Real estate tips from Equifax
With all the excitement around markets picking up and mortgage rates edging back up, you may be one of the many considering whether or not now is the time to leap into the market to find your new home.
But is now the time? A recent webinar, ”
Is Now the Time to Buy a Home?” hosted by Equifax and presented by real estate pros Steve Cook, former vice president of public affairs for the National Association of Realtors and Equifax Chief Economist Amy Crews Cutts, addressed that very question. The debate is a classic question, but the bottom line is: real estate can be a worthwhile investment, provided you make smart decisions throughout the process.
The webinar discussed these further, suggesting listeners take the necessary steps to get the best possible investment. For example, despite low rates that are slowly rising, it can be hard for some to qualify for and get a mortgage. Getting a mortgage today is just as hard as it was a few years ago, and only 60 percent of those who apply for a mortgage are able to secure financing. Prepare for the mortgage application process in advance by getting your free credit reports, working to raise your score over the months prior to your home search and working on increasing your savings so you have as much as possible to put down and are in the best financial standing possible.
To learn more about market trends, growing your
credit ratings and more need-to-know facts about personal finance, check the Equifax Finance Blog!
Housing market predictions up from lower inventory
The recovery is alive and well, and is painting some good
housing market predictions for spring 2013. This change is the result of a number of factors, which the Equifax Finance Blog explains in the new article, “
One Million Homeowners Are Back in the Black.”
The 20 percent less inventory than the same time last year has made homes more valuable, and that rise in value has accounted for an overall $457.1 billion rise in home equity, or 7.4 percent increase from the fourth quarter of 2011. Hundreds of thousands of homeowners will rise above owing more than their home is worth if prices continue to rise, and many who have delayed selling their home will have a chance to re-enter the market.
These homeowners rejoining the market as home sellers will add inventory to give buyers more choices on where to spend their money, and that additional inventory may either cause prices to normalize or to rise as homes are quickly taken off of the market. This presents a bonus for both buying and
selling a home, in addition to a big boost for the housing market recovery.
For more personal finance tips and tricks, as well as real estate analysis and predictions, direct your browser to the Equifax Finance Blog.
When buying a home, pay attention to storage space
If you look at homes built just 10 years ago, you can see huge differences from current home styles. Plans and designs have changed to meet the needs of modern buyers, but what are those needs? Are they met in Carolina new homes you might be considering buying? The Equifax Finance Blog shares some key information about home features that you may find interesting in the new article, “
What Do Buyers Want in a Home?”
Armed with data taken from the Census Bureau’s 2011 Characteristics of New Housing report, the new article shares housing trends that can help you recognize some of the best features when
buying a home. For instance, buyers in 2011 were really keen on storage space for their busy lives, from pantries in kitchens to walk-in closets in master bedrooms. However, buyers are turning away from some traditionally thought of luxuries. They cut out big additions like media rooms and full outdoor kitchens. Instead, the money that would be put aside for those types of spaces is being used on premium appliances such as fire pits and high-end grills.
To learn more about real estate trends and
housing market predictions, check in with the Equifax Finance Blog.