Achieving the Dream of Homeownership

Homeownership has long been considered the American Dream, and it’s one every American should feel confident and powerful pursuing. But owning a home is also a deeply personal dream. Our home provides us with safety and security, and it’s a place where we can grow and flourish.

We remember the legacy of Dr. Martin Luther King, Jr. Many of us will remember his passion and determination for the causes he championed, including his famous “I Have a Dream” speech in 1963. As we reflect on his message today, it may inspire your own dream of homeownership. And if so, know you’re not alone. With a trusted real estate advisor at your side, you can begin y...

When the number of buyers in the housing market outnumbers the number of homes for sale, it’s called a “seller’s market.” The advantage tips toward the seller as low inventory heats up the competition among those searching for a place to call their own. This can create multiple offer scenarios and bidding wars, making it tough for buyers to land their dream homes – unless they stand out from the crowd. Here are three reasons why pre-approval should be your first step in the home buying process.

1. Gain a Competitive Advantage
Low inventory, like we have today, means homebuyers need every advantage they can get to make a strong impression and close the deal. One of the best ways to get one...

Home prices have been on the rise for the last seven years, leading many housing market analysts to conclude that first-time homebuyers are being shut out of the market due to affordability concerns.

The National Association of Realtors (NAR) reports on the percentage of First-Time Home Buyers (FTHB) on a monthly and yearly basis. Their latest report shows that FTHB’s made up 33% of buyers in March, which matches their reported share in 2018.

NAR uses survey data from their members to come up with this statistic, so their results do not include every transaction completed. Rather, they only show the transactions reported by members who complete the survey.

The other entity that reports...

How Much Do You Know About Down Payments?

Whether you’ve owned a home before, or you’re ready to jump into homeownership for the first time, there are always a lot of questions swirling around about what is truly required for a down payment, and how to best source down payment assistance. Let’s tackle these two today.

1. How much do you really need for a down payment?
There is a long-standing misconception about down payment requirements. A survey from Fannie Mae shows only 17% of consumers know the minimum options are actually between 1 - 5% of the purchase price and 40% don’t know how much they need at all.

There are many mortgage loans available that require as little as 3% down fo...

National home prices have increased by 5.4% since this time last year. Over that same time period, interest rates have remained near historic lows which has allowed many buyers to enter the market and lock in low rates.

As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price but instead about the ‘long-term cost’ of the home.

The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Insights Report, home prices will apprec...

When speaking with potential first time home buyers, the biggest obstacle is typically coming up with the down payment.  Tax time and allocating the tax refund to the down payment is an ideal way to help first time buyers into a home.  Here is a handy grid to show what they can afford, in relation to rent. These figures do include the taxes, insurance, and PMI. 

Thank you to Jim Duffy with Atlantic Bay Mortgage for sharing!  To learn more about mortgage process contact Jim, 843-735-0865.

Thinking of buying a home in 2017?  Call Meghan Bowes, our team buyer specialist, to get the process started today!  843-900-0155.

Fannie Mae’s article, “What Consumers (Don’t) Know About Mortgage Qualification Criteria,” revealed that “only 5 to 16 percent of respondents know the correct ranges for key mortgage qualification criteria.”

Myth #1: “I Need a 20% Down Payment

Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required.

Many believe that they need at least 20% down to buy their dream home, but many programs actually let buyers put down as little as 3%.  Above are the results of a Digital Risk survey of Millennials w...

The Alan Donald Team works with a lot of first time home buyers and we are very familiar with the learning curve involved in buying your first home.   We have found that most first time home buyers have put the idea of a home purchase off simply because the idea seems SO daunting. That's where we come in!  First time home buyers have a ton of questions and we are ready with the answers.  Blog posts like this are inspired by the questions that we hear everyday.

From experience we know that a lot of the confusion revolves around the mortgage loan process.   Meghan Bowes, Buyer Specialist on The Alan Donald Team, received the below article from a lender partner that we work with often -- hi...

Great Price in Mount Pleasant

WOW! Look at this price! 3 bedroom, 2 bath home in the heart of MOUNT PLEASANT on a POND LOT, with hardwood floors and a great master. Only $278,000. First time home buyers - investors - retirees. Call/text 843-900-0155 now to see it TODAY before it's gone! Pics/details at: 
https://www.buyhomesincharleston.com/…/…/residential/16002139

Is It a Good Time to Rent?

People often ask whether or not now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent.

The Census Bureau recently released their third quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

A recent Wall Street Journal article reports that rents rose “faster last year than at any time since 2007, a boon for landlords but one that has stoked concerns about housing affordability for renters.”

 The article also cited results from a recent Reis Inc report which revealed that average effective rents ros...

Are You Aware of All the New Construction Deals?

RYLAND HOMES is having a Sale this month!

DR HORTON just dropped prices across the board...