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First-Time Home Buyers Continue to Put Down Less Than 6%!

First-Time Home Buyers Continue to Put Down Less Than 6%! | Simplifying The Market

According to the Realtors Confidence Index from the National Association of Realtors, 61% of first-time homebuyers purchased their homes with down payments below 6% in 2017.

Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying, but in March, 71% of first-time buyers and 54% of all buyers put less than 20% down.

Ralph McLaughlin, Chief Economist and Founder of Veritas Urbis Economics, recently shed light on why buyer demand has remained strong,

“The fact that we now have four consecutive quarters where owner households increased while renters households fell is a strong sign households are making the switch from renting to buying.

Households under 35 – which represent the largest potential pool of new homeowners in the U.S. – have shown some of the largest gains. While they only make up a third of all homebuyers, the steady uptick in their homeownership rate over the past year suggests their enormous purchasing power may be finally coming to [the] housing market.”

It’s no surprise that with rents rising, more and more first-time buyers are taking advantage of low-down-payment mortgage options to secure their monthly housing costs and finally attain their dream homes.

Bottom Line

If you are one of the many first-time buyers unsure of whether or not they would qualify for a low-down payment mortgage, let’s get together and set you on your path to homeownership!

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Want to Sell Your House Faster? Don’t Forget to Stage! [INFOGRAPHIC]

Want to Sell Your House Faster? Don’t Forget to Stage! [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • The National Association of Realtors surveyed their members & released the findings of their Profile of Home Staging.
  • 62% of seller’s agents say that staging a home decreases the amount of time a home spends on the market.
  • 50% of staged homes saw a 1-10% increase in dollar-value offers from buyers.
  • 77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own.
  • The top rooms to stage in order to attract more buyers are the living room, master bedroom, kitchen, and dining room.
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House-Buying Power at Near-Historic Levels

House-Buying Power at Near-Historic Levels | Simplifying The Market

We keep hearing that home affordability is approaching crisis levels. While this may be true in a few metros across the country, housing affordability is not a challenge in the clear majority of the country. In their most recent Real House Price Index, First American reported that consumer “house-buying power” is at “near-historic levels.”

Their index is based on three components:

  1. Median Household Income
  2. Mortgage Interest Rates
  3. Home Prices

The report explains:

“Changing incomes and interest rates either increase or decrease consumer house-buying power or affordability. When incomes rise and/or mortgage rates fall, consumer house-buying power increases.”

Combining these three crucial pieces of the home purchasing process, First American created an index delineating the actual home-buying power that consumers have had dating back to 1991.

Here is a graph comparing First American’s consumer house-buying power (blue area) to the actual median home price that year from the National Association of Realtors (yellow line).

House-Buying Power at Near-Historic Levels | Simplifying The Market

Consumer house-buyer power has been greater than the actual price of a home since 1991. And, the spread is larger over the last decade.

Bottom Line

Even though home prices are increasing rapidly and are now close to the values last seen a decade ago, the actual affordability of a home is much better now. As Chief Economist Mark Fleming explains in the report:

“Though unadjusted house prices have risen to record highs, consumer house-buying power stands at near-historic levels, as well, signaling that real house prices are not even close to their historical peak.”

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Tammy Eden
Signature Real Estate Group
9525 Hillwood Dr., Suite 180
Las Vegas, NV 89134
Phone: 702-513-1300
Email: eden_str@yahoo.com

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Testimonials

Tammy went above and beyond to help us find a tenant for our townhouse in Henderson. We live out of state, so she was very accommodating and ensured everything was done in a timely manner. Tammy is very professional, but personable- we highly recommend her and will definitely do business with her again Local knowledge:5 Stars Process expertise:5 Stars Responsiveness5 Stars  Negotiation skills:5 Stars  10/21/2017 - halls27
Highly likely to recommend !!!  10/19/2017 - zuser20150824185309310 Sold a Single Family home in 2017 in Lone Mountain, Las Vegas, NV. Local knowledge: Excellent 5 Stars !  Process expertise: Excellent 5 Stars !  Responsiveness: Excellent 5 Stars !  Negotiation skills: Excellent 5 Stars !  Tammy was fantastic. My parents introduced us to her. We were so nervous and unsure of the selling process but, she made it safe simple, straightforward, and quick. Her techniques, such as a virtual tour and amazing pictures, got our house to sell in 5 days. We were able to get the highest amount for our home in our area and it even appraised that high. Her superior advice and knowledge of the Vegas area, really sealed the deal for us. She was also available at any time of the day to answer my questions. If she was with a client then I always got a quick response that she would return my call. I'd recommend her and we are using her for the purchase of our new home. zuser20150824185309310
Tammy has been very helpful and extremely professional . My wife and i have been looking for a house and Tammy made this experience very pleasant and convenient as she not only found us the perfect home for our family but she even helped us get a loan and has taking care of a moving company that took all our belongings and set them at our new home. I would recommend her to anyone that's looking for an host professional agent that understands her clients needs and can put together the entire package 03/16/2017 - zuser20140320173543807
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