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2 Trends Helping Keep Housing Affordable | Relocating to Charlotte Two positive trends have started to emerge that impact the 2019 Spring Housing Market. Mortgage interest rates for a 30-year fixed rate loan have dropped to new lows, right as reports show that wages have increased at their highest rate in decades! These two factors have helped keep housing affordable despite low supply of houses for sale driving up prices. First American’s Chief Economist, Mark Fleming, explains the impact, “Ongoing supply shortages remain the main driver of the performance gap as the housing market continues to face an inventory impasse – you can’t buy what’s not for sale.  However, an unexpected affordability surge, driven primarily by lower-than-anticipated mortgage rates, rising wages and favorable demographics, has boosted housing demand." Get More Info :  2 Trends Helping Keep Housing Affordable Website : Vantagerealtypros Contact Us : Vantage Realty Professionals ...

Why Pet-Friendly Homes Are in High Demand | Best real estate agents It is important to understand the unique needs and wants of animal owners when it comes to homeownership. REALTORS® understand that when someone buys a home, they are buying it with the needs of their whole family in mind; ask pet owners, and they will enthusiastically agree that their animals are part of their family. The Power of Pets When Choosing the Right Home 89% of pet owners say they would not give up their pet due to a housing restriction 81% of Americans say their pets play a role in their housing situation 31% of animal owners have refused to put in an offer on a home because it wasn’t a good fit for their animals 19% of Americans say they would consider moving for their pet 12% percent have moved for their pet Get More Info :  Why Pet-Friendly Homes Are in High Demand | Best real estate agents Website : Vantagerealtypros

Everyone Knows that the Home prices always increase. Many of you have checked that from last seven to eight years Home buying is became costly. Home prices have been on the rise, leading many housing market analysts to conclude that first-time home buyers are being shut out of the market due to affordability concerns. The National Association of Realtors (NAR) reports on the percentage of First-Time Home Buyers (FTHB) on a monthly and yearly basis. Their latest report shows that FTHB’s made up 33% of buyers in March, which matches their reported share in 2018. NAR uses survey data from their members to come up with this statistic, so their results do not include every transaction completed. Rather, they only the transactions reported by members who complete the survey. The other entity that reports on FTHB share is the American Enterprise Institute (AEI). The AEI uses data from mortgage applications that define an FTHB as “any borrower who did not have a mortgage for the pr...

Multigenerational Homes Are on the Rise | Demographics As loved ones start to get older, we start to wonder: how long will they be able to live alone? Will they need someone there to help them with daily life? There’s a reason to ask those questions now more than ever, as the average age in the U.S. is 78 years old! As a result, 41% of Americans in the market are searching for a home that can accommodate a multigenerational family. Of those buyers, 26% indicated they will be taking care of an aging parent, and 14% said they want to spend time with an aging parent. These numbers do not come as a surprise. According to Pew Research Center , 64 million Americans ( 20% of the population ) lived in a multigenerational household in 2016 ( Last numbers available ). An increasing number of studies affirm the benefits of being part of a multigenerational household. These benefits aren’t just for the grandchildren, but for the grandparents as well. According to these two resources: Th...

Renters Paying Substantially More While Owning Costs Less | Vantage Realty Pros In a recent Insights blog, CoreLogic reported that rent prices have skyrocketed since 2005. Meanwhile, the typical mortgage payment has actually decreased. CoreLogic’s national rent index was up 36% in December 2018 compared with December 2005, while the typical mortgage payment was down 4% over that period. Why the difference between the costs of renting versus owning? It makes sense that rents have risen. However, how did mortgage payments decrease? CoreLogic explained: It’s mainly because mortgage rates back in December 2005 were significantly higher, averaging 6.3% for a fixed-rate 30-year loan, compared with 4.6% in December 2018. The national median sale price in December 2005 – $190,000 – was lower than the $220,305 median in December 2018, but because of higher mortgage rates in 2005 the typical monthly mortgage payment was slightly higher back then – $941 – compared with $904 in December 2...

The Benefits of a 20% Down Payment | Vantage Realty Pros If you are in the market to buy a home this year, you may be confused about how much money you need to come up with for your down payment. Many people you talk to will tell you that you need to save 20% or you won’t be able to secure a mortgage. The truth is that there are many programs available that let you put down as little as 3%. Those who have served our country could qualify for a Veterans Affairs Home Loan (VA) without needing a down payment. These programs have cut the savings time that many families would need to compile a large down payment from five or more years down to a year or two. This allows them to start building family wealth sooner. So then, why do so many people believe that they need a 20% down payment to buy a home? There has to be a reason! Today, we want to talk about four reasons why putting 20% down is a good plan, if you can afford it. 1. Your interest rate will be lower. 2. You’ll end u...

There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the last ten years, we need to understand why and what that means. On a monthly basis, the National Association of Realtors (NAR), produces a Housing Affordability Index . According to NAR, the index… Measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data. Their methodology states: To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment. More Info : The Ultimate Truth about ...

