Posts from December 2016
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26
Don't Wait! Move Up to the Home You Always Wanted
Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. Prices are still below those of a few years ago and interest rates are still around 4%. The holiday season is almost over, we think it is about time you give yourself the perfect gift: Your Dream Home.
Sellers should realize that waiting to make the move while mortgage rates are increasing probably doesn't make sense. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain budget for your monthly housing costs.
The chart on the right details this point.
With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000). Experts predict that mortgage rates will increase by at least half a point by this time...
18
Baby Boomers Finding Freedom in Retirement
Within the next five years, more than one in five people will be aged 65+, and one in three households will be headed by someone in that age group according to the Joint Center for Housing Studies (JCHS) at Harvard University. This means that Baby Boomers will soon be the largest demographic demanding housing in the near future. Let's take a look at why… In a recent Merrill Lynch study , " Home in Retirement: More Freedom, New Choices," nearly 6,000 adults, ages 21 and older, were surveyed about housing.
On the Move
According to the study, "an estimated 4.2 million retirees moved into a new home last year alone." Two-thirds of retirees say that they are likely to move at least once during retirement. The top reason cited for relocation was "wa...
16
Ruhl Gives Back for the Holidays
Across all of our regions, our offices have been spreading holiday joy by giving back to their communities, as we continually strive for excellence in community service as well within the Ruhl Family. December 2 was the National Association of Realtor's Ring the Bell Day across the nation, and all of our offices participated to help raise funds for the Salvation Army.
Pictured to the left is Wendy Corzatt from our Burlington Office, ringing the bell at a local grocery store. Thanks to all of our offices for taking an hour or two out of their day to give back to this special cause! Our Corporate and Bettendorf Offices raise money each Christmas to buy presents for children and families...
12
Buying is Now 37.7% Cheaper than Renting in the U.S.
The results of the latest Rent vs. Buy Report show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. The updated numbers actually show that the range is an average of 17.4% less expensive in Honolulu (HI), all the way up to 53.2% less expensive in Miami & West Palm Beach (FL), and 37.7% nationwide!
Other interesting findings in the report include:
- Interest rates have remained low, and even though home prices have appreciated around the country, they haven't greatly outpaced rental appreciation.
- Home prices would have to appreciate by a range of over 23% in Honolulu (HI), up to over 45% in Ventura County (CA), to reach the tipping point of renting being less expensive than buying.
- Nationally, rates would have to reach 9.1%, a 145% increase over today's average of 3.7%, for renting to be cheaper than buying. Rate...
10
Why Getting Pre-Approved Should Be Your First Step
In many of our local markets including the Quad Cities and Dubuque, the amount of buyers searching for their dream home greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. 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. But even if you are in a market that is not as competitive, knowing your budget will give you the confidence to know 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.
"It's highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets."
One...
