Hope Leitner, Realtor®, CRS

The price of any item is determined by the supply of that item, as well as the market demand.  The National Association of REALTORS (NAR)  surveys  “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions”  for their monthly  REALTORS Confidence Index . Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand). Buyer Demand The map below was created after asking the question:  “How would you rate buyer traffic in your area?” The darker the blue, the stronger the demand for homes in that area. Only six states had a weak demand level. Seller Supply The Index also asked:  “How would you rate seller traffic in your area?” As you can see from the map below, the majority of the country has weak Seller Traffic, meaning there are far fewer homes on the market than what is needed to satisfy the buyers who are out looking for their...

Fannie Mae’s article,  “What Consumers (Don’t) Know About Mortgage Qualification Criteria, ”  revealed that “ only 5 to 16 percent of respondents know the correct ranges for key mortgage qualification criteria. ” Myth #1: “I Need a 20% Down Payment” Fannie Mae’s  survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required. Many believe that they need at least 20% down to buy their dream home, but many programs actually let buyers put down as little as 3%. Below are the results of a Digital Risk survey of Millennials who recently purchased a home. As you can see, 64.2% were able to purchase their home by putting down less than 20%, with 43.8% putting down less than 10%! Myth #2: “I need a 780 FICO Score or Higher to Buy” The survey revealed that 59% of Americans either don’t k...

So you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market that you want to make sure you make a good offer so that you can guarantee your dream of making this house yours comes true! Freddie Mac  covered  “4 Tips for Making an Offer”  in their latest  Executive Perspective . Here are the 4 Tips they covered along with some additional information for your consideration: 1. Understand How Much You Can Afford “While it's not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.” This ‘tip’ or ‘step’ really should take place before you start your home search process. As we’ve mentioned  before , getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage fo...