Ready to Buy?

Q: I am so tired of renting! What do I need to do to prepare for buying my first home?

A: Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income. Talk with one or more mortgage lenders about the loan amount for which you might qualify. Interview at least a couple of lenders.

Develop a wish list of what you'd like your home to have. We have a form that you may use to do this. Then prioritize the features on your list.

Select three or four neighborhoods you'd like. Consider items such as schools, shopping facilities, area travel routes. walkability, public transportation and safety.

Determine if you have enough saved to cover your down payment and closing costs. Closing costs, including taxes, escrow fees and title reports, average between 2-4 percent of the home price.

Get your credit in order. Obtain a copy of your credit report. Free copies are available annually from freecreditreport.com

Determine how large a mortgage you can handle. Also explore different loan options and decide what's best for you.

Organize all the documentation a lender will need to preapprove you for a loan. The lender will provide a checklist of information they need.

Do  research to determine if you qualify for any special mortgage or down payment assistance programs. There are many first-time homebuyer, owner-occupied, and special interest options available for which you may be eligible. Ask during your lender interviews to see which ones they know.

Calculate the costs of homeownership, including property taxes, insurance, maintenance and association fees, if applicable.

And when you are ready to buy a Seattle home, send Wendy Ceccherelli a private message at HomeLandInvestment@gmail.com or call 888-621-4999.

Happy Investing!

National Housing Trends

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, my blog readers, with national and local housing information that you may find useful whether you’re in the market for a home as a resident or investor, thinking about selling your home, or just interested in homeowner issues in general. 

Please click on this link to view the Housing Trends May 2015 Newsletter http://wendywonder.housingtrendsenewsletter.com 

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources.

Housing Trends eNewsletter is filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, consumer videos, blogs, real estate glossary, mortgage rates and calculators, consumer articles, and REALTOR.com local community reports. 

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report: 

http://wendywonder.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0 

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future. 

Happy Investing!

Wendy Ceccherelli
Home Land Seattle
PO Box 221013 

Seattle WA 98122 
425-270-7292 

HomeLandInvestment@gmail.com 

4 Big Signs You Should Buy Instead of Rent

When deciding if this year is the right time for you to purchase a home there are four personal signs that signal now’s the time to buy:

1. You want to save at tax time.
2. You’re planning to stay local for while.
3. You want a low mortgage rate.
4. You can’t let your dream home slip away.

Mortgage interest and property tax payments are typically deductible. If you itemize deductions (at
the 25% tax bracket) regardless of whether you own or rent, buying is 44% cheaper. Without itemizing, meaning you’re
just taking the standard deduction,buying is still 35% cheaper than renting.

Staying put longer lowers the relative cost of owning. The combined cost of buying and then selling a home can easily total more than 10% of the home’s value. Staying put longer means, in effect, spreadingthose costs over more years. Buying is 44% cheaper than renting if you stay put for 7 years, 37% for 5 years, and 20% for 3 years.

Higher mortgage rates mean a higher cost of owning, but prices today are low enough relative to rents that buying would beat renting even if mortgage rates rose two full points. While, today, buying is 44% cheaper than renting with a 3.5% mortgage, buying would be 39% cheaper than renting at 4.5% and still 33% cheaper with a rate of 5.5%.

March data from the National Association of Realtors showed housing inventory dropped almost 20 percent in the past year. That means the likelihood of finding your dream home is quickly on the decline and the best buying opportunities might be slipping away.

Buying now is a great move for those who want to make sure they get a serious say in which home they’ll spend the next 30 years in and don’t end up choosing from the market’s leftovers.

To calculate whether now is the right time to buy,contact Wendy Ceccherelli at HomeLandInvestment@gmail.com or call 425-270-7292. I can help you assess whether now is the right time to start reaping the benefits of ownership.

Happy Investing!


Today's guest blog courtesy of Trulia

A Landlord's Market

When people ask me what kind of market this is, I reply that it is a landlord's market.

Norada's real estate investing blog confirmed this, citing that the home-ownership rate reported by the US Census Bureau this past quarter was the lowest rate of home ownership since 1995. The chart above shows the rise and fall of homeownership within the United States. Many young adults have decided to rent or move in with parents, rather than buy a home.

At the same time, the median asking rent for housing just hit an all-time high of $735 per month.

But of course, Americans are fortunate to have seen a rise in their incomes over this time.

Oops. Maybe not. How about personal wealth?

Oh well. Better start getting to the more lucrative side of this equation!

Happy Investing!