Category: Buying Myths

How To Get the Best Deal With a New Home Builder

Buying Myths, First Time Buyers, For Buyers, Move Up Buyers, New ConstructionChrysti Tovani
Looking at new model homes can be fun and exciting. There is so much possibility; unlike purchasing a home that someone has already lived in, you get to buy a fresh new home that can be customized for you. There are some differences between buying from a homeowner and a builder that are important to note. When buying an existing home from a homeowner, you might be able to negotiate on price. However, a builder’s top priority is to build homes that sell for a set price and move on to the next project. For them to finance the development,…

Will Your Side Hustle Buy You a House This Year?

Buying Myths, Down Payments, First Time Buyers, For Buyers, MillennialsChrysti Tovani
The top concern for most first-time home buyers is their ability to save for a down payment. According to a new survey, 36% of millennials took on a second job to make their dreams of homeownership a reality in 2017.  Among millennials with incomes over $100,000 a year, the top ways to come up with the necessary funds were to sell stocks (20%) or to sell cryptocurrency (16%). The most popular method of savings was the most traditional; 60% of those saving for a down payment used a percentage of their paychecks to achieve their goal, while 75% of those…

The Cost of Renting vs. Buying a Home [INFOGRAPHIC]

Buying Myths, First Time Buyers, For Buyers, Infographics, Rent vs BuyChrysti Tovani
Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (28.4%) vs. the percentage needed to buy a median-priced home (17.5%), the choice becomes obvious. Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year! Source: Keeping Current Matters Chrysti TovaniChrysti Tovani is a REALTOR® based in Fair Oaks, CA, serving the greater Sacramento area—including Orangevale, Carmichael, and nearby neighborhoods. She’s also a multimedia journalist and…

Are Homeowners Renovating to Sell or to Stay?

Buying Myths, For Buyers, For SellersChrysti Tovani
Over the past few years, two trends have emerged in the housing market: Home renovations have shot up Inventory of homes available for sale on the market has dropped A ‘normal’ housing market is defined by having a 6-month supply of homes for sale. According to the latest Existing Home Sales Report from the National Association of Realtors, we are currently at a 4.4-month supply. This low inventory environment has many current homeowners worried that they would be unable to find a home to buy if they were to list and sell their current houses, which is causing many homeowners…

75% of Renters Have Been Misinformed

Buying Myths, First Time Buyers, For Buyers, Rent vs BuyChrysti Tovani
Recently, multiple headlines have been written asserting that homeownership is less affordable today than at any other time in the last decade. Though the headlines are accurate, they lack context and lead too many Americans to believe that they can’t partake in a major part of the American Dream – owning a home. In 2008, the housing market crashed and home values fell by as much as 60% in certain markets. This was the major trigger to the Great Recession we experienced from 2008 to 2010. To come back from that recession, mortgage interest rates were pushed down to levels…

2 Myths Holding Back Home Buyers

Buying Myths, Down Payments, First Time Buyers, For BuyersChrysti Tovani
Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership: Down Payment, Credit, and Affordability,” which revealed that, “Consumers often think they need to put more money down to purchase a home than is actually required. In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to homeownership. Thirty-nine percent of renters believe that more than 20% is needed for a down payment and many renters are unaware of low–down payment programs.” Myth #1: “I Need a 20% Down Payment” Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the…

Buying a Home Can Be Scary… Until You Know the Facts [INFOGRAPHIC]

Buying Myths, First Time Buyers, InfographicsChrysti Tovani
Some Highlights: Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify to buy a home which stops many of them from even trying! Here are some facts: 72% of buyers who purchased homes this year have put down less than 20%. 76.4% of loan applications were approved last month. The average credit score of approved loans was 727 in September. Chrysti TovaniChrysti Tovani is a REALTOR® based in Fair Oaks, CA, serving the greater Sacramento area—including Orangevale, Carmichael, and nearby neighborhoods. She’s also a multimedia journalist and founder of I Love…

Still Think You Need 15-20% Down to Buy a Home? Think Again!

Buying Myths, Down Payments, First Time Buyers, For Buyers, MillennialsChrysti Tovani
According to a new study from Urban Institute, there are over 19 million millennials in 31 cities who are not only ready and willing to become homeowners, but are able to as well! Now that the largest generation since baby boomers has aged into prime homebuying age, there will no doubt be an uptick in the national homeownership rate. The study from Urban Institute revealed that nearly a quarter of this generation has the credit and income needed to purchase a home. Surprisingly, the largest share of mortgage-ready millennials lives in expensive coastal cities. These cities often attract highly skilled…

Housing Is Still Affordable in the United States!

Buying Myths, First Time Buyers, For Buyers, Rent vs BuyChrysti Tovani
Lately, there have been many headlines circulating about whether or not there is an “affordability issue forming in the housing market.” If you are considering selling your current house and moving up to the home of your dreams, but are unsure whether or not to believe what you’re seeing in the news, let’s look at the results of the latest Housing Affordability Report from the National Association of Realtors (NAR). According to NAR: “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…

Will Home Prices Continue to Increase?

Buying Myths, First Time Buyers, For Buyers, For Sellers, Housing Market Updates, PricingChrysti Tovani
There are many unsubstantiated theories about what is happening with home prices. From those who are worried that prices are falling (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are not at peak levels when they are adjusted for inflation), there seems to be no shortage of opinion. However, the increase in prices is easily explained by the theory of supply & demand. Whenever there is a limited supply of an item that is in high demand, prices increase. It is that simple. In real estate, it takes a six-month…

Pre-Approval: Your 1st Step in Buying a Home

Buying Myths, First Time Buyers, Move Up BuyersChrysti Tovani
In many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach. Freddie Mac lays out the advantages of pre-approval in the ‘My Home’…

Dispelling the Myth About Home Affordability

Buying Myths, First Time Buyers, For Buyers, For Sellers, Housing Market UpdatesChrysti Tovani
We have all seen the headlines that report that buying a home is less affordable today than it was at any other time in the last ten years, and those headlines are accurate. But, have you ever wondered why the headlines don’t say the last 25 years, the last 20 years, or even the last 11 years? The reason is that homes were less affordable 25, 20, or even 11 years ago than they are today. Obviously, buying a home is more expensive now than during the ten years immediately following one of the worst housing crashes in American history.…
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