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Make the Dream of Homeownership a Reality in 2020

1/28/2020

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Make the Dream of Homeownership a Reality in 2020

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In 1963, Martin Luther King, Jr. led and inspired a powerful movement with his famous “I Have a Dream” speech. Through his passion and determination, he sparked interest, ambition, and courage in his audience. Today, reflecting on his message encourages many of us to think about our own dreams, goals, beliefs, and aspirations. For many Americans, one of those common goals is owning a home: a piece of land, a roof over our heads, and a place where our families can grow and flourish.
​

If you’re dreaming of buying a home this year, the best way to start the process is to connect with a Real Estate professional to understand what goes into buying a home. Once you have that covered, then you can answer the questions below to make the best decision for you and your family.
​

1. How Can I Better Understand the Process, and How Much Can I Afford?

​
The process of buying a home is not one to enter into lightly. You need to decide on key things like how long you plan on living in an area, school districts you prefer, what kind of commute works for you, and how much you can afford to spend.

Keep in mind, before you start the process to purchase a home, you’ll also need to apply for a mortgage. Lenders will evaluate several factors connected to your financial track record, one of which is your credit history. They’ll want to see how well you’ve been able to minimize past debts, so make sure you’ve been paying your student loans, credit cards, and car loans on time. Most agents have loan officers they trust that they can refer you to.

According to ConsumerReports.org,
​

                                “Financial planners recommend limiting the amount you spend on housing to
                                                                  25 percent of your monthly budget.”
​
2. How Much Do I Need for a Down Payment?

​
In addition to knowing how much you can afford on a monthly mortgage payment, understanding how much you’ll need for a down payment is another critical step. Thankfully, there are many different options and resources in the market to potentially reduce the amount you may think you need to put down up front.

If you’re concerned about saving for a down payment, start small and be consistent. A little bit each month goes a long way. Jumpstart your savings by automatically adding a portion of your monthly paycheck into a separate savings account or house fund. AmericaSaves.org says,

               “Over time, these automatic deposits add up. For example, $50 a month accumulates to $600
                                a year and $3,000 after five years, plus interest that has compounded.”
​

Before you know it, you’ll have enough for a down payment if you’re disciplined and thoughtful about your process.
​
3. Saving Takes Time: Practice Living on a Budget

As tempting as it is to settle in each morning with a fancy cup of coffee from your favorite local shop, putting that daily spend toward your down payment will help accelerate your path to homeownership. It’s the little things that count, so start trying to live on a slightly tighter budget if you aren’t doing so already. A budget will allow you to save more for your down payment and help you pay down other debts to improve your credit score. A survey of Millennial spending shows,
​

                    “70 percent of would-be first-time homebuyers will cut spending on spa days, shopping
                        and going to the movies in exchange for purchasing a home within the next year.”



While you don’t need to cut all of the fun out of your current lifestyle, making smarter choices and limiting your spending in areas where you can slim down will make a big difference.
Bottom Line

If homeownership is on your dream list this year, take a good look at what you can prioritize to help you get there. To determine the steps you should take to start the process, meet with a local real estate professional today.

Feel free to contact me if you have any questions about the home buying process, and what it takes to purchase a home in Chandler or the East Valley of Arizona.

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Troy Erickson Realtor
Call/Text: (602)295-6807

TroyEricksonRealtor@gmail.com
Facebook.com/TroyEricksonRealtor


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Buying a Home Early Can Significantly Increase Future Wealth

1/26/2020

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Buying a Home Early Can Significantly Increase Future Wealth

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According to an Urban Institute study, homeowners who purchase a house before age 35 are better prepared for retirement at age 60.

