first time homebuyers - The Jenn Pfeiffer Team

May 10, 2024

Tips for Younger Homebuyers: How To Make Your Dream a Reality

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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May 6, 2024

Buying

The Top U.S. Cities Immune to the Housing Market Malaise—Where Price Growth Is Surging

By Margaret Heidenry | realtor.com The housing market has been stagnant for several years now, with high home prices and unpredictable mortgage rates sidelining buyers and sellers alike. But some U.S. metros seem to be defying the real estate market malaise. In these places, not only are homes selling at a quicker pace than the rest of the country, but prices are up as well. Indeed, in its latest data analysis, which ranks the nation’s 20 hottest markets, Realtor.com® found that home prices are flat everywhere, seeing only a 2% rise in March—except for the hottest markets, which rose by 5.3% annually. “Prices increased slightly nationwide in March, but the month’s hottest markets saw more substantial price...

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April 22, 2024

Buying

Is It Getting More Affordable To Buy a Home?

From our friends at the KCM blog Over the past year or so, a lot of people have been talking about how tough it is to buy a home. And while there’s no arguing affordability is still tight, there are signs it’s starting to get a bit better and may improve even more throughout the year. Elijah de la Campa, Senior Economist at Redfin, says: “We’re slowly climbing our way out of an affordability hole, but we have a long way to go. Rates have come down from their peak and are expected to fall again by the end of the year, which should make homebuying a little more affordable and incentivize buyers...

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April 3, 2024

Buying

What Does Contingent Mean in Real Estate?

By Kristine Gill | Better Homes & Gardens Learn more about common contingencies in real estate and how they can affect the buying processes. Buying and selling a home often requires a dictionary as you navigate a new litany of terms, each describing a crucial step in the process. In real estate, a contingent offer has a meaning all its own—one that can make or break a deal. “It is a common misconception that once you are under contract, you are going to close with that buyer and seller—no matter what,” says Abbey Wostal, a broker and owner at Better Homes and Gardens Real Estate Wostal Realty. “This is absolutely false if there...

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March 25, 2024

Buying, Selling

What Every Homebuyer Should Know About Closing Costs

From our friends in KCM Before making the decision to buy a home, it’s important to plan for all the costs you’ll be responsible for. While you’re busy saving for the down payment, don’t forget you’ll want to prep for closing costs too. Here’s some helpful information on what those costs are and how much you should budget for them. What Are Closing Costs? A recent article from Bankrate explains: “Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .” Simply put, your closing costs are...

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March 21, 2024

Buying, Selling

What Are Experts Saying About the Spring Housing Market?

From our friends in KCM If you’re planning to move soon, you might be wondering if there’ll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here’s what the professionals are saying about what’s in store for this season. Odeta Kushi, Deputy Chief Economist, First American: “. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.” Lisa Sturtevant, Chief Economist, Bright MLS: “There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.” Danielle Hale, Chief...

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March 13, 2024

Living, Selling

Your Home Is a Powerful Investment

From our friends at the KCM blog Going into 2023, there was a lot of talk about a possible recession that would cause the housing market to crash. Some in the media were even forecasting home prices would drop by as much as 10-20%—and that might have made you feel a bit unsure about buying a home. But here’s what actually happened: home prices went up more than usual. Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, explains: “Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.” To put last year’s growth into context, the graph below uses data from Freddie Mac on how home prices have changed...

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March 11, 2024

Buying, News

The Housing Market’s Unhappy New Year: Fewer Homes Go Under Contract as Mortgage Rates Rise

By Clare Trapasso | Realtor.com The housing market isn’t off to a good start this year. The number of homes under contract that haven’t closed yet dropped 4.9% from December to January, according to a recent report from the National Association of Realtors®. Year-over-year pending home sales were down 8.8% in January. The culprit? Rising mortgage rates that make it more expensive for folks to purchase homes. “Consumers are showing extra sensitivity to changes in mortgage rates in the current cycle, and that’s impacting home sales,” said NAR Chief Economist Lawrence Yun in a statement. Mortgage rates had dropped to a low of 6.61% in late December but ticked up slightly in January, according to Freddie Mac data. “Buyer demand...

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March 5, 2024

Buying

Buying Houses Before Finding Spouses

By Debra Kim| The New York Times Single men traditionally get a head start in homeownership and reap the benefits faster, but single women are thinking creatively to close the gap. Rachel Rodman always dreamed of owning her own home, but life kept getting in the way. She became a mother at 19, then went through a complicated divorce that left her financially depleted. For many years, she felt resigned to renting with her son, James, now 14. Ms. Rodman, 33, earns a steady income as an events producer for SXSW, the annual festival of creative arts and technology held in her hometown, Austin, Texas. Still, she never felt she had...

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February 26, 2024

Selling

Sales of New Homes Tick Up in January

By Aarthi Swaminathan | Realtor.com The numbers: Sales of newly built homes in the U.S. inched up in January, even as mortgage rates rose. U.S. new-home sales rose 1.5% to an annual rate of 661,000 in January, from a revised 651,000 in the prior month, the Commerce Department reported Monday. The number is seasonally adjusted and refers to how many homes would be built over an entire year if builders continued at the same pace every month. The pace fell short of expectations on Wall Street. Economists had forecast new-home sales to total 680,000 in January. Mortgage rates rose to a six-week high at the end of January, according to data from Freddie Mac, which might...

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first time homebuyers Tag

Tips for Younger Homebuyers: How To Make Your Dream a Reality

The Top U.S. Cities Immune to the Housing Market Malaise—Where Price Growth Is Surging

Is It Getting More Affordable To Buy a Home?

What Does Contingent Mean in Real Estate?

What Every Homebuyer Should Know About Closing Costs

What Are Experts Saying About the Spring Housing Market?

Your Home Is a Powerful Investment

The Housing Market’s Unhappy New Year: Fewer Homes Go Under Contract as Mortgage Rates Rise

Buying Houses Before Finding Spouses

Sales of New Homes Tick Up in January

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