The Next Thing The News Will Get Wrong And Mislead About Home Prices

 

 

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First-Time Home Buyers Priorities

Plan your finances and consult an advisor before house hunting to set a budget within 30-35% of your income.
Define must-have features based on lifestyle and plans to streamline the home-searching process after budgeting.Mortgage pre-approval helps serious buyers determine affordability, compare lenders, and gain a competitive edge.

Original post here: First-Time Home Buyers Priorities

How inventory inches up with higher interest rates

Mortgage rates have been steadily increasing for the past six weeks, causing a slight dip in home purchases and an increase in the available inventory of homes for sale. The economy is strong and the Federal Reserve is expected to keep rates high for longer, further increasing monthly payments and making home buying less affordable. Inventory is expected to peak at the end of August, with 20% fewer homes on the market than in 2022.

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If You Can Afford Mortgage Payments, Does That Mean You Can Afford to Own a Home?

This article discusses the financial obligations of both homeowners and renters, and how to determine if you can afford to buy a house. Homeowners have to pay more than just their monthly mortgage payments, such as taxes, insurance, and repairs. On the other hand, renters usually only need to pay their monthly rent and a deposit when they move in, along with optional pet or cleaning deposits. It is important to consider all of the costs before deciding to become a homeowner.

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Original post here: If You Can Afford Mortgage Payments, Does That Mean You Can Afford to Own a Home?

How Much Does It Cost to Buy a Home in Middle Georgia?

Avg home price/sq-ft in Middle Georgia increased to $123 from $118, reflecting recent growth.
A 2,058 sq-ft home on Ashford Chase Court sold for $255K, indicating market activity.
Figures based on sales from July provide current trend insight.
Recent data suggests ongoing price fluctuations in Middle Georgia's housing market.

Original post here: How Much Does It Cost to Buy a Home in Middle Georgia?

Hidden Costs of Homeownership and Utilities

Homeowners pay $14,144 yearly, or $1,180 MoM, for bills, taxes, insurance, and maintenance on top of their mortgage.
Nationally, property taxes, homeowners insurance, and utility payments avg $7,742.

Original post here: Hidden Costs of Homeownership and Utilities

Build Your Dream Home in Georgia

Georgia's buyers can save $30K by building instead of buying a home.
The estimated cost to build a home in Georgia is $365K.
The median home price in Georgia is $395K.

Original post here: Build Your Dream Home in Georgia

How much house can I afford if I make $100000 a year?

Despite earning a salary of $100,000, which is higher than the national median household income, 49% of people still find it difficult to buy a home. The 28/36 rule suggests spending no more than 28% of your income on housing expenses and no more than 36% on total debt payments. This means that on a salary of $100,000, the mortgage payment should be no more than $2,333 and other debts should be no more than $667 per month. Other variables such as savings, homeowners insurance and property taxes also need to be taken into account. A 20% down payment on a $400

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4 great reasons to buy a home today

Today's market is tough for many prospective homebuyers, with mortgage rates on average around 6-7%, and a shortage of homes for sale pushing up prices. However, for some buyers, now can still be a great time to buy. Plus, you can start building equity in your home and plan to refinance in the future.

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Importance of Mortgage Brokers in the Current Market Climate

Rising interest rates and economic uncertainty have created challenges for borrowers.
Mortgage brokers and agents play a crucial role in guiding clients through these challenges and providing financial advice.
It is essential for mortgage professionals to prioritize building relationships and offering advice rather than focusing solely on transactions.

Original post here: Importance of Mortgage Brokers in the Current Market Climate

Tips for Deciding Whether to Remodel Your Home or Move

When deciding whether to move or remodel a home, many factors should be considered, such as the cost of materials, the cost of hiring a contractor, the need for specific features, and the location of the home. Researching home prices and neighborhoods in the area can help determine if it is better to move or remodel.

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Office Market Unlikely to Bounce Back Before 2040

A new analysis suggests that office buildings won't recover from pandemic-related value reductions until around 2040.
The prolonged recovery is attributed to the shift of people away from city centers and the adoption of remote work practices.

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Baby Boomers’ Costly Mortgage Mistake

Baby boomers often fail to negotiate their mortgage rates, missing out on potential savings.
Negotiating a lower interest rate can save thousands of dollars over the life of the loan.
Strategies for negotiating a lower rate include shopping around, improving credit scores, and paying down debt.

