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Interesting. Unfortunately, it makes sense when woman still make less than men in so many occupations.

home-buying-tips-for-single-income-women

SEATTLE – April 23, 2018 – Real estate website Estately recently conducted a study showing how America’s gender wage gap affects home affordability and ownership for women.

http://www.floridarealtors.org/NewsAndEvents/

To find out, Estately used 2016 U.S. Census data to compare men’s and women’s median salaries in the 50 most populated U.S. cities. Based on those salaries and assuming a monthly mortgage payment of 28 percent of the gross monthly income, the site used a mortgage calculator to determine the maximum home price each salary could afford.

Armed with this information, Estately reviewed the homes currently for sale in major cities across the country and identified the percentage of homes men versus women could afford.

The results in some urban centers were bleak. Seattle, for instance, has the biggest wage-based housing gap. Men can afford nearly 150 percent more homes than women.

Colorado Springs, Miami, San Diego and San Jose also topped the list with significant gaps. For instance, in Colorado Springs men can afford 122.5 percent more homes than women, while further down the list in San Diego, the difference is still a significant 68.5 percent.

With these results in mind, we asked real estate and personal finance experts to share their top tips for single women seeking to purchase a home.

Don’t let the down payment scare you away
Coming up with the funds to make a down payment on a home can often seem impossible, particularly when so many Americans have sizeable student loan bills and more.

Andrina Valdes, division president at Cornerstone Home Lending, urges buyers not to let this part of the process discourage them.

“Over and over again, potential home buyers report saving for the down payment as the biggest hurdle to homeownership. When you’re relying on one income to save up for it, the problem can seem insurmountable,” says Valdes.

The good news is there are all kinds of down payment assistance programs that can help individuals get into a home for less money down.

The Federal Housing Administration loan is popular among first-time and single-income home buyers thanks to its 3.5 percent down payment requirement. There are also programs offered by the Veterans Administration and also USDA loans that may require no down payment at all, says Valdes.

Line-up a guarantor or co-purchaser
The reality is that many single income households, whether they’re run by men or women, need assistance in buying a home in today’s market.

Experienced agent Julie Gans of Triplemint suggests lining up a qualified guarantor, co-purchaser or someone who might be able to gift money for your home purchase.

Consider a fixer upper
A growing trend among home buyers with limited means has been buying older properties and rehabbing them, says Ralph DiBugnara, president of Home Qualified.

“There are a few mortgage products in the market right now that make that easier,” said DiBugnara. “Fannie Mae has a loan called Home Style and FHA has what’s called a 203k loan. They both allow you to not only finance the purchase price but also construction costs in the loan to help your home look new.”

Look at homes well below your means
Real estate analyst Julie Gurner, of FitSmallBusiness.com, says it’s critical that single income households buy properties that are well below the amount they’ve been pre-approved for.

“You see that gorgeous home at the top of your range? Pass on it, and you’ll be glad you did,” said Gurner. “Single women and single income families have to be especially mindful to buy a home below their means … It gives them an additional expense cushion every month. Things come up. Doctor visits, your car breaks down, or your furnace breaking can be a big financial hit if you don’t have the ability to absorb it. On months where nothing goes wrong, you have the ability to save.”

As a single income earner, it’s important to protect yourself financially and be able to provide the necessities that make life stable. Having a home below your means can give you both and a great place to live.

House hunt during the right season
When it comes to finding an affordable home, time of year can make a big difference.

That means shopping during the right seasons, when prices traditionally are more negotiable and inventory is better, says Valdes.

Recent data from Trulia shows that there’s a 7 percent spike in starter home inventory during the fall, making it an ideal time to find a good deal. On the flipside, starter home inventory drops by more than 20 percent during the summer, making the warmer months a less appealing market.

Minimize credit card debt
As you embark upon your housing search, it’s critical that you reduce existing debt. This helps on a variety of levels.

For instance, not only does it make you a better mortgage applicant, it will also help once you’re in your new home dealing with a whole host of new expenses.

Gans, of Triplemint, suggest tackling credit card debt in particular.

“Pay off all credit cards prior to purchase to lower your income to debt ratio,” advises Gans. “This reduces your liability and makes you look more appealing to a seller.”

http://www.floridarealtors.org/NewsAndEvents/

Copyright © 2018 North Jersey Media Group Inc. This article originally appeared on Credit.com.

