Do You Know the Cost of Renting vs. Buying? [INFOGRAPHIC]

Do You Know the Cost of Renting vs. Buying? [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • Historically, the choice between renting or buying a home has been a close decision.
  • Looking at the percentage of income needed to rent a median priced home today (30%) vs. the percentage needed to buy a median priced home (15%), the choice becomes obvious.
  • Every market is different. Before you renew your lease again, find out if you could use your housing costs to own a home of your own!

Ready to put more money in your pocket every month, and build equity?  Call me now!

(813) 489-9789

Zach@ZachKidd.com

The Veteran Realtor®.

Get my digital business card for free - click here.

Serving the Florida Suncoast, including Dunedin, Gulfport, South Pasadena, St. Petersburg, St. Pete Beach, Treasure Island, and nearby areas.

How Supply & Demand Impacts the Real Estate Market [INFOGRAPHIC]

Some Highlights:

  • The Concept of Supply & Demand is a simple one. The best time to sell something is when supply of that item is low & demand for that item is high!
  • Anything under a 6-month supply is a Seller’s Market!
  • There has not been a 6-months inventory supply since August 2012!
  • Buyer Demand continues to out-pace Seller Supply!

How Supply & Demand Impacts the Real Estate Market [INFOGRAPHIC] | Simplifying The Market

How does the current Supply & Demand affect you?

In a hot seller’s market, it’s more difficult to buy because there will be a lot of competition for each listing (theoretically, at least).

This is great news for sellers!

But typically, if you are selling your home, you’ll also be buying another home.  That means you too will be competing in a hot market.

Be smart and be ahead of the game. Contact a Realtor first, and focus on buying your next home BEFORE you sell your current home.

(813) 489-9789

Zach@ZachKidd.com

The Veteran Realtor®.

Get my digital business card for free - click here.

Serving the Florida Suncoast, including Dunedin, Gulfport, South Pasadena, St. Petersburg, St. Pete Beach, Treasure Island, and nearby areas.

Real Life vs. Reality TV: 5 Myths Explained

Real Life vs. Reality TV: 5 Myths Explained | Simplifying The MarketHave you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV ‘show hole’*? We’ve all been there… watching entire seasons of “Love it or List it,” “Fixer Upper,” “House Hunters,” “Flip or Flop,” “Property Brothers,” and so many more, just in one sitting.  

Slaying Myths About Home Buying [INFOGRAPHIC]

Some Highlights about Buying a Home:

Interest Rates are still below historic numbers – that means buying a home is affordable! You get to lock in a low rate for 30 years!  If you need a better analogy, mortgages are on sale – get one now, before the price goes up.

88% of property managers raised their rent in the last 12 months! If you buy a home, your mortgage payment never goes up!

Credit score requirements to be approved for a mortgage continue to fall, which is great news if you have bruised credit but still want to buy a home.

Slaying Myths About Home Buying [INFOGRAPHIC]

Call me today!

(813) 489-9789

Zach@ZachKidd.com

The Veteran Realtor®.

Get my digital business card for free - click here.

Serving the Florida Suncoast, including Dunedin, Gulfport, South Pasadena, St. Petersburg, St. Pete Beach, Treasure Island, and nearby areas.

 

Wait Until Next Year? Or Buy Now? [INFOGRAPHIC]

Some Highlights:

You can wait until next year – but it will probably cost you.

The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.

Freddie Mac predicts interest rates to rise to 4.6% by next year.

CoreLogic predicts home prices to appreciate by 5.3% over the next 12 months.

If you are ready and willing to buy your dream home, find out if you are able to!

Should I Wait Until Next Year? Or Buy Now? [INFOGRAPHIC]

 

Why do we wait?

Our natural tendency, especially on a larger purchase, is to wait.

Electronics, like TVs and cell phones, still keep getting better, and last year’s amazing technology at a high price is now run-of-the-mill and on-sale.

