Category: First Time Buyers

The Wave of Millennial Homebuyers Continues to Swell

First Time Buyers, For Buyers, Millennials, Rent vs BuyChrysti Tovani
Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as a part of attaining their American Dream. Comparatively speaking, millennials have taken longer to obtain traditional milestones (like getting married, having kids and buying a home) than generations before them, but that does not mean that they do not aspire to still achieve those things. For older millennials (aged 25-34) who have established themselves in their career and are starting to build their families, homeownership is the next logical choice. According to the Urban Institute’s State of Millennial Housing, the probability…

5 Reasons to Hire a Real Estate Professional Before Entering the Market!

First Time Buyers, For Buyers, For Sellers, FSBOs, Move Up BuyersChrysti Tovani
Whether you are buying or selling a home, it can be quite the adventure. In this world of instant gratification and internet searches, many sellers think that they can ‘For Sale by Owner’ or ‘FSBO,’ but it’s not as easy as it may seem. That’s why you need an experienced real estate professional to guide you on the path to achieving your ultimate goal! The 5 reasons you need a real estate professional in your corner haven’t changed but have rather been strengthened by the projections of higher mortgage interest rates and home prices as the market continues to pick up steam. 1. What do…

Buying Is Now 26.3% Cheaper Than Renting in the US

Buying Myths, Featured Posts, First Time Buyers, For Buyers, Housing Market Updates, Move Up BuyersChrysti Tovani
The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting, with a traditional 30-year fixed rate mortgage, in 98 of the 100 largest metro areas in the United States. In the six years that Trulia has conducted this study, this is the first time that it was cheaper to rent than buy in any of the metropolitan areas. It’s no surprise, however, that those two metros are San Jose and San Francisco, CA, where median home prices have jumped to over $1 million dollars this year. Home values in San Jose have risen 29% in…

Americans Rank Real Estate Best Investment for 5 Years Running! [INFOGRAPHIC]

Baby Boomers, First Time Buyers, Generation X, Millennials, Rent vs BuyChrysti Tovani
Some Highlights: Real estate has outranked stocks/mutual funds, gold, savings accounts/CDs, and bonds as the best long-term investment among Americans for the last 5 years! The generations agree! Real estate is the best investment! Generation X leads the way with 37% believing in real estate as the top investment. 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 founder of I Love Fair Oaks, a local media platform spotlighting the people, places, and businesses that make Fair Oaks…

First-Time Home Buyers Continue to Put Down Less Than 6%!

Buying Myths, Down Payment, First Time Buyers, For Buyers, Keeping Current Matters, Rent vs BuyChrysti Tovani
According to the Realtors Confidence Index from the National Association of Realtors, 61% of first-time homebuyers purchased their homes with down payments below 6% in 2017. Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying, but in March, 71% of first-time buyers and 54% of all buyers put less than 20% down. Ralph McLaughlin, Chief Economist and Founder of Veritas Urbis Economics, recently shed light on why buyer demand has remained strong, “The fact that we now have four consecutive quarters where owner households increased while renters…

Rising Interest Rates Have Not Dampened Demand

First Time Buyers, For Buyers, Interest Rates, Millennials, Move Up BuyersChrysti Tovani
Facebook Twitter Google+ Pinterest LinkedIn Print Since the beginning of the year, mortgage interest rates have risen over a half of a percentage point (from 3.95% to 4.52%), according to Freddie Mac. Even a small rise in interest rates can greatly impact a buyer’s monthly mortgage payment. First American recently released the results of their quarterly Real Estate Sentiment Index (RESI), in which they surveyed title and real estate agents across the country about the impact of rising rates on first-time homebuyers. Real estate professionals around the country have not noticed a slowdown in demand for housing among young buyers;…

Cost Across Time [INFOGRAPHIC]

First Time Buyers, For Buyers, Housing Market Updates, Infographics, Interest RatesChrysti Tovani
Some Highlights: With interest rates still around 4.5%, now is a great time to look back at where rates have been over the last 40 years. Rates are projected to climb to 5.1% by this time next year according to Freddie Mac. The impact your interest rate makes on your monthly mortgage cost is significant! Lock in a low rate now while you can! 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 founder of I Love Fair…

Homes More Affordable Today than 1985-2000

First Time Buyers, For Buyers, Housing Market Updates, Pricing, Sacramento Housing MarketChrysti Tovani
  Rising home prices have many concerned that the average family will no longer be able to afford the most precious piece of the American Dream – their own home. However, it is not just the price of a home that determines its affordability. The monthly cost of a home is determined by the price and the interest rate on the mortgage used to purchase it. Today, mortgage interest rates stand at about 4.5%. The average annual mortgage interest rate from 1985 to 2000 was almost double that number, at 8.92%. When comparing affordability of homeownership over the decades, we…

VA Loans: Making a Home for the Brave Possible

First Time Buyers, For Buyers, Move Up BuyersChrysti Tovani
Since the creation of the Veterans Affairs (VA) Home Loans Program, over 22 million veterans have achieved the American Dream of homeownership. Many veterans do not know the details of the program and therefore do not take advantage of the benefits available to them. If you are a veteran or you know someone who is, here is a breakdown of the VA Home Loan benefits that can be used to achieve the American Dream! Top 5 Benefits of a VA Home Loan The greatest benefit of a VA Loan is that borrowers can buy a home with a 0% down…

Homeowners & Appraisers See the Most Eye-to-Eye on Price in 3 Years

First Time Buyers, For Buyers, Move Up BuyersChrysti Tovani
In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5% (or more) over the next twelve months. One major challenge in such a market is the bank appraisal. When prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the same neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank. Every month in their Home Price Perception Index (HPPI), Quicken Loans measures the disparity between what…

Home Inspections: What to Expect

First Time Buyers, For Buyers, Move Up BuyersChrysti Tovani
So you made an offer, it was accepted, and now your next task is to have the home inspected prior to closing. Oftentimes, agents make your offer contingent on a clean home inspection. This contingency allows you to renegotiate the price you paid for the home, ask the sellers to cover repairs, or even, in some cases, walk away. Your agent can advise you on the best course of action once the report is filed. How to Choose an Inspector Your agent will most likely have a short list of inspectors that they have worked with in the past that they…

Getting Pre-Approved Should Always Be Your First Step

Buying Myths, First Time Buyers, For Buyers, Move Up BuyersChrysti Tovani
In many markets across the country, the number of buyers searching for their dream homes greatly 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’…
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