Article content courtesy of OpenListings “Am I ready to buy a house, or should I just keep renting?” It’s one of the most common questions among renters and one which first-time homebuyers often spend months (if not years) trying to answer. Here are the four tell-tale signs that you’re ready to take the leap into homeownership. Sign #1: You're ready to settle down In order for your purchase to make financial sense, you’ll want to plan on staying put for at least five years. Answer the following … [Read more...]
11 Renovation Problems So Horrific Homeowners Will Wish They’d Moved
By Lighter Side Staff Sometimes the thought of renovating a home seems much easier than moving. But whether you’re undertaking a major restoration or a minor remodeling, what begins as a dream endeavor can quickly devolve into a nightmare. Surprises may be lurking behind the walls and beneath the floorboards. Often, they can create a snowball effect where suddenly your initial project becomes an extreme (and expensive) home makeover straight out of a reality show. The following home improvement mishaps are … [Read more...]
Multigenerational Households May Be The Answer To Price Increases
By KCM Blog Multigenerational homes are coming back in a big way! In the 1950s, about 21%, or 32.2 million Americans shared a roof with their grown children or parents. According to an article by Realtor.com, “Nearly 1 in 5 Americans is now living in a multigenerational household – a household with two or more adult generations, or grandparents living with grandchildren – a level that hasn’t been seen in the U.S. since 1950.” Another report that proves this point is the National Association of … [Read more...]
Buying A Home Can Be Scary… Unless You Know The Facts
By KCM Blog Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify to buy a home, which stops many of them from even trying! Here are some facts: 40% of millennials who purchased homes this year have put down less than 10%. 76.4% of loan applications were approved last month. The average credit score of approved loans was 724 in September. … [Read more...]
What’s the Difference: Homeowners Insurance vs. Home Warranty
From American Home Shield While both are great protections to have, home insurance and home warranties offer different types of protection. Learn what each covers and why you should consider purchasing both. Photo by: Shutterstock Owning a home is the one of the greatest investments you'll make in your life. Protecting your assets is not just smart—it's integral. The best way to do this is to purchase both a homeowner’s insurance policy and a home warranty. Purchasing both will cover your home, belongings, … [Read more...]
Are Millennials Finally Entering the Market?
By the KCM Blog with commentary from Corrin Martinelli-Griego It appears that Millennials are finally beginning to enter the housing market. In a recent report, CoreLogic looked at the annual net change in household formations over the last decade (see graph below): It appears this is the year that Millennials are finally moving out of their parents’ basements and finding a place of their own. And they are not all renting According to the National Association of Realtors’ latest Existing Home Sales … [Read more...]
Why You Should Stop Renting & Buy Today!
By the KCM Blog and Commentary by Val King, Senior Consultant, Q Realty, Inc. There are many young people debating whether they should renew the lease on their apartment or sign a contract to purchase their first home. Housing Cost & Net Worth Whether you rent or buy, you have a monthly housing cost. As a buyer, you are paying YOUR mortgage. Every mortgage payment is a form of what Harvard University’s Joint Center for Housing Studies calls “forced savings.” “Since many people have trouble saving … [Read more...]
Buying a Home is 35% Less Expensive than Renting!
In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage throughout the 100 largest metro areas in the United States. The updated numbers actually show that the range is from an average of 16% in Honolulu (HI), all the way to 55% in Sarasota (FL), and 35% Nationwide! The other interesting findings in the report include: Interest rates have remained low and even though home prices have appreciated … [Read more...]
3 Reasons the Housing Market Should Thrive in 2014
by The KCM Crew Recently, HousingWire asked David Berson, chief economist at Nationwide, for his opinion on the near-term future of housing. Below are what Mr. Berson believes to be the three things you need to know about housing in 2014. We have included a quote from the article and a small comment from KCM for all three points. Number 1: 2014 should prove to be the strongest year for housing activity since before the Great Recession “Most economists expect an improved job market in 2014, with employment … [Read more...]
Mortgage Banking Dictionary
One of our preferred lenders sent this to us for a little laugh, the sad thing is most of these are true. All loans are unique in the Albuquerque Real Estate market so this is not an example of how they all are processed. Our Q Realty, Inc. agents have many wonderful loan officers to recommend that have processed several successful transactions. Please call us today if you are in need of recommendations! Borrower: Otherwise intelligent consumer who believes lender should kiss him on both cheeks and give him … [Read more...]
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