Saturday, January 9, 2016

Foreclosure Listings

Contact

Heidi Buchberger RE/MAX Realty Center

262-443-2672

heidi.buchberger03@gmail.com to find you a foreclosure property!

Friday, January 8, 2016

Don’t Let Rising Rents Trap You!

Monday December 28th, 2015 Down Payments, First Time Home Buyers, For Buyer

There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage.

Don’t Become Trapped

Jonathan Smoke, Chief Economist at realtor.com recently reported on what he calls a “Rental Affordability Crisis”. He warns that,

“Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.”

The Joint Center for Housing Studies at Harvard University recently released their 2015 Report on Rental Housing, in which they reported that 49% of rental households are cost-burdened, meaning they spend more than 30% of their income on housing. These households struggle to save for a rainy day and pay other bills, such as food and healthcare.

It’s Cheaper to Buy Than Rent

In Smoke’s article, he went on to say,

“Housing is central to the health and well-being of our country and our local communities. In addition, this (rental affordability) crisis threatens the future value of owned housing, as the burdensome level of rents will trap more aspiring owners into a vicious financial cycle in which they cannot save and build a solid credit record to eventually buy a home.”

“While more than 85% of markets have burdensome rents today, it’s perplexing that in more than 75% of the counties across the country, it is actually cheaper to buy than rent a home. So why aren’t those unhappy renters choosing to buy?”

Know Your Options

Perhaps, you have already saved enough to buy your first home. HousingWire reported that analysts at Nomura believe:

“It’s not that Millennials and other potential homebuyers aren’t qualified in terms of their credit scores or in how much they have saved for their down payment.

It’s that they think they’re not qualified or they think that they don’t have a big enough down payment.” (emphasis added)

Many first-time homebuyers who believe that they need a large down payment may be holding themselves back from their dream home. As we reported last week, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!

Bottom Line

Don’t get caught in the trap so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Have a professional help you determine if you are eligible to get a mortgage.

Thursday, January 7, 2016

Thinking of Selling Your Home? Get Ready to Negotiate!

Now that the market has showed signs of recovery, some sellers may be tempted to try and sell their home on their own (FSBO) without using the services of a real estate professional.

Real estate agents are trained and experienced in negotiation. In most cases, the seller is not. The seller must realize their ability to negotiate will determine whether they can get the best deal for themselves and their family.

Here is a list of some of the people with whom the seller must be prepared to negotiate if they decide to FSBO:

The buyer who wants the best deal possible
The buyer’s agent who solely represents the best interest of the buyer
The buyer’s attorney (in some parts of the country)
The home inspection companies, which work for the buyer and will almost always find some problems with the house.
The termite company if there are challenges
The buyer’s lender if the structure of the mortgage requires the sellers’ participation
The appraiser if there is a question of value
The title company if there are challenges with certificates of occupancy (CO) or other permits
The town or municipality if you need to get the COs permits mentioned above
The buyer’s buyer in case there are challenges on the house your buyer is selling
Your bank in the case of a short sale

Bottom Line

The percentage of sellers who have hired a real estate agent to sell their home has increased steadily over the last 20 years. Let's get together and discuss all we can do to make the process easier for you.

Wednesday, January 6, 2016

W3315 Ranch Rd Watertown, Wisconsin 53094

Lower Unit 2 Bedroom 1 Bath

Upper Unit 1 Bedroom 1 Bath

List Price: $179,900

Contact Heidi Buchberger RE/MAX Realty Center for information on Concord, Sullivan, Watertown, & Farmington Properties For Sale!

Tuesday, January 5, 2016

American Dream of Homeownership Still Very Much Alive

In a recent post, Trulia examined whether homeownership was again being seen by adults in the US as a “part of their personal American Dream.” Over the last five years:

The percentage of U.S. adults who believe homeownership is part of their American Dream increased from 70% to 75%
The percentage of 18-34 Year-olds who believe homeownership is part of their American Dream increased from 65% to 80%

Here is a graph of the survey over the last five years:

American Dream of Homeownership | Simplifying The Market

Bottom Line

As the housing industry recovers from the crisis of 2008-2010, Americans belief in homeownership as part of their own personal American Dream has also made a strong comeback.