Sometimes, we may wrongly apply that same thinking to other topics, including real estate.

We wait, because tomorrow may hold a better deal, and who knows what will happen a year from now?

 

Why should I buy now?

The reality of the housing market is that you’re going to miss out if you wait. Prices continue to trend upwards, and interest rates are incredibly low.

Waiting a year will mean a higher price point for the same house, most likely a higher interest rate (and therefore payment), and you will have burned another year of expenses while waiting for that “better deal”.

For example, if you are currently renting at $1000 / month, in one year you will have spent $12,000 on rent alone.

That’s 5% of the purchase price of a $240,000 home.

That’s a sizeable amount of equity to give up while waiting for the “right” time.

To borrow a phrase from J. Massey, the time is “Now 0′ clock”.

It’s time to get started – contact me today!

 

(813) 489-9789

Zach@ZachKidd.com

The Veteran Realtor®.

Get my digital business card for free - click here.

Serving the Florida Suncoast, including Dunedin, Gulfport, South Pasadena, St. Petersburg, St. Pete Beach, Treasure Island, and nearby areas.

3 Crucial Questions Most Home Buyers Don’t Know the Answer To…DO YOU?

Whether you are considering the purchase of your first home or trading up to the home your family frequently fantasizes about, there are three crucial questions you must know the answer to:

  1. What is the minimum down payment required to purchase a home?

  2. What is the minimum FICO score required to qualify for a mortgage?

  3. What is the maximum Back-End DTI Ratio (Debt To Income) allowed?


A survey conducted by Fannie Mae revealed startling information: most Americans don’t know the answer to these three crucially important questions.

Here is a graphic showing the results of the survey:

Do you know these answers to these questions?

The percentages are quite disturbing but can explain why so many people believe they are not eligible to purchase a home whether it is a first home or a trade-up home.

Here are the actually requirements as per Fannie Mae:

Fannie Mae Requirements


Let’s Break it Down:

Who is Fannie Mae?

Well, it’s more of a “what”.

Fannie Mae is the shorthand for the Federal National Mortgage Association (FNMA, or “Fannie Mae”).

From their web site:

“We are a leading source of financing for mortgage lenders, providing access to affordable mortgage financing in all markets at all times. Our financing makes sustainable homeownership and workforce rental housing a reality for millions of Americans.

We also help make possible the popular 30-year, fixed-rate mortgage, which provides homeowners with stable, predictable mortgage payments over the life of the loan. Our tools and resources help homebuyers, homeowners, and renters understand their housing options.”

This post refers only to the Fannie Mae loan programs.


What is the minimum down payment required to purchase a home?  3%

For a $200,000 home, that’s $6,000.  Simple math!

But that’s just the down payment – this does NOT cover the other expenses, such as closing costs.  Make sure you budget for those too!


What is the minimum FICO score required to qualify for a mortgage?  620

If you’re not sure of your current FICO score, get a (proper!) free credit report.  If you have any issues, fix them now.

Once you start the loan application process, you absolutely should NOT do anything to affect your credit score.


What is the maximum Back-End DTI Ratio (Debt To Income) allowed?  45%

Say what?

I’ll explain the concept, if not the strict legal definition.

If you make $60,000 a year, that’s $5,000 a month.

Your monthly housing debt (total!) needs to under 45% of that number, or $2,250.

That’s the approximate monthly payment for a $450,000 house.

A 3% down payment would be $13,500.

And that *50% exception?  If you’re that close, I’ll connect you with someone to work through it.


Bottom Line

If you are considering purchasing a home, make sure you are aware of all your options before moving forward.

Contact me today and I’ll connect you with the right person and company for your situation.

(813) 489-9789

Zach@ZachKidd.com

The Veteran Realtor®.

Get my digital business card for free - click here.

Serving the Florida Suncoast, including Dunedin, Gulfport, South Pasadena, St. Petersburg, St. Pete Beach, Treasure Island, and nearby areas.