Monday, March 19, 2018 / by Carl Gentile
Dreaming of a Luxury Home? Now's the Time
If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! Recently, the Institute for Luxury Home Marketing released its Luxury Market Report which showed that in today’s premium home market, buyers are in control.
The inventory of homes for sale in the luxury market far exceeds the number of people searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer or can be found at a discount.
Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call their house their new home.
The sale of your starter or trade-up house will help you come up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.
But not all who are buying luxury properties have a home to s ...
Wednesday, March 14, 2018 / by Carl Gentile
You Can Save for a Down Payment Faster Than You Think
Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state.
Using data from the United States Census Bureau and Zillow, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense.
By determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.
According to the data, residents in Ohio can save for a down p ...
Saturday, March 10, 2018 / by Carl Gentile
A New Housing Bubble Forming?... Not Before 2024
A recent report by CoreLogic revealed that U.S. home values appreciated by more than 37% over the last five years. Some are concerned that this is evidence we may be on the verge of another housing “boom & bust” like the one we experienced from 2006-2008.
Recently, several housing experts weighed in on the subject to alleviate these fears.
Sean Becketti, Freddie Mac Chief Economist
“The evidence indicates there currently is no house price bubble in the U.S., despite the rapid increase of house prices over the last five years.”
Edward Golding, a Senior Fellow at the Urban Institute’s Housing Finance Policy Center
“There is not likely to be a national bubble in the way that we saw the first decade of the century.”
Christopher Thornberg, Partner at Beacon Economics
“There is no direct or indire ...
Sunday, March 04, 2018 / by Carl Gentile
I believe cancer has affected the lives of every person I know in one way or another. Unfortunately, several close friends of mine have recently lost their battle to cancer and several are in the process of battling this disease. To honor those we have lost, their courageous strength, and determined spirits, I have recently accepted an opportunity to help patients and their families who are currently going through a similar situation by accepting my nomination as Man of the Year by the Leukemia and Lymphoma Society. I am incredibly blessed and honored to have the opportunity to help an organization that is working to find a cure for blood cancers and in turn helping to cure all cancers.
As a nominee for the Leukemia and Lymphoma Society’s Man of the Year, I have set a goal to raise $200,000 by May 17th, 2018 and join the fight to find a cure against blood cancers and in turn ALL cancers. Through this campaign I look to you, my friends, my family, and more to support me in this ...
Friday, March 02, 2018 / by Carl Gentile
Are Home Values Really Over Inflated?
Time and time again we hear "we want to wait until next year when home prices drop" - who said home prices are dropping in the Palm Beach County real estate market? Last week, the National Association of Realtors (NAR) released their most recent Existing Home Sales Report. According to the report:
“The median existing-home price for all housing types in January was $240,500, up 5.8 percent from January 2017 ($227,300). January’s price increase marks the 71st straight month of year-over-year gains.”
Seventy-one consecutive months of price increases may have some concerned that current home values may be overinflated.
However, at the same time, Zillow issued a press release which revealed:
“If the housing bubble and bust had not happened, and home values had instead appreciated at a steady pace, the median home value would be higher than its current value.&rdquo ...