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Displaying blog entries 1-10 of 22

The Mortgage Process: What You Need to Know

by Melissa Thompson

Some Highlights:

  • Many buyers are purchasing a home with a down payment as little as 3%.
  • You may already qualify for a loan, even if you don't have perfect credit.
  • Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.

Let the experts at The Melissa Thompson Team help you decide if now is the right time for you to purchase a home! 901-729-9526 or Melissa@YourKeyTomemphis.com.

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By: KCM Crew

Should I Buy a Home Now? Or Wait Until Next Year?

by Melissa Thompson

Some Highlights:

  • The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
  • Freddie Mac predicts interest rates to rise to 4.4% by next year.
  • CoreLogic predicts home prices to appreciate by 5.0% over the next 12 months.
  • If you are ready and willing to buy your dream home, find out if you are able to!

Let the experts at The Melissa Thompson Team help you decide if now is the right time for you to purchase a home! 901-729-9526 or Melissa@YourKeyTomemphis.com

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Steps to Take Before Buying a Home - A Guide for First Time Homebuyers

by Melissa Thompson

Buying your first home is a huge endeavor and the decision to do so should not be made lightly.  In fact, it is likely to be the largest financial decision you will ever make.  So, be smart and be prepared. Do your research before you even start looking at houses and make sure you know what you are getting into.  Here are some important steps to take before buying your first home:

  1. Make sure being a homeowner is right for you.  While the idea of owning a home is exciting, there is a lot that goes into it.  If you’ve been paying rent, you might find that a mortgage payment is less than what you’ve been paying.  That is a positive thing for sure. But you need to consider that as the homeowner it will now be your responsibility to handle the maintenance and upkeep of your home.  If something breaks, you won’t have a landlord or management company to call to fix it.  You will have to fix it yourself or hire someone to do so…and pay for it.  Investing in a home can be financially rewarding if you work within an appropriate budget  that will allow you to meet all your needs.
     
  2. Consider financing.  How do you plan to pay for your new house?  This is an important step in determining how much you can afford to spend on a house.  Do your homework and avoid being in the middle of the home-buying process and discovering that you don’t have the funds you need to complete the purchase. Check out loan programs for firs time home-buyers and if you haven’t already, start setting aside cash for a down payment.  Order a free credit report and give yourself time to clean up your credit if need be. I highly recommend getting pre-approved for a loan before starting your home search. This lets sellers know that you are serious about buying and gives you a leg up over buyers who haven’t been pre-approved when making an offer.
     
  3. Figure out what you want.  Before you start looking at properties, create a list of what you want in a home.  Are you looking to live in the suburbs or would you prefer city living?  Is the school district you live in a top priority?  Are you looking for a spacious home with a big yard, or a cozy home with a small yard?  Think about your lifestyle and what kind of house goes along with it.  Once you have a good idea of what you want, narrowing down your search will be easier and you won’t waste your time looking at properties that don’t suit your needs.
     
  4. Enlist the aid of a buyer's agent.  The expert guidance of an experienced Realtor is invaluable.  A buyer’s agent represents you and has a fiduciary responsibility to look out for your best interests.  You will appreciate the knowledge that a local realtor will have about the area where you are looking.  Once provided with a list of your wants and needs, a Realtor can save you time by searching listings to find homes that meet your criteria. Your agent can advise you on neighborhoods, school districts and much, much more.  Take advantage of your Realtor’s expertise and your home-buying experience much less overwhelming and stressful.

If you are thinking about purchasing a house, contact Melissa Thompson at yourkeytomemphis.com and let her help you get started on your journey to home-ownership!

http://www.yourkeytomemphis.com/Blog/Happily-Ever-Homeowner

http://www.yourkeytomemphis.com/Blog/The-5-Greatest-Benefits-of-Homeownership

http://www.yourkeytomemphis.com/Blog/The-Cost-of-Renting-vs-Buying-in-the-US

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Happily Ever Homeowner

by Melissa Thompson

Married couples once again dominated the first-time homebuyer statistics last year at 66% of all buyers, according to the most recent Profile of Home Buyers & Sellers. It is no surprise that having two incomes to save for down payments and contribute to monthly housing costs makes buying a home more attainable.

Many couples are deciding to use what would otherwise be their wedding fund as a down payment on their first home, as unmarried couples made up 8% of all first-time buyers last year. If you’re single, don’t fret; you can still buy your dream home! Single women made up 17% of first-time buyers in 2016, while single men accounted for 7% of buyers.

According to a survey by the Wedding Report, the average cost of a wedding in the United States at the start of the year was $25,961, which equates to a 10% down payment on a median priced home.

A recent article from the New York Times found that many singles are now asking their parents to allow them to use the money they’ve saved up for their wedding day to instead buy a home.

In the case of Carrie Graham, a Protestant minister from Austin, TX, her parents had saved a ‘five-figure sum’ for her wedding and were more than willing to give her that money as a down payment on her dream home. Graham told The New York Times,

“Buying the home wasn’t me saying, ‘I’m never going to get married’ or I am going to get married.’ My own home had way more than equity benefits. It was a real gift to have a home in an extremely desirable neighborhood in a city that I love. It’s brought me joy.”

Bottom Line

More and more first-time homebuyers are finding a way to purchase their dream homes, even if that means delaying their dream weddings.

Contact your local expert’s at The Melissa Thompson Team at 901-729-9526 or Melissa@YourKeyTomemphis.com to find your dream home! 

BY: KCM Crew

Top 5 A+ Reasons to Hire a Real Estate Pro

by Melissa Thompson

Some Highlights:

  • Hiring a real estate professional to buy your dream home, or sell your current house, is one of the most 'educated' decisions you can make!
  • A real estate professional has the experience needed to help you through the entire process.
  • Make sure that you hire someone who knows current market conditions & can simply and effectively explain them to you and your family!

