Hope Leitner, Realtor®, CRS

In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search. If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or  Pinterest,  and start looking at the countless homes listed for sale with rose-colored glasses. Do you really need that farmhouse sink in the kitchen in order to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the man cave of your dreams be a future renovation project instead of a make or break now? The first step in your home buying process should be to get  pre-approved for your mortgage . This allows you to know your budget before you fall in love with a home that is way outside of it. The next step is to list all the features of a

According to  Freddie Mac’s  latest  Primary Mortgage Market Survey , interest rates for a 30-year fixed rate mortgage are currently at 3.47%. Rates have remained at or below 3.5% each of the last 16 weeks, marking a historic low. The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power. Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain monthly housing budget. The chart below shows what impact rising interest rates would have if you planned to purchase a home within the national median price range, and planned to keep your principal and interest payments at or about $1,100 a month. With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5%, (in this example, $6,

There are many potential homebuyers, and even sellers, who believe that you need at least a 20% down payment in order to buy a home, or move on to their next home. Time after time, we have dispelled this myth by showing that there are many loan programs that allow you to put down as little as 3% (or 0% with a VA loan). If you have saved up your down payment and are ready to start your home search, one other piece of the puzzle is to make sure that you have saved enough for your closing costs. Freddie Mac   defines  closing costs as: “Closing costs, also called settlement fees, will need to be paid when you obtain a mortgage.  These are fees charged by people representing your purchase, including your lender, real estate agent, and other third parties involved in the transaction.  Closing costs are typically between 2 and 5% of your purchase price.” We’ve recently heard from many first-time homebuyers that they wished that someone had let them know that closing costs cou

There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage. Don’t Become Trapped Jonathan Smoke,  Chief Economist at realtor.com,   reported  on what he calls a  “Rental Affordability Crisis.”  He warns that, “Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.” In the  Joint Center for Housing Studies at Harvard University's 2015 Report on Rental Housing,  they reported that 49% of rental households are cost-burdened, meaning they spend more than 30% of their income on housing. These households struggle to save for a rainy day and pay other bills, such as food and healthcare. It’s Cheaper to Buy Than Rent In Smoke’s article, he went on to say, “Housing is central to the health and well-being of our country and our local communities. In additio

A father sat at a park watching his daughter play on the swings. A mother sat next to him, and they began chatting as her son climbed the jungle gym. Then the father called out to his daughter: "Mary! It's time to go!" "Five more minutes, Daddy!" the little girl pleaded. "Just five more minutes?"  He smiled.  "Okay. Five more minutes." The father waited much longer than five minutes, then called to his daughter again. Once again, the child asked for five minutes, and the father nodded.  "You're very patient," the mother commented.  The father nodded again. "Her older brother just went off to college. I often worked long hours and didn't spend enough time with him, and now I miss him. So while my daughter thinks she's getting five more minutes to play, I'm getting five more minutes to watch her." 

Your brain stays half-awake when you sleep in a new place. In the April 2016 issue of Current Biology , scientists at Brown University published findings that show your brain arouses a night watchmen hemisphere as you sleep in a hotel, go camping or spend the night at a friend's house for the first time.  In most people, the left hemisphere of the brain remains more active when sleeping in a new environment. While the active hemisphere isn't fully awake, it is usually responsive to external stimuli like squeaky doors and sounds made by animals.  This new information suggests that it is a good idea to plan an easy first-day of a vacation or a business trip to counteract less than optimal rest the night before. 

This year there are more  healthy and happy people over the age of 65 than ever before. At the same time, millennials have surpassed Baby Boomers as the largest generation. Millennials are on track to be the most educated generation to date, but this achievement has come at a cost. Many millennials are struggling with student debt. In addition to the weak labor market of recent years, student debt is perhaps one reason why many are still living at home. Despite being in different financial life cycles, Millennials and Baby Boomers report feeling upbeat about their financial future.  Like Baby Boomers, Millennials are also heavily swayed by the input of their family and friends when choosing a product or service. Both of these groups prefer an enthusiastic introduction over the thought of the unknown.  It's important you know that I skillfully work with first-time home buyers as well as folks who have bought and sold many homes.  The next time you notice a person who is young