From our friends at the kcm blog
If homeownership is on your goal sheet for your future, you’re probably working on your savings. And a big priority is making sure you’ve got a plan in place for things like your closing costs, down payment, and more.
Here are a few strategies that can help speed up that process.
Budget and Track Your Expenses: To start, create a detailed budget that tracks the money you’ve got coming in and the money going out. This’ll give you a better look at your finances as a whole.
Cut Down on Unnecessary Spending: Now that you have your budget sheet done and you know how you’re spending your money, look for...
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By Barbara Marquand | NerdWallet
After starting a career in engineering in Boynton Beach, Florida, Moisey Abdurakhmanov was renting a home with friends when he decided he wanted his own place.
“I realized I was basically paying somebody else’s mortgage every month,” he recalls.
So when the lease was up, he moved back home with his parents, saved every dime he could and bought a house five months later in January 2021 — “easily one of the best decisions I’ve made.”
Many millennials are taking a similar path to homeownership. About a quarter (24%) of people ages 25 to 33 who bought a home between July 2022 and June 2023 said...
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From our friends at the kcm blog
If you’ve been looking for a home at the high end of your market, but haven’t found the right one, you may have put your search on hold. But according to recent data, now may be the time to jump back in. Here’s why.
There Are More Luxury Homes To Choose From
What’s considered the top-end of the market, or a luxury home, will always vary by location. But generally speaking, they’re homes that are valued in the top 5% of any given market. According to a recent report from the Institute for Luxury Home Marketing, the selection of luxury homes is increasing (see graph below):As the graph shows,...
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From our friends from the KCM blog
June is a busy month in the housing market because a lot of people buy and sell this time of year. So, if you’ve got a move on your mind and you’re looking to make it happen this month, here’s a snapshot of what you need to know to make sure you’re ready.
If You’re Buying This June
A lot of homebuyers with children like to move after one school year ends and before the next one begins. That’s one reason why late spring into summer is a popular time for homes to change hands. And whether that’s a motivator for you or not, it’s important to realize more buyers are going to be looking...
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From our friends at the kcm blog
With all the headlines and talk about housing affordability, it can be tempting to get lost in the financial side of buying a home. That’s only natural as you think about the dollars and cents of it all.
And while you ultimately need to be able to afford a home you buy, don’t lose sight of why homeownership was so important to you in the first place. That’s because buying a home is so much more than just a financial transaction. As the National Association of Realtors (NAR) says:
“The benefits of purchasing and owning your place of residence are both financial and emotional – pride in homeownership and the feeling of security are...
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By Keith Griffith | realtor.com
A recent breakdown of mortgage rates by generation contains a few surprises, finding that millennials on average secured lower rates than baby boomers.
The report earlier this month from Freddie Mac shows that millennials are tied with Gen X for the lowest home loan rate at origination, at 4%. Mortgage rates for boomers are slightly higher, at 4.1%, despite that generation’s much higher propensity for refinancing.
For the silent generation, which preceded the boomers, rates average 4.3%. Meanwhile, the youngest adult generation, Gen Z, has the highest average mortgage rate, at 4.9%. That’s likely because the oldest members of Gen Z, who are now 27, are more...
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From our friends at the kcm blog
Buyers face challenges in any market – and today’s is no different. With higher mortgage rates and rising prices, plus the limited supply of homes for sale, there’s a lot to consider.
But, there’s one way to avoid getting tripped up – and that’s leaning on a real estate agent for the best possible advice. An expert’s insights will help you avoid some of the most common mistakes homebuyers are making right now.
Putting Off Pre-approval
As part of the homebuying process, a lender will look at your finances to figure out what they’re willing to loan you for your mortgage. This gives you a good idea of what you can borrow so you can really wrap...
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FROM OUR FRIENDS AT THE KCM BLOG
Climate change is impacting where people buy homes. As the experts at the National Association of Realtors (NAR) explain:
“Sixty-three percent of people who have moved since the pandemic began say they believe climate change is—or will be—an issue in the place they currently live.”
If you’re planning to move, climate change is something you might want to consider, no matter where you are. A recent study from Realtor.com helps put the growing impact climate change is having on real estate into perspective (see below):
So, how can you be sure your investment is safe from the elements?
For starters, work with a local real estate agent to understand the likelihood of your future home being...
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By Jamie Wiebe | REALTOR.COM
Homes aren’t impulse purchases. It takes time to sift through listings and make your way from one home showing to the next; then, of course, there are those agonizing hours you wait to find out if your offer on a house was accepted, whether you can secure financing, and any number of other holdups.
Just so you’re prepared to play the waiting game, here are the steps to buy a house and how long they typically take, so you aren’t sitting there holding your breath and wondering if something’s up.
How long does it take to find a real estate agent?
Answer: A couple of days to a few weeks
Your real estate agent should be...
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FROM OUR FRIENDS IN THE KCM BLOG
If you’re a member of a younger generation, like Gen Z, you may be asking the question: will I ever be able to buy a home? And chances are, you’re worried that’s not going to be in the cards with inflation, rising home prices, mortgage rates, and more seemingly stacked against you.
While there’s no arguing this housing market is challenging for first-time homebuyers, it is still achievable, especially if you have professionals on your side.
Here are some helpful tips you may get from a pro.
1. Explore Your Options for a Down Payment
If a down payment is your #1 hurdle, you may have options to give your savings...
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