What type of house should you buy? Do you think you’re more suited to a tiny house in a modern community, or a traditional home with a white picket fence? Take our quiz to determine what housing option best suits your needs.
Is it worth buying a starter home? Or should you be prioritizing your long-term needs and searching for a “forever home” instead? Here are some things to consider before you take the homeownership leap:
According to the National Association of REALTORS® Research Division, 48% of homebuyers in 2015 purchased a home because it was the right time and they were ready to buy a house. But how do you know when you’re ready to buy a home? Take our quiz to find out.
During the home buying process, you’ll be working with a range of professionals, including a real estate agent, loan officer, home inspector, appraiser, and a lawyer or representative from a title company. And while you may need to divulge some very personal information, like your annual income and debt history, not all of these people need to know the intricate details of your life.
According to a Google Consumer survey, 50% of prospective home buyers start searching between six and 12 months in advance. Because purchasing a home is the largest lifetime financial investment for many, if not most consumers, it comes as no surprise that a wealth of research usually comes before deciding on a home.
A lot of great information was shared at the National Association of REALTORS® (NAR) conference, and one of the conference’s most interesting panels was also one of its first: Residential Economics Issues and Trends Forum — Will Housing’s Strength Continue into 2016?
Cost, demographics will shape real estate’s future
Jonathan Corr, the CEO of Ellie Mae, a tech company that processes as many as 1 in 4 mortgage applications, points to homebuyer demographics and closing costs as drivers of future change.
In 2007, the cost to close a loan was $3,400, whereas last year, the cost hovered around $7,000, according to Corr. The increases, mainly due to the Consumer Financial Protection Bureau as well as other regulators, will factor into the real estate deals of the future.
Demographically, Corr said that the more than 80 million millennials — the biggest generation since 76 million baby boomers — will set the pace in real estate.
“They are reachable, but not by old-school means,” Corr said. They key? Leveraging technology in tomorrow’s transactions. Corr predicts that everything to do with a real estate transaction will be done electronically in the next five years. Continue reading