3 Ways You'll Win When You Buy a Home This Year

3 Ways You'll Win When You Buy a Home This Year

There are so many great reasons to purchase a home, and over the past year, we've realized more of them than we ever thought possible. If you're a first-time homebuyer, having a home of your own can give you a greater sense of security and accomplishment in a time that's largely uncertain. If you're a repeat buyer looking for your dream home, making a move might give you the space or features you need to find greater success and happiness in a new normal way of life. Whatever your motivations are, here are three reasons why becoming a homeowner now may help you win big in the long run.

1. Buying a Home Is a Great Investment

Several recent reports indicate that real estate is still a good investment, topping other options such as gold, stocks, bonds, and savings. Why? Real estate helps you build equity, a type of forced savings that grows your net worth. According to the latest Equity Report from ATTOM Data Solutions:

The count of equity-rich properties in the fourth quarter of 2020 represented 30.2 percent, or about one in three, of the 59 million mortgaged homes in the United States. That was up from 28.3 percent in the third quarter of 2020, 27.5 percent in the second quarter and 26.7 percent in the fourth quarter of 2019, despite the ongoing economic damage caused by the worldwide Coronavirus pandemic.

2. Mortgage Interest Rates Are Low

The Primary Mortgage Market Survey from Freddie Mac indicates interest rates for a 30-year mortgage have fallen since November 2018 when they hit 4.94%. In their latest forecast, Freddie Mac expects rates to remain low, leveling out to an average of 2.9% in 2021.

When you purchase a home at a low mortgage rate, it will impact your monthly mortgage payment, giving you the opportunity to likely get more house for your money.

3. Investing in Your Future Pays Off

There are some renters who haven't purchased a home yet because they're uncomfortable taking on the obligation of a mortgage. What many renters don't realize, though, is the financial power of equity.

As a homeowner, your monthly mortgage payment becomes a form of forced savings you can reinvest later in life as you see fit. You can use it in a variety of ways, like to fund a loved ones education, move up to a bigger home, or start your own business. As a renter, you're actually growing your landlords equity instead of your own.

If you're ready to put your monthly payments to work for you and take steps toward those dreams and goals, purchasing a home may be the way to go, especially as rental prices continue to rise.

Bottom Line

Buying a home sooner rather than later could lead to substantial savings and long-term financial growth. Lets connect to determine if homeownership is the right choice for you this year.

 

Make Spring Cleaning Easy with Built-In Storage

It might be a bit on the chilly side now, but it’s not going to be long before spring cleaning season is upon us again. It’s a great way to refresh spaces and toss out that stuff that’s just been collecting with no real purpose. But what do you do with the stuff you DO want to keep? Maybe you need some more storage spaces!

These days, there are tons of prefabricated kits that can help you turn your home into an organizational powerhouse, as well as plenty of small projects that you can do over a weekend to prepare for the inevitable. If you start building your future storage now, you’ll be totally ready for sorting and putting away when the grass starts to green again.

Built-In Storage Kits

You don’t have to be Bob Villa to install any of the many basic storage systems that are available through big box storages and home improvement centers across the country. Some are designed with specific kinds of storage in mind, like closet systems that help you make more room out of nothing at all. Other systems are designed to be extra sturdy for more challenging spaces, like garages or utility rooms. These out of the box systems are a great way to add built-in storage, even if you’re not particularly handy. They often feature pre-cut pieces with just a few fasteners you’ll need to insert into the wall, along with step-by-step instructions to help you succeed.

But if you’re feeling up to it, don’t hesitate to pick up add-on parts for those systems, or go off the map entirely and use them in unexpected places, like under stairs, in mudrooms, and in other odd spaces in your house. Every nook can become mega storage if you have the right kind of system to install there.

Building From Scratch

If you’re a little braver, or have some experience with home repairs, you may want to take a serious look at spaces like garage ceilings, wall voids, rafters, and attic knee walls for room you can reclaim. Ensure there’s no electrical wire or plumbing running in the space you have your eye on for extra storage, though. Skipping this step can lead to some serious repercussions, including, but not limited to, electrocution and pipe ruptures.

