Real Estate News & Market Trends

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Did you know? The average U.S. home buyer is looking for a 3-bedroom, 2-bathroom home with a garage and updated kitchen.

It’s estimated that by 2040, 32% of American homeowners will be 65 or older.

Credit Scores are an important part of every mortgage loan application. A credit score is a numerical representation of a borrower’s past credit history. The scores run from 350 up to 850 with the higher the score being better. Many lenders have a minimum credit score of 620, though this can vary between lenders. 

Many items go into the composition of the credit score. Among these are past credit history, credit utilization, types of accounts, and length of time accounts have been in open. Strong credit history, along with limited usage, accounts which are not open ended (installment), length of time since last late payment, and credit accounts being opened greater than one year will usually result in a strong credit score. 

While credit score is not the only consideration for a mortgage loan application, it is one of the most important. The best way for a borrower to have a strong credit score is to pay all creditors on time every month. If considering a home purchase, it is wise for a borrower to be in touch with a professional loan officer who can provide information on credit scoring and pull credit information. 

If the credit score is below what it should be for the type of loan being applied for, a professional loan officer can direct the borrower to seek advice from a credit specialist with a credit bureau. While a mortgage company or loan officer is not a credit reporting agency and cannot change credit scores, a professional loan officer can refer the borrower to the credit reporting company that can assist. 

Credit scores like many other aspects is a complex and fast-changing topic. Please contact your agent at MaxReal for more information on this topic as well as others that affect the application process.

Think that you need a 20 percent downpayment to purchase a home?

Many prospective home buyers buy into this myth, studies show. Yet research shows that among those who take out a mortgage to purchase a home, the median downpayment is about 10 percent.

For first-time home buyers (comprising more than one third of all home buyers), the downpayment is typically lower, in the 5 percent range, while repeat buyers typically make a downpayment of around 14 percent, according to National Association of Realtors’ data.

In all, 88 percent of home buyers finance their home purchases. Some other home financing facts:

• For 59 percent of home buyers, the source of their downpayment is wholly or partially their personal savings. Thirty-eight percent of home buyers use all or part of the proceeds from the sale of a primary residence, contributing to the larger downpayment for repeat buyers.
• For 13 percent of buyers, the most difficult step in the home buying process is saving for a downpayment. Of those buyers, nearly half say that student loans made saving for a downpayment more challenging. Forty-two percent cite credit card debt as being their primary challenge; 37 percent cite car loans.
• Of all home buyers surveyed, 65 percent are married couples, 18 percent are single females, 7 percent are single males, and 8 percent are unmarried couples.

Are you ready to purchase a home? We’re here to help you get started!

When it comes to real estate, the summer home-buying season is the busiest, with many families wanting to be settled in their new homes before school starts. This year, however, home buying and selling activity is expected to remain strong through the last quarter of the year.

If you’re thinking of selling your home in late summer or early fall, know that there likely will be a smaller group of potential buyers than there were in June and July. However, those purchasing homes in the fall are often more serious, which can more than make up for the paucity of potential buyers.

Before you put your home on the market, make sure your property is clean and tidy. If you have trees that lose their leaves, keep up with the raking. Ideally, there will be no leaves on the ground or dead or dormant plants when a prospective buyer comes by. If it’s still warm enough to use patio furniture, make sure they are still in good condition and clean. Another option would be to put any outdoor items in storage.

If you have already moved out of your home, make sure you keep your thermostat at a pleasant temperature. No one wants to be too hot or too cold while touring a home. Also, make sure your home has adequate lighting and if your home is shown in the late afternoon or evening that lights are used. Timers are an easy solution.

Lastly, keep seasonal decorations to a minimum. A bit of fall decor here and there is fine, but avoid 20 pumpkins by your front door or a Halloween skeleton hanging from the front porch.

Start your search for the perfect home with us.

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