Buyer Resources Archives - Page 13 of 27 - Greater Phoenix Arizona Real Estate

VA Loans Help Our Heroes Achieve Homeownership

VA home loans can help people who served our country become homeowners. Here is a quick info about VA Loans:

These loans can help qualified individuals purchase a VA-approved home or condo, build a new home, or enhance their current one.

Owning a home is the American Dream, and one way to show our appreciation to veterans is by providing them with important information about the advantages of VA home loans.

If you’re looking for a great lender, we would love to help you!

To connect, message us at @SHEA PREFERRED REALTY

Don’t Let the Real Estate Market Scare You

Are you worried about the market?

Negative headlines and social media chatter can make it seem scarier than it really is.

A realtor can guide you.

Buying or selling your home is a big decision. Leaning on your realtor who knows the and your area is important.

They offer facts and information.

Your agent will provide you with accurate, trustworthy data and offer an informed perspective, helping you understand what’s really happening in the market.

We can provide you with facts and data that support what is going on in the market. If you’re ready to buy or sell your home, reach out to us today! @SHEA PREFERRED REALTY

Tips for Closing Day!

If you are thinking about selling your home here in Arizona, then here is something you need to know.

Once escrow closes, the new owner takes possession, and you need to be fully moved out.

Unlike other states, there’s no grace period here.

Are you thinking about selling? Reach out to us today and we can connect with you.

WATCH OUR INSTAGRAM VIDEO HERE!

Scary Myths About Today’s Housing Market

Here’s what you really need to know about a few myths causing fear in today’s housing market!

1. MYTH: If I have student loan debt, I can’t buy a home.

FACT: Many people can still buy a home, even if they have student loans. “….buying a home with student loans is possible, experts say. the proof is in the numbers, too: Some 40% of first-time homebuyers have student loan debt, according to the NAR study.” – Apartment Therapy.

2. MYTH: Home prices were going to crash in 2023.

FACT: The data proves, nationally, home prices are not crashing. They’re actually rising again after only a slight dip.

3. MYTH: I have to put 20% down when I buy a home.

FACT: You usually don’t have to save 20% for a down payment, unless specified by your loan type or lender. According to NAR, the median down payment is lower than that.

If you have other fears or reservations about buying a home today, let’s connect so you have an expert to help clear those up. Contact us now! @SHEA PREFERRED REALTY

Buying and Selling Simultaneously

In a perfect world, buying and selling simultaneously would go according to schedule.
The reality is it doesn’t always pan out as nice and timely as you would like.
Thankfully, there are a few tricks and strategies you can utilize to smooth out any wrinkles in the plan.

1) Leasebacks – Leasebacks allow you to sell your home and then rent it back temporarily from the new owner.
It buys you time to find and close on your dream home without rushing or having to move twice.

2) Bridge loans – This type of loan acts as a temporary financing solution, bridging the financial gap between selling your current home and purchasing a new one. They often involve two phases.

Phase 1 – You may not have to make monthly payments on your new home, but interest accrues.

Phase 2 – Once your current home sells, you use the proceeds to pay off the bridge loan, including accrued interest.

Keep in mind a bridge loan can free you from the contingency of selling your current home before buying a new one.

If you’re planning to buy and sell at the same time, swipe for a few more dos and don’ts.

Want to Learn More About Buying & Selling? Send us a message and we will be happy to help! @Shea Preferred Realty Group

Baby Boomer Dilemma: Buy or Rent Your Next Home?

Are you retiring and contemplating your next move?

Consider these:

Expect Rent to Keep Rising

Rental costs have been climbing steadily for years. Choosing to rent may mean facing increasing payments each year. Owning with a fixed-rate mortgage offers stability, locking in your monthly payment for the long term.

Benefits of Homeownership

AARP suggests that buying your next home is a wise long-term decision. Build generational wealth for your family. If you have enough equity to buy your next home outright, you wouldn’t have a monthly mortgage payment. Freedom to make renovations and home updates.

Consider Buying Your Next Home

As a baby boomer, the decision to buy or rent your next home is significant. With rents on the rise and homeownership offering numerous advantages, it may make sense to explore the path of buying your next home.

Use Your Equity to Help You Retire

IS IT TIME FOR A NEW HOME?

Retirement is a milestone filled with opportunities, including the chance to find your perfect home for this exciting chapter. But how do you know if it’s the right time to make a move?

HOW LONG HAVE YOU BEEN IN YOUR HOME?

In the past, homeowners changed residences every six years on average. Today, that number has grown to over nine years. If you’ve been in your home for a while, life changes may mean your needs have evolved.

CONSIDER THE EQUITY YOU’VE GAINED

The longer you’ve owned your home, the more equity you may have built. On average, homeowners who’ve been in their homes for five years have seen a nearly 60% increase in value! For those with 30 years of ownership, the value nearly triples.

RETIRING WITH HOME EQUITY

Thinking about downsizing, relocating, or living closer to loved ones? Your equity can make it happen. Partner with aus and we can help you sell your current home and find your dream retirement residence.

Your Home Equity Can Offset Affordability Challenges

Are you thinking about selling your house? If so, today’s mortgage rates may be making you wonder if that’s the right decision. Some homeowners are reluctant to sell and take on a higher mortgage rate on their next home. If you’re worried about this too, know that even though rates are high right now, so is home equity. Here’s what you need to know.

Bankrate explains exactly what equity is and how it grows:

“Home equity is the portion of your home that you’ve paid off and own outright. It’s the difference between what the home is worth and how much is still owed on your mortgage. As your home’s value increases over the long term and you pay down the principal on the mortgage, your equity stake grows.”

In other words, equity is how much your home is worth now, minus what you still owe on your home loan.

