Starter Home vs. Forever Home So you’re ready to buy your first house. This is exciting! Now the question is, will you go big or small? New construction or resale? City or suburb? There are pros and cons to every potential home-buying decision, and the first one is, do you want a starter home or your ultimate dream home? A bit of consideration is necessary for an informed decision. Luckily, Q Realty can help you make the best choice. What’s a Starter? Many first home purchases are referred to as “starter … [Read more...]
Real Estate Tips for Millennial Homebuyers
Determine why you want to buy If you have any urge to become a homeowner at some point, think about your reasons for buying. Are you simply tired of paying rent? Are you looking for a long-term investment opportunity? Is home-buying part of your retirement plan? Really explore your motivation for owning a home, as it can direct your path when you eventually begin exploring mortgage options and playing around with different down payments. Plan ahead Home buying is not typically a spur-of-the-moment … [Read more...]
How to Prepare for the Movers
The next inevitable step after buying or selling a home is packing and moving. When preparing for a move there are several things to consider and it can become overwhelming. Where do we get boxes and packing materials? What furniture to keep? Should we get rid of old items? Should we rent moving trucks? Who will help us move? and sometimes the big question is "What about hiring movers?". Our friends from A & C Brothers Moving and Storage in Phoenix have shared some vital information on how to prepare … [Read more...]
3 Ways Realtors® Elevate Your Home Buying Experience
In a poll of 1,000 home buyers, just over half found the loan process simple, but nearly 25% said they would rather gain 10 lbs than go through the lending process again and 13% would rather spend 24 hours with the person they dislike the most; some even said they'd prefer a root canal or a night in prison! Lack of confidence and uncertainty while making major financial decisions can can be a stressful and emotional ordeal. When you have a competent and ethical team in your corner, buying a home can be one of … [Read more...]
Purchasing Ability for Buying a Home
It is often hard for buyers, particularly first time home buyers, to understand the implications a higher interest rate has on their purchasing power, but this graphic, provided by Chris Juarez of Academy Mortgage does an excellent job at illustrating exactly what effects a 1% increase in interest rate does to a buyer's purchasing power. As illustrated in the image below, a 1% increase in interest rates reduces a buyers purchasing power by almost $40,000. Stated in another way, a buyer will still pay the same … [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...]
Millennials Flock to Low Down Payment Programs
A recent report released by Down Payment Resource shows that 65% of first-time homebuyers purchased their homes with a down payment of 6% or less in the month of January. The trend continued through all buyers with a mortgage, as 62% made a down payment of less than 20%, which is consistent with findings from December. An article by DS News points to the new wave of millennial homebuyers: “It seems that the long-awaited influx of millennial home buyers is beginning. Ellie Mae reported that mortgages to … [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...]
What’s the difference between a pre-approval and pre-qualification letter? – Albuquerque Mortgage Info
Please take a moment to watch this four minute viedeo illustrating the difference between a mortgage pre-approval letter and a mortgage pre-qualification letter. This information comes to us by my good friend and a great Loan Officer at Superior Mortgage, Wes Moore. … [Read more...]