As you set out on your homebuying journey, you likely have a plan in place, and you're working on saving for your purchase. But do you know how much you actually need for your down payment?If you think you have to put 20% down, you may have set your goal based on a common misconception. Freddie Mac says:The most damaging down payment myth since it stops the homebuying process before it can start is the belief that 20% is necessary.Unless specified by your loan type or lender, its typically not required to put 20% down. According to the Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), the median down payment hasn't been over 20% since 2005. It may sound surprising, but today, that number is only 13%. And its even lower for first-time homebuyers, whose m... 01/14/2022

As a buyer in a sellers market, sometimes it can feel like you're stuck between a rock and a hard place. When you're ready to make an offer on a home, remember these five easy tips to help you rise above the competition.1. Know Your BudgetKnowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it:This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.Showing sellers you're serious can give you a competitive edge, and it helps you act quickly when youve found your perfect home.2. Be Ready To Move FastHomes are selling quickly in todays competitive housing ma... 01/07/2022

Selling your house is no simple task. And when you sell on your own known as a FSBO (or For Sale by Owner) youre responsible for handling some of the more difficult aspects of the process without the expert guidance you need.The 2021 Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveys homeowners who recently sold their house on their own and asks what difficulties they faced. Those sellers say some of the biggest headaches are prepping their house for sale, pricing it right, and handling the required paperwork.Working with an agent is the best way to ensure you have an expert on your side to guide you at every turn. Agents have the skills and knowledge that are essential to navigating each step with ease, efficiency, and accuracy. Here are just a f... 01/04/2022

To succeed as a buyer in todays market, its important to understand which market trends will have the greatest impact on your home search. Danielle Hale, Chief Economist at realtor.com, says there are two factors every buyer should keep their eyes on:Going forward, the conditions buyers face are primarily dependent on two things: mortgage rates and housing supply.Here's a look at each one.Mortgage Rates Projected To Rise in 2022As a buyer, your interest rate directly impacts how much you'll pay on your monthly mortgage when you purchase a home. Rates are beginning to rise, and experts forecast they'll continue going up in 2022 (see graph below):As the graph shows, mortgage rates are expected to climb next year. But they're still low when you compare to where they were just a few years a... 01/01/2022

When you think of homeownership, what's the first thing that comes to mind? Chances are you might focus on the non-financial benefits, like the security or stability a home provides. But what about equity? While it can be overlooked, a homeowners equity helps build long-term wealth over time. Here's a look at what equity is and why it matters.For a homeowner, your equity is the current value of your home minus what you owe on the loan. So, as home values climb, your equity does too. Thats exactly what's happening today. There aren't enough homes on the market to meet buyer demand, so bidding wars and multiple offers are driving prices up. Thats because people are willing to pay more to buy a home. Right now, this low supply and high demand are giving current homeowners a significant equ... 12/31/2021

The sense of pride you'll feel when you purchase a home cant be overstated. For first-generation homebuyers, that feeling of accomplishment is even greater. Thats because the pride of homeownership for first-generation buyers extends far beyond the homebuyer. AJ Barkley, Head of Neighborhood and Community Lending for Bank of America, says:Achieving this goal can create a sense of pride and accomplishment that resonates both for the buyer and those closest to them, including their parents and future generations.In other words, your dream of homeownership has far-reaching impacts. If you're about to be the first person in your family to buy a home, let that motivate you throughout the process. As you begin your journey, here are three helpful tips to make that dream come true.1. Reach Out... 12/24/2021

Veteran’s Home Loans for Richmond TexasIf you are reading this, you or a family member have likely served in our military.  First off, we would like to say a sincere “Thank You” for your service!  We recognize that not only do our Veterans sacrifice by serving, but their families do as well-, and we owe you all a debt of gratitude!One of the best benefits Veterans and their families receive due to their service to our great country is the VA home loan benefits.  We are going to outline just a few of these significant benefits in this article for you. Here are some of the major benefits you may receive by using your VA home loan benefits:*100% financing available- one of the very few loans available with no down payment!*Lower rates available than most loan programs- which saves you mone... 12/20/2021

