Holiday Traditions, Time to Share
Happy Holidays!
We love spending time in the kitchen with family and friends. Never is this more special than during the holidays. Our holiday traditions include a number of favorite cookies and sweets that come out only during the holidays. Our Christmas cookies are made every year, just as they have been since Charlotte and her sister Leslie were kids.
Multi-Generational Households May Be The Answer To Price Increases
Multi-Generational homes are coming back in a big way! In the 1950s, about 21%, or 32.2 million Americans shared a roof with their grown children or parents. According to an article by Realtor.com, “Nearly 1 in 5 Americans is now living in a multi generational household – a household with two or more adult generations, or grandparents living with grandchildren – a level that hasn’t been seen in the U.S. since 1950.”
Feeling Stuck in Place?… You Aren’t Alone
Whether you are a renter who is searching for your dream home or a homeowner who feels like your only option is to renovate, you have at least one thing in common: feeling stuck in place.
Median Days on the Market Drops Again!
Throughout this year the median days on the market (DOM) has consistently gotten lower every month. When compared to year over year figures from 2016, there is often a 50% drop in the number of days on the market.
5 Reasons to Hire a Real Estate Professional when Buying or Selling
Whether you are buying or selling a home, it can be quite an adventurous journey. This is why you need an experienced real estate professional to guide you on the path to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO.
The 5 reasons you NEED a real estate professional in your corner haven’t changed, but have rather been strengthened by the projections of higher mortgage interest rates & home prices as the market continues to pick up steam. Read More
5 Reasons Home Ownership Makes ‘Cents’
The American Dream of home ownership is alive and well. Recent reports show that the US home ownership rate has rebounded from recent lows and is headed in the right direction. The personal reasons to own differ for each buyer, but there are many basic similarities.
The benefits to home ownership are numerous and varied. Today we want to talk about the top 5 financial reasons you should own your own home. Read More
4 Top Home Renovations for Maximum ROI
We are often asked what the best home renovation would be to prepare a home for sale. Often that question means, “What can I do to my home to get the best Return On my Investment?” Whether you are selling your home, just purchased your first home, or are a homeowner planning to stay put for a while, there is value in knowing which home improvement projects will net you the most “Return On Investment” (ROI) Read More
Riverside Real Estate Update
Prices continue to creep up in the Riverside real estate market. For a quick and easy update, check out the infographic below.
If you would like monthly updates for your zip code or neighborhood, sign into our website and customize the report just for you.
Be Ready To Buy
| In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. In Riverside county for the month of May 2017 our inventory is still very tight with homes staying on the market for an average of only 17 days. In popular zip codes such as 92506 or 92508 that number is even lower. Many homes have multiple offers and are going into escrow within days.
If you’re serious about purchasing a home in this market, you need to be prepared and ready to move quickly to get the home you want. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach. Freddie Mac lays out the advantages of pre-approval in the My Home section of their website:
One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.” Freddie Mac describes the 4 Cs that help determine the amount you will be qualified to borrow:
Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted. Get Ready To BuyMany potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well. Contact the Ransom-McKenzie Team today to discuss your home buying strategy. Don’t forget to register for the Coldwell Banker $20,000 Summer Cash Giveaway for your chance to win $20,000. It might help you get to your down payment goal. Click on the link below to enter!
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69% of New Homebuyers are Wrong About Down Payment Needs
According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, 69% of potential first-time buyers still believe a 20% down payment is necessary to buy in today’s market.
Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the home-buying process is keeping potential buyers on the sidelines. Saving for a down payment is often cited as a huge barrier for first-time homebuyers to make the leap into homeownership. If homeowners believe that they need a 20% down payment to enter the market, they also believe that they will have to wait years (in some markets) to come up with the necessary funds to buy their dream homes. The greatest source of confusion cited in the survey results centered around down payments. The results are broken down in the chart below.
Rohit Gupta, CEO of Genworth Mortgage Insurance had this to say,
“While first-time homebuyers continue to drive the purchase market, we believe many are staying on the sidelines due to the misconception that a 20 percent down payment is required to secure a mortgage. There are various low down payment options available today that allow prospective homebuyers to reach their dreams of homeownership sooner. It is crucial that, as an industry, we proactively educate eligible borrowers about solutions that will enable them to buy a home when they’re ready.”
Bottom Line
Don’t let a lack of understanding of the home-buying process keep you and your family out of the housing market. Give the Ransom-McKenzie Team a call to day to help you understand the local Riverside Real Estate Market.