However, with a careful hand, you can take those formerly useless stretches of wall or ceiling and add things like built-in bookcases, cabinets, and drawers. Remember that your built-in can only be as deep as the void, minus the thickness of the back materials, so choose your spaces accordingly. Attic knee walls are especially fun options, since there are usually deep voids behind them that you can transform into your storage fantasies.

Some Special Options for Kitchens

Kitchens are notorious for lacking storage or working space, but they also offer a lot of small spaces that most people tend to overlook. For example, if you have a lot of mugs or tea cups, the simple act of installing mug hooks under your upper cabinets can permanently free up shelf space. The inside of your cabinets can host shallow storage racks, which are great for holding cleaning supplies, spices, and other small items.

Another option might be adding a rail to your backsplash, enabling you to hang up items that tend to end up scattered in the kitchen. Wouldn’t it be nice to actually know where the potholders are at any given time? You can do the same thing with pegboards or heavy duty metal sheets you can attach pots, pans, utensils, and the like to with magnetic hooks.

Need Help With Your Storage Projects?

Sometimes, you can be long on ideas for new storage, but short on the skill or time to execute them. That’s where your friendly HomeKeepr community comes into play! Whether you want to simply change out the system in your closet, or you plan to add a whole bunch of built-in bookcases in your living room, you’ll find a highly recommended professional to help get the job done.

Millennials: Is It Time to Buy a Bigger Home?

In todays housing market, all eyes are on millennials. Not only are millennials the largest generation, but they're also currently between 25 and 40 years old. These are often considered prime homebuying years when many people begin to form their own households and invest in real estate. If you're like many millennials who are spending much more time at home these days, you may have a growing need for more space or upgraded features, making moving more desirable than ever.

For those millennials who already own a home, there's a great opportunity to move up in 2021. Danielle Hale, Chief Economist at realtor.com, explains:

Older millennials will be trade-up buyers with many having owned their first homes long enough to see substantial equity gains.

Even if you bought a home sometime in the last few years, you may have more equity than you realize, and that's a big factor to consider when you're thinking about moving. According to the Homeowner Equity Insights Report from CoreLogic:

In the third quarter of 2020, the average homeowner gained approximately $17,000 in equity during the past year. This marks the largest average equity gain since the first quarter of 2014.

Growing equity can be the driver you're looking for to fund your next move, especially if what you need in a home is changing right now. As equity builds over time, it can be put toward the down payment on your next home.

In addition to equity gains, todays housing market affordability is powered by record-low mortgage rates, so moving at a time when you can get more for your money may be more realistic than you think.

Bottom Line

If you're a millennial thinking about moving this year, you're not alone. Lets connect to shed light on the equity you have in your current home and the opportunities it can create.

 

Olive Hill at Riverstone

Olive Hill at Riverstone Real Estate Homes For Sale, Rent & Price Trends

Shayne Stone "Your Rock Solid Choice Realtor" that helps Home Sellers make a Profit and Home Buyers Equity in Olive Hill At Riverstone neighborhood / subdivision / community which is located in Sugar Land Texas 77479 zip code in Fort Bend County. Olive Hill At Riverstone has 45 single family properties with a median build year of 2013 and a median size of 5,509 Sqft., these home values range between $779 - $934 K. The sqft. price change data is available through 1998. The median sold price/sqft is $144.21 while the median appraised value is $ 153.93/ sqft. View homes for sale or rent in Olive Hill At Riverstone and see new homes, trending properties, Foreclosures and much more.

Sometimes there's nothing listed For Sale in Olive Hill At Riverstone - Bookmark the page and check back often or create your own Listing Alert System to Notify you when a property in Olive Hill At Riverstone Sugar Land Texas 77479 hits the Market!

Find Olive Hill At Riverstone Real Estate and Olive Hill At Riverstone Homes For Sale. Olive Hill At Riverstone in Fort Bend County can be found using Neighborhood Information Finder. Detailed information includes Olive Hill At Riverstone Real Estate Profile, Olive Hill At Riverstone Trending Homes, Schools Nearby Olive Hill At Riverstone, Places Nearby Olive Hill At Riverstone and Events Nearby Olive Hill At Riverstone. Click here to find recently sold properties in Olive Hill At Riverstone, Foreclosures in Olive Hill At Riverstone, recently listed homes in Olive Hill At Riverstone.

