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The Luxury Housing Market is Attracting Buyers in 2021

3/2/2021

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The Luxury Housing Market is Attracting Buyers in 2021

Luxury housing market attracting Buyers
As more people continue to identify their changing needs this year, some are turning to the upscale housing sector for more space or finer features. In their most recent Luxury Market Report, the Institute for Luxury Home Marketing (ILHM) shares:
​
“In a snapshot of 2020, despite the devastating effects of the coronavirus pandemic, the luxury real estate market has seen one of its strongest years since 2008. In comparison to experts’ predictions in early 2020, it is remarkable how significant demands for property type, location, and amenity preferences have changed amid the pandemic.”
​

With more opportunities to work from home and a growing interest in having extra space for things like virtual school, working out, and cooking more meals, the desire to own a home that can meet these needs continues to increase. Additionally, record-low mortgage rates are creating opportunities for homebuyers to stretch their legs into higher price points or even expand their real estate portfolios. The ILHM report continues to say:
​

“Experts believe that the demand for exclusive residential properties outside the metropolitan areas will continue well into 2021; even with the introduction of vaccines, the pandemic is far from over.

For those who have moved to the suburbs and beyond, moving back to the city full time is unlikely while the work from home trend remains. Many of these affluent homeowners are now making their secondary properties their primary residences for the foreseeable future.”
​

If you’re interested in buying a home this year, it appears that some higher-priced markets may have more homes to choose from than those at lower price points. Javier Vivas, Director of Economic Research at realtor.com, notes:
​

“Interestingly, markets, where new supply is improving the fastest, tend to be higher priced than those that have yet to see improvement, suggesting sellers are more active in the more expensive markets.”
​

Bottom Line

If you’re hoping to buy the home of your dreams, this could be the year to achieve that goal. Connect with your local real estate professional today to explore your possibilities.

If you’re thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. A trusted real estate professional can answer your questions and help you determine your next steps.

Feel free to reach out to me if you have any questions about the home buying process in the East Valley. Just give me a call/text at 602-295-6807 and I will be glad to help.

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

Serving the Phoenix Metro, and East Valley cities including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee

Troy Erickson Realtor  |  3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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Why Owning a Phoenix AZ or East Valley Home is a Powerful Financial Decision

2/24/2021

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Why Owning a Home is a Powerful Financial Decision

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In today’s housing market, there are clear financial benefits to owning a home: increasing equity, the chance to build your net worth, and appreciating home values, just to name a few. If you’re a renter, it’s never too early to think about how homeownership can propel you toward a stronger future. Here’s a dive into three often-overlooked financial benefits of homeownership and how preparing for them now can steer you in the direction of greater financial security and savings.

1. You Won’t Always Have a Monthly Housing Payment

Personal finance advisor Dave Ramsey explains:
​
“Every payment brings you closer to owning the house. When you pay your rent, that money is spent. Gone. Bye. Not returning. But when you pay your mortgage, you work toward full ownership.”
​
As a homeowner, you can eventually eliminate the monthly payment you make on your house. That’s a huge win and a big factor in how homeownership can drive stability and savings in your life. As soon as you buy a home, your monthly housing costs begin to work for you as forced savings in the form of equity. When you build equity and grow your net worth, you can continue to reinvest those savings into your future, maybe even by buying that next dream home. The possibilities are truly endless.

2. Homeownership Is a Tax Break

One thing people who have never owned a home don’t always think about are the tax advantages of homeownership. The same article states:
​
“You have tax advantages. Many of the costs of owning a home—like property taxes—are tax deductible. And if you’re paying off a mortgage, you’ll get to count your mortgage interest as a deduction when you file your tax return.”
​
​Whether you’re living in your first home or your fifth, it’s a huge financial advantage to have some tax relief tied to the interest you pay each year. It’s one thing you definitely don’t get when you’re renting. Be sure to work with a tax professional to get the best possible benefits on your annual return.
​
3. Monthly Housing Costs Are Predictable

