A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification.
For many, the mortgage process can be scary, but it doesn’t have to be!
In order to qualify in today’s market, you’ll need to have saved for a down payment (the average down payment on all loans was 11% last month, with many buyers putting down 3% or less), a stable income and good credit history.
Throughout the entire home buying process, you will interact with many different professionals, all of which perform necessary roles. These professionals are also valuable resources for you.
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3817 Garfield Street NW, Washington, DC 20007
Sunny, semi-detached brick home with a large front porch, entry foyer, updated kitchen, living room with fireplace, separate dining room and den on the first level. Upstairs are three bedrooms, two full baths and a den, downstairs is a large room for guests, full bath, family room or office, storage and sliding doors to a huge, flat, fenced in yard with a carport. Close to Cathedral Commons grocery and shops, National Cathedral, Shops on New Mexico Avenue, Georgetown, more.
Historic Sherman cottage built in 1909. 4 bedrooms, 4 1/2 baths with wraparound front porch. Entry foyer, living room with fireplace, formal dining room & expanded kitchen with skylights. Patio, separate pool house with "endless pool" & 2 car parking. Located on the corner of Macomb and Ross Place in the heart of the Cleveland Park.
Visit www.3031Macomb.com for architectural photos and color floor plan.
There has been a lot of talk about the falling homeownership rate in the United States. In December 2004, the homeownership rate reached an all-time high of 69.4%, while the current rate is 62.9%. When comparing these two figures, there is some room for concern regarding the difference.
However, today we want to shine some light on the issue by:
Showing what historic homeownership rates have looked like over the last 130 years.
Breaking down the current percentages by state.
Historic Homeownership Rates:
Current Homeownership Rates by State:
All of the states that you see in blue on the map above have a greater homeownership rate than the national average.
So you made an offer, it was accepted, and now your next task is to have the home inspected prior to closing. More often than not, your agent may have made your offer contingent on a clean home inspection.
This contingency allows you to renegotiate the price 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 can recommend to you. Realtor.com suggests that you consider the following 5 areas when choosing the right home inspector for you:
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 the 100 largest metro areas in the United States.
The updated numbers actually show that the range is an average of 17.4% less expensive in Honolulu (HI), all the way up to 53.2% less expensive in Miami & West Palm Beach (FL), and 37.7% nationwide!
Other interesting findings in the report include:
Interest rates have remained low, and even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation.
Home prices would have to appreciate by a range of over 23% in Honolulu (HI), up to over 45% in Ventura County (CA), to reach the
The National Association of Realtors (NAR) recently released their latest Existing Home Sales Reportrevealing that distressed property sales accounted for 4% of sales in September. This is down from 7% in 2015, and is the lowest figure since NAR began tracking distressed sales in October 2008.
Below is a graph that shows just how far the market has come since January 2012 when distressed sales accounted for 35% of all sales.
Existing Home Sales Hit 2nd Highest Figure Since June
Mortgage interest rates remained well below 4% in September at 3.46%, prompting existing home sales to stay at a healthy annual pace of 5.47 million. Month-over-month sales were up 3.2%.
Inventory of homes for sale remains below the 6-month supply that is
Recently, I asked you to send me your questions about buying and selling real estate. Ale asked about the pros and cons of selling your current house before buying the next one. He also asked about doing a rent-back.
First of all, if you have a house and want to buy another one, selling your current home first is a great way to go. You’ll have time to clean up your house and put it on the market. Plus, once your home sells, you will have enough money in your pocket to purchase another home. Since you are all ready to go, purchasing your next home will go a lot smoother.
Although it is more difficult to buy a new home before selling your current one,
Historic Sherman cottage built in 1909. 4 bedrooms, 4 1/2 baths with wraparound front porch. Entry foyer, living room with fireplace, formal dining room & expanded kitchen with skylights. Patio, separate pool house with "endless pool" & 2 car parking. Located on the corner of Macomb and Ross Place in the heart of the Cleveland Park.
Visit www.3031Macomb.com for architectural photos and color floor plan.
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