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  • Homeowners | Palm Beach County Real Estate Blog

    Monday, June 25, 2018   /   by Carl Gentile

    You DO NOT Need 20% Down to Buy Your Home NOW

    You DO NOT Need 20% Down to Buy Your Home NOW
    The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that the main reason why non-homeowners do not own their own homes is because they believe that they cannot afford them.
    This brings us to two major misconceptions that we want to address today.
    1. Down Payment
    A recent survey by Laurel Road, the National Online Lender and FDIC-Insured Bank, revealed that consumers overestimate the down payment funds needed to qualify for a home loan.
    According to the survey, 53% of Americans who plan to buy or have already bought a home admit to their concerns about their ability to afford a home in the current market. In addition, 46% are currently unfamiliar with alter ...

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      palm beach county, market updates, jupiter florida, palm beach county real estate, real estate, homeowners, mortgage

    Thursday, June 21, 2018   /   by Carl Gentile

    Homes Are More Affordable in 44 Out of 50 States

    Homes Are More Affordable in 44 out of 50 States
    With both home prices and mortgage rates increasing this year, many are concerned about a family’s ability to purchase a major part of the American Dream – its own home. However, if we compare housing affordability today to the average affordability prior to the housing boom and bust, we are in much better shape than most believe.
    In Black Knight’s latest monthly Mortgage Monitor, they revealed that in the vast majority of the country, it is actually more affordable to purchase a home today than it was between 1995 to 2003 when looking at mortgage payments (determined by price and interest rate) as compared to incomes. Home prices are up compared to 1995-2003, but mortgage rates are still much lower now than at that time. Today, they stand at about 4.5%. Here are the average mortgage rates for each of the years mentioned:

    1995 – 7.93%
    1996 – 7.81%
    1997 – 7.6% ...

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      palm beach county, market updates, jupiter florida, palm beach county real estate, real estate, homeowners

    Wednesday, June 20, 2018   /   by Carl Gentile

    3 Issues Facing Today's Real Estate Market

    3 Issues Facing Today's Real Estate Market
    Last week, the National Association of Real Estate Editors (NAREE) held their 52nd Annual Journalism Conference in Las Vegas, NV. Among the many highly anticipated sessions was one called “Top Ten Issues Affecting Real Estate™,” given by Joseph Nahas, Jr., Chair of the Counselors of Real Estate & Senior Vice President of Equus Capital Partners. 
    The Counselors of Real Estate (CRE) “is an international organization of high profile property professionals which include principals of prominent real estate, financial, legal, and accounting firms as well as recognized leaders of government and academia.” 
    Their annual “top 10” list spans any and all issues that could have an impact on the real estate market. This year, the list was broken up into “Current” and “Long-Term Issues.”
    Today we&rsqu ...

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      palm beach county, market updates, jupiter florida, palm beach county real estate, real estate, homeowners, carl gentile

    Thursday, June 14, 2018   /   by Carl Gentile

    Are Lending Standards Too Loose... or Too Tight

    Are Lending Standards Too Loose... Or Too Tight
    With home values appreciating at record rates, some are concerned that we may be heading for another housing bubble like the one we experienced a decade ago. One of the major culprits of that housing boom and bust was the loosening of standards for mortgage credit.
    In a study done at the University of North Carolina immediately after the crisis, it was revealed that:



    “Lenders began originating large numbers of high risk mortgages from around 2004 to 2007, and loans from those vintage years exhibited higher default rates than loans made either before or after.”

    A study by John V Duca, John Muellbauer, and Anthony Murphy concluded that those risky mortgages caused the housing crisis:



    “Our findings indicate that swings in credit standards played a major, if not the major, role in driving the recent boom and bust in US house prices.”

    How do today’s mortgage standards compare t ...

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      palm beach county, market updates, jupiter florida, palm beach county real estate, real estate, homeowners, mortgage

    Tuesday, June 12, 2018   /   by Carl Gentile

    When Is a Good Time to Rent? Not Now!

    When Is A Good Time to Rent? Not Now!
    People often ask if now is a good time to buy a home, but nobody ever asks whether or not it’s a good time to rent. Regardless, we want to make certain that everyone understands that now is NOT a good time to rent.
    The Census Bureau recently released their 2018 first quarter median rent numbers. According to their report, here is a graph showing rent increases from 1988 until today:
    As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.
    Bottom Line
    One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, let’s meet to determine if you are able to today!

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

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