Posts in category 'Buying A Home'
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6
Buying a Home: Wants vs Needs
Starting to look for a home? Know what you want vs. What you need
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 with rose-colored glasses. Do you really need that farmhouse sink in the kitchen in order to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the man cave of your dreams be a future renovation project instead of a make or break now? The first step in your home buying process should be to get pre-approved for your
4
What's Holding Millennials Back from Buying?
The answer must be student loans, right? Wrong! While paying back an education is part of the equation for some, it is not the only factor that holds Millennials back from buying their first homes.
A survey of young renters by Fannie Mae found that the factor that delays the most potential buyers is an insufficient credit score or history (53%), followed closely behind by "affording the down payment and closing costs (50%)."
There are many potential homebuyers who have delayed their purchase because they 'believe' that they do not qualify with the debt they have (debt-to-income ratio), their credit score or even the amount of savings they have. The challenge is that many of those who delay their purchases are not aware of the opportunities available, and are n...
17
First-Time Homebuyers Savings Program and What it Means for You
Beginning January 1 of 2018, those looking to become first-time homebuyers in Iowa will have a new resource available to them. Governor Terry Branstad signed the legislation to make the First Time Homebuyers Savings Program official. This program authorizes tax-preferred First Time Homebuyer Savings Accounts.
This account has to be in the name of a sole individual who is a first-time homebuyer. According to the code, you are a "first-time homebuyer" if you have not owned a single-family or multifamily residence for the prior three years. You must also meet this criteria when named as a beneficiary of an account and when applying the money towards a qualifying purchase. This definition means this program will benefit those who do not currently own a home, but for people who are looking to be first-time homebuyers.
An individual can be named as the beneficiary of mult...
26
Knowledge is Power
Guest Post by Bettendorf Sales Manager, Matt Schwind
Is this the year you buy a house? As a manager of a real estate office, I can tell you that, although it's only February, the sales activity in the market has already started to pick up. It's been a mild winter, and the warmer weather tends to accelerate the housing market in the Quad Cities. People are also confident in the local economy, and interest rates are for the time being still at record lows, which makes the cost of owning a home (or buying a new one) less expensive for you each month. So, if you are wanting to get in on a good market, you'll want to do as much research as possible. You'll probably want to know...
- How fast homes are selling.
- What percentage of asking price are they selling for
- What are the available grant programs for home buyers
- What inspections are required, and which ones are most common
- What is the best way to negotiate...
26
Don't Wait! Move Up to the Home You Always Wanted
Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. Prices are still below those of a few years ago and interest rates are still around 4%. The holiday season is almost over, we think it is about time you give yourself the perfect gift: Your Dream Home.
Sellers should realize that waiting to make the move while mortgage rates are increasing probably doesn't make sense. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain budget for your monthly housing costs.
The chart on the right details this point.
With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000). Experts predict that mortgage rates will increase by at least half a point by this time...