A third benefit is the fact that monthly costs start to become more predictable with homeownership, something that doesn’t happen if you’re renting. Ramsey also notes:
​

“Rent rates will go up. Even if you found a killer deal in a hot area, inflation, competition, and rising property values will cause your rent to go up year after year.”
​
With a mortgage, you can keep your monthly housing costs relatively steady and predictable. Your monthly costs are most likely based on a fixed-rate mortgage, which allows you to budget your finances over a longer period of time. Rental prices have been skyrocketing since 2012, and with today’s low mortgage rates, it’s a great time to get more for your money when purchasing a home. If you want to lock-in your monthly payment at a low rate and have a solid understanding of what you’re going to spend in your mortgage payment each month, buying a home may be your best bet.

Bottom Line

If you’re ready to start feeling the benefits of stability, savings, and predictability that come with owning a home, reach out to a local real estate professional to determine if buying sooner rather than later is right for you.

If you’re thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. A trusted real estate professional can answer your questions and help you determine your next steps.

Feel free to reach out to me if you have any questions about the home buying process in the East Valley. Just give me a call/text at 602-295-6807 and I will be glad to help.


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

Serving the Phoenix Metro, and East Valley cities including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee

Troy Erickson Realtor  |  3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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Owning a Home Is Still More Affordable Than Renting One

2/19/2021

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Owning a Home in Most Parts of Phoenix AZ and the East Valley Is Still More Affordable Than Renting One

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If spending more time at home over the past year is making you really think hard about buying a home instead of renting one, you’re not alone. You may be wondering, however, if the dollars and cents add up in your favor as home prices continue to rise. According to the experts, in many cases, it’s still more affordable to buy a home than rent one. Here’s why.

ATTOM Data Solutions recently released the 2021 Rental Affordability Report, which states:

“Owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572, or 63 percent of the 915 U.S. counties analyzed for the report.
​

That has happened even though median home prices have increased more than average rents over the past year in 83 percent of those counties and have risen more than wages in almost two-thirds of the nation.”


How is this possible?

The answer: historically low mortgage interest rates. Todd Teta, Chief Product Officer with ATTOM Data Solutions, explains:
​
“Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is still more affordable, as amazingly low mortgage rates that dropped below 3 percent are helping to keep the cost of rising home prices in check.”
​
In 2020, mortgage rates reached all-time lows 16 times, and so far, they’re continuing to hover in low territory this year. These low rates are a big factor in driving affordability. Teta also notes:
​
“It’s startling to see that kind of trend. But it shows how both the cost of renting has been relatively high compared to the cost of ownership and how declining interest rates are having a notable impact on the housing market and home ownership. The coming year is totally uncertain, amid so many questions connected to the Coronavirus pandemic and the broader economy. But right now, owning a home still appears to be a financially-sound choice for those who can afford it.”
​
Bottom Line

If you’re considering buying a home this year, contact a local real estate professional today to learn more about the options that match your budget while affordability is in your favor.

If you’re ready to buy or sell – or maybe both – reach out to a local real estate professional to put your plans in motion. With low mortgage rates leading the way, it’s a great time to take advantage of your position in today’s market.

If you’re thinking of selling, many buyers may be eager to find a home just like yours. Reach out to a local real estate professional today to make sure you can get your house in on the action this summer.


If you’re thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. A trusted real estate professional can answer your questions and help you determine your next steps.

Feel free to reach out to me if you have any questions about the home buying process in the East Valley. Just give me a call/text at 602-295-6807 and I will be glad to help.

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

Serving the Phoenix Metro, and East Valley cities including Chandler, Gilbert, Tempe, Mesa, Phoenix, and Ahwatukee

Troy Erickson Realtor  |  3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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What Record-Low Housing Inventory in Phoenix AZ and the East Valley Means For You

2/11/2021

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What Record-Low Housing Inventory in Phoenix AZ and the East Valley Means For You

Experts view on the 2021 Housing Market
The real estate market is expected to do very well in 2021, with mortgage rates that are hovering at historic lows and forecasted by experts to remain favorable throughout the year.