How Much Equity Do Homeowners Have Now?

Recently, your equity has been growing faster than you might think. To help contextualize just how much the average homeowner has, CoreLogic says:

“. . . the average U.S. homeowner now has about $290,000 in equity.”

That’s because, over the past few years, home prices went up significantly – and those rising prices helped your equity to accumulate faster than usual. While the market has started to normalize, there are still more people wanting to buy homes than there are homes available for sale. This high demand is causing home prices to go up again.

According to the Federal Housing Finance Agency (FHFA), the Census, and ATTOM, a property data provider, nearly two-thirds (68.7%) of homeowners have either fully paid off their mortgages or have at least 50% equity (see chart below):

That means nearly 70% of homeowners have a tremendous amount of equity right now.

How Equity Helps with Your Affordability Concerns

With today’s affordability challenges, your equity can make a big difference when you decide to move. After you sell your house, you can use the equity you’ve built up in your home to help you buy your next one. Here’s how:

Be an all-cash buyer: If you’ve been living in your current home for a long time, you might have enough equity to buy a new house without having to take out a loan. If that’s the case, you won’t need to borrow any money or worry about mortgage rates. The National Association of Realtors (NAR) states:

“These all-cash home buyers are happily avoiding the higher mortgage interest rates . . .”

Make a larger down payment: Your equity could be used toward your next down payment. It might even be enough to let you put a larger amount down, so you won’t have to borrow as much money so today’s rates become less of a sticking point. Experian explains:

“Increasing your down payment lowers your principal loan amount and, consequently, your loan-to-value ratio, which could lead to a lower interest rate offer from your lender.”

Bottom Line

If you’re thinking about moving, the equity you’ve built up can make a big difference, especially today. To find out how much equity you’ve got in your current house and how you can use it for your next home, let’s connect. @SHEA PREFERRED REALTY

Should Baby Boomers Buy or Rent After Selling Their Houses?

Are you a baby boomer who’s lived in your current house for a long time and you’re ready for a change? If you’re thinking about selling your house, you have a lot to consider. Will you move to a different state or stay nearby? Is it time to downsize or do you want more space to accommodate your loved ones? But maybe the biggest consideration boils down to this – will you buy your next home or choose to rent instead?

That decision ultimately depends on your current situation and your future plans. Here are two important factors to help you decide what’s right for you.

Expect Rents to Keep Going Up

The graph below uses data from the Census to show how rents have been climbing steadily since 1988:

Rents have been going up consistently over the long run. If you choose to rent, there’s a risk your rental payment will go up each time you renew your lease. Having a higher rental expense may not be something you want to deal with every year.

When you buy a home with a fixed-rate mortgage, it helps stabilize your monthly housing payment. This allows you to lock in your monthly payment for the duration of your home loan. That keeps your payments steady and predictable for the long haul. Freddie Mac sums it up like this:

“. . . homeowners with fixed-rate loans will see little to no change to their monthly housing cost over the life of their loan. You can be confident in knowing that your mortgage payments won’t change much in the long term, even when life’s other costs do.”

Owning Your Home Comes with Unique Benefits

According to AARP, buying your next home is a better long-term strategy than renting:

“Though each option has pros and cons, buying provides more pros, with a broader range of benefits.”

To help you choose what you’ll do after you sell, here are just a few of the benefits of homeownership that article covers:

Owning your home can help you save money for the future. Your home, and the equity you build as a homeowner, can provide generational wealth that could be passed on to loved ones, giving them a better life.
You might not have to pay a monthly mortgage payment at all. If you have enough equity to buy your next home outright, you wouldn’t have a monthly mortgage payment. While you might still need to cover property taxes or maintenance fees, not having to worry about a monthly mortgage payment could be a big relief.
Aging in place can be simpler. If your needs change, owning your home gives you the freedom to make renovations and updates that can make everyday life easier.

Bottom Line

If you’re a baby boomer who’s wondering whether you should buy or rent your next home, let’s connect! With rents going up and homeownership providing so many benefits, it may make sense to consider buying your next home. Contact us anytime @ SHEA PREFERRED REALTY

Planning to Retire? Your Equity Can Help You Make a Move!

Reaching retirement is a significant milestone in life, bringing with it a lot of change and new opportunities. As the door to this exciting chapter opens, one thing you may be considering is selling your house and finding a home better suited for your evolving needs.

Fortunately, you may be in a better position to make a move than you realize. Here are a few reasons why.

Consider How Long You’ve Been in Your Home

From 1985 to 2009, the average length of time homeowners stayed in their homes was roughly six years. But according to the National Association of Realtors (NAR), that number is higher today. Since 2010, the average home tenure is just over nine years (see graph below):

This means many homeowners have been living in their houses even longer in recent years. When you live in a home for such a significant amount of time, it’s natural for you to experience changes in your life while you’re in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.

Consider the Equity You’ve Gained

And, if you’ve been in your home for more than a few years, you’ve likely built-up substantial equity that can fuel your next move. That’s because you gain equity as you pay down your loan and as home prices appreciate. And, the longer you’ve been in your home, the more you may have gained. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):

While home prices vary by area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by nearly 60%. And the average homeowner who’s owned their home for 30 years saw it almost triple in value over that time.

Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to friends or loved ones, that equity can help. Whatever your home goals are, a trusted Real Estate Agent can work with you to find the best option. They’ll help you sell your current house and guide you as you buy the home that’s right for you and your lifestyle today.

Bottom Line

As you plan for your retirement, let’s connect so we can find out how much equity you’ve built up over the years and plan how you can use it toward the purchase of a home that fits your changing needs. @SHEA PREFERRED REALTY GROUP