According to the ‘2019 Home Buyer Report’ conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market:
“More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.”
When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say,
“The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.” (as shown above).
The lack of knowledge about the home-buying process is unfortunately keeping many motivated buyers on the sidelines.
Bottom Line
Don’t let a lack of understanding keep you and your family out of the housing market. Let’s get together to discuss your options today.
Contact us: PHP Houses 142 W Lakeview Ave Unit 1030 Lake Mary, FL 32746 Ph: (407) 519-0719 Fax: (407) 205-1951 email: info@phphouses.com
The residential real estate market has been plodding along for most of the year. However, three recent reports show the market may be on the verge of a rebound:
2. Pending Home Sales (contracts signed) are up with each of the four major regions reporting both month-over-month growth and year-over-year gains in contract activity. Here is the month-over-month growth:
The Northeast rose 0.7%
The Midwest increased 0.6%
The South increased 1.4%
The West grew 3.1%
3. Buyer Traffic (the number of people shopping for a home) is up compared to the same time last year, and for the first time in 13 months.
The Northeast is up 5.9%
The Midwest increased 1.3%
The South is up 2.7%
The West grew 2.2%
In their most recent report, ShowingTimeChief Analytics Officer, Daniil Cherkasskiy explained:
“The trend we saw in year-over-year buyer traffic in previous months continued across the United States. For all four regions there were more showings per listing this year compared to last year, making it the most competitive August in the last five years.”
Lawrence Yun, Chief Economist with the National Association of Realtors, believes the uptick in activity will continue into the future:
“It is very encouraging that buyers are responding to exceptionally low interest rates…With interest rates expected to remain low, home sales are forecasted to rise in the coming months and into 2020.”
Bottom Line
If you are thinking about selling your house, there are purchasers out there who are ready, willing, and able to buy.
Contact us: PHP Houses 142 W Lakeview Ave Unit 1030 Lake Mary, FL 32746 Ph: (407) 519-0719 Fax: (407) 205-1951 email: info@phphouses.com
You made an offer and it was accepted. Your next task is to have the home inspected prior to closing. Agents often recommend you make your offer contingent upon a clean home inspection.
This contingency allows you to renegotiate the price you offered for the home, ask the sellers to cover repairs, or in some cases, walk away if challenges arise. Your agent can advise you on the best course of action once the report is filed.
How to Choose an Inspector
Your agent will most likely have a short list of inspectors they’ve worked with in the past to recommend to you. HGTV suggests you consider the following five areas when choosing the right home inspector for you:
1. Qualifications – Find out what’s included in your inspection and if the age or location of your home may warrant specific certifications or specialties.
2. Sample Reports – Ask for a sample inspection report so you can review how thoroughly they will be inspecting your dream home. In most cases, the more detailed the report, the better.
3. References – Do your homework. Ask for phone numbers and names of past clients who you can call to discuss their experiences.
4. Memberships – Not all inspectors belong to a national or state association of home inspectors, and membership in one of these groups should not be the only way to evaluate your choice. Membership in one of these organizations does, however, often mean continued training and education are required.
5. Errors and Omission Insurance – Find out what the liability of the inspector or inspection company is once the inspection is over. The inspector is only human, after all, and it is possible they might miss something they should see.
Ask your inspector if it’s okay for you to tag along during the inspection, so they can point out anything that should be addressed or fixed.
Don’t be surprised to see your inspector climbing on the roof or crawling around in the attic and on the floors. The job of the inspector is to protect your investment and find any issues with the home, including but not limited to: the roof, plumbing, electrical components, appliances, heating and air conditioning systems, ventilation, windows, fireplace and chimney, foundation, and so much more.
Bottom Line
They say, ‘ignorance is bliss,’ but not when investing your hard-earned money into a home of your own. Work with a professional you can trust to give you the most information possible, so you can make the most educated decision about your purchase.
Contact us: PHP Houses 142 W Lakeview Ave Unit 1030 Lake Mary, FL 32746 Ph: (407) 519-0719 Fax: (407) 205-1951 email: info@phphouses.com