​One challenge to the housing industry, however, is the lack of homes available for sale today. Last week, the National Association of Realtors (NAR) released their Existing Home Sales Report, which shows that the inventory of homes for sale is currently at an all-time low. The report explains:
​
“Total housing inventory at the end of December totaled 1.07 million units, down 16.4% from November and down 23% from one year ago (1.39 million). Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace, down from 2.3 months in November and down from the 3.0-month figure recorded in December 2019. NAR first began tracking the single-family home supply in 1982.”

​(See graph below):
Low Housing Inventory - Troy Erickson Realtor
What Does This Mean for You?

If You’re a Buyer:

​
​Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be prepared to make a competitive offer from the start, and know that a shortage in inventory could mean you’ll enter a bidding war. Calculate just how far you’re willing to go to secure a home and lean on your real estate professional as an expert guide along the way. The good news is, more inventory is likely headed to the market soon, Lawrence Yun, Chief Economist at NAR, notes:
​
“To their credit, homebuilders and construction companies have increased efforts to build, with housing starts hitting an annual rate of near 1.7 million in December, with more focus on single-family homes…However, it will take vigorous new home construction in 2021 and in 2022 to adequately furnish the market to properly meet the demand.”
​
If You’re a Seller:

Realize that, in some ways, you’re in the driver’s seat. When there’s a shortage of an item at the same time there’s a strong demand for it, the seller is in a good position to negotiate the best possible terms. Whether it’s the price, moving date, possible repairs, or anything else, you’ll be able to request more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Don’t be unreasonable, but understand you probably have the upper hand.


Bottom Line

​The housing market will remain strong throughout 2021. Know what that means for you, whether you’re buying, selling, or doing both.

If you’re ready to make a move, you can feel good about the current sentiment in the market and the advantageous conditions for today’s sellers.


If you're thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.
​
If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.


Feel free to 
reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.

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

Serving the Phoenix Metro, and East Valley cities including Chandler, Gilbert, Tempe, Mesa, Phoenix, and Ahwatukee

Troy Erickson Realtor  |  3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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When to Refinance Your Phoenix or East Valley Home?

2/8/2021

1 Comment

 

When to Refinance Your Phoenix or East Valley Home?

When to refinance your Phoenix or East Valley Home
Refinancing your mortgage is something most Phoenix and East Valley homeowners consider at least once throughout the lifespan of their home loan. It allows you to pay off your previous loan by applying for a new one that has better financial advantages. While there are many good reasons to refinance, here are five common ones.
​

Scoring a lower interest rate
The number one reason homeowners decide to refinance is to secure a lower interest rate on their mortgage. Not only does this save you money in the long run and decrease your monthly payment, but you can start building equity in your home sooner.
 
Using an improved credit score
Even if interest rates have not dropped in the market, if you’ve improved your credit score over the last few years, you may be able to reduce your mortgage rate.
 
Shortening the loan’s term
If interest rates are decreasing, there is a chance you may be able to get a shorter loan term with little to no change in your monthly payment, allowing you to pay off your loan sooner.
 
Switching from an adjustable rate to a fixed rate
If you chose an adjustable-rate mortgage with great introductory rates when you initially financed your home, that rate may increase significantly over the years. By switching to a fixed rate while interest rates are low, you can protect yourself from future increases. ​

Cashing out home equity 
If there is a big purchase or payment on the horizon, such as funding a wedding or going back to school, your best option may be to use the equity you’ve built in your home to borrow money at a lower cost.

