Of more than 3,000 homeowners and renters polled by Hanley Wood, 30 percent said they were living with relatives; that is the highest rate of doubling up since the Great Depression, attributable to the economic and housing market slumps. Although poll-takers said stricter lender standards, larger down payment requirements and economic and employment concerns have hindered home purchases, 87 percent of homeowners and 73 percent of renters believe homeownership is critical to the economy. As many as 2 million potential owners are waiting for the right time to buy, with 29 percent of renters and 19 percent of homeowners planning to purchase a new home during the next couple of years.
Source: Housing Predictor
Buyers have a long list of what they want when home shopping, but one of their biggest desires: A good deal. "And no matter where a seller prices their property, they’re looking to negotiate," says Patricia Szot, president of the MetroTex Association of Realtors®. But that’s not all they want. Bankrate.com recently asked real estate professionals to chime in on the top desires of their buyers when home shopping. Here are four things that made the list of top home buyer preferences:
With the tightening of credit standards, more home buyers are finding themselves rejected when they go to apply for a loan. But after just one rejection, lending experts say buyers shouldn’t give up — they may still be able to qualify for a home loan if they keep trying. But buyers shouldn’t give it another try until they take a close evaluation of why the original application was turned down in the first place, and find ways to address those issues in their second or even third attempt, Marisol Torruella, a loan originator told The New York Times. Applicants can, by law, find out why they were rejected for a loan application. The Equal Credit Opportunities Act requires lenders within 30 days to give applicants, in writing, the specific reasons why they weren’t given a loan. For some rejected borrowers, they may need to save up for a larger down payment or take steps to improve their credit score. Some applicants may find shopping around for other lenders can help, as well as discussing additional alternatives with their lender. Applicants might also find a better option is a loan from the Federal Housing Administration, which have less stringent requirements, but some surveys show that most borrowers aren’t aware of FHA loans.
Source: The New York Times
Have you been rejected for a loan with another lender or afraid that you would be? Please contact us for a free assessment to find out what can be done to put you in position to make your next attempt successful.
Source: Housing Predictor
Buyers have a long list of what they want when home shopping, but one of their biggest desires: A good deal. "And no matter where a seller prices their property, they’re looking to negotiate," says Patricia Szot, president of the MetroTex Association of Realtors®. But that’s not all they want. Bankrate.com recently asked real estate professionals to chime in on the top desires of their buyers when home shopping. Here are four things that made the list of top home buyer preferences:
- Homes that are in good condition. "There’s not a lot of flexibility in that," says Ron Phipps, president of the National Association of REALTORS®. Many buyers now take the attitude: "I’d rather spend the money getting into the house" and not have to spend more money later, Phipps says. One of the major reasons is that "buyers have limited amounts of cash," he adds. "Even if they want to do a fixer-upper, they don’t have the money to do it."
- A bargain with incentives. Buyers are looking for a good deal, even when considering bank-owned properties, says Joan Pratt, real estate broker with RE/MAX Professionals in Castle Pines, Colo. "They want the short sales and the foreclosures and they want them to look like they’re owner-occupied," she says. "They don’t want to paint. They don’t want to put carpet in. They don’t want to clean." And they aren’t only asking for a low price but they also want incentives to buy too. As such, sellers are offering everything from gift cards for new furniture to paint to financial assistance at closing.
- Outdoor living areas. Homes with screen porches, outdoor kitchens, two-way fireplaces are becoming increasingly competitive in the marketplace as more buyers say they want more outdoor living space.
- Open kitchens. "The wall between the kitchen and the family room is evaporating," Phipps says. "The kitchen is becoming part of the gathering space.”
With the tightening of credit standards, more home buyers are finding themselves rejected when they go to apply for a loan. But after just one rejection, lending experts say buyers shouldn’t give up — they may still be able to qualify for a home loan if they keep trying. But buyers shouldn’t give it another try until they take a close evaluation of why the original application was turned down in the first place, and find ways to address those issues in their second or even third attempt, Marisol Torruella, a loan originator told The New York Times. Applicants can, by law, find out why they were rejected for a loan application. The Equal Credit Opportunities Act requires lenders within 30 days to give applicants, in writing, the specific reasons why they weren’t given a loan. For some rejected borrowers, they may need to save up for a larger down payment or take steps to improve their credit score. Some applicants may find shopping around for other lenders can help, as well as discussing additional alternatives with their lender. Applicants might also find a better option is a loan from the Federal Housing Administration, which have less stringent requirements, but some surveys show that most borrowers aren’t aware of FHA loans.
Source: The New York Times
Have you been rejected for a loan with another lender or afraid that you would be? Please contact us for a free assessment to find out what can be done to put you in position to make your next attempt successful.
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