Hope Leitner, Realtor®, CRS

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long would it take you to save for a down payment in each state? Using data from the  United States Census Bureau  and  Zillow ,  we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a  long-standing ‘rule’  that a household should not pay more than 28% of their income on their monthly housing expense. By determining the percentage of income spent renting a 2-bedroom apartment in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own. According to the data, residents in Iowa can save for a down payment the quickest in just under 2 years (1.99). Below is a map

When a homeowner decides to sell their house, they obviously want the best possible price for it with the least amount of hassles along the way. However, for the vast majority of sellers, the most important result is actually getting their homes sold. In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s behavior during the home buying process. According to the  National Association of Realtors’  2016 Profile of Home Buyers & Sellers ,  the percentage of buyers who used the internet in their home search increased to 94%. However, the report also revealed that  96% of buyers who used the internet when searching for homes purchased their homes through either a real estate agent/broker or from a builder or builder’s agent.  Only 2% purchased their homes directly from a seller whom the buyer didn’t know. Buyers search for a home online but then depend on an a

Your four-bedroom Cape Cod was ready for your future  rugrats  the day you moved in. But you? Not quite so ready. Your grandparents knew that extra space was a goldmine, and would rent it out. You’ve got it even better today with Airbnb or HomeAway (just make sure to check city regulations first).   Or commit to sharing space long-term: Finding a roommate makes you an honest-to-god landlord (and could score you a new bestie!), complete with tax deductions and blessed additional income.   There are other ways to leverage extra space that are easier today than in your grandparents’ day because it’s so easy to use the internet to advertise. If you’re lucky enough to live near a concert venue or ballpark, let attendees park in your driveway or parking space for some extra cash.  

The success of the housing market is strongly tied to the consumer’s confidence in the overall economy. For that reason, we believe 2017 will be a great year for real estate. Here is just a touch of the news coverage on the subject. HousingWire : “Consumers’ faith in the housing market is stronger than it’s ever been before, according to a newly released survey from Fannie Mae.” Bloomberg : “Americans’ confidence continued to mount last week as the Bloomberg Consumer Comfort Index reached the highest point in a decade on more-upbeat assessments about the economy and buying climate.” Yahoo Finance : “Confidence continues to rise among America’s consumers…the latest consumer sentiment numbers from the University of Michigan showed that in March confidence rose again.” MarketWatch : “U.S. consumers are the most confident in the U.S. economy in 15 years, buoyed by the strongest job market since before the Great Recession. The survey of consumer confidence rose…

When someone in your neighbor is selling a home, it's important to know that 25% of the time the person who buys it is directly or indirectly connected to a person who is already living in your neighborhood. This is why I offer sellers a pre-marketing strategy consultation designed to prepare a home for the market before the "For Sale" sign goes up in the yard. I will even help craft a letter to the neighborhood sharing the story of their home, which includes an invitation to a private open house. I offer these tools before a sign goes up in the yard because I know most neighbors would love the opportunity to help pick their next neighbor. The next time you're talking with a friend or neighbor who mentions they're planning a move, call or text me immediately and I'll share my pre-marketing strategies to make sure they sell their home for top dollar...fast!

CoreLogic  recently released a report entitled,  United States Residential Foreclosure Crisis: 10 Years Later ,  in which they examined the years leading up to the crisis all the way through to present day. With a peak in 2010 when nearly 1.2 million homes were foreclosed on, over 7.7 million families lost their homes throughout the entire foreclosure crisis. Dr. Frank Nothaft,  Chief Economist  for  CoreLogic,  had this to say, “The country experienced a wild ride in the mortgage market between 2008 and 2012, with the foreclosure peak occurring in 2010. As we look back over 10 years of the foreclosure crisis, we cannot ignore the connection between jobs and homeownership. A healthy economy is driven by jobs coupled with consumer confidence that usually leads to homeownership.” Since the peak, foreclosures have been steadily on the decline by nearly 100,000 per year all the way through the end of 2016, as seen in the chart below. If this trend continues, the country

Even as you begin thinking about buying a house, it's important to obtain a copy of your own credit report and review it carefully. Don't rely on scores alone. First, look for errors in balances and accounts, then contact those agencies to dispute any mistakes. It's not uncommon for old, paid-off debts to linger on credit reports. Second, look at the total  amounts owed on everything in the report and create a financial plan to pay down the debt. Ideally you should  aim to lower your credit card utilization to below 20%, but don't close all active accounts completely.    My job as your real estate consultant is not only to help you find and buy the right home, but it is also to guide, lead and protect you before you start looking. Contact me for  referrals to great mortgage advisors who can help you evaluate your credit score and advisors who can help you evaluate your credit score and advise you on the right loan. 

There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage -  either yours or your landlord’s. As  Entrepreneur Magazine,  a premier source for small business,  explained  this month in their article, “ 12 Practical Steps to Getting Rich ”: “ While renting on a temporary basis isn't terrible, you should most certainly own the roof over your head if you're serious about your finances. It won't make you rich overnight, but  by renting, you're paying someone else's mortgage. In effect, you're making someone else rich .” Christina Boyle, Senior Vice President and head of the Single-Family Sales & Relationship Management organization at  Freddie Mac,  explains another benefit of securing a mortgage vs. paying rent: “With a 30-year fixed rate mortgage, you’ll have the certainty