Home values have softened over the last twelve months. We are no longer seeing 6-7% annual appreciation levels for the national housing market. The current numbers are closer to 4%. Some have suggested that year-over-year appreciation levels could fall to 3% or less this year. However, a stronger-than-expected economy and a good spring housing market have changed some opinions. Some analysts are now predicting that home value appreciation may begin to increase as we move forward. Here are three examples : 1. Mark Fleming, Chief Economist of First American 2. CoreLogic’s April “Home Price Insights” 3. Pulsenomics’ Quarterly “Home Price Expectation Survey” More Info : What Really Happening with Home prices Website : Vantagerealtypros Like on Facebook : Vantagerealtypros | Facebook.com Follow on Twitter : Vantagerealtypros | Twitter.com

As loved ones start to get older, we start to wonder: how long will they be able to live alone? Will they need someone there to help them with daily life? There’s a reason to ask those questions now more than ever, as the average age in the U.S. is 78 years old! As a result, 41% of Americans in the market are searching for a home that can accommodate a multi generational family. An increasing number of studies affirm the benefits of being part of a multigenerational household. These benefits aren’t just for the grandchildren, but for the grandparents as well. According to these two resources: The University of Oxford Children who are close to their grandparents have fewer emotional and behavioral problems and are better able to cope with traumatic life events, like a divorce or bullying at school. Boston College Researchers found that emotionally close ties between grandparents and adult grandchildren reduced depressive symptoms in both groups. More Info : Multi generatio...

In today’s housing market, home prices are increasing at a slower pace (3.7%) than they have over the last eight years (6-7%). However, they are still are above historical norms. Low supply of listed homes and high demand from buyers has pushed prices to rise rapidly. In the mind of the homeowner, annual home price appreciation over 6% has become the new normal. This becomes a challenge when a homeowner looks to refinance or sell their home, as the expectation of what the homeowner believes the home should be worth does not always line up with the bank’s appraisal. Every month, the Home Price Perception Index (HPPI) measures the disparity between what a homeowner seeking to refinance their home believes their house is worth and what an appraiser’s evaluation of that same home is. Over the last five months, the gap between the homeowner’s opinion and the bank’s appraisal has widened to -0.78%. This is important for homeowners to note, as even a 0.78% difference in appraisal can...

In today’s real estate market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. In a Find Real Estate, Homes for Sale, Apartments & Houses for Rent | realtor.com® article entitled, “How to Find Your Dream Home—Without Losing Your Mind,” the author highlights some steps that first-time homebuyers can take to help carry their excitement of buying a home throughout the whole process. 1. Get Pre-Approved for a Mortgage Before You Start Your Search 2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’ 3. Research and Choose a Neighborhood You Want to Live In 4. Pick a House Style You Love and Stick to It 5. Document Your Home Visits More info : Starting the Search for Your Dream Home? Here Are 5 Tips! Website : Vantagerealtypros Like on Facebook : Vantagerealtypros | Facebook.com Follow on Twitter : Vantagerealtypros | Twitter.com

Home prices have been on the rise for the last seven years, leading many housing market analysts to conclude that first-time homebuyers are being shut out of the market due to affordability concerns. The National Association of Realtors (NAR) reports on the percentage of First-Time Home Buyers (FTHB) on a monthly and yearly basis. Their latest report shows that FTHB’s made up 33% of buyers in March, which matches their reported share in 2018. NAR uses survey data from their members to come up with this statistic, so their results do not include every transaction completed. Rather, they only the transactions reported by members who complete the survey. The other entity that reports on FTHB share is the American Enterprise Institute (AEI). The AEI uses data from mortgage applications that define an FTHB as “any borrower who did not have a mortgage for the preceding three years.” More Info : New Research Shows Housing Is Affordable For First-Time Buyers Website : Deflame Na...

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up and distressed sales ( foreclosures and short sales ) have fallen to their lowest point in years. The market will continue to strengthen in 2019. However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory! Buyer demand naturally increases during the summer months, but supply has not kept up. Here are the thoughts of a few industry experts on the subject: Lawrence Yun,  Chief Economist  at  National Association of Realtors “Further increases in inventory are highly desirable to keep home prices in check, the sustained steady gains in home sales can occur when home price appreciation grows at roughly the same pace as wage growth.” Jessica Lautz,  Vice President  of  NAR “There’s a supply-demand mismatch… More inventory is needed at the lower end and a pri...

New Study Reveals One Surprising Reason for the Inventory Shortage | Vantage Realty pros There has been a great amount written on millennials and their impact on the housing market. However, the headlines often contradict each other. Some claim this generation is becoming the largest share of first-time home buyers, while others claim millennials don’t want to own a home, blaming them for the dip in homeownership rate. While it is true that millennials have achieved milestones like getting married, having kids, and buying homes later in life than their parents and grandparents did, they are not solely to blame for today’s housing market trends. Freddie Mac’s Insight Report explored the impact of the Silent and Baby Boomer Generations on the housing market. If millennials are unable to find a home to buy at a young age like their predecessors, then who is living in those homes? The answer: Seniors born after 1931 are staying in their homes longer than previous generations, inst...

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 ...

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 ...