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

Serving the Phoenix Metro, and East Valley cities including Chandler, Gilbert, Tempe, Mesa, Phoenix, and Ahwatukee

Troy Erickson Realtor  |  3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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Three Reasons Homebuyers Are Ready to Purchase This Year

8/24/2020

0 Comments

 

Three Reasons Homebuyers Are Ready to Purchase This Year

Home Buyers ready to purchase this year
A recent survey by Lending Tree tapped into behaviors of over 1,000 prospective buyers. The results indicated 53% of all homebuyers are more likely to buy a home in the next year, even amid the current health crisis. The survey further revealed why, naming several reasons buyers are more likely to move this year (see graph below):
Reasons why buyers are ready to purchase this year
Let’s break down why these are a few of the key factors motivating buyers to actively engage in the home search process, and the corresponding wins for sellers as well.

1. Low Mortgage Rates

The biggest reason potential homebuyers indicated they’re eager to purchase this year is due to current mortgage rates, which are hovering near all-time lows. Today’s low rates are making it more affordable than ever to buy a home, which is a huge incentive for purchasers. In fact, 67% of respondents in the Lending Tree survey want to take advantage of low mortgage rates. This is no surprise when comparing historic mortgage rates by decade (see below):
History of mortgage rates by decade
Sam Khater, Chief Economist at Freddie Mac recently said:

                         “As the economy is slowly rebounding, all signs continue to point to a solid recovery in
                         home sales activity heading into the summer as prospective buyers jump back into the
                                          market. Low mortgage rates are a key factor in this recovery.”


2. Reduced Spending

Some people have also been able to save a little extra money over the past few months while sheltering in place. One of the upsides of staying home recently is that many have been able to work remotely and minimize extra spending on things like commuting expenses, social events, and more. For those who fall into this category, they may have a bit more saved up for down payments and closing costs, making purchasing a home more feasible today.

3. Re-Evaluating Their Space

Spending time at home has also given buyers a chance to really evaluate their living space, whether renting or as a current homeowner. With time available to craft a wish list of what they really need in their next home, from more square footage to a more spacious neighborhood, they’re ready to make it happen.

What does this mean for buyers and sellers?

With these three factors in play, the demand for housing will keep growing this year, especially over the summer as more communities continue their phased approach to reopening. Buyers can take advantage of additional savings and low mortgage rates. And if you’re thinking of selling, know that your home may be in high demand as buyer interest grows and the number of homes for sale continues to dwindle. This may be your moment to list your house and make a move into a new space as well.
​Bottom Line

If you’re ready to buy or sell – or maybe both – reach out to a local real estate professional to put your plans in motion. With low mortgage rates leading the way, it’s a great time to take advantage of your position in today’s market.

If you’re thinking of selling, many buyers may be eager to find a home just like yours. Reach out to a local real estate professional today to make sure you can get your house in on the action this summer.


If you’re thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. A trusted real estate professional can answer your questions and help you determine your next steps.

Feel free to reach out to me if you have any questions about the home buying process in the East Valley. Just give me a call/text at 602-295-6807 and I will be glad to help.

"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

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​
​Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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Mortgage Rates Hit Record Lows for Three Consecutive Weeks

7/16/2020

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Mortgage Rates Hit Record Lows for Three Consecutive Weeks

Mortgage Rates Hit Record Low For Three Consecutive Weeks
​Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below):
30-Year Fixed Rate Mortgage Rate Reaches Lowest Level in Survey History
What does this mean for buyers?

This is huge for homebuyers. Those currently taking advantage of the increasing affordability that comes with historically low interest rates are winning big. According to Sam Khater, Chief Economist at Freddie Mac:
​

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“The summer is heating up as record low mortgage rates continue to spur homebuyer demand.”
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​​
​In addition, move.com notes:
​
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​“Summer home buying season is off to a roaring start. As buyers flooded into the market, realtor.com® monthly traffic hit an all-time high of 86 million unique users in June 2020, breaking May’s record of 85 million unique users. Realtor.com® daily traffic also hit its highest level ever of 7 million unique users on June 25, signaling that despite the global pandemic buyers are ready to make a purchase.”
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​Clearly, buyers are capitalizing on today’s low rates. As shown in the chart below, the average monthly mortgage payment decreases significantly when rates are as low as they are today.
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A lower monthly payment means savings that can add up significantly over the life of a home loan. It also means that qualified buyers may be able to purchase more home for their money. Maybe that’s a bigger home than what they’d be able to afford at a higher rate, an increasingly desirable option considering the amount of time families are now spending at home given today’s health crisis.

