Boomers Take Over as Top Homebuyer Generation

Apr 6, 2023 11:26:08 AM / by Mark Gorman posted in homebuyers, millennials, baby boomer, home ownership, buying a home

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Millennials made a big push to swipe up available properties during the pandemic. The relocation frenzy caused by the flexibility of work-from-home culture allowed many young renters to make the move to homeownership. Not to mention, interest rates reached historic lows long enough for first-time homebuyers to capitalize. The stars aligned for millennials, which kept inventory low and the market competitive. Unfortunately, many first-time homebuyers have been priced out of the market for several reasons. The door was opened for baby boomers to reclaim the throne as the largest generation of current home buyers.

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5 major misconceptions about buying a home [Real Estate Insider]

Aug 17, 2020 2:14:55 PM / by Brett O'Daniell posted in Lending, Home Loan, home shopping, real estate, touring homes, homebuyers, housing market, financing, myths

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Buying a home doesn't have to be confusing!

Buying a home for the first time is intimidating. It's unfamiliar territory. The financial implications for one of the largest purchase of your life is massive. It sounds daunting, we know. But it doesn't have to be. In fact, securing a home loan is faster and easier than ever before! With the variety of mortgage options on the market, you could find a loan customized to fit your specific needs. 

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The Future of Real Estate After COVID-19 [Real Estate Insider]

Aug 14, 2020 2:53:33 PM / by Brett O'Daniell posted in Insider, agents, homebuyers, housing market, real estate tech, homebuying

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Good news! The housing market is still active! Agents and brokers alike are finding new and creative ways to accommodate social distancing. A lot of what you've been reading about the impact of COVID-19 is negative, so we wanted to start shining some positive light and commend our network of agents and brokers for their hard work. The good news? There could be some long-term benefits from the innovations made to the home-buying process that can carry over into the post-COVID era! 

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Buying is better than renting: 5 benefits only homeowners enjoy

Aug 11, 2020 6:00:33 PM / by George Blezard posted in Mortgage, homebuyers, home ownership, payments, buying a home, rent

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You don't throw away money on rent

As you make payments on your mortgage, you generate equity from your home. Equity is the value of the house that you truly "own." The more money you spend on your home, the more money you accumulate through equity. The equity you have is considered capital or a financial asset. As the value of your home increases, so does your capital.

For example, if you purchase a home for $150,000, you could put a $20,000 down payment on the house. This means that you will get a $130,000 loan and have $20,000 equity in the home. Once you reach 20% equity in your home, you can apply for a home equity loan or refinance your mortgage to seek a lower interest rate. A lower interest rate means you will pay less in the long run. When renting, you don't see these same financial benefits because you don't own the property. You simply pay the monthly fees that the landlord requires. 

You can have a fixed mortgage cost

When renting, landlords have the power to increase renting costs every year by large or unexpected amounts. With a fixed-rate mortgage, you can be sure that your payments won't increase year to year. Even a 3% increase in rent over 10 years will significantly increase your fees. You can be confident that your mortgage will stay the same if you decide to buy a home instead.

It can be scary to commit to making a payment for 15-to-30 years. A fixed-mortgage can take some of the stress away by ensuring your payment won't change even if your income does. Buying a home can actually take away some of the uncertainty that you might see when renting. Remember when we talked about equity? A fixed-mortgage rate pays off principal and interest at the same time. So, as you pay off the principal, you are increasing your equity (or capital). 

It's your property!

It's a great feeling when you buy a home. To call a property your own is a great accomplishment. When you buy a house, you don't have to worry about what rules the landlord might want you to follow. You have the right to create a home that fits your lifestyle, and the only person you have to answer to is yourself!

As a homeowner, your property becomes a clean slate. You can turn your property into anything you want! Anything from painting walls, landscaping, and renovations are fair-game when you own a house. You have the freedom to turn a house into a "home," and it can be exactly how you want it. When renting, you don't have the same luxuries and freedoms that come with owning a home. Typically, you have to gain permission from your landlord to make any changes and are often shot down. Being a homeowner allows you to make the property into anything YOU want.

