Tag Archives: Home buying

Moving up? Do It Now!!

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Justin Miller with Primary Residential Mortgage shared this great information with us. This is a great article from KCMBlog.com that  demonstrates how important these low rates are if you have any current or past clients that are looking to move up into a bigger home anytime soon.  I hope you find it informative. 

 

A recent study revealed that the number of existing home owners planning to buy a home this year is about to increase dramatically. Some are moving up, some are downsizing and others are making a lateral move. Another study shows that over 75% of these buyers will, in fact, be in that first category: a move-up buyer. We want to address this group of buyers in today’s blog post.

                                            

There is no way for us to predict the future but we can look at what happened over the last year. Let’s look at buyers that considered moving up last year but decided to wait instead. 

Assume they had a home worth $300,000 and were looking at a home for $400,000 (putting 10% down they would get a mortgage of $360,000). By waiting, their house appreciated by 13.8% over the last year (national average based on the Case Shiller Pricing Index). Their home would now be worth $341,400. But, the $400,000 home would now be worth $455,200 (requiring a mortgage of $409,680). 

Here is a table showing what additional monthly cost would be incurred by waiting:

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 Prices are projected to appreciate by over 4% and interest rates are also expected to rise by as much as another full percentage point. If your family plans to move-up to a nicer or bigger home this year, it may make sense to move now rather than later.

So If you friends or family are ready to make a move, give us a call to help you find that new home, hook you up with a great lender and make the transition as smooth and pleasurable as possible. Call the team that helped 50 families buy and sell their homes last year. Experience that serves you well!

Robyn and Claudio Petasne Real Estate Team 954-770-6850       www.ClaudioPetasne.com

More Renters Buying Homes in Coral Springs

Stat Report July 2013

 

When asked about their highest priority for their future, the majority of renters say home ownership is top.  In a survey from the 2013 National Housing Pulse from the National Association of Realtors (NAR) more renters say they want to buy soon. 51% of renters reported wanting to eventually own their own home. The last survey taken in 2011 was 42%

“Home ownership matters to Americans who consistently realize the many benefits it provides to communities, families, and the nation’s economy,” says NAR President Gary Thomas. “Due to high housing affordability and today’s interest rates it makes sense for people to consider home ownership over renting. In fact, in many parts of the country it’s cheaper to own a home than to rent one. Therefore, it’s no surprise that renters recognize that owning a home offers tremendous long-term benefits and is an investment in their future.”

The survey of 2,000 Americans  found that 80 percent say they believe buying a home is a good financial decision. Sixty-eight percent said now is a good time to buy a home, too. Their main motivations to home ownership: Building equity, wanting a stable and safe environment, and the freedom to choose where to live, the survey found.

Coral Springs is a great example of how more homes are selling, Year to date 606 single family homes have closed in Coral Springs, with another 396 pending.

Meanwhile, the main obstacles to home ownership have remained the same over the years: saving for the down payment, closing costs, low wages, and student loan debt.

Working with a great team of Realtors such as The PetasneReal Estate Team  and using the many great lenders they recommend will help many buyers obtain the home loans they need to purchase their real estate investment.

 

Source: National Association of REALTORS(R)