Original post here: Baby Boomers’ Costly Mortgage Mistake

Tips For Choosing the Best Cash Home Buyers

This article provides tips for finding and working with cash home buyers as an alternative to the traditional process of selling a house. It suggests researching potential buyers, getting multiple offers, and looking for flexibility and convenience when choosing a buyer. It also advises seeking advice from a realtor or property attorney to ensure a fair and competitive offer.

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It Takes Georgians ~10 Years to Save for a Home

Georgians would need 9.4-yr to save up for a 10% down payment on the typical home.
This would require saving 5% of the median household income every month.
To achieve a 20% down payment, homebuyers would need to save 10% of the median household income in the same time frame.

Original post here: It Takes Georgians ~10 Years to Save for a Home

A Look on Early-Q3 Prices Around Georgia

In July 2023, the avg price of a house in Georgia was $320K, ↑ 1.3% yearly.
In the Atlanta metro area, the avg home price was higher than the state avg, with $377K.

Original post here: A Look on Early-Q3 Prices Around Georgia

Converting Downtown Office Into Multifamily Residential

The shift to hybrid or remote work has led to a 50% vacancy rate in downtown office buildings in the US.
Converting vacant office towers into residential spaces is seen as a solution to the housing shortage.
However, demolishing existing office towers and building residential multifamily properties from scratch is more cost-effective.

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Here’s What Happens When You Have $0 for a Home Down Payment

In response to the Bank of England raising interest rates at their fastest pace since gaining independence, many households with mortgages have seen their monthly repayments increase by 50%, from £600 to £900 overnight. This has put many households at risk of becoming cash-flow insolvent, and government schemes are in place to adjust repayments and provide liquidity. Looking to the future, wages will likely rise with inflation, and the value of mortgage debt will fall in real terms.

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Essential Homeowners Insurance for Mortgage Protection

Homeowners insurance is essential for mortgage loans and protects against property damage and liability.
Premium rates can increase over time, and understanding the reasons behind the rise is crucial.

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Housing Market Challenges in 2023

Affordability and availability of homes are now scarce commodities.

Spring 2023 saw a mere 400K homes on the market, a sharp ↓ from 1M in 2019.

Also high rents and housing prices make saving for a down payment tough.

Original post here: Housing Market Challenges in 2023

Eco-Friendly, Energy-Efficient Homes Attract Buyers

If you are planning to sell your house, it is important to keep in mind that buyers today value energy efficiency and eco-friendly features. The 2023 Realtors and Sustainability Report from the National Association of Realtors (NAR) shows that 48% of agents or brokers have noticed consumers are interested in sustainability. To make your house more appealing, consider upgrading it with features such as energy efficient windows and doors, a comfortable living space, and a programmable thermostat. Installing a heat pump water heater and proper attic insulation can also help reduce energy consumption and appeal to environmentally conscious buyers.

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US Homebuyers Compete for Limited Housing Inventory

The spring homebuying season in the US is experiencing intense competition despite predictions of a market crash and bargain prices.The supply of available homes is decreasing, as homeowners with historically low mortgage payments have no incentive to sell.Bidding wars have become common, reminiscent of more prosperous times.

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Real Estate Market Key Insights 2023-2030

The global real estate market is expected to reach USD 8,364,886.92 million by 2027.
The market is forecasted to grow at a CAGR of 4.14% during the forecast period.
Trends Impacting the Real Estate Market in 2023:
1- Sustainability and Green Buildings
2-Technological Integration
3-Urbanization and Mixed-Use Developments

Original post here: Real Estate Market Key Insights 2023-2030

Fed Hikes Key Interest Rate to 5.5%

The Fed hiked its key interest rate by 25 bps to 5.5%The Fed expresses doubt that inflation will continue to decrease towards its 2% target without implementing another rate hike.

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Single-Family BFR Homes Breaking Records

The number of build-for-rent homes under construction has reached an all-time high of 44,700.
That is ↑ 3X the number of homes completed in 2022.
In 2022, over 14,500 BFR homes were completed, ↑ 47% yearly and the highest yearly total to date.
Prior to 2020, the avg number of BFR homes built annually was only 6K.

Original post here: Single-Family BFR Homes Breaking Records