J. Kent Erickson, Broker Associate
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Increased Purchasing Power with Low Interest Rates

Posted by on Jan 28, 2017 in Buying a Home | 0 comments

How Low Interest Rates Increase Your Purchasing Power According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 4.09%, which is still very low in comparison to recent history! The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power. Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain monthly housing budget. The chart below shows what impact rising interest rates would have if you planned to purchase a home within the national median price range, and planned to keep your principal and interest payments at or...

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Highest Sales Pace in 10 Years! [Infographic]

Posted by on Jan 27, 2017 in Real Estate Market | 0 comments

Sales at Highest Pace in 10 Years! [INFOGRAPHIC] Highlights: 45 million existing homes were sold in 2016! This is the highest mark set since 2006. Inventory of existing homes for sale dropped to a 3.6-month supply, the lowest level since NAR began tracking in 1999. The median price of homes sold in December was $232,200. This is the 58th consecutive month of year-over-year price...

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It’s More Affordable to Purchase a Home than Rent One in 66% of US Counties

Posted by on Jan 26, 2017 in Buying a Home | 0 comments

  Buying a Home is More Affordable Than Renting in 66% of US Counties According to ATTOM Data Solutions’ 2017 Rental Affordability Report, buying a home is more affordable than renting in 354 of the 540 U.S. counties they analyzed. The report found that “making monthly house payments on a median-priced home — including mortgage, property taxes and insurance — is more affordable than the fair market rent on a three-bedroom property in 354 of the 540 counties analyzed in the report (66 percent).” For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments). Rents have been surging faster than home prices in about...

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Factoring in Closing Costs

Posted by on Jan 23, 2017 in Mortgage & Finances | 0 comments

Have You Saved Enough for Closing Costs? There are many potential homebuyers, and even sellers, who believe that they need at least a 20% down payment in order to buy a home or move on to their next home. Time after time, we have dispelled this myth by showing that many loan programs allow you to put down as little as 3% (or 0% with a VA loan). If you have saved up your down payment and are ready to start your home search, one other piece of the puzzle is to make sure that you have saved enough for your closing costs. Freddie Mac defines closing costs as: “Closing costs, also called settlement fees, will need to be paid when you obtain a mortgage. These are fees charged by people representing your purchase, including your lender, real estate agent, and...

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20 Tips to Prepare Your House for Sale [Seller’s INFOGRAPHIC]

Posted by on Jan 20, 2017 in Selling a Home | 0 comments

Tips for Preparing Your House For Sale [INFOGRAPHIC] Highlights: When listing your house for sale your top goal will be to get the home sold for the best price possible! There are many small projects that you can do to prepare your house for sale! Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can...

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