​​Contact your local expert’s at The Melissa Thompson Team at 901-729-9526 or Melissa@YourKeyTomemphis.com.

​​By: KCM Crew 

Help for First Time Homebuyers

by Melissa Thompson

Have you been hesitant to purchase your first home because you are worried about having enough cash for a down payment or that you won’t qualify for a loan?  Don’t despair!  There is help out there for you.  Owning a home is a sound financial investment and there is no reason to keep paying a landlord’s mortgage when you could be paying your own and building equity for your future.

The Tennessee Housing Development Agency has the Great Choice Home Loan program which was designed specifically to help first-time homebuyers overcome obstacles such as:

  • Not enough savings for a down payment
  • Being unsure of how the home-buying process works
  • Worrying that you won’t qualify for a loan
  • Being concerned about high-risk mortgages

Most Great Choice Home Loans are insured by FHA or USDA-RD, which means that you can borrow up to 96.5% of the total price of the home you are purchasing. So, you will only need a minimum of 3.5% for a down payment.  In addition, financial assistance is available to every approved homebuyer!  You can utilize your financial assistance for any loan-related costs, including down payment and closing costs.

The THDA offers homebuyer education classes and taking one of these classes is a great first step toward understanding all you need to know before you start your home search.  The class teaches things such as:

  • What makes a home right for you
  • What questions to ask when looking at a home
  • How to qualify for a home loan
  • What’s involved in maintaining a home

If you plan to apply for down payment assistance, it is required that you take this class.

The real estate professionals at Your Key to Memphis can explain this program to you and answer any questions that you have.  Contact them and start your home search today!

 

http://www.yourkeytomemphis.com/Blog/What-Would-You-Sacrifice-to-Save-For-Your-Next-Home

http://www.yourkeytomemphis.com/Blog/Four-Reasons-to-Buy-a-Home-Now

http://www.yourkeytomemphis.com/Blog/Buying-a-Home-in-a-Sellers-Market

What Would You Sacrifice to Save For Your Next Home?

by Melissa Thompson

Some Highlights:

  • 95% of first-time homebuyers are willing to sacrifice to make homeownership a reality.
  • The top item that buyers sacrifice is new clothes, at 54%.
  • Even repeat or experienced buyers say they sacrificed taking a vacation or buying a new car to buy their last home.

Contact Melissa Thompson at Your Key To Memphis to find your dream home today! 901.729.9526 or Melissa@YourKeyToMemphis.com.

 

 

How Much Do Schools Matter When Buying Your Home?

by Melissa Thompson

When choosing a new home, there are usually several items on the buyer’s list of priorities, but when kids are involved, school systems often top that list.  People are often willing to pay more and sacrifice other desires to make sure they are in the best school district for their children.  Private schools may be a feasible alternative for some, but that is not the case for many. Even if buyers don’t have children (or plan to have them), they may want to buy in where the schools have the best reputation because it will have a positive effect on resale value down the road. However, it’s important to remember that a poorly ranked school district does not automatically mean that the overall quality of local education in an area is poor.  You have to do your research. Consider the age of the schools, their physical condition, the student-to-teacher ratios and standardized test scores. Understanding how the school system works in Tennessee will be helpful in your search as well. In Tennessee, your child can attend any school in your district (called “intradistrict choice”), and students at low-performing schools, as designated by the state, can attend a different school in their district.  Some districts allow student to transfer to schools either in or outside their district (“interdistrict choice”).  There are also charter schools available.  Low-income students are eligible for scholarship funding to attend private schools.  Under the federal No Child Left Behind Act, students attending a Title I school designated as “in need of improvement” have the right to attend a higher performing in the district.  So, as you can see, there are a lot of options!

Finding the best place to live near Memphis for you and your family is something the real estate professionals at Your Key To Memphis can help you do. Contact Melissa Thompson and begin your search today!

Why Americans Consider Moving to Another State?

by Melissa Thompson

Some Highlights:

  • In a recent Harris Poll, Americans listed "change in climate/weather" as their top reason for wanting to relocate.
  • 41% would move for a “better job opportunity.”
  • Being closer to loved ones filled out 3 of the top 6 reasons why Americans move.

If this is your year to make a move - contact The Melissa Thompson Team at yourkeytomemphis.com901.729.9526 or Melissa@YourKeyToMemphis.com.

 

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Four Reasons to Buy a Home Now!

by Melissa Thompson

You may be wondering if this is the best time to buy a home.  Spring is a busy time in general for real estate transactions and right now it’s a seller's market, meaning supply is low and demand is high. But the truth is, there are always excellent reasons to buy a house, regardless of market activity.

First, buying is cheaper than renting. The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. The report reveals that:

“Interest rates have remained low, and even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation…Nationally, rates would have to reach 9.1% for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.”

Another benefit of homeownership is that it forces you to save money. The financial commitment you make when you buy a home means that your monthly housing cost must be paid, no matter what.  When you take on this responsibility, it may inspire you to be more frugal and to save more.

Tax deductions are also a perk of owning a home. There are many tax advantages, including (but not limited to) reducing your taxable income by deducting interest paid on a home mortgage and deducting property taxes paid.

Finally, experts expect home price appreciation to continue. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

Over the next five years, home prices are expected to appreciate 3.22% per year on average and to grow by 17.3% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.

The bottom line is that buying a home now will prove to be a sound financial decision for years to come. Don’t wait!  Contact Melissa Thompson at Your Key To Memphis to find your dream home today!

Displaying blog entries 1-10 of 22