Bottom Line

If you’re in a position to buy a home this year, it’s a great time to reach out to a local real estate professional to initiate the process while mortgage rates are historically low.

Feel free to reach out to me if you have any questions about the home buying process in Chandler or the East Valley. As a trusted real estate professional, I can answer your questions and help you determine your next steps. Just give me a call/text at 602-295-6807 and I will be glad to help.

"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

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Facebook Page

​Troy Erickson
 has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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The #1 Thing You Can Do Now to Position Yourself to Buy a Home This Year

6/6/2020

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The #1 Thing You Can Do Now to Position Yourself to Buy a Chandler or East Valley Home This Year

How to position myself to buy a home this year
The last few weeks and months have caused a major health crisis throughout the world, leading to a pause in the U.S. economy as businesses and consumers work to slow the spread of the coronavirus. The rapid spread of the virus has been compared to prior pandemics and outbreaks not seen in many years. It also has consumers remembering the economic slowdown of 2008 that was caused by a housing crash. This economic slowdown, however, is very different from 2008.

One thing the experts are saying is that while we’ll see a swift decline in economic activity in the second quarter, we’ll begin a sharp rebound in the second half of this year. According to John Burns Consulting:

                    “Historical analysis showed us that pandemics are usually V-shaped (sharp recessions
                      that recover quickly enough to provide little damage to home prices), and some very
                    cutting-edge search engine analysis by our Information Management team showed the
                                              current slowdown is playing out similarly thus far.”

​

Given this situation, if you’re thinking about buying a home this year, the best thing you can do right now is use this time to get pre-approved for a mortgage, which you can do from the comfort of your home. Pre-approval will help you better understand how much you can afford so that you can confidently do the following two things when you’re ready to buy:
​1. Gain a Competitive Advantage

Today’s low inventory, like we’ve seen recently and will continue to see, means homebuyers need every advantage they can get to make a strong offer and close the deal. Being pre-approved shows the sellers you’re serious about buying a home, which is always a plus in your corner.

2. Accelerate the Homebuying Process

​
Pre-approval can also speed-up the homebuying process so you can move faster when you’re ready to make an offer. Being ready to put your best foot forward when the time comes may be the leg-up you need to cross the finish line first and land the home of your dreams.
Bottom Line

​
Pre-approval is the best thing you can do right now to be in a stronger position to buy a home when you’re ready. Connect with a local real estate professional today to get the process started.


"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

Linkedin Profile
Facebook Page

​Troy Erickson
 has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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Two Big Myths in the Homebuying Process

6/1/2020

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Two Big Myths in the Home Buying Process

How much down payment do I need to buy a home in Chandler | Troy Erickson Realtor
The 2020 Millennial Home Buyer Report shows how this generation is not really any different from previous ones when it comes to homeownership goals:

                    “The majority of millennials not only want to own a home, but 84% of millennials in 2019
                                                considered it a major part of the American Dream.”


Unfortunately, the myths surrounding the barriers to homeownership – especially those related to down payments and FICO® scores – might be keeping many buyers out of the arena. The piece also reveals:

                    “Millennials have to navigate a lot of obstacles to be able to own a home. According to our
                        2020 survey, saving for a down payment is the biggest barrier for 50% of millennials.”

​

Millennial or not, unpacking two of the biggest myths that may be standing in the way of homeownership among all generations is a great place to start the debunking process.
Myth #1: “I Need a 20% Down Payment”

Many buyers often overestimate what they need to qualify for a home loan. According to the same article:

                    “A down payment of 20% for a home of that price [$210,000] would be about $42,000;
                     only about 30% of the millennials in our survey have enough in savings to cover that,
                                                       not to mention the additional closing costs.”