Olive Hill At Riverstone is a subdivision located in Fort Bend County which is within the Texas. The Olive Hill At Riverstone subdivision is surrounded with restaurants, education opportunities, entertainment venues, shopping and more. See below for more information on the surrounding resources for the Olive Hill At Riverstone subdivision.

 

Can't FIND what you are looking for, ASK ME - I CAN HELP!

 

Olive Hill At Riverstone Real Estate Overview:

• The average price of the homes for sale in Olive Hill At Riverstone is $ 1,079,400.
• The average square feet of the homes in Olive Hill At Riverstone is 5,509 sqft.

 

For more info on Olive Hill At Riverstone of Sugar Land Texas or any of the other Communities within the Fort Bend County area CLICK HERE or Text / Call 832-449-6060

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3 Ways Home Equity Can Have a Major Impact on Your Life

 3 Ways Home Equity Can Have a Major Impact on Your Life

There have been a lot of headlines reporting on how homeowner equity (the difference between the current market value of your home and the amount you owe on your mortgage) has dramatically increased over the past few years. CoreLogic indicated that equity increased for the average homeowner by $17,000 in the last year alone. ATTOM Data Solutions, in their latest U.S. Home Equity Report, revealed that 30.2% of the 59 million mortgaged homes in the United States have at least 50% equity. That doesn't even include the 38% of homes that are owned free and clear, meaning they don't have a mortgage at all.

How can equity help a household?

Having equity in your home can dramatically impact your life. Equity is like a savings account you can tap into when you need cash. Like any other savings, you should be sensible in how you use it, though. Here are three good reasons to consider using your equity.

1. You're experiencing financial hardship (job loss, medical expenses, etc.)

Equity gives you options during difficult financial times. With equity, you could refinance your house to get cash which may ease the burden. It also puts you in a better position to talk to the bank about restructuring your home loan until you can get back on your feet.

Today, there are 2.7 million Americans who are currently in a forbearance program because of the pandemic. Ninety percent of those in the program have at least 10% equity. That puts them in a better position to get a loan modification instead of facing foreclosure because many banks will see the equity as a form of collateral in a new deal. If you're in this position, even if you cant get a modification, the equity allows you the option to sell your house and walk away with your equity instead of losing the house and your investment in it.

2. You need money to start a new business

We've all heard the stories about how many great American companies started in the founders garage (i.e., Disney, Hewlett Packard, Apple, Yankee Candle, Keeping Current Matters). What we might not realize, however, is the garage (along with the rest of the home) supplied the start-up money for many of these companies in the form of a refinance.

If you're passionate about an idea you have for a new product or service, the equity in your home may enable you to make that dream a reality.

3. You want to invest in a loved ones future

Its been a long-standing tradition in this country for many households to help pay college expenses for their children. Some have tapped into the equity in their homes to do that.

Additionally, George Ratiu, Senior Economist for realtor.com, notes:

52% of Americans who bought their first home in 2020 said they got help with their down payment from friends or family. The number one lender? Their parents.

Its safe to assume a percentage of that down payment money likely came from home equity.

Bottom Line

Savings in any form is a good thing. The forced savings you can earn from making a mortgage payment enables you to build wealth through home equity. That equity can come in handy in both good and more challenging times.

 

 

Pre-Qualified or Pre-Approved? What’s the Difference?

There’s a lot to learn when you’re starting out on your home buying journey. From concepts like earnest money to closing costs, it’s a lot to take in during a very short period. But of all the things to know, understanding the difference between being pre-qualified and pre-approved for your mortgage is one of the most important.

Why Your Mortgage Application Status Matters

It’s always been a good idea to bring a strong offer to the negotiating table when it comes to real estate, but it’s even more vital when the market is short on inventory and long on buyers. If you’re in a multiple offer situation (and sometimes, even if you’re not), the sellers are going to weigh the various offers they receive to decide if they think your offer is enough to bring in what they need to sell their home, as well as considering how strong an offer it is.