As we near the end of the year, more homeowners are realizing the benefits of todays sellers market. Record-breaking home price appreciation, growing equity, low inventory, and competitive mortgage rates are motivating homeowners to make a move that addresses their changing lifestyles.In fact, recent data from realtor.com shows a larger share of homeowners are planning to list their houses this winter. So, that means more homes are about to hit the market, which will lead to more choices for buyers too.According to George Ratiu, Manager of Economic Research at realtor.com:“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey data suggests the majority of prospective sellers are actively preparing t... 12/13/2021

Having a patio gives you a great place to hang out and enjoy the outdoors while you’re at home. Unfortunately, dropping temperatures often makes your patio all but uninhabitable once the fall and winter months come around. Cooler weather doesn’t have to be the end of your time enjoying your patio, however; there are many options available that can extend your time on the patio, including patio heaters.There are several things that set patio heaters apart from other outdoor heating options like fire pits. Because they’re designed to spread heat out over a larger area, a patio heater might be the ideal solution to keep your patio area usable well into the winter. If you think that one of these heaters might be the perfect addition to your outdoor space, here are a few things to consider t... 12/08/2021

Getting ready for winter in advance is important to make sure that you don’t run into major problems once cold weather hits. There are a lot of places in the home that will likely need some maintenance or upkeep as part of your winterization process. Of these, your furnace is one of the most important; falling behind on furnace maintenance can result in problems at the worst time, and getting them fixed in the cold of winter can be both difficult and expensive.Fortunately, a lot of furnace maintenance is fairly easy to do even for complete beginners. There are several things that you can do if you want to make sure that your furnace is ready for winter. While the specifics may vary depending on your actual home heating setup and the type of furnace you have, here are some of the basics ... 11/28/2021

Are you thinking about selling your house right now, but you're not sure you'll have the time to do so as the holidays draw near? If so, consider this: even as the holiday season approaches, there are plenty of buyers out there, and they really want your house. Here's why selling this winter is a win for you.Todays buyers are still dealing with a limited number of homes for sale. Thanks to continued low inventory, those buyers are competing with one another for their dream home. And when that happens, if your house is one of the few on the market, it will rise to the top of the pool and it will be worth it.According to the latest data from the National Association of Realtors (NAR), the average seller received 3.7 offers on their house in September. For a view into what's happening at t... 11/24/2021

Like most industries, residential real estate has a seasonality to it. For example, toy stores sell more toys in October, November, and December than they do in any other three-month span throughout the year. More cars are sold in the U.S. during the second quarter (April, May, and June) than in any other quarter of the year.Real estate is very similar. The number of homes sold in the spring is almost always much greater than at any other time of the year. Its even labeled as the spring buying season. Historically, the number of buyers and listings for sale significantly increase in the spring and remains strong throughout the summer. Once fall sets in, the number of buyers and sellers typically drops off.Last year, however, that seasonality didn't happen. The outbreak of the virus and ... 11/22/2021

The purpose of Veterans Affairs (VA) home loans is to provide a pathway to homeownership for those who have sacrificed so much by serving our nation. As the Veterans Administration says of the program:The objective of the VA Home Loan Guaranty program is to help eligible Veterans, active-duty personnel, surviving spouses, and members of the Reserves and National Guard purchase, retain, and adapt homes in recognition of their service. . . .For over 75 years, VA home loans have provided millions of veterans and their families the opportunity to purchase their own homes.2020 Data on VA Home Loans 1,246,817 home loans are guaranteed by the Veterans Administration The average VA loan amount totals 301,044 178,171 of those using a VA Loan are first-time homebuyers Top Benefits of the VA Home ... 11/13/2021