​

While many potential buyers still think they need to put at least 20% down for the home of their dreams, they often don’t realize how many assistance programs are available with as little as 3% down. With a bit of research, many renters may be able to enter the housing market sooner than they ever imagined.
Myth #2: “I Need a 780 FICO® Score or Higher”

In addition to down payments, buyers are also often confused about the FICO® score it takes to qualify for a mortgage, believing they need a credit score of 780 or higher.
​

Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans, shows the truth is, over 50% of approved loans were granted with a FICO® score below 750 (see graph below):
What FICO score do I need to buy a home in Chandler | Troy Erickson Realtor
Even today, many of the myths of the homebuying process are unfortunately keeping plenty of motivated buyers on the sidelines. In reality, it really doesn’t have to be that way.

Bottom Line

​
If you’re thinking of buying a home, you may have more options than you think. A trusted real estate professional can answer your questions and help you determine your next steps.

Need to buy a home during this Coronavirus crisis, we can help you. We have adjusted the way we work with home buyers and sellers, and have the processes and resources in place to help. Feel free to reach out to me if you have any questions about what it takes to get your Phoenix Metro or East Valley home sold during these trying times. Just give me a call/text at 602-295-6807 and I will be glad to help.

"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

Linkedin Profile
Facebook Page

​Troy Erickson
 has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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Buying a Home Right Now: Easy? No. Smart? Yes.

5/26/2020

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Buying a Chandler or East Valley Home Right Now: Easy? No. Smart? Yes.

Buying a home during the Coronavirus Pandemic | Troy Erickson Realtor
Through all the volatility in the economy right now, some have put their search for a home on hold, yet others have not. According to ShowingTime, the real estate industry’s leading showing management technology provider, buyers have started to reappear over the last several weeks. In the latest report, they revealed:
​
                    “The March ShowingTime Showing Index® recorded the first nationwide drop in showing
                      traffic in eight months as communities responded to COVID-19. Early April data show
                                                                 signs of an upswing, however.”

​

Why would people be setting appointments to look at prospective homes when the process of purchasing a home has become more difficult with shelter-in-place orders throughout the country?
​Here are three reasons for this uptick in activity:

1. Some people need to move. Whether because of a death in the family, a new birth, divorce, financial hardship, or a job transfer, some families need to make a move as quickly as possible.

2. Real estate agents across the country have become very innovative, utilizing technology that allows purchasers to virtually:
  • View homes
  • Meet with mortgage professionals
  • Consult with their agent throughout the process

All of this can happen within the required safety protocols, so real estate professionals are continuing to help families make important moves.

3. Buyers understand that mortgage rates are a key component when determining their monthly mortgage payments. Mortgage interest rates are very close to all-time lows and afford today’s purchaser the opportunity to save tens of thousands of dollars over the lifetime of the loan.
​
Looking closely at the third reason, we can see that there’s a big difference between purchasing a house last year and purchasing one now (see chart below):
Is now a good time to buy with interest rates so low | Troy Erickson Realtor
Bottom Line

Many families have decided not to postpone their plans to purchase a home, even in these difficult times. If you need to make a move, reach out to a local real estate professional today so you have a trusted advisor to safely and professionally guide you through the process.

If you are looking to buy during this Coronavirus crisis, we can help you. We have adjusted the way we work with home buyers and sellers, and have the processes and resources in place to help. Feel free to reach out to me i
f you have any questions about what it takes to get your Phoenix Metro or East Valley home sold during these trying times. Just give me a call/text at 602-295-6807 and I will be glad to help.

"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

Linkedin Profile
Facebook Page


​Troy Erickson
 has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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    Chandler and East Valley Blog: Troy Erickson Realtor

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    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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Chandler Arizona Real Estate Search

Troy and Mia are your Chandler Arizona Real Estate Connection - an experienced team with Diverse Solutions Realty. Troy is a licensed Realtor in the state of Arizona.
See more at: ChandlerRealEstate.weebly.com