Who run the world? Girls. According to the National Association of REALTORS®, single females contributed to a significant amount of home sales in the last year.
“Despite having a much lower income ($55,300) than single male buyers ($69,600), female buyers made up over double the amount of men (7 percent),” says Lawrence Yun, NAR chief economist. “Single women for years have indicated a strong desire to own a home of their own, as well as an inclination to live closer to friends and family. With job growth holding steady and credit conditions becoming somewhat less stringent than in past years, the willingness and opportunity to buy is becoming more feasible for many single women.”
Thirty-six percent were first-time homebuyers, and the typical home had three bedrooms and two bathrooms.
Bravo single ladies!
Spring has officially sprung in luxury real estate. The new season has not only ushered in brighter mornings and longer days, but also a fresh collection of distinguished residences to call home. From a gorgeous Pacific Palisades traditional with enviable outdoor entertaining spaces to a lakeside Minnesota estate with a three-hole golf course and proximity to a park, these significant listings are the perfect luxe launching pads for setting off on springtime adventures…
The BH&J Index is a quarterly report that attempts to answer the question:
Is it better to rent or buy a home in today’s housing market?
The index examines the entire US housing market and then isolates 23 major markets for comparison. The researchers use a “‘horse race’ comparison between an individual that is buying a home and an individual that rents a similar quality home and reinvests all monies otherwise invested in homeownership.”
Ken Johnson Ph.D., Real Estate Economist & Professor at Florida Atlantic University, and one of the index’s authors states:
“The nation as a whole is in buy territory. Continued near record low mortgage rates, unsteady stock market performance, and rents (on average) now out pacing the cost of ownership (maintenance, taxes, insurance, etc.) all combine to favor owning and building wealth through home equity over renting and reinvesting in a portfolio of stocks and bonds.”
Dallas, Denver and Houston currently remain deep in rent territory but, “there is some degree of good news from these markets for homeowners as the cost of renting is now increasing at a faster rate than the cost of homeownership — reducing the advantage of renting over buying.”
Buying a home makes sense socially and financially. Rents are predicted to increase substantially in the next year, so lock in your housing cost with a mortgage payment now.
To Find Out More About the Study: The BH&J Index and other FAU real estate activities are sponsored by Investments Limited of Boca Raton. The BH&J Index is published quarterly and is available online at http://business.fau.edu/buyvsrent.
Original Source: Keeping Current Matters
- Have your heating system serviced. Look for a heating and air-conditioning contractor that belongs to the Air Conditioning Contractors of Americaand employs technicians certified by the North American Technician Excellence (NATE) program.
- Check your roof for damaged or missing shingles.
- Caulk around windows and doors. Silicone caulk is best for exterior use because it won’t shrink and it’s impervious to the elements.
- Clean your gutters of leaves and other debris.
- Add extensions or downspouts to your gutters so the water runs away from your foundation.
- Turn off exterior faucets. Undrained water in pipes can freeze, which will cause pipes to burst as the ice expands. Start by disconnecting all garden hoses and draining the water that remains in faucets.
- Replace the air filter in your furnace for maximum efficiency. Slowly pour several gallons of water into the sump pit to see whether the pump turns on. You should do this every few months, but especially after a long dry season or before a rainy one.
- Restock winter essentials, such as salt, shovels, antifreeze and ice scrapers.
REPresenting Warmth. REPresenting Property.
2 bed, 2 bath condo in bustling Buena Park.
Amenities include rooftop pool and deck, gym, tennis courts, indoor parking, 24 hr. doorman, dog run and more. Just a few blocks away from Montrose Harbor!
Buying your first home is an exhilarating experience! It may mean you’re growing your family or you’ve finally gotten that promotion that will allow you to make a big investment. However, it can also be a very stressful time. Through the help of your realtor, lender and other great resources, you can be fully prepared for this exciting transition. The following steps map out the best way to prepare for your home purchase:
9 Months Out
- Check your credit score. A Federal Trade Commission study found one in four Americans identified errors on their credit report, and 5% had errors that could lead to higher rates on loans. Knowing in advance will give you time to fix any errors or raise your credit score if necessary.
- Talk to a mortgage broker to find out what you can afford. Lenders look for a total debt load of no more than 43% of your gross monthly income (called the debt-to-income ratio). This figure includes your future mortgage and any other debts, such as a car loan, student loan or revolving credit cards. Look for a mortgage broker who will shop for a competitive loan rate for you among multiple lenders.
- Prioritize what you want in your home and neighborhood. Unless you’re buying new construction, no home will have everything you want. In order to focus your search and find your ideal home, it’s important to know what you can and can’t live without.
6 Months Out
- Contact your realtor to map out your timeline and discuss your goals. An agent will work in your best interest to find you the right property, negotiate with the seller’s agent and shepherd you through the closing process.
3 Months Out
- Focus your search and start actively looking at homes. At this point, hopefully you’ve scoped out neighborhoods that interest you and browsed through potential homes online. Now your realtor will schedule times for you to go out and view the homes.
- Work with your lender to get approved for your loan. He or she will most likely require your W-2 forms, pay stubs, tax returns, bank statements, credit card and loan statements, and more.
2 Months Out
- Make an offer on a home. It usually takes at least four to six weeks to close on a home. If you have a firm move-out date, allow enough time to deal with any hiccups that can delay closing.
- Get a home inspection. One of the first things you’ll do after an offer is accepted is have a home inspector look at the property. If the home inspector finds something that needs repair, that may cause you to restructure the deal and could delay closing.
- Find a real estate lawyer. Your agent will most likely be able to recommend someone to you that he or she has worked with in the past.
1 Month Out
- Stay in constant communication with your realtor, your lender and your lawyer. You’re in the home stretch and you want to ensure that everyone has their ducks in a row for closing.
- Get insurance for your new home. Don’t forget to secure insurance before closing. You’ll need to provide proof of insurance on or before closing.
- Do a final walk-through of your new home. This usually occurs the day of closing to make sure the home is in the shape you and the seller have agreed upon.
- Get a cashier’s check or bank wire for closing. You’ll get the amount owed at closing a few days before closing so you can secure a cashier’s check or arrange to have the money wired. Regular checks aren’t accepted.
While this list might seem overwhelming, your real estate agent will be there every step of the way to walk you through it. Please feel free to reach out to me with any questions at Julia@reprealestate.com.
Information taken from Houselogic.com. Photo taken from City of Chicago.
Beautifully rehabbed unit on a quaint, tree-lined street in Lincoln Park. Only a few blocks from the Armitage L stop, the lake and an abundance of restaurants (including some awesome BYOBs!).
1st Home Illinois is offering new incentives for first-time homebuyers OR buyers who have not owned in the last 3 years in our area (Cook County). $7,500 definitely comes in handy on a down payment or when covering closing costs!
Email Grace Goro or Susan Brown for more information
Grace@reprealestate.com | Susan.Brown@phhonline.com