Thursday, November 08, 2018 / by Nicole Solari
Recently, multiple headlines have been written asserting that homeownership is less affordable today than at any other time in the last decade. Though the headlines are accurate, they lack context and lead too many Americans to believe that they can’t partake in a major part of the American Dream – owning a home.
In 2008, the housing market crashed and home values fell by as much as 60% in certain markets. This was the major trigger to the Great Recession we experienced from 2008 to 2010. To come back from that recession, mortgage interest rates were pushed down to levels that were never seen before.
For the last ten years, you could purchase a home at a dramatically discounted price and attain a mortgage at a historically low mortgage rate.
Affordability skyrocketed.
Now that home values have returned to where they should be, and mortgage rates are beginning to increase, it is less affordable to own a home than it was over the last ten ye ...
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real estate, home ownership, real estate agent, realtor, solari group, market update, mortgage rates, napa valley, solano county, home buyer tips, rent, renters
Tuesday, November 06, 2018 / by Nicole Solari
There are many questions about where home sales are headed next year. We have gathered the most reliable sources to help answer this question. Here are our sources:
Mortgage Bankers Association (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments.
The National Association of Realtors (NAR) – The largest association of real estate professionals in the world.
Freddie Mac – An organization which provides liquidity, stability, and affordability to the U.S. housing market in all economic conditions extending to all communities from coast to coast.
Fannie Mae – A leading source of financing for mortgage lenders, providing access to affordable mortgage financing in all markets.
Here are their projections:
Bottom Line
Every source sees home sales growing next year. Fo ...
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real estate, home ownership, real estate agent, homes for sale, realtor, selling, finances, open house, solari team, solari group, napa valley, market update, solano county
Tuesday, November 06, 2018 / by Nicole Solari
A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties 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 a down payment (the average down payment on all loans last year was 5%, 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 who will all perform necessary roles. These professionals are also valuable resources for you.
Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests to follow:
Find out your current credit history & score – even if you don’t have perfect credit, you may already qualify for a loan. ...
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real estate, home ownership, homebuyers, mortgage, market update, mortgage rates, solano county, home buyer tips
Thursday, November 01, 2018 / by Nicole Solari
There are many questions about where home sales are headed next year. We have gathered the most reliable sources to help answer this question. Here are our sources:
Mortgage Bankers Association (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments.
The National Association of Realtors (NAR) – The largest association of real estate professionals in the world.
Freddie Mac – An organization which provides liquidity, stability, and affordability to the U.S. housing market in all economic conditions extending to all communities from coast to coast.
Fannie Mae – A leading source of financing for mortgage lenders, providing access to affordable mortgage financing in all markets.
Here are their projections:
Bottom Line
Every so ...
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real estate, home ownership, homebuyers, real estate agent, homes for sale, buying, realtor, selling, solari group, home buyer tips, home seller, housing market, market trends, real estate market, santa, winter
Tuesday, October 30, 2018 / by Nicole Solari
Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering other expenses.
According to new data released from ApartmentList.com, 49.5 million renters in the United States were cost-burdened in 2017, meaning they spent more than 30% of their monthly incomes on rent. This accounts for nearly half of all renter households in the country and is up 3.1 million from 2007.
When a household is cost-burdened by their monthly housing expense, they are not as easily able to save money for the future. This is a big factor for many renters who dream of owning their own homes someday.
But there is hope for those who are able to save at least a 3% down payment! ...
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real estate, home ownership, homebuyers, real estate agent, buying, realtor, selling, napa valley, solano county, economics, for sale, housing market
