Vantage Realty Pros |Vantage Realty Professionals

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 it would take to save for a down payment in each state. Using data from  HUD ,  Census  and  Apartment List,  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 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 Kansas can save for a down payment the quickest, doing so in just over 1 year (1.12). Below is a map that was created using the da

Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade. However, according to two separate reports*, buyer demand dramatically increased over the last three months, leading into this spring buyers’ market Why the increase in demand? Increased buying power. According to the National Association of Realtors’ Economists’ Outlook Blog , purchasing a home has become more affordable, which has led to increased demand. Due to the combination of falling home prices and mortgage rates, the income needed to make an affordable mortgage payment (mortgage no more than 25% of income) on a median-priced home with 10% down payment and 30-year fixed rate mortgage decreased from $60,425 in June 2018 to $53,783 as of February 2019, and the difference of $6,642 represents a gain in buying power because one can afford a home purchase at a lower level of

Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last week! This is great news for anyone who is planning on buying a home this spring! Freddie Mac had this to say, Mortgage interest rates have been steadily declining since the start of 2019. These lower mortgage interest rates combined with a strong labor market should attract prospective homebuyers this spring and could help the housing sector regain its momentum later in the year. More Info : Are Low Interest Rates Here to Stay? Website : Vantagerealty pros Like on Facebook : Vantagerealty pros | Facebook.com Follow on Twitter : Vantagerealty pros | Twitter.com

As more and more baby boomers enter retirement age, the question of whether they should sell their homes and move has become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement. There are various factors that you should consider when choosing your retirement home. Affordability: It may be easy enough to purchase your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property. Equity: If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage. Read More : What to Consider When Choosing Your Home To Retire In

In every area of the country, homes that are priced at the top 25% of the price range for that area are considered to be Premium Homes . In today’s real estate market there are deals to be had at the higher end! This is great news for homeowners who want to upgrade from their current house and move-up to a premium home. Much of the demand for housing over the past couple years has come from first-time buyers looking for their starter home, which means that many of the more expensive homes that have been listed for sale have not seen as much interest. A Buyer’s Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.” Read More : Looking to Upgrade Your Current Home? Now’s the Time to Move-Up! Website : Vantage Realty Pros Like on Facebook : Vantage Realty Pros | Facebook.co

5 Reasons To Sell Your House This Spring! 1. Demand Is Strong : The latest Buyer Traffic Index from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. 2. There Is Less Competition Now : Housing inventory is still under the 6-month supply needed for a normal housing market. This means that, in most of the country, there are not enough homes for sale to satisfy the number of buyers. 3. The Process Will Be Quicker : Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. 4. There Will Never Be a Better Time to Move Up : If your next move will be into a premium or luxury home , now is the time to move up! The inventory of homes for sale at these higher price ranges has created a buyer’s market. 5. It’s Time to Move on With Your Life : Look at the reason you decided to sell in the first place and