A strong offer is one that has a lot of the obstacles already removed. For example, if you need to sell your house before you can close on the one you’re making an offer on, this might be considered a weak offer for some sellers. A weak offer doesn’t mean a bad offer, necessarily; it’s simply an offer that looks like it could be tricky to actually get to the closing table. The risk versus reward is too high. This is why having the right kind of mortgage application status plays in your favor when it comes to negotiation.

Mortgage Pre-Qualification Versus Mortgage Pre-Approval

When you meet with a lender for the first time, they generally ask some probing questions about your income and assets, as well as your expenses and credit file. They’re not just being nosy; that lender is trying to help figure out just how much home you can qualify for and what programs might be best for your financial picture. Sometimes, these lenders will send you elsewhere because their banks or partner lending institutions simply can’t help you, but in a lot of cases they’ll produce something called a pre-qualification letter.

Pre-qualification goes largely by your word about your income and expenses, and is not a promise to lend. It’s simply a hypothetical among a list of hypotheticals. If you do in fact make this much money, your credit is as assumed, the house you choose lines up with these guidelines, and rates don’t change dramatically, you should be able to buy this much house. You can see how that would be a bit dodgy for a seller to hang all their hopes on.

A pre-approval, on the other hand, shows that you’ve gone through the additional steps to reach the highest level of mortgage approval you can get without actually having a house secured (the house you choose also figures into the final approval, but just how it figures depends on the loan program). For a pre-approval, you’ll need to provide income documents, permission for the lender to pull a full credit report, and details on any assets or liabilities you hold that aren’t included in your credit file.

A pre-approval isn’t instant; it requires more review, and you’ll need to choose a lending program to be approved for. However, doing all this extra work shows potential sellers that you’re already putting in a lot of effort to ensure you can actually close when the day comes, and that you’re eager to move the process along as quickly as possible. That’s the kind of buyer a seller wants to see!

Getting Pre-Approved for a Mortgage

It doesn’t have to be tough, especially when you look in your HomeKeepr community for recommendations for the very best lenders in your area. These mortgage professionals can ease the paperwork burden and help streamline your pre-approval so you’re more than ready to make an offer on a home that you’ll love for years to come.

Will Low Mortgage Rates Continue through 2021?

With mortgage interest rates hitting record lows so many times recently, some are wondering if well see low rates continue throughout 2021, or if they'll start to rise. Recently, Freddie Mac released their quarterly forecast, noting:

The average 30-year fixed-rate mortgage hit a record low over a dozen times in 2020 and the low interest rate environment is projected to continue through this year. We expect interest rates to average below 3% through the end of 2021. While this is a modest rise from 2020 averages, the recent vote by the Federal Reserve to keep interest rates anchored near zero should keep rates low.

As shown in the graph below, Freddie Mac is projecting low rates going forward with a modest rise that's expected to continue through 2022.Freddie Mac isn't the only authority forecasting low rates with a slight rise. Fannie Mae, The Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR) also anticipate low rates with a small increase as 2021 continues on. Here's the quarterly breakdown of their projections and how they're expected to play out over the next year:Its important to note that, while a small change in interest rates can have a substantial impact on monthly mortgage payments, these rates are still incredibly low compared to where they were just a couple of years ago.

What does this mean for buyers?

Low mortgage rates are creating an outstanding opportunity for current homebuyers to get more for their money while staying within their budget. As the economy gets stronger and we recover from the challenges of 2020, its natural for rates to potentially rise in response to a healthier economy. Mark Fleming, Chief Economist at First American, reminds us:

Rising interest rates reduce house-buying power and affordability, but are often a sign of a strong economy, which increases home buyer demand. By any historic standard, todays mortgage rates remain historically low and will continue to boost house-buying power and keep purchase demand robust.

With low rates fueling activity among hopeful buyers, there are a lot of people who are highly motivated and looking for homes to purchase right now. In this environment, it can be challenging to find a home to buy, so a local real estate agent will be key to your success if you're thinking of buying too. Working with a trusted real estate professional to navigate the process while rates are in your favor might be the best move you can make.

Bottom Line

If you're ready to buy a home, it may be wise to make your move before mortgage rates begin to rise. Lets connect to discuss how todays low rates can create more opportunities for you this year.