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The Net Worth of a Homeowner is 44x Greater Than A Renter!
The Net Worth of a Homeowner is 44x Greater Than A Renter! | MyKCMEvery three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data, covering 2013-2016 was recently released. The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, ... Read More
The Cost of Waiting: Interest Rates Edition [INFOGRAPHIC]
The Cost of Waiting: Interest Rates Edition [INFOGRAPHIC] | MyKCMSome Highlights: Interest rates are projected to increase steadily heading into 2019. The higher your interest rate, the more money you end up paying for your home and the higher your monthly payment will be. Rates are still low right now – don’t wait until they hit 5% to start searching for your dream home!
Housing Market: Another Gigantic Difference Between 2008 and 2018
Housing Market: Another Gigantic Difference Between 2008 and 2018 | MyKCMSome are attempting to compare the current housing market to the market leading up to the “boom and bust” that we experienced a decade ago. They look at price appreciation and conclude that we are on a similar trajectory, speeding toward another housing crisis. However, there is a major difference between the two markets. Last ... Read More
Have You Outgrown Your Starter Home?
Have You Outgrown Your Starter Home? | MyKCMFor many Americans, buying their first home is their first taste of achieving part of the American Dream. There is a sense of pride that comes along with owning your own home and building your family’s wealth through your monthly mortgage payment. It may seem hard to imagine that the first home you purchased (which ... Read More
Are You Thinking of Selling Your Home? Competition Is Coming!
Are You Thinking of Selling Your Home? Competition Is Coming! | MyKCMThe number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of building permits issued in June was 850,000, a 0.8% increase from May. ... Read More
Existing Home Sales Cooling Off This Summer [INFOGRAPHIC]
Existing Home Sales Cooling Off This Summer [INFOGRAPHIC] | MyKCMSome Highlights: According to the National Association of Realtors’ latest Existing Home Sales Report, sales in June were down 2.2% from last year. Inventory of homes for sale showed a modest improvement of 0.5% over last year’s figures, but still remains under the 6-month supply needed for a normal market. NAR’s Chief Economist Lawrence Yun ... Read More
Supply & Demand Will Determine Future Home Values
Supply & Demand Will Determine Future Home Values | MyKCMWill home values continue to appreciate throughout 2018? The answer is simple: YES! – as long as there are more purchasers in the market than there are available homes for them to buy. This is known as the theory of “supply and demand,” which is defined as: “The amount of a commodity, product, or service ... Read More
The Wave of Millennial Homebuyers Continues to Swell
The Wave of Millennial Homebuyers Continues to Swell | MyKCMMany have written about the millennial generation and whether or not they, as a whole, believe in homeownership as a part of attaining their American Dream. Comparatively speaking, millennials have taken longer to obtain traditional milestones (like getting married, having kids and buying a home) than generations before them, but that does not mean that ... Read More
5 Reasons to Hire a Real Estate Professional Before Entering the Market!
5 Reasons to Hire a Real Estate Professional Before Entering the Market! | MyKCMWhether you are buying or selling a home, it can be quite the adventure. In this world of instant gratification and internet searches, many sellers think that they can ‘For Sale by Owner’ or ‘FSBO,’ but it’s not as easy as it may seem. That’s why you need an experienced real estate professional to guide you on the path to ... Read More
Millionaire to Millennials: Owning Your Home Can Help You Retire Sooner!
Millionaire to Millennials: Owning Your Home Can Help You Retire Sooner! | MyKCMIn a CNBC article, self-made millionaire David Bach explained that: “Buying a home is the escalator to wealth in America. Homeownership can also help you retire early, that is, if you pay your mortgage off.” Bach suggests that homebuyers should, “Take out a 30-year mortgage, but with the intention of paying it off in 25, 20 or ideally, ... Read More
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!
Are Lending Standards Propping Up Home Prices?
Are Lending Standards Propping Up Home Prices? | MyKCMBack in 2005, Federal Reserve Chairman Alan Greenspan described the dramatic increases in residential real estate values as a “froth in housing markets.” Greenspan went on to say: “The increase in the prevalence of interest-only loans and the introduction of more-exotic forms of adjustable-rate mortgages are developments of particular concern…some households may be employing these ... Read More
Buying Is Now 26.3% Cheaper Than Renting in the US
Buying Is Now 26.3% Cheaper Than Renting in the US | MyKCMThe results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting, with a traditional 30-year fixed rate mortgage, in 98 of the 100 largest metro areas in the United States. In the six years that Trulia has conducted this study, this is the first time that it was cheaper to rent ... Read More
You Need an Agent Who Will Always Put You First
You Need an Agent Who Will Always Put You First | MyKCMWhether you are a rookie homebuyer or have gone through the process many times, having a local real estate expert who is well versed in the neighborhood you are looking to move to, as well as the trends of that area, should be your goal while home shopping. One great example of an agent who ... Read More
The #1 Reason to Put Your House on The Market TODAY!
The #1 Reason to Put Your House on The Market TODAY! | MyKCMThe National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report which revealed that home sales declined 0.6% to a seasonally adjusted annual rate of 5.38 million in June from 5.41 million in May, and are 2.2% below a year ago. Some may look at these numbers and think that now is a bad ... Read More
Americans Rank Real Estate Best Investment for 5 Years Running! [INFOGRAPHIC]
Americans Rank Real Estate Best Investment for 5 Years Running! [INFOGRAPHIC] | MyKCMSome Highlights: Real estate has outranked stocks/mutual funds, gold, savings accounts/CDs, and bonds as the best long-term investment among Americans for the last 5 years! The generations agree! Real estate is the best investment! Generation X leads the way with 37% believing in real estate as the top investment.
4 Reasons Why We Are Not Heading Toward Another Housing Bubble
4 Reasons Why We Are Not Heading Toward Another Housing Bubble | MyKCMWith home prices continuing to appreciate above historic levels, some are concerned that we may be heading for another housing ‘boom & bust.’ It is important to remember, however, that today’s market is quite different than the bubble market of twelve years ago. Here are four key metrics that will explain why: Home Prices Mortgage ... Read More
Will Your Current House Fit Your Needs in Retirement?
Will Your Current House Fit Your Needs in Retirement? | MyKCMAs more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs ... Read More
Selling Your Home? Here’s 2 Ways to Get the Best Price!
Selling Your Home? Here’s 2 Ways to Get the Best Price! | MyKCMEvery homeowner wants to make sure that they maximize their financial reward when selling their home, but how do you guarantee that you receive the maximum value for your house? Here are two ways to ensure that you get the highest price possible. 1. Price it a Little Low This may seem counterintuitive, but let’s ... Read More