J. Kent Erickson, Broker Associate
Direct / 208.447.7848

Boomerang Buyers: Don’t Be Afraid to Buy a Home Again!

Posted by on May 24, 2019 in Buying a Home, Real Estate Market | 0 comments

According to CoreLogic, from 2006 to 2014 “there were 7.3 million housing foreclosures and 1.9 million short sales.” The hesitation some Americans feel after experiencing a foreclosure brings to mind the old saying: “Fool me once- shame on you. Fool me twice- shame on me.” According to the 2019 Home Buyer Report from NerdWallet, “Thirteen percent of Americans have lost a home due to a financial event such as foreclosure in the past 10 years. More than 6 in 10 of them (61%) have not bought a home since, and 20% of those who haven’t repurchased say they never plan to again.” This makes sense. They don’t want to go through the same pain again. As a cornerstone of the American dream, nobody wants to lose homeownership. But let’s illustrate this simply: Recall learning to ride your first bike during your childhood. Did you stop...

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A Tale of Two Markets [INFOGRAPHIC]

Posted by on May 18, 2019 in Buying a Home, Real Estate Market, Selling a Home | 0 comments

Some Highlights: An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those differences are doing to prices! Inventory continues to rise in the luxury and premium home markets which is causing prices to cool. Demand continues to rise with lower-than-normal inventory levels in the starter and trade-up home markets, causing prices to rise on a year-over-year basis for 85 consecutive...

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The Benefits of a 20% Down Payment

Posted by on May 16, 2019 in Buying a Home, Real Estate Market | 0 comments

If you are in the market to buy a home this year, you may be confused about how much money you need to come up with for your down payment. Many people you talk to will tell you that you need to save 20% or you won’t be able to secure a mortgage. The truth is that there are many programs available that let you put down as little as 3%. Those who have served our country could qualify for a Veterans Affairs Home Loan (VA) without needing a down payment. These programs have cut the savings time that many families would need to compile a large down payment from five or more years down to a year or two. This allows them to start building family wealth sooner. So then, why do so many people believe that they need a 20% down payment...

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Home Buyers are Optimistic About Homeownership!

Posted by on May 10, 2019 in Buying a Home, Home Ownership, Real Estate Market | 0 comments

When we consider buying an item, we naturally go through a research process prior to making our decision. We ask our friends and family members who have made similar purchases about their experience, we get opinions and insights, and we read reviews online. There’s no difference when considering a home purchase! Most homebuyers start by listening to the news to hear what is being said about the real estate market. They check with family and friends about their experience. They spend time online reading reviews about their desired neighborhood. The challenge is that comments from the news and those closest to us can contradict the data and reports. One source says one thing, while another source says something completely different. There is a group of homebuyers that are not allowing comments about an upcoming recession to interfere with their decision to...

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How Quickly Can You Save Your Down Payment?

Posted by on May 2, 2019 in Buying a Home, Home Ownership | 0 comments

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state. Using data from HUD, Census and Apartment List, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense. By determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a...

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With Inventory Low: Will Your Dream Home Need Some TLC?

Posted by on Apr 27, 2019 in Buying a Home, Home Inspection, Real Estate Market | 0 comments

According to a new survey from Move.com, the wave of first-time homebuyers hitting the market this summer has resulted in an interesting statistic. Nearly 60% of buyers searching for a home this spring are willing to consider buying a fixer-upper, with 95% believing that the projects needed will increase their new home’s value! Realtor.com’s Chief Economist, Danielle Hale, pointed to low-inventory at the entry-level price range for the increase in willingness to renovate. “The combination of rising home prices and limited entry-level homes for sale is prompting many home shoppers to consider homes that need renovating. Replete with inspiration at their fingertips – like Pinterest, Instagram, and various home renovation TV shows – some home shoppers are comfortable tackling home renovation jobs to find a home that balances their needs with their budget.” Just over half of all respondents who said they would be...

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