Potential tax benefits

Homeownership is so good for the economy that the federal and state governments reward individuals who own properties and pay interest on a mortgage. Some homeowners can deduct the interest they pay on their mortgage from their taxes. This is unique to homeowners because renters don't pay a mortgage; therefore, they don't get any tax benefits.

Sometimes you have the option to deduct property taxes up to a certain amount as well. These benefits vary depending on your location and personal situation. Still, you definitely won't have these options if you rent. 

You get the community experience

Buying a home helps connect you to a specific neighborhood and community. Renters tend to live in different houses or apartments after a year or two. Also, if you live in a rental area, you may see different neighbors moving in and out all the time. As a homeowner, you can put down roots in your community and build relationships with people in your neighborhood. You can get involved in your local community by volunteering, throwing block parties, or helping at the local school. Buying a home can help create more vibrant, fuller relationships with your community and a gives a stronger sense of home.

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We know the idea of owning a home can be stressful. It’s always important to consider the factors unique to you and your needs. If you feel like you’re ready to make the jump to buying a house, HomeTraq can help you find your dream home!

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The Future of Real Estate After COVID-19

Aug 4, 2020 9:50:03 AM / by Brett O'Daniell posted in Insider, agents, homebuyers, housing market, real estate tech, homebuying

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Good news! The housing market is still active, and agents and brokers are finding new and creative ways to accommodate social distancing! A lot of what you read about the impact of COVID-19 is negative, so we wanted to shine some positive light and commend our network of agents and brokers for their hard work. The good news? There could be some long-term benefits from the innovations made to the home-buying process that can carry over into the post-COVID era!

Read More

6 Surprisingly Cheap DIY Home Improvement Projects [Real Estate Insider]

Jul 3, 2020 11:18:44 AM / by Brett O'Daniell posted in Insider, house hunting, homebuyers, housing market, homeownership, buying a home

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Homeowners who find themselves around the home more than normal can use time to make a big difference in their home with upgrades that don’t have to cost a fortune. Simple DIY projects can enhance a home and make spaces more appealing for buyers when homeowners are ready to move forward with their home sale.

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Users describe the first time using HomeTraq! [Real Estate Tech]

Jun 15, 2020 1:02:27 PM / by Brett O'Daniell posted in Home tour, homebuyers, housing market, real estate tech, hometraq, buying a home, innovation

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Home Buyers Guide [Summer 2020]

Jun 12, 2020 3:53:18 PM / by Brett O'Daniell posted in house hunting, touring homes, homebuyers, housing market, housing demand, housing inventory, homebuying

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Pent-up housing demand during the shutdowns is about to be unleashed as many coronavirus-related restrictions to daily life are lifted or relaxed and consumers return to the real estate market.  Home sales are bouncing back from their bottom during the COVID-19 pandemic and many buyers are moving quickly amid the return of bidding wars.

Looking forward, the market is ripe for robust activity. Mortgage applications are defying economists’ expectations, rising 54% since April, the Mortgage Bankers Association reported recently. Mortgage rates for 30-year loans have broken through record lows three times in as many months, making borrowing costs favorable for prospective buyers who are looking to get off the fence and purchase.  Meanwhile, home prices continue to rise, even as uncertainty around the pandemic persists.

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Things to Remember While Home-Shopping [Real Estate 2020]

May 18, 2020 9:14:49 AM / by Brett O'Daniell posted in home shopping, real estate, house hunting, touring homes, homebuyers, housing market, Zillow, housing demand, hometraq

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Buying Second Home? Real Estate Pro [ 7 Insider Tips ]

Mar 19, 2020 3:35:35 PM / by Brett O'Daniell posted in Mortgage, homebuyers, homebuying, vacation home

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In the market for a vacation home? Whether you’re dreaming of a beachfront paradise or a backcountry lodge, a second home can spice up your life. While it’s fun to think about warm winters and family reunions in the sand, purchasing a vacation residence is a huge financial decision. Here are 7 tips to keep in mind before you buy.

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