Tuesday, June 20, 2023 / by Sydney Stahr
If you're planning to buy your first home, then you're probably focused on saving for all the costs involved in such a big purchase. One of the expenses that may be at the top of your mind is your down payment. If you’re intimidated by how much you need to save for that, it may be because you believe you must put 20% down. That doesn’t necessarily have to be the case. As the National Association of Realtors (NAR) notes:
“One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership.”
And a recent Freddie Mac survey finds:
“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”
Here’s the good news. Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be clos. ...
Monday, April 20, 2020 / by Dennis Balduf
There is a lot of questions and concerns around the housing market and a lot of us are experiencing resurfaced pain from scars caused from the 2008 housing crisis. The big question on everyone’s mind is if this is going to be like 2008?
As we are all looking at capacity, staffing, compensation, UW guidelines and overall P&L management; looking at the numbers and not just the headlines is the key in this market. Based on all the data it looks like we need to be prepared for a surge not decline in the months ahead.
I thought the below data was very helpful in analyzing what is coming in the months ahead. Based on the data, almost all economist and experts are calling for a 3rd to 4th quarter rebound. Many feel that the housing market is going to help push the economy forward and that we will need to handle the volume and demand pre-health crisis plus the pent up demand from people that held off buying in 2nd quarter! ...
Thursday, April 16, 2020 / by Sarah Balduf
Common Questions We Keep Hearing
There is a lot of confusion and understandably so, which is why this month’s Housing Update is a bit on the lengthier side.
· Are we heading for another housing bubble?
· Should I list my house now or keep it listed? Or wait until things settle down?
· Is now a good time to buy or should I wait and see if prices will go down?
If you have time to watch it, we encourage you to do so as it contains some valuable information and insight into how the housing market works, what affects its volatility, and what we can expect to happen into the near future. If you don’t have time, below are the top takeaways.
What’s The Market Doing Now?
Dennis compiles information he’s gathered from half a dozen industry gurus at the national level, alo ...
Thursday, April 9, 2020 / by Sarah Balduf
It can get a bit confusing right now on what's available right now, what's a good idea, and how to manage upcoming bills if you are among those who are not "essential" and can't work right now. We're all being affected, some worse than others. This video is a summary of some FAQs in response to what's out there.
Here are some Additional Resources
Dept of Financial Services-WA state