Collins & Demac Real Estate



Posted by Collins & Demac Real Estate on 4/9/2015

More and more millennials are getting into the housing market. A survey by homebuilder PulteGroup found that 65% of those who make more than $50,000 a year reported increased interest in buying a home. The recession has forced Generation Y, roughly those age 18 to 34, to delay buying homes. Now millennials are now entering their thirties and the cost of buying a home is now becoming a reality. While student loans and financial resources are keeping some younger people from the housing market many others are realizing that in many cases owning a home is cheaper than renting. The survey also reported that millennials know what they want in a home: 84% listed storage as a priority was ample storage                 76% want space for TV and movie watching                                                                           69% desire an open living/room kitchen layout                                                                             63% look for outdoor living or a deck                                                                                               36% cited the ability to work at home Other recent studies have affirmed the PulteGroup study and have shown that 90% of millennials plan to buy a home someday keeping the dream of homeownership alive.                                                    





Posted by Collins & Demac Real Estate on 7/31/2014

It is almost impossible to predict the future and predicting where mortgage rates may go can be difficult too. But if you know how to watch the indicators you will have some degree of advantage. It may help you decide whether to borrow funds or wait until rates drop. Consider that with any prediction there can always be a great deal of margin of error. Here are a few things to consider to make a more reliable mortgage rate prediction: History History can always be a good predictor. What is the economic climate? If rates are high in economic down times that you should predict that rates will rise when the same crisis hits the market. Look not only to long-term history but also to rates recent history. Watch for the changes carefully, track them by the month. Factors to consider are: Are the rates going up or down? What factors are causing them to behave in such a way? Influencing Factors Factors that influence mortgage rates can be controlled by you. One of those factors is the amount of down payment you have or if refinancing the amount of equity you have in the home. Also for consideration on the rate you will receive is your debt to income ratio and your credit score. Some factors you cannot influence include the state of the real estate market, the inflation rate and the funds available for consumers. Inflation Inflation drives most everything and always is a constant consideration of the mortgage interest. If inflation is higher, the interest rate will go up as well. Conversely, if inflation is low rates do down. Credit Availability How much credit is available? If limited funds are available than mortgage interest rates will be higher. The Bottom Line The bottom line is you have to be flexible. You can never predict what the exact mortgage rate will be. Instead, look to the factors that influence rates. This will give you an idea of where rates are and a better picture of if it is the right time for you to take on a mortgage.





Posted by Collins & Demac Real Estate on 5/23/2013

Each year the National Association of Realtors does a study of home buyers and sellers. They ask home buyers and sellers across the country why they bought or sold, how they made decision and who they are. Here are just a few of things they found out: WHAT SELLS The typical home purchased was 1,780 sq ft, was built in 1990, and had three bedrooms and two bathrooms, according to NAR’s 2010 survey of buyers and sellers. APPEALING TO BUYERS 44% of sellers offered incentives, like home warranties and help with closing costs, to attract buyers, according to NAR’s 2010 survey of buyers and sellers. THE PRICE IS RIGHT Recent sellers typically sold their homes for 96% of the listing price; 57% reduced the asking price at least once, says NAR’s 2010 survey of buyers and sellers. GENDER GAP There are more single female buyers than single males. But single male buyers grew by 2 percentage points between 2009 and 2010; single female buyers. COST OF LIVING The median price buyers paid for homes was $179,000, according to the latest NAR survey of buyers and sellers.







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