Posts with tag 'homeownership'
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23
Want To Make a Move? Homeowner Equity is Growing Year Over Year
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One of the bright spots of the 2020 real estate market is the growth in equity homeowners are experiencing across the country. According to the recently released Homeowner Equity Insights Report from CoreLogic, in nearly every state there was a year-over-year first-quarter equity increase, averaging out to a 6.5% overall gain.
The report notes:
"CoreLogic analysis shows U.S. homeowners with mortgages (roughly 63% of all properties) have seen their equity increase by a total of nearly $590 billion since the first quarter of 2019, an increase of 6.5%, year over year." (See map below):
9
Why Use a REALTOR®?
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Your home will probably be the MOST EXPENSIVE purchase you ever make.Â
Both financially and emotionally, a housing choice is a major milestone and a significant transaction. It is essential to work with a professional that you trust and who can guide you expertly through a complicated process. REALTORS® are indisputably the leaders of the real estate industry – we subscribe to a Code of Ethics that ensures clients' priorities are always protected, and we pursue in-depth education on all issues that could affect your ability to buy, sell, or rent a property.
Not every broker, agent or sales associate is a REALTOR®. What's the difference between a REALTOR®Â...
2
The Benefits of Homeownership May Reach Further Than You Think
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More than ever, our homes have become an integral part of our lives. Today they are much more than the houses we live in. They're evolving into our workplaces, schools for our children, and safe havens that provide shelter, stability, and protection for our families through the evolving health crisis. Today,  65.3% of Americans are able to call their homes their own, a rate that has...
26
Interest Rates Over Time
With interest rates hovering at near historic lows, now is a great time to look back at where they've been, and how much they've changed over time.
- According to Freddie Mac, mortgage interest rates are currently hovering near a five-decade low.
- The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year or $7,200 over the life of your loan. Maybe it's time to lock in now while rates are still low.
8
Snapshot of the Today's Seller
Sellers are already rooted, having lived in their current home an average of 10 years, NAR's report shows. Sellers are equity-rich and rely on real estate professionals for guidance now more than ever before, according to the National Association of REALTORS®' 2019 Profile of Home Buyers and Sellers. Equity gains prove a boon to sellers. Higher home prices have translated into faster appreciation for homeowners.
Snapshot of Todays Sellers
- Average age: 57
- Median household income: $102,900
- Living situation: 72% married; 16% single females
- Tenure in the home: 10 years (up from 6 years from 2001 to 2008)
- Median length of time on the market: three weeks
- Price sold: Median of 99% of the list price
- Median equity: $60,000 higher than what owner originally paid at purchase
- Incentives for buyers: 34% offered incentives, such as home warranty policies or assistance with closing costs...