Search results for: “first-time”
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Who Wins With Rate Cuts? First-Time Home Buyers, or Wall Street Investors?
Hopeful home buyers have waited for the Feds to cut interest rates forever. Well, it feels like forever. In September 2024, Federal Reserve Chair Jerome Powell finally did it. It was the first time the Federal Reserve lowered banks’ interest rates since the stimulus days of 2020. Anticipating a better economy, mortgage rates are starting…
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First-Time Buyers, Get Ready for These Extra Costs
Seriously? Ordinary home expenses now cost the average homeowner more than $14K every year? That’s above and beyond the owner’s mortgage loan payment, according to Zillow and the home improvement estimate company Thumbtack, in their 2023 study. Mortgage interest and high property values aren’t the only price a buyer pays. And the totality of homeownership…
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Selling Your Home? First-Time Sellers Have Thoughts to Share.
A new Zillow® survey has come out recently and it’s getting a good deal of attention. The survey polled first-time home sellers. More than 8 in 10 from this group of thousands of sellers say they missed something that could have upped their profits. Today’s super-high home values can mean big profits on sales. But…
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NAR’s 2023 Picks: Top Cities for First-Time Buyers
When will the real estate market be kind to first-time home buyers? Home prices are higher than ever, forming an increasingly exclusive real estate market. Mortgage rates, too, have shot up. Yet there are glimmers of hope in 2023. But where? For first-time buyers, the chances of breaking into the market depends a lot on where…
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How a Recession Helps First-Time Home Buyers
For the past two-plus years, sellers ruled. Buyers had to race for homes that entered the market only to be gone within a day or two. But talk of a looming recession has changed buyer attitudes. Now, the average home is selling below its list price, and that hasn’t happened in a long time, as…
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First-Time Home Buyer Pro Tips
Thinking of buying your first home? First-time buying is exciting. It’s filled with the dreamy pleasure of beholding perfect kitchens, bedrooms and baths, and the cliff-hanger phone calls about your loan approval. (“We’re nearly there! I just need one more document…”) You’ll peruse home inspection results, negotiate the home price so you can re-do that floor, and, ultimately, you’ll…
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And “America’s Most Affordable Big City” Is…
In this beloved city, today’s typical deed holder needs a yearly income of $60K to live comfortably. Considering it’s a big city, this is a modest income. So this news is impressive. And so is the city itself. Frank Zappa even did a jazzy song about moving there, so you know there’s something to this.…
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Shakeup at Freddie and Fannie: Update
How is that shakeup going so far? When we last checked in on things, new director William Pulte was slashing jobs at the Federal Housing Finance Agency. That’s the umbrella agency for Fannie Mae and Freddie Mac. Additionally, Pulte claims to have saved millions of dollars by eliminating programs related to climate effects and diversity.
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Tip Line Will Bust Lying Mortgage Applicants, Says Trump Administration (Before Going After New York’s AG)
The Trump administration believes mortgage fraud is out of control. So, federal officials now run a tip line, to get people to report suspicious behavior. The administration is so gung-ho about mortgage fraud that it’s even accused New York Attorney General Letitia James of filing improperly completed mortgage applications. That’s bullying, and the charges are…
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Paying the Agents: In “Post-Commission” Times, Buyers Finally Have a Say
Last year, the National Association of REALTORS® (NAR) settled a major lawsuit and agreed to change the way agents get paid. Buyers now know they’re covering their agents’ commissions themselves. Once NAR agreed to new rules, as part of the $418 million lawsuit settlement, some people predicted a new wave of buyer-friendly competition among agents.…
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Buyers (of All Ages) Who Seek Houses, Not Spouses
Kristina Modares is a social media phenomenon. She goes online to inspire other young adults to get their own deeds. She would tell you to get together with a friend or two. Then, co-buy your first home. That’s how she began — before going on to buy several more. As a young adult, Kristina was…
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What’s Going On With Fannie Mae and Freddie Mac?
Many people acquire deeds by applying for conventional loans. When we say conventional, we mean loans supported by our country’s federal housing agency through two powerhouses of the mortgage world: Fannie Mae and Freddie Mac. That’s why we keep current with news on the policy changes happening in that agency. And there’s a lot to…
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Buying a Home With Student Loan Debt in 2025
Do you have, or plan to have, student loan debt? Here’s a PSA for you: Yes, you can qualify for a mortgage, if you’ve determined homeownership is for you. More than 40 million people of the United States have student loan debt. And some 17 million of them are in the age category that produces…
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Home Affordability News: Boston’s New Co-Buying Experiment
Usually, when we hear the word multifamily, we’re hearing a financial buzzword. Investors buy multiple-unit homes to profit from renters. But now in Boston, a multifamily housing concept lets hopeful first-time home buyers put their funds together, move on from rental situations, and get their own deeds.
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Turning a Hotel Into Homes for Seniors, Vets in Palm Beach County
Palm Beach County, Florida is about to lose 1,000 affordable units over the coming five years. Why? Agreements with developers established restrictions that reserved affordable units for 15 to 30 years. Those restrictions are about to expire. This comes at a time when Palm Beach County will need nearly 81,000 new affordable housing units to…
