Thursday, June 23, 2022 / by Teresa Ryan
If you’re following along with the news today, you’ve heard about rising inflation. Today, inflation is at a 40-year high. According to the National Association of Home Builders (NAHB):
“Consumer prices accelerated again in May as shelter, energy and food prices continued to surge at the fastest pace in decades. This marked the third straight month for inflation above an 8% rate and was the largest year-over-year gain since December 1981.”
With inflation rising, you’re likely feeling it impact your day-to-day life as prices go up for gas, groceries, and more. These climbing consumer costs can put a pinch on your wallet and make you re-evaluate any big purchases you have planned to ensure they’re still worthwhile.
If you’ve been thinking about purchasing a home this year, you’re probably wondering if you should continue down that path or if it makes more sense to wait. While the answer depends on your s/ ...
Read More
naperville il, teresa ryan, century 21 affiliated naperville, ryan hill group, homebuyer, homebuying tips, home buying tips, first time homebuyer, buy a house
Wednesday, June 22, 2022 / by Teresa Ryan
Once you’ve applied for a mortgage to buy a home, there are some key things to keep in mind. While it’s exciting to start thinking about moving in and decorating, be careful when it comes to making any big purchases. Here are a few things you may not realize you need to avoid after applying for your home loan.
Don’t Deposit Large Sums of Cash
Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.
Don’t Make Any Large Purchases
It’s not just home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. People with new debt have higher debt-to-income ratios (how much debt you have compared to your monthly income). Since higher ratios make for riskier loans, borrowers may no longer qualify for their mortgage. Resist the temptation to make any / ...
Read More
naperville il, teresa ryan, century 21 affiliated naperville, ryan hill group, homebuyer, homebuying tips, home buying tips, first time homebuyer, buy a house
Tuesday, June 21, 2022 / by Teresa Ryan
If you own a home, your net worth likely just got a big boost thanks to rising home equity. Equity is the current value of your home minus what you owe on the loan. And today, based on recent home price appreciation, you’re building that equity far faster than you may expect – here’s how it works.
Because there’s an ongoing imbalance between the number of homes available for sale and the number of buyers looking to make a purchase, home prices are on the rise. That means your home is worth more in today’s market because it’s in high demand. As Patrick Dodd, President and CEO of CoreLogic, explains:
“Price growth is the key ingredient for the creation of home equity wealth. . . . This has led to the largest one-year gain in average home equity wealth for owners. . . .”
Basically, because your home value has likely climbed so much, your equity has increased too. According to the latest Homeowne/ ...
Read More
naperville il, teresa ryan, century 21 affiliated naperville, ryan hill group, homebuyer, homebuying tips, home buying tips, buy a house
Monday, June 20, 2022 / by Teresa Ryan
Today we take time to honor and recognize the past and present experiences of Black Americans. When it comes to real estate specifically, equitable access to housing has come a long way, but the path to homeownership is still steeper for households of color.
The Gap in Homeownership Rate in America
It’s a more challenging journey to achieve homeownership for some buyers, as shown by the measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Census data shows the lowest homeownership rate persists in the Black community (see graph below):
This graph clearly indicates there’s a gap that still exists in the percentage of people in each community who are able to achieve homeownership.
How Homeownership Impacts Household Wealth
One of the challenges that could make buying a home harder for these groups is how difficult it can be to accumulate wealth. Even today, there are o/ ...
Read More
naperville il, teresa ryan, century 21 affiliated naperville, ryan hill group, homebuyer, homebuying tips, home buying tips, first time homebuyer, buy a house
Thursday, June 16, 2022 / by Teresa Ryan
Experts in the real estate industry use a number of terms when they talk about what’s happening with home prices. And some of those words sound a bit similar but mean very different things. To help clarify what’s happening with home prices and where experts say they’re going, here’s a look at a few terms you may hear:
Appreciation is when home prices increase.
Depreciation is when home prices decrease.
Deceleration is when home prices continue to appreciate, but at a slower pace.
Where Home Prices Have Been in Recent Years
For starters, you’ve probably heard home prices have skyrocketed over the past two years, but homes were actually appreciating long before that. You might be surprised to learn that home prices have climbed for 122 consecutive months (see graph below):
As the graph shows, houses have gained value consistently over the past 10 consecutive years. But since 2020, the inc/ ...
Read More
naperville il, teresa ryan, century 21 affiliated naperville, ryan hill group, homebuyer, homebuying tips, home buying tips, first time homebuyer, home seller naperville, buy a house, homeselling tips, sell a house, sell a real estate, home seller, housing market
![Why an Agent Is Essential When Pricing Your House [INFOGRAPHIC]](https://s-static.cinccdn.com/images/uploads/UP85562EA3A2EC41.jpg)
