J. Kent Erickson, Broker Associate
Direct / 208.447.7848

5 Real Estate Reality TV Myths Explained

Posted by on Aug 17, 2019 in Buying a Home, Selling a Home | 0 comments

Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV binge session? We’ve all been there, watching entire seasons of shows like “Property Brothers,” “Fixer Upper,” and “Love It or List It,” all in one sitting. When you’re in the middle of your real estate-themed TV show marathon, you might start to think everything you see on the screen must be how it works in real life. However, you may need a reality check. Reality TV Show Myths vs. Real Life: Myth #1: Buyers look at 3 homes and decide to purchase one of them. Truth: There may be buyers who fall in love and buy the first home they see, but according to the National Association of Realtors, the average homebuyer tours 10 homes as a part of their search.   Myth #2: The houses the buyers are touring...

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Millionaire to Millennials: The Costly Mistake of Not Buying Now

Posted by on Aug 11, 2019 in Buying a Home, Real Estate Market | 0 comments

Millionaire to Millennials: The Costly Mistake of Not Buying Now On his personal website, self-made millionaire David Bach makes a striking statement:  “Not prioritizing homeownership is the single biggest mistake millennials are making.”  He further stated, “Buying a home is an escalator to wealth.” Bach explains: “Young adults in particular aren’t hopping on this escalator, and it’s a costly mistake…If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none.” He then elaborates on the game of homeownership: “Start by crunching the numbers…actually do the math…This way, you’re really clear on your goals and you won’t just say to yourself, ‘I’ll never afford this!’ A good rule of thumb is to make sure your total monthly housing payment doesn’t consume more than 30 percent of your take-home pay.” Bach concludes by saying, “Oftentimes,...

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Is Renting Right for Me?

Posted by on Jul 24, 2019 in Buying a Home | 0 comments

If you’re currently renting and have dreams of owning your own home, it may be a good time to think about your next move. With rent costs rising annually and many helpful down payment assistance programs available, homeownership may be closer than you realize. According to the 2018 Bank of America Homebuyer Insights Report, 74% of renters plan on buying within the next 5 years, and 38% are planning to buy within the next 2 years. When those same renters were asked why they disliked renting, 52% said rising rental costs were their top reason, and 42% of renters believe their rent will rise every year. The full results of the survey can be seen below:It’s no wonder rising rental costs came in as the top answer. The median asking rent price has risen steadily over the last 30 years, as you can see...

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5 Powerful Reasons to Own Instead of Rent

Posted by on Jul 18, 2019 in Buying a Home, Home Ownership | 0 comments

Owning a home has great financial benefits. In a recent research paper, Homeownership and the American Dream, Laurie S. Goodman and Christopher Mayer of the Urban Land Institute explained: “Homeownership appears to help borrowers accumulate housing and nonhousing wealth in a variety of ways, with tax advantages, greater financial flexibility due to secured borrowing, built-in ‘default’ savings with mortgage amortization and nominally fixed payments, and the potential to lower home maintenance costs through sweat equity.” Let’s breakdown 5 major financial benefits of homeownership: 1. Housing is typically the one leveraged investment available Homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. A 20% down payment results in a leverage factor of five, meaning every percentage point rise in the value of your home is a 5% return on your equity. If you...

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Now’s the Time to Move-Up and Upgrade Your Current Home!

Posted by on Jul 10, 2019 in Buying a Home, Home Improvement | 0 comments

Homes priced at the top 25% of the price range for a particular area of the country are considered “premium homes.” In today’s real estate market, there are deals to be had at the higher end! This is great news for homeowners wanting to upgrade from their current house. Much of the demand for housing over the past couple of years has come from first-time buyers looking for their starter home. Many of the more expensive homes listed for sale have not seen as much interest. According to ILHM’s Luxury Report, this mismatch in demand and inventory of luxury and premium homes has created a Buyer’s Market. For the purpose of the report, a luxury home was defined as one that costs $1 million or more. “A Buyer’s Market indicates that buyers have greater control over the price point. This market type...

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10 Steps to Buying a Home This Summer [INFOGRAPHIC]

Posted by on Jul 8, 2019 in Buying a Home | 0 comments

Some Highlights: If you are thinking of buying a home, you may not know where to start. Here is a simple list of 10 steps that you will go through to purchase a home. Make sure to ask your agent for details about each step and what else may be required in your...

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