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Buying A Home

Found 9 blog entries about Buying A Home.

 

  1. Home-ownership means the money you spend on housing goes towards building equity.

  2. Home-ownership creates the opportunity to pay off a mortgage and own your home by the time you retire.

  3. Home-ownership is an investment opportunity that builds long-term wealth and increases net worth.

  4. Home-ownership is an investment opportunity that builds long-term wealth and increases net worth.

  5. Home-ownership can allow for various deductions on federal, state, and local income tax.

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It’s no secret, the current real estate market is moving quickly! With a fast-moving market comes competition for desirable homes. Preparing yourself financially is your first step to ensure that you are on a level playing field with the competition.

Let’s say you decide to hold off, you aren’t quite sure if you are ready to move forward with home ownership. On Friday morning, you are driving around and you spot the perfect home! You grab a flyer and find the online listing. This home checks off all of your boxes and is in a great location! You check in with a realtor on Monday morning excited to get a viewing scheduled, and they deliver the unfortunate news that the house went under contract right as it was listed on Friday!

To avoid this

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  1. Education and experience: it is your agents job to make themselves knowledgeable and provide wisdom and experience.
  2. Agents are buffers: your agent is working for you, they assist in either looking for the right type of home for you, or the right type of buyer if you are selling your home. They negotiate the terms that you set with the agent on the other side of the transaction and help you throughout the entire process.
  3. Neighborhood knowledge: Your agent  has an excellent knowledge of the neighborhoods. The saying “location, location, location” is no joke, and your agent will be your tour guide in finding the right place for you.
  4. Price guidance: your agent knows the market and is able to assess values based on experience and
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According to the latest report the US Census Bureau, more Americans chose purchasing a home over signing a lease to rent in the first quarter of 2017. This marks the first time since 2006 that the number of new homeowner households outpaced the number of new renter households.

Of the 1.22 million new households that were formed in the first quarter, 854,000 were new-owner households making the jump straight to homeownership rather than renting first.

That means that the homeownership rate amongst new households was 70%!

This is huge news as the national homeownership rate is currently 63.6% and has only ever come close to this figure in the second quarter of 2004 when the homeownership rate reached an all-time high of 69.2%.

A recent Wall

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A lot of people have been asking us if they should buy now (in quite a hot market) or wait to buy until next year. I wish we could predict the future, but until then I refer to some assumptions and mathematics to help. In all reality I expect interest rates to creep up towards the end of this year. With our low inventory hanging around and no end in sight for possibly the next 12 months it looks like this trend will continue. I made some assumptions based upon these two predictions and came up with the attached chart. Hope this helps some people with a different viewpoint of what the next year might look like.

 

 

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Tune in to listen to the Tri-Cities Real Estate Update with Lance Kenmore on NEWStalk 870AM KFLD every Saturday morning at 9:00 am.

This weeks broadcast topic is "Common Mistakes When Buying or Selling FSBO (For Sale by Owner)". This week we discuss the common mistakes that occur when buying or selling for sale by owner. If you're are considering purchasing a FSBO or selling FSBO you don't want to miss this show.

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Tune in to listen to the Tri-Cities Real Estate Update with Lance Kenmore on NEWStalk 870AM KFLD every Saturday morning at 9:00 am.

This weeks broadcast topic is "Buyer Mistakes to Avoid". This week we talk about Buyer mistakes to avoid in the second half of the year. If you are a buyer be sure to tune in to be sure you to avoid these common mistakes.

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Tune in to listen to the Tri-Cities Real Estate Update with Lance Kenmore on NEWStalk 870AM KFLD every Saturday morning at 9:00 am.

This week's broadcast topic is "Buyer's Costs & Seller's Costs...Who Pays What?" This week we are going to go over some of the most common misunderstandings in real estate right now and try to shed a little light on them. We will discuss the costs associated when involved in a residential real estate transaction.

 

 

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Tune in to listen to the Tri-Cities Real Estate Update with Lance Kenmore on NEWStalk 870AM KFLD every Saturday morning at 9:00 am.

This weeks broadcast topic is "The Ten Deadly Mistakes That People Make When Choosing a Lender". This is the buying season. Last week we discussed the top 10 mistakes seller can make. This week Scott Ridgeway with Cobalt Mortgage will break down these common mistakes that people make when choosing a lender and how you can avoid them.

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