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Florida's Tampa and Orlando Housing Markets Ranked First and Fourth Best U.S. Cities for First-time Buyers

(Ariel photo of downtown St Petersburg, in the Tampa Bay area of Florida)

According to Zillow’s 2018 Best Markets for First-Time Buyers Analysis, first-time buyers in the U.S. looking for an affordable home without much competition may have the best luck in the State of Florida, with both Tampa and Orlando ranked high in the Top 10 best cities for first-time home buyers in 2018. Texas also had 3 cities ranked high on the same list.

Residential News » Tampa Edition | By Michael Gerrity | March 2018

Zillow ranked the 35 largest U.S. housing markets based on where first-time buyers have the best chance to find an affordable home with little buyer competition and strong forecasted home value appreciation. First-time buyers make up 42 percent of all buyers, according to the 2017 Zillow Group Report on Consumer Housing Trends.

Orlando-pic.jpgThe U.S. housing market is competitive for all buyers, as there are not enough homes for sale to meet today’s strong buyer demand. In January, inventory of the least expensive homes was down 17.1 percent annually, compared to a 9.7 percent decrease for all homes. In 2017, nearly a quarter of home sales were above the listed price. This puts first-time buyers at a disadvantage this home shopping season because they won’t have the capital from a previous home sale to help fund a down payment or keep up with bidding wars. Saving up for a down payment is the most commonly cited barrier to homeownership.

New buyers will have it easiest in the Southeast, especially Texas and Florida. Five of the top 10 markets for first-time buyers are in those two states. Homes in those markets require a smaller down payment, and buyers are more likely to encounter price cuts.

First-time buyers are likely to face the most difficulty in pricy West Coast markets, especially California metros. Not only are homes expensive, but inventory is especially limited, and it takes longer to break even on a home purchase.

Ten Best Markets for First-Time Homebuyers in 2018

1.   Tampa, FL
2.   Indianapolis, IN
3.   Houston, TX
4.   Orlando, FL
5.   San Antonio, TX
6.   Saint Louis, MO
7.   Philadelphia, PA
8.   Atlanta, GA
9.   Las Vegas, NV
10. Dallas, TX

“More and more millennials are reaching the point in their lives where they are ready to buy a home, but they are entering a highly competitive housing market that has been plagued by low inventory, especially among entry-level homes,” said Zillow Senior Economist Aaron Terrazas. “Southeastern markets will be easiest for new buyers, where homes are more affordable and there’s less competition. People planning to buy for the first time in some of the tougher markets should be prepared to face a more competitive environment, but that doesn’t mean they should count out buying entirely.”

Zillow’s list of the best markets for first-time buyers is based on five metrics:

  • Low median home value that requires a smaller down payment
  • Strong forecasted home value appreciation
  • High inventory-to-household ratio, to indicate available supply
  • Short Breakeven Horizon, which is the time it takes for buying to be financially advantageous compared to renting
  • High share of listings with a price cut

NFIP-February-2018

WASHINGTON – Feb. 9, 2018 – As part of the just-passed continuing resolution to keep the government open, the National Flood Insurance Program now won’t expire until March 23, 2018.

While the legislation only extends government operations for six weeks – including NFIP – Congress agreed to some long-term changes, including $90 billion in assistance for post-hurricane cleanup in Florida, Texas and Puerto Rico.

While the national flood insurance program isn’t a direct part of federal funding, its future has been tied to it recently because the flood insurance extension has been voted on alongside the larger spending packages.

For at least the next six weeks, however, homebuyers and sellers in flood zones can stop worrying about the loss of flood insurance derailing their transaction.

© 2018 Florida Realtors®

Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership,” which revealed that eighty percent of consumers either are unaware of how much lenders require for a down payment or believe all lenders require a down payment above 5 percent.”

Myth #1: “I Need a 20% Down Payment”

Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report:

Consumers are often unaware of the option to take out low-down-payment mortgages. Only 19% of consumers believe lenders would make loans with a down payment of 5% or less… While 15% believe lenders require a 20% down payment, and 30% believe lenders expect a 20% down payment.”

