Category: First-Time Homebuyer

1 Apr 2016

New Home Rental Communities: The New Phenomenon

Remember the “Great Recession”? While it ended about three years ago, there are a plethora of articles on how far behind the new home industry was on supplying new single-family homes. The figures were staggering: more than two million single family homes behind, just to get us back on par. And that didn’t include the new demand. As the recession started to wind down, there were a tremendous amount of apartment complexes being developed. Talk was that lenders felt more comfortable lending for apartments since there were all these pre- recession buyers who needed housing but could no longer afford to buy. During that time, we also saw a spike in the number of single-family home starts, but this market sector...
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30 Mar 2016

5 ways buying a house helps build a financial foundation.

What does homeownership mean in terms of helping build a financial foundation for now and the future? The Annie E. Casey Foundation says that your assets—emergency savings, a college fund and homeownership—provide the financial stability we should strive to build. The New York Times says that “the housing market has made a strong recovery, not only in sales and prices, but also in the confidence of consumers and experts as an investment.” Jonathan Smoke, realtor.com®’s chief economist lists 5 ways buying a house helps build a financial foundation: 1) It teaches you to be a saver. Buying a home through a mortgage means you’ll learn to save in the form of the monthly payments. That discipline will carry through and you’ll understand better how...
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18 Mar 2016

You Deserve a Second Opinion When It Comes to Mortgage Financing

How many big decisions have you made in your life that you wish you could have changed? Unlike golf, life seldom offers a mulligan, or do-over – at least without some kind of catch or consequences. But Allen Tate Mortgage believes you deserve better. Allen Tate Mortgage offers a Best Rate Guarantee* every day – a free, second opinion to make sure you are receiving the best total financing package on your mortgage. It’s easy – and here’s the best part: If Allen Tate cannot meet or beat your quote from another lender, we’ll pay you $500 after closing. For example, say you reached out to a bank or mortgage lender, maybe online, to get pre-qualified for a mortgage. You’ve found the right...
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7 Mar 2016

Buying Your First Home? Here’s Step 1: Choosing the Right Realtor®

Congratulations! You’re about to embark on one of the largest financial decisions in your life as you purchase your first home. And with experts predicting rent prices only increasing, not to mention the fact that current mortgage rates are a scant 3.5 percent, affording a home has never been easier on your wallet. And here to give you the lowdown on the whole process, comes a series of blogs designed to help you successfully maneuver through your first home buying experience. First up on your checklist is finding the right Realtor for you--because, after all, your Realtor is your biggest ally, your confidant, and your self-appointed BFF for the next six to nine months. In other words, choose carefully. Why you need a...
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15 Feb 2016

4 Ways to Prevent Buyer’s Remorse

If you’ve done your homework, you come equipped to your first house-hunting excursion with a list of non-negotiables. Perhaps you’ve established a budget, identified potential neighborhoods and pegged near-by amenities that you can’t live without. Here are the four most common mistakes buyers make and how to prevent those uncomfortable feelings from creeping over you right after you’ve signed the purchase contract. Buying a house that’s too much for your budget In the midst of a seller’s market, bidding wars can break out, and before you know it, you’re offering way over your maximum budget in hopes of winning the war. Operating this way can make you quickly regret your decision, as it could possibly leave you cash-strapped and stressed...
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1 Feb 2016

Before Closing, Don’t Do These 5 Things

You’re approved! The contract is signed on the house, the closing date is set and you are ready to go! But hold on. Don’t go buying new appliances the new house or a new car for the new commute just yet! Why? Because your credit is monitored right up to the day you sign the contract. Lenders will question any big transaction or change in financial status until you have the keys in hand. So be aware that not only is a credit check run when you apply for a mortgage, but another is run just before you close. So avoid these 5 things before closing on your home—or risk losing it before it’s even yours! Don’t change your job status. Banks are looking...
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13 Jan 2016

The Millennial Dilemma

Millennials are defined as people born in the U.S. between 1981 and 1997, which puts them in the age bracket of 19 to 35.  This ethnically diverse group is 66 million strong and the second largest defined marketing group behind the Baby Boomers.  They are also the sought-after prize for the homebuilding industry … if builders can figure out how to get Millennials in the market to buy a new home. What home builders know is that this group WANTS to buy.  But market conditions and buying preferences are creating some roadblocks that are preventing Millennials from jumping in. The most talked-about barrier facing Millennials is the mountain of college debt that many of them face.  This is closely followed by lack...
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6 Apr 2015

Taking stock of housing

Most of what we all know about pricing in that the end game is supply and demand. Too much of anything – and the cost goes down. Too little of anything that people want? Prices go up due to demand. (That was about the only thing that resonated from my economics classes.) Everyone understands this premise as we gas up our cars. We know what happens when oil is plentiful. But what about housing inventory? Let’s look at resale and new home sales. Other than on the West coast, houses have appreciated about 2.5 to 3.5 annually since 1950. That is, except for the 2000’s, when low rates, generous funding practices and a dissatisfaction with the stock market created a demand on housing...
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27 Mar 2015

Buyers Are Moving to the Carolinas

If you plan to list your home for sale this year, there’s a 17 percent chance that it will be sold to someone from outside the region – or maybe even outside the country. In the Carolinas, we’re fortunate to have companies relocating and expanding in our markets. And that means new residents, from across the country and in some cases, from around the world. This is a great time to reach buyers moving here from other places if you’re looking to sell. But you must expose your home locally, regionally, nationally and internationally – to reach the widest range of possible buyers. In the March-April edition of Carolinas Market Update, I talk about the importance of connectivity. Last month, I took the helm...
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25 Mar 2015

Selling a Fixer-Upper? Make it GREAT

If you're getting ready to sell your house, and the phrases "Handyman's special" or "Lots of potential" come to mind, don’t despair. Many buyers like the idea of getting a home at a fair price and the opportunity to make it their own. Just remember, as you put your fixer-upper on the market, you’ll need to make it G-R-E-A-T: G: Good price; good value. If your home needs extensive renovations, don’t expect it to sell at the same price as a turnkey house. A good price will draw bargain hunters, yes, but that doesn't mean there aren't great features that will attract other types of buyers. Show the value of the property and what makes it special – from the good bones...
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