Men, Women Vary on Home Shopping
When it comes to buying a home, women are in a bigger hurry, according to a national survey for Coldwell Banker Real Estate that delved into the homebuying psyche.
Coldwell Banker wanted to understand the difference between men and women in the homebuying process so it could help its practitioners do a better job of guiding first-time homebuyers who must make up their minds before the tax credit expires on Dec. 1.
Here are some key findings:
* When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their minds the day they walked into the house vs. 62 percent of men. On the other hand, significantly more men needed two or more visits (32 percent of men vs. 23 percent of women).
* 55 percent of women find it more important to be closer to their extended family than to their job, compared to only 37 percent of men.
* 64 percent of women said that if they found the home of their dreams but had concerns about its security, they would no longer be interested. More than half of men agreed (51 percent).
* When the respondents were asked how they would use an extra 12×12 room if it could be anything they wanted, men and women agreed on the top three responses: Bedroom, office/study, and family room/den.
* 8 percent—nearly all of which were men—said they would use the extra space for recreation/entertainment.
* 70 percent of couples said the responsibility for making major financial decisions–such as homebuying–are shared equally.
Source: Coldwell Banker Real Estate (08/17/2009)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Why Rent When Buying is Cheaper?
The foreclosure crisis has knocked down prices so much in some parts of the country that it’s cheaper or only slightly more expensive to own than it is to rent.
BusinessWeek, with help from research firm Reis, calculated ownership costs assuming a fixed-rate, 30-year mortgage for 100 percent of the purchase price with no down payment. The magazine said that had they factored in a 20 percent down payment – what most people must make these days – owning would have been cheaper than renting in most metros.
“It’s a great time to buy,” says Mollie Carmichael, senior vice-president of John Burns Real Estate Consulting in Irvine, Calif. “If you can own a home for less than the cost to rent, then it’s a logical financial proposition.” Full Story..
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Despite the doors it can open for first-time buyers, many consumers still don’t know about the $8,000 tax credit.
The first-time home buyer tax credit, which Congress in February increased to $8,000 from $7,500 and eliminated the repayment requirement, is an incentive you’d expect consumers to be clamoring about. But many practitioners are astounded to learn that buyers in their markets who are prime candidates for the credit aren’t even aware of it.
Ryan Gable, broker-owner of Starting Point Realty in Palatine, Ill., recently mentioned the credit to an architect who was attending one of his home buyer seminars. If anyone would know about the credit, Gable thought, it would be someone who’s involved in the building industry.
But he was wrong. “It was like she won the lottery when I told her,” says Gable, whose brokerage, which focuses on first-time buyers, has pulled out all the stops to market the credit as a too-good-to-miss opportunity. In addition to touting the credit at seminars, Gable showcases the incentive on the home page of his Web site and discussed it in an interview with a local NBC affiliate TV station. “It’s really unbelievable the number of people who don’t know about it,” Gable says. More details.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Despite the doors it can open for first-time buyers, many consumers still don’t know about the $8,000 tax credit.
The first-time home buyer tax credit, which Congress in February increased to $8,000 from $7,500 and eliminated the repayment requirement, is an incentive you’d expect consumers to be clamoring about. But many practitioners are astounded to learn that buyers in their markets who are prime candidates for the credit aren’t even aware of it.
Ryan Gable, [...]
How Much House Can You Afford?
Determining how much home you can afford, or what payment you feel comfortable with, can be a trying process. Calling lenders, looking at mortgage loan programs and interest rates can be confusing, to say the least. There is an easy way to get started, and give yourself an idea of where you stand.
The first step is to find out what mortgage interest rates are at the current time. You can typically do this with a couple of phone calls to lenders or some quick looking on the internet. Get your rates on conventional fixed rate loans. Now use this handy table to see what your payment would be at different price ranges and interest rates. Payments might be higher or lower than those shown in the chart depending on current interest rates.More info.
Buyers, Get an Edge During The Busy Spring Season! Getting started early is key to success.
The spring and summer months are traditionally the busiest times of year for the residential real estate market. Weather is more cooperative and many families like to move while the kids are on their summer break.
But in recent years spring, for many regions, has meant more homes on the market, but also more buyers, fierce competition and an increase in prices.
If you’re in the market for a house this spring, there are a number of steps you can take to try to give you the advantage over other homebuyers…… Full Story.
