Minimize some of the roadblocks along the path to happy homeownershipFirst-time homebuyers make mistakes going into the homebuying process, throughout the process and even after they purchase a new home. Because they’ve never done it before!Here are 24 mistakes that I’ve observed and some tips on how to help rookie buyers avoid making them.Pre-purchase mistakes: Not knowing their true budget. Homebuyers should crunch their monthly number
Lenders reportedly are loosening their standards to qualify for a mortgage. Fannie Mae’s third-quarter 2017 Mortgage Lender Sentiment Survey shows the main reason behind the easing of credit has been the increased competition that lenders are feeling.Across all loan types—GSE-eligible, non-GSE-eligible, and government—lenders reported easing credit standards over the last three months. Further, the net share of lenders who say they expect t
Millennials’ desire for smaller homes may have a big impact on the future demand of some of the most popular homes today.Young adults are getting married later in life, they’re delaying their first home purchase (often due to student loan debt) by up to seven years in some cases, and they’re also having children later in life.The U.S. fertility rate has plunged to its lowest level since the Centers for Disease Control began tracking such d
The exterior of the home counts big for creating first impressions. Indeed, 99 percent of real estate pros say that curb appeal is a critical factor in attracting a buyer, according to the National Association of REALTORS®’ 2016 Remodeling Impact: Outdoor Features survey.Here are a few things you can do to enhance the curb appeal to your listing:1. Paint colorful flowers.Adding colorful flowers, like yellows or pinks, to your landscaping can
The real estate community in Puerto Rico is working frantically to help deliver emergency supplies to the island’s 3 million residents, most of whom are in total darkness—without electricity, clean water, or adequate shelter—a week after Hurricane Maria left the entire nation in catastrophic ruin. “Devastation is everywhere,” Marcos Vilar, executive director at the Puerto Rico Association of REALTORS®, told REALTOR® Magazine on Monday
State capitals tend to draw home buyers because of typically low unemployment and a plethora of events and political activity. Personal finance website SmartAsset.com analyzed livability metrics to find the best capitals for putting down roots. To compile its rankings, researchers compared the following factors: disposable income, unemployment rate, the number of dining and entertainment establishments, property, and violent crime rates. Based on
In the early 1900s, consumers bought “kit homes” through catalogs. Now, owners who have hung on to these vintage properties may be able to sell them at a huge profit.Sears, Roebuck & Co., for example, sold 70,000 kit homes between 1908 and 1940. There were 370 different styles a buyer could choose from, such as bungalows and Colonials. Prices ranged from $600 to $6,000 in the 1920s, which is the equivalent of $8,400 to $84,000 in today’
The monthly median cost nationwide to house a student in a dorm is $705, but that can stretch to $1,817 in some locales. That may mean college students—or their parents—in certain places are better off buying a condo than paying for a dorm. Redfin’s research team recently compared the monthly dorm rate at 195 public colleges with the median monthly mortgage payment for a condo in each university’s city. They found that for students at 47
What are the pros and cons of each type of real estate investment, and which ones are the most profitable? “Over the generations, real estate has proven itself to be a pretty good, time-tested investment,” says Eric Tyson, co-author of Real Estate Investing for Dummies. “Like investing in the stock market, people who follow some basic principles and buy and hold over long periods of time should do fairly well. But, of course, there’s no
The number of existing-home sales has dropped in four of the past five months, but not because consumers lack confidence about buying or selling, according to the National Association of REALTORS®’ latest Housing Opportunities and Market Experience (HOME) Survey. Renters seem upbeat about purchasing a home, with 62 percent saying now is a good time to buy, according to the survey, which covers data in the third quarter of this year. That shar
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