Blogs

Teamwork
Why You Need a Professional on Your Team When Buying a Home
 January 24, 2018    Cindi Parmenter

Many people wonder whether they should hire a real estate professional to assist them in buying their dream homes or if they should first try to go through the buying process on their own. In today’s market: you need an experienced professional! You Need an Expert Guide If You Are Traveling a Dangerous Path The field of real estate is loaded with landmines; you need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and is ready for you to move into can be tricky. An agent listens to your wants and needs, and can sift through the homes that do not fit within the parameters of your “dream home.” A great agent will also have relationships with mortgage professionals and other experts that you will need in order to secure your dream home.  You Need a Skilled Negotiator […]

It all adds up in real estate with Parmenter & Company, LLC
Buying A Home Is More Affordable Than Renting In 54% Of US Counties
   Cindi Parmenter

According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.S. counties analyzed for the report.” For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments). Daren Blomquist, Senior Vice President of ATTOM Data Solutions had this to say: “Although buying is still more affordable than renting in the majority of U.S. housing markets, the majority is shrinking as home price appreciation continues to outpace rental growth in most areas.” However, the report also shows that the average fair market rent rose faster than average weekly wages in 60% of the counties analyzed in the report (266 of […]

Moving Day
Where Did Americans Move in 2017? [INFOGRAPHIC]
 January 22, 2018    Cindi Parmenter

Some Highlights: Atlas Van Lines recently released the results of their annual Migration Patterns Survey in which they tracked their customer’s movement from state-to-state over the course of 2017. Idaho held on to the top spot of ‘high inbound’ states for the 2nd year in a row followed by Washington. The ‘outbound’ states seem to draw a line straight across the country from Connecticut to Wyoming. Powered by WPeMatico

Home Direction
What Impact Will the New Tax Code Have on Home Values?
 January 19, 2018    Cindi Parmenter

Every month, CoreLogic releases its Home Price Insights Report. In that report, they forecast where they believe residential real estate prices will be in twelve months. Below is a map, broken down by state, reflecting how home values are forecasted to change by the end of 2018 using data from the most recent report. As we can see, CoreLogic projects an increase in home values in 49 of 50 states, and Washington, DC (there was insufficient data for HI). Nationwide, they see home prices increasing by 4.2%. How might the new tax code impact these numbers? Recently, the National Association of Realtors (NAR) conducted their own analysis to determine the impact the new tax code may have on home values. NAR’s analysis: “…estimated how home prices will change in the upcoming year for each state, considering the impact of the new tax law and the momentum of jobs and housing inventory.” […]

Gold in Your Home in 2018
61% of First-Time Buyers Put Down Less than 6%
 January 18, 2018    Cindi Parmenter

According to the National Association of Realtors’ latest Realtors Confidence Index, 61% of first-time homebuyers purchased their homes with down payments below 6% from October 2016 through November 2017. Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying. The median down payment for all buyers in 2017 was just 10% and that percentage drops to 6% for first-time buyers. Zillow Senior Economist Aaron Terrazas’ recent comments shed light on why buyer demand has remained strong, “Looking into 2018, rent is expected to continue gaining. More widespread rent growth could mean home buying demands stay high, as renters who can afford it move away from the unpredictability of rising rents toward the relative stability of a monthly mortgage payment instead.” It’s no surprise that with rents rising, more and more first-time buyers are taking advantage of low-down-payment mortgage […]

Money savings
Wondering If You Can Buy Your First Home?
 January 17, 2018    Cindi Parmenter

There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family, others might think they are too young, and still, others might think their current income would never enable them to qualify for a mortgage. We want to share what the typical first-time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first-time buyer: Bottom Line You may not be much different than many people who have already purchased their first homes. Let’s meet to determine if your dream home is within your grasp. Powered by WPeMatico

Thinking of Selling? Now is the Perfect Time
 January 16, 2018    Cindi Parmenter

It is common knowledge that a great number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year. The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed the months in which most people listed their homes for sale in 2017. Here is a graphic showing the results: The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,680,000. That number spiked […]

The Impact Staging Your Home Has on Sales Price [INFOGRAPHIC]
 January 13, 2018    Cindi Parmenter

Some Highlights: The National Association of Realtors surveyed their members & released the findings of their Annual Profile of Home Staging. 50% of staged homes saw a 1-10% increase in dollar value offers from buyers. 77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own. The top rooms to stage in order to attract more buyers are the living room, master bedroom, kitchen, and dining room. Powered by WPeMatico

93% Believe Homeownership Is Important in Attaining the American Dream
 January 12, 2018    Cindi Parmenter

Americans continue to believe that homeownership is important in achieving the American Dream. A recent survey by NeighborWorks America reported that: “Owning a home remains a core element of the American Dream.” When asked “How important a part of the American dream is owning a home?” 18% of those surveyed said it was the most important part 53% of those surveyed said it was very important 22% of those surveyed said it was somewhat important Homeownership and Financial Stability The survey also revealed that 81% of Americans believe that owning a home leads to a family being more financially stable. This feeling was reiterated by Zillow Senior Economist Aaron Terrazas who, in a recent press release, explained: “After about a two-year slowdown, rent growth is starting to pick back up across the nation…Looking into 2018, rent is expected to continue gaining. More widespread rent growth could mean home buying demands […]

FICO® Scores on Approved Home Loans Drop Again
 January 11, 2018    Cindi Parmenter

According to Ellie Mae’s latest Origination Report, the average FICO® Score on all closed loans dropped to 722 which is its lowest mark since April. The average includes all approved refinance and purchase loans. FHA and VA loans showed the most opportunity for millennials looking to enter the market with low down payments and even lower FICO® Score requirements. Ellie Mae’s Millennial Tracker revealed that those who purchased homes in December with an FHA Loan were able to do so with an average down payment of 4% and a FICO® Score of only 684. Joe Tyrell, EVP of Corporate Strategy at Ellie Mae commented on the opportunity this brings to buyers, “With the average credit score dipping, lenders are extending credit to borrowers who may have had no previous access to the housing market.” Bottom Line More and more potential buyers are able to qualify for a mortgage loan now! […]