June is National Homeownership Month, a time not only to talk about the practical steps toward owning a home but also to reflect on the emotional rewards that make the journey worth it. As a mortgage professional, I spend a lot of time working with numbers such as credit scores, down payments, and interest rates. But the most powerful part of homeownership is what cannot be measured with a calculator.
The average homeowner feels secure knowing they have insurance in the event of a severe weather calamity. Most people believe that no matter what happens, they have paid for protection against disaster.
Are you thinking about purchasing a home in the near future? Or, are you thinking about building one? If so, you must think carefully about the foundation of the home. It is responsible for supporting the rest of the structure, so you need to find the right foundation to meet your needs. What are a few of the top options available?
A significant number of people are self-employed, which means they might be relying on this income to apply for a mortgage. It is true that people who are self-employed may face additional challenges when trying to get approved for a home loan when compared to someone with traditional W2 income, these are obstacles that can be overcome. With the right qualifications and documentation, even first-time homebuyers who are self-employed should be able to qualify for the home loan they need.
The national reading for home builder confidence rose one point to an index reading of 83 in April; the National Association of Home Builders predicted a reading of 84. Component readings for April’s national index readings were mixed. Builder confidence in current market conditions for single-family homes rose one point to 88. Builder confidence in market conditions for single-family homes in the next six months fell two points to 81 but homebuilder confidence in buyer traffic in new home developments rose two points to an index reading of 75.
Builder confidence in housing market conditions reached a new record high in November according to the National Association of Home Builders. November’s index reading of 90 was five points higher than in October. Index readings over 50 indicate positive builder sentiment toward market conditions. Readings for the Housing Market Index fell below 50 in April and May as the COVID-19 pandemic grew.
Homes are more than just a building. They are filled with memories of children taking their first steps, holidays that were celebrated with family members and friends, and Super Bowl parties filled with smiles and cheers.
Millennials are among the most common demographic buying homes today. According to numerous reports that have been published, many homeowners are planning on conducting a home improvement project this year. In large part, this is due to millennials wanting to improve their homes. Furthermore, home improvement projects may have bigger budgets this year when compared to prior years. It will be interesting to see what kind of home improvement projects unfold this coming year.
Attractive landscaping is one of the first things that potential home buyers notice. They may see the landscaping in the photos of a home for sale or may even do a physical drive-by. The view of the property from the street is called “curb appeal.” It is important to make this be as nice as possible.
Without a doubt, the COVID-19 (coronavirus) pandemic has impacted every part of the economy. This is a dangerous virus and has left many parts of the country on lockdown orders to prevent it from spreading rapidly. The question many people are asking is how much the real estate is going to be impacted by the virus as well.
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