Housing Challenge or Housing Opportunity? It Depends.The biggest challenge in real estate today is the lack of available homes for sale. The low housing supply has caused homes throughout the country to appreciate at a much faster rate than what we've experienced historically.There are many reasons for the limited number of homes on the market, but as you can see in the graph below, were well below where we've been for most of the past 10 years. Today, across the country, there is only a 2.4-month supply of homes available for sale.The OpportunityThis lack of homes for sale is creating a challenge for many buyers who are growing frustrated in their search. On the other hand, this is a huge opportunity for sellers as low supply is driving up home values. According to CoreLogic, the avera... 11/05/2021

After a long summer, it’s time to clean up around your home and get everything in good shape before the winter comes. Not only does this sort of fall cleaning help your home look nice after the rain and heat of summer, but it can also aid you in finding issues or damage that you might want to take care of as you winterize your home. Some areas that often needs particular attention during these cleanup periods are patios and decks.Part of the reason for this is that many people use their patios and decks more during the summer than any other time of the year. Various spills, dripping grease and oils from grilling, and assorted other messes can end up on the wood, while changes in weather over the course of the summer can encourage the growth of things like algae and mildew. Knowing how t... 11/04/2021

Autumn is a good time to do a number of things around the house. You’ve likely already started preparing for winter, trimming back some of your plants, and doing other maintenance tasks that are perfectly suited for brisk fall days. There may be at least one big task that needs to be done that you haven’t even considered, though: cutting down that tree that you’ve been worried about for ages.It may seem strange to think of a project as major as cutting down a tree as especially well-suited for autumn, but there are actually a few reasons why this is the perfect time of year to bring that tree down. If you’re on the fence, here’s some advice on how to tell whether the tree really needs to come down and how to make sure that you bring it down safely.Why Autumn? Though bringing down a tree... 11/01/2021

While todays supply of homes for sale is still low, the number of newly built homes is increasing. If you're ready to sell but have held off because you weren't sure you'd be able to find a home to move into, newly built homes and those under construction can provide the options you've been waiting for.The latest Census data shows the inventory of new homes is increasing this year (see graph below):With more new homes coming to the market, this means you'll have more options to choose from if you're ready to buy. Of course, if you do consider a newly built home, you'll want to keep timing in mind. The supply shown in the graph above includes homes at various stages of the construction process some are near completion while others may be months away.According to Robert Dietz, Chief Econo... 10/30/2021

It’s around this time of year that you usually start hearing a lot about “winterization” and preparing your home for the cold months ahead. You may be wondering whether winterization really helps you get your home ready for the winter months. You might also wonder when the right time to start winterizing actually is. If you find yourself asking these questions, the answers are pretty simple. Not only should you winterize your home, but you should winterize it well before the cold weather starts moving in.Winterizing your home can be a big job, so it’s important to understand how different winterization tasks will benefit you. The more you understand about winterization as a whole, the better you’ll be at figuring out which specific winterization tasks will provide the most benefit for y... 10/27/2021

A recent survey from LendingTree.com found there are multiple reasons why Americans would choose to purchase a home instead of renting. Some of the most popular non-financial reasons given include: The flexibility to make the space your own The pride homeownership offers The sense of stability In the same survey, 41% of respondents say they'd rather own a home than rent because of the unique way homeownership builds wealth over time.And experts agree the home you own is an important tool for building your net worth. Here's what many of those experts have to say about building long-term financial stability through homeownership.According to the National Association of Realtors (NAR):Homeowners who purchased a typical single-family existing-home 30 years ago at the median sales price of 1... 10/26/2021

Todays housing market is truly one for the record books. Over the past year, we've seen the lowest mortgage rates in history. And while those rates seemed to bottom out in January of this year, the golden window of opportunity for buyers isn't over just yet. If you're one of the buyers who worry they've missed out, rest assured todays mortgage rates are still worth taking advantage of.Even today, our mortgage rates are below what they've been in recent decades. So, while you may not be able to lock in the rate your friend got recently, you're still in a great position to secure a rate well below what your parents and even grandparents got in years past. The key will be acting sooner rather than later.In late September, mortgage rates ticked above 3% for the first time in months. And acc... 10/25/2021