxury home, one with a price tag higher than $1 million? Then selling your home is even more of a challenge. Luxury home sales peaked in late June but by the first of September the market crossed over into a buyers’ market for the first time

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