by Keeping Current Matters
Saving for a down payment is a key step in the homebuying process, and it’s not the only piece you need to include in your budget. Another factor that’s important to plan for is the closing costs required to obtain a mortgage.What Are Closing Costs?According to Trulia,“When you close on a home, a number of fees are due. They typically range from 2% to 5% of the total cost of the home, and can include title insurance, origination fees, underwriting fees, document preparation fees, and more.”For those who buy a $250,000 home, for example, that amount could be between $5,000 and $12,500 in closing fees. Keep in mind, if you’re in the market for a home above this price range, your costs could be significantly greater. As mentioned before,Closing costs are typically between 2% and 5% of your purchase price. Trulia gives more . . .

by Keeping Current Matters
Below are five compelling reasons to list your house this winter.1. Demand Is StrongThe latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase, and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.Take advantage of the buyer activity currently in the market.2. There Is Less Competition NowInventory is still under the 6-month supply needed for a normal housing market. This means in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market.Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that . . .

by Keeping Current Matters
Around this time each year, many homeowners decide to wait until after the holidays to list their houses. Similarly, others who already have their homes on the market remove their listings until the spring. Let’s unpack the top reasons why listing your house now or keeping it on the market this winter may be the best choice you can make.Here are seven great reasons not to wait:
Relocation buyers are out there now. Many companies are still hiring throughout the holidays, and they need their new employees to start as soon as possible.Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now.You can restrict the showings on your home to days and times that are most convenient for you. You will remain in control.Homes show better when decorated for the holidays.There is minimal competition for . . .

by Keeping Current Matters
In a recent article, First American shared how millennials are not really any different from previous generations when it comes to the goal of homeownership; it is still a huge part of their American Dream. The piece, however, also reveals, “Saving for a down payment is one of the biggest obstacles faced by first-time home buyers. Dispelling the 20 percent down payment myth could open the path to homeownership for many more.” Myth #1: “I Need a 20% Down Payment”Buyers often overestimate how much they need to qualify for a home loan. According to the same article:“Americans still overestimate the qualifications needed to get a mortgage, resulting in qualified potential buyers not even considering homeownership. Indeed, the Urban Institute report revealed that 16 percent of consumers believed that the minimum down payment . . .

by Keeping Current Matters
In the third quarter of 2019, the U.S. homeownership rate rose again, signaling another strong indicator of the current housing market.The U.S. Census Bureau announced,“The homeownership rate of 64.8 percent was not statistically different from the rate in the third quarter 2018 (64.4 percent), but was 0.7 percentage points higher than the rate in the second quarter 2019 (64.1 percent).”Today there is still a lack of inventory, particularly at the entry and middle-level segments of the market, but that is not stopping buyers from making every effort to pursue homeownership. The many financial and non-financial benefits continue to drive the American Dream and will likely do so for generations to come.Bottom Line If you’re thinking of buying a home, contact a local real estate professional to make your dream a . . .

by Keeping Current Matters
Many sellers believe spring is the best time to put their homes on the market because buyer demand traditionally increases at that time of year. What they don’t realize is if every homeowner believes the same thing, then that’s when they’ll have the most competition.So, what’s the #1 reason to list your house in the winter? Less competition.Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. The chart below was created using the months supply of listings from the National Association of Realtors.As you can see, the ‘sweet spot’ to list your house for the most exposure naturally occurs in the late fall and winter months (November – January). Temperatures aren’t the only thing that heats up in the spring – so do listings!In 2018, listings increased . . .

by Keeping Current Matters
Here are four great reasons to consider buying a home today, instead of waiting.1. Prices Will Continue to RiseCoreLogic’s latest Home Price Insights Report shows that home prices have appreciated by 3.6% over the last 12 months. The same report predicts prices will continue to increase at a rate of 5.8% over the next year.The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.2. Mortgage Interest Rates Are Projected to Increase Next YearThe Primary Mortgage Market Survey from Freddie Mac indicates that interest rates for a 30-year mortgage have recently hovered just above 3.5%. This is great news for buyers in the market right now, because low interest rates increase your purchasing power – but don’t wait! Most experts predict rates will rise . . .

by Keeping Current Matters
In today’s market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. Here are five tips from realtor.com’s article, “How to Find Your Dream Home—Without Losing Your Mind.”1. Get Pre-Approved for a Mortgage Before You Start Your SearchOne way to show you’re serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage. Even if you’re in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach. This will help you avoid the disappointment of falling in love with a home well outside your price range.2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’Do you really need that . . .

by Keeping Current Matters
You’ve likely heard a ton about Millennials, but what about Gen Z? In the next 5 years, this generation will be between the ages of 23 and 28, and they’re eager to become homeowners faster than you may think.According to realtor.com, “Nearly 80 percent of Generation Z members say they want to own a home before age 30,” and Concentrix Analytics said, “52% of prospective Gen Z buyers are already saving to buy a home.”Wikipedia defines Generation Z (Gen Z) as “the demographic cohort after the Millennials. Demographers and researchers typically use the mid-1990s to mid-2000s as starting birth years.”The report from Concentrix goes a little deeper on Gen Z, identifying the main reasons this cohort wants to own homes:55% want to own a home because they want to start a family47% want to build wealth over time33% want to make their family . . .

by Keeping Current Matters
According to the ‘2019 Home Buyer Report’ conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market:“More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.” When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say,“The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.” (as shown below):The lack of knowledge about the home-buying process is unfortunately keeping many motivated buyers on the sidelines.Bottom LineDon’t let a lack of understanding keep you and your family out . . .