The good news is, our younger generations are strong believers in home ownership. According to a Freddie Mac survey,
“The dream of homeownership is alive and well within “Generation Z,” the demographic cohort
following Millennials. 
Our survey…finds that Gen Z views homeownership as an important goal.
They estimate that they will attain this goal by the time they turn 30 years old, three years younger
​than the current median homebuying age (33).”
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If these aspiring homeowners purchase at an early age, the Urban Institute study shows the impact it can have.
Based on this data, those who purchased their first homes when they were younger than 25 had an average of $10,000 left on their mortgage at age 60. The 50% of buyers who purchased in their mid-20s and early-30s had close to $50,000 left, but traditionally purchased more expensive homes.
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Although the vast majority of Gen Zers want to own a home and are somewhat confident in their future, “In terms of financial awareness, 65% of Gen Z respondents report that they are not confident in their knowledge of the mortgage process.”
​Bottom Line

Feel free to contact me if you have any questions about the home buying process, and what it takes to purchase a home in Chandler or the East Valley of Arizona.

​Whether you’re thinking about buying your first home or moving up to the home of your dreams, don’t let the false narrative about affordability prevent you from moving forward. From an affordability standpoint, this is one of the best times to buy in the last 30 years.
"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Troy Erickson Realtor
Call/Text: (602)295-6807

TroyEricksonRealtor@gmail.com
Facebook.com/TroyEricksonRealtor
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Homes Are More Affordable Today, Not Less Affordable

1/20/2020

3 Comments

 

​Homes Are More Affordable Today, Not Less Affordable

Picture
​There’s a current narrative that owning a home today is less affordable than it has been in the past. The reason some are making this claim is because house prices have substantially increased over the last several years.

It’s not, however, just the price of a home that matters.

Homes, in most cases, are purchased with a mortgage. The current mortgage rate is a major component of the affordability equation. Mortgage rates have fallen by over a full percentage point since December 2018. Another major piece of the affordability equation is a buyer’s income. The median family income has risen by approximately 3% over the last year.
​
The National Association of Realtors (NAR) releases a monthly Housing Affordability Index. The latest index shows that home affordability is better today than at almost any point over the last 30 years. The index determines how affordable homes are based on the following:
“A Home Affordability Index value of 100 means that a family with the median income has exactly enough
income to qualify for a mortgage on a median-priced home. An index of 120 signifies that a family earning
the median income has 20 percent more than the level of income needed pay the mortgage on a
median-priced home, assuming a 20 percent down payment so that the monthly payment and interest will
​not exceed 25 percent of this level of income (qualifying income).”
The higher the index, therefore, the more affordable homes are. Here is a graph showing the index since 1990:
Picture
Obviously, affordability was better during the housing crash when distressed properties – foreclosures and short sales – sold at major discounts (2009-2015). Outside of that period, however, homes are more affordable today than any other year since 1990, except for 2016.
​

The report on the index also includes a section that calculates the mortgage payment on a median priced home as a percentage of the median national income. Historically, that percentage is just above 21%. Here are the percentages since June of 2018:
Picture
Again, we can see that affordability is much better today than the historical average and has been getting better over the last year and a half.

​Bottom Line

Feel free to contact me if you have any questions about the home buying process, and what it takes to purchase a home in Chandler or the East Valley of Arizona.

​Whether you’re thinking about buying your first home or moving up to the home of your dreams, don’t let the false narrative about affordability prevent you from moving forward. From an affordability standpoint, this is one of the best times to buy in the last 30 years.
​

"Real Estate is not just a job for me, it's about making a difference in the lives of others"
Troy Erickson Realtor
Call/Text: (602)295-6807

TroyEricksonRealtor@gmail.com
Facebook.com/TroyEricksonRealtor
3 Comments

    Chandler and East Valley Blog: Troy Erickson Realtor

    Picture

    Troy Erickson

     "Real Estate is not just a job for me, it's about making a difference in the lives of others."​

    Troy has been blogging about Chandler and East Valley Real Estate in Arizona since 2006.  He stays current on local Chandler real estate by attending educational classes, and talking with title companies, home inspectors, lenders, members of the Chandler community, as well as constantly working with home buyers, home sellers, and investors within the Chandler and East Valley community.

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