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Home Buying Myths Slayed [INFOGRAPHIC]
Home Buying Myths Slayed [INFOGRAPHIC] | MyKCMSome Highlights: The average down payment for first-time homebuyers is only 6%! Despite mortgage interest rates being over 4%, rates are still below historic numbers. 88% of property managers raised their rents in the last 12 months! The credit score requirements for mortgage approval continue to fall.
Is Family Mortgage Debt Out of Control?
Is Family Mortgage Debt Out of Control? | MyKCMSome homeowners have recently done a “cash out” refinance and have taken a portion of their increased equity from their house. Others have sold their homes and purchased more expensive homes with larger mortgages. At the same time, first-time buyers have become homeowners and now have mortgage payments for the first time. These developments have ... Read More
How Much Do You Need to Make to Buy a Home in Your State?
How Much Do You Need to Make to Buy a Home in Your State? | MyKCMIt’s no mystery that cost of living varies drastically depending on where you live, so a new study by GOBankingRates set out to find out what minimum salary you would need to make in order to buy a median-priced home in each of the 50 states, and Washington, D.C. States in the Midwest came out ... Read More
Rising Prices Help You Build Your Family’s Wealth
Over the next five years, home prices are expected to appreciate, on average, by 3.6% per year and to grow by 18.2% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey. So, what does this mean for homeowners and their equity position? As an example, let’s assume a young couple purchased and closed on a $250,000 home this ... Read More
Getting Pre-Approved Should Always Be Your First Step
Getting Pre-Approved Should Always Be Your First Step | MyKCMIn many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a ... Read More
A Tale of Two Markets [INFOGRAPHIC]
A Tale of Two Markets [INFOGRAPHIC] | MyKCMSome Highlights: A trend that has been emerging for some time now is the contrast between inventory & demand in the Premium & Luxury Markets vs. the Starter & Trade-Up Home Markets and what that’s, in turn, doing to prices! Inventory continues to rise in the luxury & premium home markets which is causing prices ... Read More
The COST of Your Next Home Will Be LESS Than Your Parents’ Home Was
The COST of Your Next Home Will Be LESS Than Your Parents' Home Was | MyKCMThere is no doubt that the price of a home in most regions of the country is greater now than at any time in history. However, when we look at the cost of a home, it is cheaper to own today than it has been historically. The Difference Between PRICE and COST The price of ... Read More
Mortgage Interest Rates Have Begun to Level Off
Mortgage Interest Rates Have Begun to Level Off | MyKCMWhether you are a buyer searching for your first home, or a homeowner looking to move up to your next home, you should pay attention to where mortgage interest rates are heading. Over the course of 2018, according to Freddie Mac’s Primary Mortgage Market Survey, rates have increased from 3.95% in the first week of ... Read More
What Is Private Mortgage Insurance (PMI)?
What Is Private Mortgage Insurance (PMI)? | MyKCMWhen it comes to buying a home, whether it is your first time or your fifth, it is always important to know all the facts. With the large number of mortgage programs available that allow buyers to purchase homes with down payments below 20%, you can never have too much information about Private Mortgage Insurance (PMI). What ... Read More
US Housing Market Still In ‘Buy Territory’!
US Housing Market Still In ‘Buy Territory’! | MyKCMAccording to the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. housing market has continued to move deeper into buy territory, supporting the belief that housing markets across the country remain a sound investment. The BH&J Index is a quarterly report that attempts to answer the question: In today’s housing market, is it better to ... Read More
VA Loans by the Numbers [INFOGRAPHIC]
VA Loans by the Numbers [INFOGRAPHIC] | MyKCMSome Highlights: Since the creation of the VA Home Loans Program, 22 million veterans have been able to achieve the American Dream of homeownership. In 2017, $188 billion was loaned to veterans and their families through the program. VA Purchase Loans are on the rise in 46 out of 50 states and Washington, DC.
House Prices: Simply a Matter of Supply & Demand
House Prices: Simply a Matter of Supply & Demand | MyKCMWhy are home prices still rising? It is a simple answer. There are more purchasers in the market right now than there are available homes for them to buy. This is an example of the theory of “supply and demand” which is defined as: “the amount of a commodity, product, or service available and the ... Read More
Boomerang Buyers: Most Qualify for Financing in 2-3 Years
Boomerang Buyers: Most Qualify for Financing in 2-3 Years | MyKCMAccording to a new study from Lending Tree, Americans who have filed for bankruptcy may be able to rebuild enough credit to qualify for a home loan in as little as 2-3 years. This is in stark contrast to the belief that many have that they need to wait 7-10 years for their bankruptcies to ... Read More
What Should You Look for In Your Real Estate Team?
What Should You Look for In Your Real Estate Team? | MyKCMHow do you select the members of your team who are going to help make your dream of owning a home a reality? What should you be looking for? How do you know if you’ve found the right agent or lender? The most important characteristic that you should be looking for in your agent is ... Read More
The Cost of Renting vs. Buying Today [INFOGRAPHIC]
The Cost of Renting vs. Buying Today [INFOGRAPHIC] | MyKCMSome Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (28.9%) vs. the percentage needed to buy a median-priced home (15.7%), the choice becomes obvious. Every market is different. Before you renew your lease again, find ... Read More
99% of Experts Agree: Home Prices Will Increase
99% of Experts Agree: Home Prices Will Increase | MyKCMSome believe that the combined effects of the new tax code and rising mortgage rates will have an adverse impact on residential real estate prices in 2018. However, the clear majority of recently surveyed housing experts believe that home values will continue to rise this year. What is the Home Price Expectation Survey? Each quarter, ... Read More
Be Thankful You Don’t Have to Pay Your Parents’ Interest Rate!
Be Thankful You Don’t Have to Pay Your Parents’ Interest Rate! | MyKCMInterest rates hovered around 4% for the majority of 2017, which gave many buyers relief from rising home prices and helped with affordability. In the first quarter of 2018, rates have increased from 3.95% up to 4.45% and experts predict that rates will increase even more by the end of the year. The rate you ... Read More
Buyer Demand Still Outpacing the Supply of Homes for Sale
Buyer Demand Still Outpacing the Supply of Homes for Sale | MyKCMThe price of any item is determined by the supply of that item, as well as market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index. Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic ... Read More
5 Reasons Why to Sell This Spring!
5 Reasons Why to Sell This Spring! | MyKCMHere are five reasons listing your home for sale this spring makes sense. 1. Demand Is Strong The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the ... Read More