How Many Homes Sell Every Day in the U.S.A.
Call me if you are thinking about selling your home!!
Montgomery & Bucks County
Debbie Mignogna
BHHS Fox & Roach Realtors
267-640-1120
Monday, September 28, 2015
How Many Homes Sell Every Day in the U.S.A.
Call me if you are thinking about selling your home!!
Montgomery & Bucks County
Thursday, September 17, 2015
New Buyer's Home Guide is Now Available
New Fall Buyer's Home Guide is Now Available
Debbie Mignogna
Call me if your are thinking about buying or selling a home in the
Montgomery County Area
Debbie Mignogna
BHHS Fox & Roach
267-640-1120
Thinking About Selling Your Home? Special Seller's Magazine is Now Available....
Thinking About Selling Your Home? Special Seller's Magazine is Now Available
Click the Home Seller's Guide above for the New Fall Seller's Guide
Debbie Mignogna
BHHS Fox & Roach
267-640-1120
The Cost of Waiting To Buy A Home
The Cost of Waiting To Buy A Home
The National Association of Realtors (NAR) recently released their July edition of the Housing Affordability Index. 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 level based on the most recent price and income data.
NAR looks at the monthly mortgage payment (principal & interest) which is determined by the median sales price and mortgage interest rate at the time. With that information, NAR calculates the income necessary for a family to qualify for that mortgage amount (based on a 25% qualifying ratio for monthly housing expense to gross monthly income and a 20% down payment).
Here is a graph of the income needed to buy a median priced home in the country over the last several years:
And the income requirement has accelerated even more dramatically this year as prices have risen:
Bottom Line
Some buyers may be waiting to save up a larger down payment. Others may be waiting for a promotion and more money. Just realize that, while you are waiting, the requirements are also changing.
BY: Keeping Current Matters
Click here for my Home Buyer's Guide
Debbie Mignogna
BHHS Fox & Roach
267-640-1120
Thursday, September 10, 2015
Five Financial Reasons to Buy a Home
Five Financial Reasons to Buy a Home
We have reported many times that the American Dream of homeownership is alive and well. The personal reasons to own differ for each buyer, with many basic similarities.
Eric Belsky, the Managing Director of the Joint Center of Housing Studies at Harvard University expanded on the top 5 financial benefits of homeownership in his paper -The Dream Lives On: the Future of Homeownership in America.
Here are the five reasons, each followed by an excerpt from the study:
1.) Housing is typically the one leveraged investment available.
“Few households are interested in borrowing money to buy stocks and bonds and few lenders are willing to lend them the money. As a result, homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. Even a hefty 20 percent down payment results in a leverage factor of five so that every percentage point rise in the value of the home is a 5 percent return on their equity. With many buyers putting 10 percent or less down, their leverage factor is 10 or more.”
2.) You're paying for housing whether you own or rent.
“Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord.”
3.) Owning is usually a form of “forced savings”.
“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”
4.) There are substantial tax benefits to owning.
“Homeowners are able to deduct mortgage interest and property taxes from income...On top of all this, capital gains up to $250,000 are excluded from income for single filers and up to $500,000 for married couples if they sell their homes for a gain.”
5.) Owning is a hedge against inflation.
“Housing costs and rents have tended over most time periods to go up at or higher than the rate of inflation, making owning an attractive proposition.”
Bottom Line
We realize that homeownership makes sense for many Americans for an assortment of social and family reasons. It also makes sense financially. If you are considering a purchase this year, contact a local professional who can help evaluate your ability to do so.
Click here for my free Home Buyer's Guide
Debbie Mignogna
BHHS Fox & Roach Realtors
267-640-1120
WWW.PA-DREAMHOMES.COM
Tuesday, September 8, 2015
Federal Housing Finance Agency (FHFA) Releases 2nd Quarter 2015 Home Price Index
Federal Housing Finance Agency (FHFA) Releases 2nd Quarter 2015 Home Price Index
The FHFA released the 2nd Quarter Home Price Index for 2015. Looking at the breakdown regionally, year-over-year, prices are up across the country. We always like to give you the regional outlook so you can compare different areas of the country.
Breaking down prices by state, we can see that the entire country is experiencing higher prices than the 2nd quarter of 2014. Some states are experiencing double digit gains like Nevada & Colorado, while others like New Jersey (0.1%), Maryland (0.3%) & Vermont (0.5%) have appreciated at a slower rate.
If you have a client who is relocating to another state, it is important to show them the different rates at which home prices are appreciating to show them how waiting to buy could significantly impact the price they pay for their next home.
By: Keeping Current Matters
Thursday, September 3, 2015
What Do You Really Need To Qualify For A Mortgage?
What Do You Really Need to Qualify For A Mortgage?
2. FICO Scores
The Ipsos survey also reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. In actuality, the average FICO scores of approved conventional and FHA mortgages are much lower.
Here are the numbers from a recent Ellie Mae report:
Bottom Line
If you are a prospective purchaser who is ‘ready’ and ‘willing’ to buy but not sure if you are also ‘able’, sit down with ME and I will help you understand your true options.
Wednesday, September 2, 2015
Homeownership Still the American Dream
Homeownership Still the American Dream
![Homeownership Still The American Dream [INFOGRAPHIC] | Keeping Current Matters](http://www.keepingcurrentmatters.com/wp-content/uploads/2015/06/American-Dream.jpg)
Some Highlights:
- Existing Home Sales are 9.2% higher than just one year ago.
- Home Prices are 7.9% higher than last year this time.
- The $250-500K price range leads the way with the largest improvement from last year at 17.4%.
By: Keeping Current Matters
BHHS Fox & Roach Realtors
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