Deciding between renting and buying your first home? While it often seems like a purely financial decision, determining whether or not you can afford what you desire, there's more to the story. The concept of Cost-Benefit Analysis comes into play here. It involves analyzing a situation to determine if the benefits outweigh the costs. As a prospective homebuyer, you need to think along these lines. The...
As summer draws to a close, the Central Florida real estate market displays signs of cooling. The Orlando Regional REALTOR® Association's recent data release sheds light on this transition, indicating notable shifts as the fall season approaches. State of the Market Inventory Dynamics: The inventory for August stood at 6,115, reflecting a 6.9% increase from July's figure of 5,720 homes. New...
Nationally it’s 13%, but in Fort Lauderdale it’s 28% – the highest in the U.S. In Miami, a first-time buyer needs to earn 25% more than they did a year ago. By Kerry Smith SEATTLE – A first-time homebuyer must earn roughly $64,500 per year to afford the typical U.S. “starter” home, up 13% ($7,200) from June a year ago, according to a report from Redfin, thanks to the one-two punch of...
Homeowners with mortgage rates too low to give up aren’t listing their homes, pushing buyers to the new-home market – an economic boon for builders. NEW YORK – High interest rates are actually making new homes easy to sell by compounding a shortage of available real estate. Existing home sales have slowed because fewer owners are willing to sell, and that has pushed buyers into the arms of...
By Chantal Allam It’s a bit like “rent-to-own,” but buyers actually own a small piece from the very beginning. As time passes, their ownership percentage slowly goes up. RALEIGH, N.C. – As higher mortgage rates lock out many would-be buyers, alternative home-financing solutions have emerged out of Silicon Valley. Among them is Ownify, a San Francisco-based startup that is testing...
If you've ever dreamt of paying off your mortgage faster while saving thousands of dollars in interest, get ready for a mind-blowing strategy. It's time to dive into the world of biweekly mortgage payments and discover the hidden benefits that can transform your homeownership journey. Buckle up and get ready to become a mortgage payment ninja! By default, most homeowners make monthly mortgage payments...
Before starting to find one, it helps to define a "hot" real estate deal. I think it's safe to say that a "hot" deal is anything where the price is under market value. But that's as far as it goes because what's hot to some might be merely lukewarm to others. For instance, an investor might look at a fixer priced 10% under market value and not consider that a hot deal. But a first-time buyer trying...
The Orlando real estate market continues to shine as we head into the summer months. With a surge in sales and rising prices, both buyers and sellers have reasons to be optimistic. Let's take a closer look at the state of the market and the latest trends shaping the Orlando housing scene. Sales and Prices on the Rise May witnessed a remarkable 13.9% increase in overall sales compared to...
In real estate, a common question often arises: Is it cheaper to build a new home or buy an existing one? As we journey through 2023, the answer to this question has taken on new dimensions. The current average cost to build a home in the US is around $284,723, while our northern neighbors in Canada face an average cost of around CA $385,321. Meanwhile, the average cost to buy an existing home in the...
Yay! You just bought a house. Now, before you get too settled in, have a quick read of these 6 things that recent buyers said they wished they had paid more attention to when they moved in. 1. NEVER BUY FURNITURE ONLINE THAT YOUHAVEN'T TRIED. It's a literal pain in the neck, back, or rear to discover that your cool, expensive retro-styled sofa sinks so low that you feel like you're sitting in a...
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