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Live the Dream!

by Cheryl Scott-Daniels

Consumers are more easily living the American Dream of owning a home because of the incredibly low mortgage rates. Today, most buyers can get a much lower rate than their parents or grandparents got on their first home.American dream2.png

In a recent housing survey, FNMA released information about consumers' thoughts on the current market. Almost two-thirds would rather buy than rent and believe that now is a good time to buy. Half of the respondents expect rent and home prices will go up.

Top Ten reasons to move the dream to reality:

  1. It’s cheaper than renting in most cases
  2. Avoid rental increases in the future
  3. Equity build-up with amortization of each payment going to principal
  4. A home is a forced savings account
  5. Appreciation increases your equity and your overall investment
  6. Mortgage interest and property tax deductions
  7. Home equity interest deduction
  8. A place you can call your own
  9. A place to share with friends and family
  10. Capital gains exclusion on profit

Buyers need the confidence that they can afford a home and proof for the sellers when they’re ready to submit a contract. If a buyer has steady reliable income, a good record of paying their bills, money saved for a down payment and are prepared to pay the mortgage each month, the next step is to get pre-approved by a trusted mortgage professional.

 

Source: Pat Zaby

 

 

New Construction: Hear Those Hammers in the Background?

by Cheryl Scott-Daniels

New Construction: Hear Those Hammers in the Background? | Keeping Current Matters

If you are planning on selling your home over the next two years, now may be the time to act. Demand is high, supply is low and many homeowners are benefiting from an almost auction atmosphere with several buyers fighting for their house in the current multi-bid environment. Higher prices and less stringent contingencies are making it easier for the seller and their family.

However, there may be more (and better) competition about to hit the market in the form of newly constructed homes. This may put an end to the buyers’ frenzy over the limited inventory of existing homes which has been below normal levels for over a year.

According to the latest report from the National Association of Realtors (NAR), the forecast for new housing starts and sales will increase significantly over the next two years:

  • NAR is forecasting 1.1 million new housing starts in 2015, jumping to 1.4 million in 2016.
  • New home sales are projected to increase from the 437,000 in 2014 to 570,000 this year and 720,000 in 2016.

Bottom Line

In major urban areas across the country, building cranes are again stretched across the city skyline. In many suburbs, you can again hear the thumping of a carpenter’s hammer in the background. Those are the sights and sounds that inform us that it may be time to sell.

 

Resource: KCM

Happy Memorial Day!

by Jackie Seawright

According to Memorialday.org Memorial Day was borne out of the Civil War to honor those who died during the war. It was officially proclaimed on May 5, 1868 by General John Logan, national commander of the Grand Army of the Republic. 

For most of us, Memorial Day is a long weekend to kick off the summer.  Thinking about what to do?  This 3-day weekend can be the perfect time to take the family to the town parades. (Check out the schedule/location for entire Fairfield County). Or just enjoy the overdue warm weather by relaxing on your patios, gardening or grilling tasty bar-b-que with family and friends.  

Buying a Home is 35% Less Expensive than Renting!

by Cheryl Scott-Daniels

Buying a Home is 35% Less Expensive than Renting! | Keeping Current Matters

In the latest Rent vs. Buy Report from Trulia, they explained that home ownership 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 around the country (3.9%), they haven’t greatly outpaced rental appreciation (3.7%). “In the past year, these two trends have made homeownership even more affordable compared with renting.”
  • Some markets might tip in favor of renting if home prices increase at a greater rate than rents and if – as most economists expect – mortgage rates rise, due to the strengthening economy.
  • Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying – and rates haven’t been that high since 1989. 

Bottom Line

Buying a home makes sense socially and financially. Rents are predicted to increase substantially in the next year, so lock in your housing cost with a mortgage payment now.

 

Resource: KCM

Mother's Day

by Jackie Seawright

  

Mother’s day is a special day to honor your mother/grandmother/special person who cared for you, gave emotionally and physically to shape us into the successful adults today.  Perhaps one day is not enough but show love and appreciation often. 

According to History.com Mother’s day became an official U.S. holiday over 100 years ago but is traced back to ancient Greek/Roman times.  This holiday was fought by Anna Jarvis to be on the calendar.  Anna conceived Mother’s day as a celebration between mothers and families, not for consumer spending.   
More Holiday Facts 

A man loves his sweetheart the most, his wife the best, but his mother the longest.   Irish proverb/23 Wonderful Mother’s Day Quotes

Displaying blog entries 1-5 of 5

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