Category: First Time Buyers

2 Major Myths Holding Back Home Buyers

First Time Buyers, For Buyers, Move Up BuyersChrysti Tovani
Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership,” which revealed that “eighty percent of consumers either are unaware of how much lenders require for a down payment or believe all lenders require a down payment above 5 percent.” 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 same report: “Consumers are often unaware of the option to take out low-down-payment mortgages. Only 19% of consumers believe lenders would make loans with a down payment of 5% or less… While 15% believe lenders…

5 Reasons Millennials Choose to Buy [INFOGRAPHIC]

First Time Buyers, For BuyersChrysti Tovani
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 feel like home. With a background in real estate, mortgages, and marketing, Chrysti helps clients move through life’s transitions with strategy, empathy, and confidence. Serving Fair Oaks, Sacramento, Placer & El Dorado Counties 916-320-2663 | c@chrystitovani.com DRE# 01118449 | Nick Sadek Sotheby’s International Realty Seller’s Playbook: https://stan.store/chrystitovani/ Schedule a Call: https://stan.store/chrystitovani/p/lets-talk-strategy-for-your-next-move www.chrystitovani.com/

Why You Need a Professional on Your Team When Buying a Home

First Time Buyers, For Buyers, For Sellers, FSBOsChrysti Tovani
Many people wonder whether they should hire a real estate professional to assist them in buying their dream homes or if they should first try to go through the buying process on their own. In today’s market: you need an experienced professional! You Need an Expert Guide If You Are Traveling a Dangerous Path The field of real estate is loaded with landmines; you need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and is ready for you to move into can be tricky. An agent listens to…

Buying A Home Is More Affordable Than Renting In 54% Of US Counties

First Time Buyers, For BuyersChrysti Tovani
According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.S. counties analyzed for the report.” For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments). Daren Blomquist, Senior Vice President of ATTOM Data Solutions had this to say: “Although buying is still more affordable than renting in…

Wondering If You Can Buy Your First Home?

Down Payment, First Time Buyers, For Buyers, Sacramento Housing MarketChrysti Tovani
There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family, others might think they are too young, and still, others might think their current income would never enable them to qualify for a mortgage. We want to share what the typical first-time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first-time…

93% Believe Homeownership Is Important in Attaining the American Dream

First Time Buyers, For Buyers, Housing Market Updates, Sacramento Housing MarketChrysti Tovani
Americans continue to believe that homeownership is important in achieving the American Dream. A recent survey by NeighborWorks America reported that: “Owning a home remains a core element of the American Dream.” When asked “How important a part of the American dream is owning a home?” 18% of those surveyed said it was the most important part 53% of those surveyed said it was very important 22% of those surveyed said it was somewhat important Homeownership and Financial Stability The survey also revealed that 81% of Americans believe that owning a home leads to a family being more financially stable.…

FICO® Scores on Approved Home Loans Drop Again

First Time Buyers, For BuyersChrysti Tovani
According to Ellie Mae’s latest Origination Report, the average FICO® Score on all closed loans dropped to 722 which is its lowest mark since April. The average includes all approved refinance and purchase loans. FHA and VA loans showed the most opportunity for millennials looking to enter the market with low down payments and even lower FICO® Score requirements. Ellie Mae’s Millennial Tracker revealed that those who purchased homes in December with an FHA Loan were able to do so with an average down payment of 4% and a FICO® Score of only 684. Joe Tyrell, EVP of Corporate Strategy…

The Benefits of Homeownership Go Beyond the Financial

First Time Buyers, For BuyersChrysti Tovani
Homeownership is a major part of the American Dream. As evidence of that, 91% of Americans believe that owning a home is either essential (43%) or important (48%) to achieving that “dream.” In a market where some people may be unsure about the benefits and possibilities of buying a home, it is important that we remember this. Homeownership is NOT just about the money. In fact, some of the major benefits are non-financial. Here are a few of those benefits as per the National Association of Realtors: Consistent findings show that homeownership does make a significant positive impact on educational…

Top 4 REAL Reasons We Buy a Home

First Time Buyers, For BuyersChrysti Tovani
We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful or compelling reasons. No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, the emotional reasons why we choose to buy our own homes are typically more important to us than the financial ones. 1. Owning your home offers stability to start and raise a family From the best neighborhoods to the best…

Looking for Your Dream Home? Know What You Want vs. What You Need

First Time Buyers, For Buyers, Move Up BuyersChrysti Tovani
In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search. If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or Pinterest, and start looking at the countless homes listed for sale through rose-colored glasses. Do you really need that farmhouse sink in the kitchen to…

Pre-Approval Should Always Be Your First Step

Down Payment, First Time Buyers, For BuyersChrysti Tovani
In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount 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, knowing 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…

5 Reasons Homeownership Makes ‘Cents’

First Time Buyers, For Buyers, For Sellers, Rent vs BuyChrysti Tovani
The American Dream of homeownership is alive and well. Recent reports show that the US homeownership rate has rebounded from recent lows and is headed in the right direction. The personal reasons to own differ for each buyer, but there are many basic similarities. Today we want to talk about the top 5 financial reasons you should own your own home. Homeownership is a form of forced savings – Paying your mortgage each month allows you to build equity in your home that you can tap into later in life for renovations, to pay off high-interest credit card debt, or…
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