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Real Estate Blog
Tuesday, January 31 2017

Buying a Home is More Affordable Than Renting in 66% of US Counties
by  on Janyary 25, 2017

According to ATTOM Data Solutions’ 2017 Rental Affordability Report, buying a home is more affordable than renting in 354 of the 540 U.S. counties they analyzed.

The report found that “making monthly house payments on a median-priced home — including mortgage, property taxes and insurance — is more affordable than the fair market rent on a three-bedroom property in 354 of the 540 counties analyzed in the report (66 percent).”

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).

Rents have been surging faster than home prices in about 37% of the markets measured. Daren Blomquist, Senior Vice President of ATTOM Data Solutions warns that rising interest rates could be the tipping point of affordability:

“While buying continues to be more affordable than renting in the majority of U.S. markets, that equation could change quickly if mortgage rates keep rising in 2017. In that scenario, renters who have not yet made the leap to homeownership will find it even more difficult to make that leap this year.”

Bottom Line

Rents will continue to rise and mortgage interest rates are still at historic lows. Before you sign or renew your next lease, meet with a local professional who can help you determine if you are able to buy a home of your own and lock in your monthly housing expense.

Posted by: Keeping Current Matters AT 12:52 pm   |  Permalink   |  0 Comments  |  Email
Tuesday, January 31 2017

Thinking of Making an Offer?
4 Tips for Success

So you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market that you want to make sure you make a good offer so that you can guarantee your dream of making this house yours comes true!

Freddie Mac covered “4 Tips for Making an Offer” in their latest Executive Perspective. Here are the 4 Tips they covered along with some additional information for your consideration:

1. Understand How Much You Can Afford

“While it’s not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”

This ‘tip’ or ‘step’ really should take place before you start your home search process.

As we’ve mentioned before, getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace).

2. Act Fast

“Even though there are fewer investors, the inventory of homes for sale is also low and competition for housing continues to heat up in many parts of the country.”

According to the latest Existing Home Sales Report, the inventory of homes for sale is currently at a 3.6-month supply; This is well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.

Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as soon as possible.

3. Make a Solid Offer

Freddie Mac offers this advice to help make your offer the strongest it can be:

“Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford.”

Consider ways of making your offer stand out! Many buyers write a personal letter to the seller letting them know how much they would love to be the new homeowners. Your agent will be able to help you figure out if there are any other ways your offer could stand out above the rest.

4. Be Prepared to Negotiate

“It’s likely that you’ll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you’ll be glad you did your homework first to understand how much you can afford.

Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspection uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made, with the seller, or cancel the contract.

Bottom Line 

Whether buying your first home or your fifth, having a local professional on your side who is an expert in their market is your best bet to make sure the process goes smoothly. Happy House Hunting!

Source: Keeping Current Matters

Posted by: The KCM Crew AT 12:47 pm   |  Permalink   |  0 Comments  |  Email
Tuesday, January 24 2017

Real Estate Update: A New Market

By Michael Ardolino, Broker-Owner, Realty Connect USA
January/Early February 2017

The landscape is changing, in more ways than one:

·    Several major polls have found increased confidence among both consumers and business leaders. Consumer confidence  is at a 15-year high.  Also, as Newsday recently reported, the LI economy is expected to grow by 1.5%-2.2% this year.

·    Increased confidence in the economy spurs increased home sales.  2017 could be the year that brings activity across all  market sectors, from starter to luxury. This has been one of the crucial components missing from the recovery up to now.

·    Long Island is beginning to lean toward more multi-family housing.  “Surban” living, a combination of suburban and     urban styles, is attractive to young professionals and empty-nesters.  Senior communities, condominiums, and townhouses, boasting less home maintenance and more carefree living, are popping up, often near walkable downtown areas.

·    Interest rates have been climbing and are expected to reach 4.5%-5% this year.  (See Exhibit 1)
The impetus for buyers is obvious.  And sellers, the longer you wait, the higher the rate-and price-you will pay on your next home.  Time is of the essence for both camps. 

·    At the same time, it is important to keep interest rates in perspective(See Exhibit 2)

     Inventory remains low, while demand is going up, especially among millennials and boomers.  Buyers are expected to soon be out in force.  The savvy seller will take full advantage of this market and list now, not in the spring.  Buyers, too, would be well-advised not to wait: There will be a lot of competition out there for the most desirable homes.

Posted by: Michael Ardolino AT 12:51 pm   |  Permalink   |  0 Comments  |  Email

 

Michael Ardolino
Team Ardolino/Realty Connect USA
764 Route 25A
Setauket, NY 11733
Office: 631-941-4300
Direct: 631-941-6262
Fax: 631-675-1857
Email:
Michael@Ardolino.com 

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