These numbers do not differ much between non-owners and homeowners; 39% of non-owners believe they need more than 20% for a down payment and 30% of homeowners believe they need more than 20% for a down payment.

While many believe that they need at least 20% down to buy their dream home, they do not realize that programs are available that allow them to put down as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined with programs that have emerged allowing less cash out of pocket.

Myth #2: “I Need a 780 FICO® Score or Higher to Buy”

Similar to the down payment, many either don’t know or are misinformed about what FICO® score is necessary to qualify.

Many Americans believe a ‘good’ credit score is 780 or higher.

To help debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans.

2 Major Myths Holding Back Home Buyers | Keeping Current Matters

As you can see in the chart above, 53.5% of approved mortgages had a credit score of 600-749.

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach.

ORLANDO, Fla. – Oct. 2017 – Higher home prices and a tight supply of homes for sale may be the mantra nationwide – but certain markets are still offering lucrative options for investors, including two in Florida.

http://www.floridarealtors.org/NewsAndEvents/article.

Real estate sales and auction company TenX released its top picks for investors. Texas had the most markets on the list, scoring three out of the top five, as it continues to post strong growth in employment and home construction. San Antonio topped TenX’s list for best places for investors, posting strong population growth for six years and having incomes hit all-time highs. San Antonio is followed on the list by two other Texas hot spots: Fort Worth and Dallas.

Home prices are rising quickly in Texas, but they remain low compared to some other hot markets, like in California, TenX notes.

“If you look at our report, probably eight or nine of the top 20 markets in terms of housing performance are in either Texas or Florida,” says Rick Sharga, executive vice president at TenX.

“The Florida markets will be more directly impacted because Irma hit everything, but even in Texas, a lot of the construction and labor and materials and so forth that’s been going to build new properties in Dallas and Fort Worth and San Antonio might get diverted to rebuild Houston, and that could have a noticeable impact on home sales and home starts over the next six to nine months.”

Investors have had to shift course in many cities as the number of low-priced or foreclosed homes dries up.

“What they’re really looking to do now is make money on the month-to-month rent, so in a lot of cases they’re buying properties at full value,” Sharga told CNBC. “In some cases, they may even be slightly overpaying for properties, but they’re making it up in the rental income over the period of time.”

The following are the top 10 markets for investors, according to TenX:

  1. San Antonio
  2. Fort Worth, Texas
  3. Dallas
  4. Columbus, Ohio
  5. Tampa, Fla.
  6. Orlando, Fla.
  7. Indianapolis
  8. Austin, Texas
  9. Nashville, Tenn.
  10. Raleigh, N.C.

http://www.floridarealtors.org/NewsAndEvents/article.

Source: “Want to be a Landlord? These Are the Top Markets This Fall for Investing in Rental Homes,” CNBC (Oct. 13, 2017)

 

Technological change will determine which cities will outperform, Cushman & Wakefield says

New York was the most sought-after market for real estate investment, according to the survey.
New York was the most sought-after market for real estate investment, according to the survey.

Global property investment rose by 4% in the year to June to $1.5 trillion, reflecting improved sentiment in 2017, Cushman & Wakefield reported Thursday.

from:http://www.thinkadvisor.com/2017/10/12/us-dominates-global-cities-for-real-estate-investm?&slreturn=1508455425

According to the firm’s annual survey of global commercial real estate investment activity, high interest from regional buyers drove growth.

It said the economic background for real estate was now more encouraging than many analysts had anticipated, with the International Monetary Fund having raised global growth forecasts for the first time since 2011.

The U.S. dominated the survey’s ranking of global cities for investment, but Asian markets made the most impressive gains in the past year.

2017 Top Cross Border Investors

Out of the 150 most populous cities, these 25 got (mostly) high marks from WalletHub in four categories.

Thanks to increased interest in buying land for development, Asian markets grew by 24.6%. By comparison, European and North American markets experienced declines of 11% and 7.5%.

Although the top 25 gateway cities in the survey declined by 120 basis points, they remained dominant with nearly 50% of the market. Half the cities in the top 10 underwent volume declines over the past year; now the 10 cities represent just 29.5% of total volumes, down from 32.9%.

