Friday, January 19, 2018 / by Kris Morin
How to successfully transition from renter to home owner
Congratulations! You’ve finally reached that point in your life where you plan to be in the same place for longer than a 12-month lease. Instead of making those pesky rent payments on a monthly basis, you want to earn equity each month and eventually end up with a permanent roof over your head. Becoming a home owner is absolutely worth it; but it’s crucial that you are prepared for the differences between renting and being a home owner.
But rent doesn’t simply translate into mortgage payments on a 1:1 ratio — quite a bit more goes into the transition from renter to home owner than you might think, from the upfront costs involved to what happens if your dishwasher malfunctions and spews food-flavored water all over your floor. As you prepare to “pick up the torch” of home ownership, keep these five things in mind, and you’ll be just fine and be stoke ...
Thursday, January 18, 2018 / by Kris Morin
Every month, CoreLogic releases its Home Price Insights Report. In that report, they forecast where they believe residential real estate prices will be in twelve months.
Below is a map, broken down by state, reflecting how home values are forecasted to change by the end of 2018 using data from the most recent report.
As we can see, CoreLogic projects an increase in home values in 49 of 50 states, and Washington, DC (there was insufficient data for HI). Nationwide, they see home prices increasing by 4.2%.
How might the new tax code impact these numbers?
Recently, the National Association of Realtors (NAR) conducted their own analysis to determine the impact the new tax code may have on home values. NAR’s analysis:
“…estimated how home prices will change in the upcoming year for each state, considering the impact of the new tax law and the momentum of jobs and housing inventory.”
Here is a map based on NAR’s analysis:
According t ...
Wednesday, January 17, 2018 / by Kris Morin
According to the National Association of Realtors’ latest Realtors Confidence Index, 61% of first-time homebuyers purchased their homes with down payments below 6% from October 2016 through November 2017.
Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying. The median down payment for all buyers in 2017 was just 10% and that percentage drops to 6% for first-time buyers.
Zillow Senior Economist Aaron Terrazas’ recent comments shed light on why buyer demand has remained strong,
“Looking into 2018, rent is expected to continue gaining. More widespread rent growth could mean home buying demands stay high, as renters who can afford it move away from the unpredictability of rising rents toward the relative stability of a monthly mortgage payment instead.”
It’s no surprise that with rents rising, more and more first-time buyers are taking advantage of low-down-payment mo ...
Tuesday, January 16, 2018 / by Kris Morin
There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family, others might think they are too young, and still, others might think their current income would never enable them to qualify for a mortgage.
We want to share what the typical first-time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first-time buyer:
You may not be much different than many people who have already purchased their first homes. Meet with a local real estate professional today who can help determine if your dream home is within your grasp. Start your Connecticut Home Search now: http://bit.ly/2rAckwg
Monday, January 15, 2018 / by Kris Morin
No two people will look at a listing in exactly the same way. Here’s how to identify your target audience and stage unused space to address buyers’ needs.
According to the National Association of REALTORS®’ 2017 Profile of Home Staging, 38 percent of buyers agents acknowledged that staging had a positive impact on home value—but only if the home was decorated to a buyer’s taste. The question, then, is how do agents know what buyers are looking for?
Staging areas like the kitchen or the master bedroom might be straightforward enough because virtually every home buyer has the same general need for those rooms. When it comes to an extra bedroom, though, some might envision the space as an office, while others might see a nursery or a hobby room. How can you decide what type of auxiliary room design will result in a sale?
Before you stage a spare bedroom, conduct thorough research to identify your target buyers. Ask questions about the area a ...