3 Tips For Making Your Dream Of Owning A Home A Reality

Slaying Home Buying Myths

  • The average down payment for first-time homebuyers is only 6%.
  • Despite mortgage interest rates being over 4%, rates are still below historic numbers.
  • 88% of property managers raised their rents in the last 12 months!
  • The credit score requirements for mortgage approval continue to fall.

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Bellevue’s newest address has received incredible interest during its recent preview with over 100 residences sold. The excitement continues with the unveiling of the One88 Visual Tour. Take an exclusive first look at an animated tour of the building’s sophisticated residences and world-class amenity collection and experience the attentive design detail that has defined this remarkable new high-rise.

Buyer & Seller Markets

2017 MIGRATION PATTERNS

Based on 72,986 Interstate and Cross-Border Household Goods Relocations from January 1, 2017, through December 15, 2017. Click on the map for detail for each Province or State.

20 Tips For Preparing Your House For Sale This Spring

Should I Wait Until Next Year To Buy? Or Buy Now?

  • The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
  • Freddie Mac predicts interest rates to rise to 5.1% by 2019.
  • CoreLogic predicts home prices to appreciate by 4.3% over the next 12 months.

Millennials And Financial Milestones

Homeownership: The Dream is Still Alive

story in the Wall Street Journal gave these new homeownership numbers some context:

“The annual increase marks a crucial turning point because it comes after the federal government reined in bubble-era policies that encouraged banks to ease lending standards to boost homeownership. This time, what’s driving the market is a shift in favor of owning rather than renting.

‘This is market, market and market…There’s no government incentive program in sight that is having this effect,’ said Susan Wachter, a professor of real estate and finance at the Wharton School at the University of Pennsylvania, ‘This is back to basics.’”

In a separate report comparing the rental population in America to the homeowner population, RentCafé also concluded that the gap is now shrinking.

“Undoubtedly, the recession had a great impact on homeownership…However, it looks like it takes more to discourage Americans from buying a house than that.

As the years go by, it seems more and more certain that the fact that renting has seen a sudden gain in popularity is more a reaction to the economic crisis than a paradigm shift in the Americans’ attitude toward housing.”

America’s belief in homeownership was also evidenced in a recent survey by Pew Research. They asked consumers “How important is homeownership to achieving the American Dream?”

The results:

  • 43% said homeownership was essential to the American Dream
  • 48% said homeownership was important to the American Dream
  • Only 9% said it was not important

Bottom Line

Homeownership has been, is and will always be a crucial element of the American Dream.