Gallup: Real Estate is Best Long-Term Investment
May 25, 2017 By Leave a Comment
Every year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds.
For the fourth year in a row, Real Estate has come out on top as the best long-term investment! This year’s results showed that 34% of Americans chose real estate, followed by stocks at 26%. The full results are shown in the chart below.
The study makes it a point to draw attention to the contrast of the sentiment over the last four years compared to that of 2011-2012, when gold took the top slot with 34% of the votes. Real estate and stocks took second and third place, respectively, while still in recovery from the Great Recession.
Bottom Line
As the real estate market has recovered, so has the belief of the American people in the stability of housing as a long-term investment.
Do You Know the Cost of Waiting?
May 23, 2017 By Leave a Comment
- The “Cost of Waiting to Buy” is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.
- Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while home prices are predicted to appreciate by 4.9% according to CoreLogic.
- Waiting until next year to buy could cost you thousands of dollars a year for the life of your mortgage.
How Fast Can You Save for a Down Payment?
April 26, 2017 By Leave a Comment
Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long would it take you to save for a down payment in each state? Using data from the United States Census Bureau and Zillow , we determined how long it would take, nationwide, for a first-time buyer to
Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long would it take you to save for a down payment in each state? Using data from the United States Census Bureau and Zillow, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense. By determining the percentage of income spent renting a 2-bedroom apartment in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own. According to the data, residents in Iowa can save for a down payment the quickest in just under 2 years (1.99). Below is a map created using the data for each state:
What if you only needed to save 3%?
What if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3% down programs? Suddenly, saving for a down payment no longer takes 5 or 10 years, but becomes attainable in a year or two in many states as shown in the map below.
Bottom Line
Whether you have just begun to save for a down payment, or have been saving for years, you may be closer to your dream home than you think! Meet with a local real estate professional who can help you evaluate your ability to buy today.
Millennials Want To Buy Homes
March 5, 2017 By Leave a Comment
Despite dwindling savings and the challenges of the housing market, millennials still want to buy homes. Learn more about millennial home buyers from this infographic!
The Real Cost of Renting vs. Buying [INFOGRAPHIC]
February 17, 2017 By Leave a Comment
- Historically, the choice between renting or buying a home has been a close decision.
- Looking at the percentage of income needed to rent a median-priced home today (30%), vs. the percentage needed to buy a median-priced home (15%), the choice becomes obvious.
- Every market is different. Before you renew your lease again, find out if you could use your housing costs to own a home of your own!
Buying a Home Can Be Scary Unless You Know the Facts
October 31, 2016 By Leave a Comment
- 36% of Americans think they need a 20% down payment to buy a home.
- 44% of Millennials who purchased a home this year have put down less than 10%.
- 71.8% of loan applications were approved last month.
- The average credit score of approved loans was 731 in September.
7 Graphs That Show the Real Estate Market Is Back
October 26, 2016 By Leave a Comment
- Distressed property sales fell to its lowest number since NAR began tracking it in 2008.
- With fewer distressed properties, sales are up in all price ranges except the $0 – $100K price range.
- Interest rates are still at historic lows, for many, now is the time to buy.
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