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Friday, September 29, 2023   /   by Va Marketing

Beginning with Pre-Approval

If you're considering buying a home this fall, there are key aspects to be mindful of. Affordability remains a challenge due to current mortgage rates and the continuous rise in home prices. Additionally, the market is characterized by a limited housing supply, intensifying competition among potential buyers. However, with a strategic approach, you can navigate this landscape successfully. A crucial initial step is to secure pre-approval for a mortgage, providing you with a clear understanding of your financial parameters right from the outset of your home search.
Understanding the Significance of Pre-Approval
To comprehend its importance, it's essential to grasp what pre-approval entails. During the homebuying process, a lender assesses your financial situation to determine the loan amount they're willing to extend to you. Subsequently, you receive a pre-approval letter outlining the approved borrowing amount. Freddie Mac sheds light on this process:
“A pre-. ...

Tuesday, September 26, 2023   /   by Va Marketing

The Many Non-Financial Benefits of Homeownership

Purchasing and possessing your own home can significantly influence your life. While there are financial incentives to becoming a homeowner, it's important to consider the non-monetary advantages that transform a home into more than just a residence.
Here are some of the primary non-financial rationales for purchasing a home.
As per Fannie Mae, 94% of survey participants regard "Having Control Over What You Do with Your Living Space" as a primary motive for homeownership.
Your home truly represents your personal space. If you own a home, except for specific homeowner association requirements, you have the liberty to decorate and modify it according to your preferences. This means you can make minor adjustments or even undertake significant renovations to craft a perfect living environment for yourself. Your home is distinctively yours, and through ownership, you grant yourself the freedom to tailor it to your individual taste. Investopedia elucidates:

“One often-cited ben. ...

Tuesday, September 19, 2023   /   by Va Marketing

What Experts Project for Home Prices Over the Next 5 Years

For prospective homebuyers, understanding future home price projections is crucial when considering a property as an investment. Recent data and expert surveys provide valuable insights into what the housing market might look like in the coming years.

**1. ** Consistent Appreciation:
Experts, including economists and market analysts, are largely in agreement that home prices will continue to appreciate in the foreseeable future. Projections from the Home Price Expectation Survey (HPES) reveal a consistent upward trajectory in home prices year after year through 2027. This suggests a healthy and steady appreciation of home values, providing a favorable outlook for real estate investments.
**2. ** Accumulative Appreciation:
Home price appreciation is cumulative and compounds over time. Even if the projected increase for a specific year is not exceptionally high, it adds to the overall growth. For instance, a modest increase this year will contribute to a higher appreciation r. ...

Friday, September 15, 2023   /   by Va Marketing

Should Baby Boomers Buy or Rent After Selling Their Houses?

For baby boomers contemplating a move, particularly those who have spent a long time in their current residence, the decision to buy or rent their next home is crucial. This decision should be influenced by both their current circumstances and future plans. Here, we'll delve into two key factors to consider when making this decision.
**1. ** Rental Cost Trends:

Historical data illustrates a consistent upward trend in rental costs over the years. Renters often face the reality of increasing rental expenses each time they renew their lease. This constant rise in rental payments might not align with your financial goals or expectations, especially during retirement. On the other hand, buying a home with a fixed-rate mortgage offers stability in monthly housing payments. With a fixed-rate mortgage, your monthly payments remain steady and predictable throughout the loan's duration, even if other living costs increase. This stability can significantly benefit you in the long term.
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Tuesday, September 5, 2023   /   by Va Marketing

Why You May Still Want To Sell Your House After All

Even though you may feel reluctant to sell your house because you don’t want to take on a mortgage rate that’s higher than the one you have now, there’s more to consider. While the financial side of things does matter, your personal needs may actually matter just as much. As an article from Bankrate says:
“Deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market.”

So, ask yourself this: why did I want to move in the first place?
Chances are your primary motivation wasn’t just financial in nature. Why you’re really thinking about selling likely has more to do with something changing in your life or a shift in what you need out of your house.
Reasons Homeowners Still Need To Sell Today
Let’s explore some of the most common reasons sellers are moving t. ...