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  • First Time Buyers | Palm Beach County Real Estate Blog

    Wednesday, November 29, 2017   /   by Carl Gentile

    2 Charts That Show the Truth About Home Affordability

    There is a lot of discussion about the current state of housing affordability for both first-time and move-up buyers, and much of the narrative is tarnished with a negative slant. However, the truth is that housing affordability is better today than at almost any time in our history.
    The naysayers are correct in the fact that affordability today is not as good as it has been over the last several years. But, we must remember that home prices collapsed during the housing crash, and distressed properties (foreclosures and short sales) kept home values depressed for years. When we compare affordability to the decades that proceeded the crash, a different story is revealed.
    Here is a graph of the National Association of Realtors’ Housing Affordability Index. The higher the graph, the more affordable homes are.

    We can see that affordability is better today than in the fifteen years prior to the boom and bust.
    CoreLogic just published a report showing the& ...

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      palm beach county, market updates, homeowners, wealth, palm beach county real estate, real estate, first time buyers, mortgage

    Thursday, November 16, 2017   /   by Carl Gentile

    Feeling 'Stuck in Place'? You aren't alone... and there is hope!

    Feeling 'Stuck in Place'? You aren't alone... and there is hope!

    Whether you are a renter who is searching for your dream home or a homeowner who feels like your only option is to renovate, you have at least one thing in common: feeling stuck in place.
    According to data from the National Association of Realtors’ Profile of Home Buyers & Sellers, the average amount of time that a family stays in their home remained at 10 years in 2017. This mark ties the highest marks set in 2014 and 2016. Back in 1985, when data was first collected on this subject, homeowners stayed in their homes for an average of only 5 years.
    There are many reasons why homeowners have decided to stay and not to sell. A recent Wall Street Journal article had this to say,

    “Americans aren’t moving in part because inventory levels have fallen near multidecade lows and home prices have risen to records. Many homeowners are choosing to stay and renovate, in turn ...

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      market updates, palm beach county, jupiter florida, carl gentile, first time buyers, real estate, palm beach county real estate

    Friday, November 10, 2017   /   by Carl Gentile

    Veteran Affairs Loans by the Numbers

    Some Highlights:

    Since the creation of the VA Home Loans Program, 22 million veterans have been able to achieve the American Dream of homeownership.
    So far in 2017, $188 billion has been loaned to veterans and their families through the program.
    VA Purchase Loans are on the rise in 46 out of 50 states and Washington, DC.

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      market updates, homeowners, wealth, carl gentile, first time buyers, veterans affair loans, mortgage

    Sunday, October 22, 2017   /   by Carl Gentile

    Millionaire to Millennials: Buy a Home Now!

    In a CNBC article, self-made millionaire David Bach explained that “the single biggest mistake millennials are making” is not purchasing a home because buying real estate is “an escalator to wealth.”
    Bach went on to explain:

    “If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter.”

    In his bestselling book, “The Automatic Millionaire,” Bach does the math:

    “As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!”

    Who is David Bach?
    Bach is a self-made millionaire w ...

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      market updates, homeowners, wealth, first time buyers

    Friday, October 13, 2017   /   by Carl Gentile

    Net Worth of Homeowners 44x Greater than Renters

    Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey data, covering 2013-2016 was released two weeks ago.
    The study revealed that the 2016 median net worth of homeowners was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
    These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.

    Owning a home is a great way to build family wealth
    As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.
    That is why, for the fourth year in a row, Gallup reported that Americans picked real estate as the best long-term investment. This year’s results showe ...

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      palm beach county, jupiter florida, market updates, first time buyers, homeowners, wealth