J. Kent Erickson, Broker Associate
Direct / 208.447.7848

Pre-Approval Should Always Be Your First Step

Posted by on Jul 31, 2017 in Uncategorized | 0 comments

Pre-Approval Should Always Be Your First Step In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach. Freddie Mac lays out the advantages of pre-approval in the My Home section of their website: “It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford...

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Rising Home Prices Mean Great News for Homeowners

Posted by on Jul 29, 2017 in Uncategorized | 0 comments

Rising Home Prices Mean Great News for Homeowners Recently there has been a lot of talk about home prices and if they are accelerating too quickly. As we mentioned before, in some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers who are out looking for homes, which has caused prices to rise. The great news about rising prices, however, is that according to CoreLogic’s Homeowner Equity Report, the average American household gained over $14,000 in equity over the course of the last year, largely due to home value increases. The map below was created using the same report from CoreLogic and shows the average equity gain per mortgaged home during the 1st quarter of 2017 (the latest data available). For those who are worried that we are doomed to repeat 2006 all over again, it is...

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The High Impact of Low Interest Rates on Your Purchasing Power

Posted by on Jul 27, 2017 in Uncategorized | 0 comments

The High Impact of Low Interest Rates on 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 3.96%, which is still near record lows 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...

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The 5 Greatest Benefits of Homeownership

Posted by on Jul 24, 2017 in Uncategorized | 0 comments

The 5 Greatest Benefits of Homeownership Recently, Freddie Mac reported on the benefits of homeownership. According to their report, here are the five benefits that “should be at the top of everyone’s list.” Homeownership can help you build equity over time. Your monthly payments will remain stable. You may have some tax benefits. You can take pride in ownership. Homeownership improves your community. Let’s expand on each of Freddie Mac’s points: Homeownership can help you build equity over time. Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). In a Forbes article, the National Association of Realtors’ (NAR) Chief...

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15,014 Homes Sold Yesterday…Did Yours?

Posted by on Jul 21, 2017 in Uncategorized | 0 comments

15,014 Homes Sold Yesterday… Did Yours? There are some homeowners that have been waiting for months to get a price they hoped for when they originally listed their house for sale. The only thing they might want to consider is… If it hasn’t sold yet, maybe it’s not priced properly. After all, 15,014 houses sold yesterday, 15,014 will sell today and 15,014 will sell tomorrow. 15,014! That is the average number of homes that sell each and every day in this country, according to the National Association of Realtors’ (NAR)  latest Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.48 million. Divide that number by 365 (days in a year) and we can see that, on average, over 15,014 homes sell every day. The report from NAR also revealed that there is currently only a 3.8-month supply of inventory available for sale, (6-months...

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