Millennials can’t catch a break
Many young workers today find that home prices are rising faster than their pay, making it harder for them to set aside the cash they need for the purchase, studies show.
The typical first-time home buyer today purchases a house that costs 2.6 times his or her annual income, according to a report released by Zillow this week. In the 1970s, new home buyers found homes that cost about 1.7 times their annual pay, the study found.The shift means that people need bigger down payments to make the transition to home ownership. At the same time, they face obstacles that make it harder for them to save, such as student loan bills, higher rent costs and more expensive child care.People have to strive for more expensive homes today than they did in the past because home prices have appreciated over time while wages have stayed mostly flat, says Svenja Gudell, chief economist for Zillow. “We’re seeing that first-time home buyers are renting for longer,” Gudell says. “Homes are more expensive so it takes them a while to get to that stage in their life.”
This excerpt taken from NJ Real Estate Report.
How New College Grads Can Start Saving Now to Buy a Home
Congratulations, new grads: You’re free! After four long years at college, it’s time to move on to the next stage of your life: adulthood.
That means you get to start thinking about exciting things like your first job, a 401(k), and—sexiest of all—homeownership. And while you might still be sleeping off those Jell-O shots from last night, it’s time to wake up, chug some water, and start preparing yourself financially—if buying a house happens to be one of your long-term goals.
Start preparing now, and buying a house won’t be a struggle. “If you make good money, you have a clean credit rating, and you’ve got enough money set aside for the down payment, buying a house is not really a big hassle,” says Stewart Koesten, the chief executive and executive chairman of KHC Wealth Management in Overland Park, KS.
To read more click the link below:
http://www.realtor.com/advice/buy/tips-for-new-college-grads-on-buying-a-home/
How to Move Into a New Home | Tips For Moving Into a New Home
Change the locks when you move into a new house — that way, you control who has access to your home. Image: Courtney Craig for HouseLogic
When I bought my first house, my timing couldn’t have been better: The house closing was two weeks before the lease was up on my apartment. That meant I could take my time packing and moving, and I could get to know the new place before moving in.
This exerpt from house logic. To read more click below:
http://www.houselogic.com/blog/maintenance-repair/things-to-do-when-moving-into-a-new-house/
Have a great 4th of July weekend everyone!
Bridgeton: Date: Saturday, July 4. Location: Alden Field, 9:30 p.m. Website: cityofbrigeton.com
Millville: Date: Saturday, July 4. Location: Union Lake Park. Website: millvillenj.gov
Many counties in New Jersey are having Fourth of July fireworks displays to celebrate.
Click below to see our county-by-county guide to NJ firework displays across the Garden State for 2015.
Read More: Fireworks 2015 – A guide to July 4 events in New Jersey |
Just Reduced $110,000
Adorable ranch home! 2 beds -3 beds possible and 1 .5 bath. Charming bow window in living room, eat in kitchen, hardwood floors under wall to wall, security system, enclosed porch with screens & storms for all year enjoyment. Nicely landscaped fenced yard with 2 sheds. MANY updates including newer roof, C/A condenser, water heater, oil heater & oil tank. Large basement with half bath. Can be used for entertaining, storage or easily finished off into more living space. So many possibilities! Call Stacy today to schedule your tour. 856-364-0772
Just Reduced
$134,900 PLUS a sales concession of $5,000 for buyers closing costs!!!!!!! This cozy ranch sits on over acre of land in desirable Upper Deerfield. Great fenced yard for entertaining with nice sized rear deck. Living room with fireplace. Home has hard wood flooring throughout, eat in kitchen plus a dining room. Side entrance leads to nice utility/ laundry room which includes sliding doors that lead to deck/ back yard. Nice 3 season porch you can enjoy all year with screens and storms. 2 car garage with openers. Affordable and priced to sell! Owner says bring an offer! For more information or to schedule an appt.
Call Stacy. 856-364-0772
8 Reasons Not To Sell Your Home Without An Agent
There are so many reasons why finding the right real estate professional can not only speed up the selling process but can also help protect you and your investment from potentially costly issues that could arise. This process can be overwhelming , I am here for you every step of the way! Make your appointment today! Reach me directly at 856-364-0772
Below are just a FEW of them!
“For sale by owner” (FSBO) is touted as a great way to save thousands of dollars when you sell your home. The standard real-estate agent’s commission is 6% – that’s $15,000 on a $250,000 home. Even after cutting that savings in half so you can pay the buyer’s agent, acting as your own seller’s agent will surely be worth the savings, you think. Here are eight reasons why you should think again.
1. Buyers’ agents may not want to show your property to their clients. In a for-sale-by-owner deal, the buyer’s agent knows there won’t be a professional on the other end of the transaction, which can mean numerous headaches. Even if a client insists on seeing your home, the agent might discourage making an offer, citing the hassles and risks of trying to close the deal without a professional representing the seller.
“There are only two reasons why I show an FSBO: There is no other inventory available or the price is ridiculously low,” says Bruce Ailion, a realtor with RE/MAX Greater Atlanta. Every experienced broker has been burned by an FSBO transaction where the seller did not pay the full commission, or any commission at all, to the agent who brought the buyer, he says. In addition, he says, “FSBO sellers are viewed as unrealistic, unreasonable and difficult sellers whom professional realtors have rejected.” But there are buyers’ agents who will show your property under the right conditions. Philadelphia realtor Denise Baron of Berkshire Hathaway HomeServices Fox & Roach says that as long as she has a signed buyer’s agreement stating that when she shows an FSBO her agency gets paid, she is confident.
“I also have an agreement signed beforehand by the owner who is selling their own property or home,” she says. The agreement states what percentage fee the seller will pay the agent. The agreement also clarifies that the agent is only working on behalf of the buyer, and that as a buyer’s agent, she has a duty to disclose to her client all information the seller provides to her, such as the need to sell by a certain date.
2. It’s harder to keep your emotions out of the sale.
Selling your home is typically an emotional process. Having an agent keeps you one step removed and makes you less likely to make stupid mistakes such as overpricing your home, refusing to counter a low offer because you’re offended or giving in too easily when you have a deadline for selling your home.
To Read More Click Here:
Freddie Mac Report Reveals Improving Housing Markets
Freddie Mac has released the findings of its monthly Multi-Indicator Market Index (MiMi) today which highlights the stability of the housing market from a national, state, and metro perspective. The results of March’s MiMi findings points to a more stable housing market.
MiMi considers a wide range of variables when gathering data. These variables include payment-to-income ratios, local employment, home purchase applications, and the proportion of current mortgage payments.
This excerpt taken from the “Nawrb News Room” to read more CLICK HERE
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