New York maintained its position as the most sought-after market for the sixth consecutive year, according to the survey. The other cities in the top 10 were Los Angeles, San Francisco, London, Dallas, Paris, Washington, Hong Kong, Atlanta and Shanghai.

London saw volumes fall by 25%, and was bumped from the top three by San Francisco, while number nine Atlanta displaced Tokyo, which fell to number 11.

London continued as the most attractive city for international investors, but several German cities rose in the rankings: Berlin to number five and Frankfurt to number seven. Number two New York and number three Paris were popular rivals to the British capital. Athens real estate reached a 10 year peak.

The survey found that sector concentration was highest in the office sector, with 61% of all office transactions occurring in the top 25 cities. Multifamily followed, with 49% of volumes in the gateway cities.

The report said a key factor determining which cities would outperform was technological change. Developments such as virtual reality and big data will enable more rapid change, and will start shaping cities and tenant demand within months rather than years.

It said cities will need to be able to adopt smart designs in buildings and infrastructure, and have a strong focus on their target audience of talent and businesses.

Four things will facilitate this process, according to the report:

  • City connectivity, as the importance of linking families and businesses across borders grows
  • Supportive governance with integrated strategies
  • The size and quality of a city’s institutions
  • Access to services, healthy living and cultural appeal

 

http://www.thinkadvisor.com/2017/10/12/us-dominates-global-cities-for-real-estate-investm?&slreturn=1508455425

 

From the National Association of REALTORS® Commercial and Global Services:
“Your association’s Global Business Council has been named a Platinum Council in the 2017 Global Achievement Program. Reaching the Platinum award level places you in the top 11% of councils operating nationwide. Your council contributed to raising members’ awareness of global business in your local market. Your council has demonstrated the utmost commitment to helping members capture their share of the global real estate market in the United States, in addition to connecting your council and members to the global community in your area.”
We, the Pinellas International Council board would like to thank NAR, the Pinellas REALTOR® Organization (PRO), the Pinellas Realtor Affiliates, and all of the members of the Pinellas International Council for making this recognition possible!! Thank you all so much!! We will do our best to continue bringing Global education and events to our members.
2017-NAR-Global-Platinum (1) - Copy

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PROFARM Neighborhood Advocates
Remodeling ROI (September 2017)

Whether you’re thinking about modernizing a room in your home or rehabbing an entire house, you’ll want to make sure the money you invest in the project has a positive effect on your home’s value. Before you start tearing up tile, ripping out old plaster or buying that “handyman’s special” you’ve had your eye on, consider consulting a professional real estate appraiser about the economics of your proposed project.

You may receive good advice on questions such as:

  • Is the improvement feasible and marketable?
  • Are neighborhood trends pointing to an upward cycle?
  • How to go about it

When it comes to improving your home, don’t count on a dollar-for-dollar return on every improvement. For example, real estate appraisers have found that remodeling a kitchen or bathroom or adding a room may bring the greatest return on a homeowner’s investment. Some custom installations can actually detract from value, which appraisers call “overimprovements.”

“The latest research shows that home improvements with a relatively low cost are most likely to generate a positive cost-to-value ratio,” says Appraisal Institute President Jim Amorin. “Spending big dollars on major renovations doesn’t necessarily equate to a dollar-for-dollar return. In short: cost doesn’t necessarily equal value.”

Amorin encouraged homeowners contemplating renovation projects to compare the planned improvement to what’s standard in the community. “Projects that move a home well beyond community norms are typically not worth the cost when the owner sells the property,” he says.

Make sure essential repairs are completed before you start improving — a posh sauna won’t make up for a leaky roof. In fact, simple and relatively inexpensive repairs such as plastering and painting could earn a better return on your investment than some major improvement projects. Many buyers can’t overlook tacky paint colors, old or dirty carpet and ugly kitchen cabinets. Start with freshening up what you already have before adding new features to your home.

When deciding what to improve first, take a look around and find out what other homebuyers want. That way, you’ll select those improvements for which the market is willing to pay. Beware of overimproving.

If you do it yourself, do it right. Keep your improvements consistent with the quality of your home and the character of the neighborhood. If you decide that you can’t do the job yourself, be sure to contact a reputable contractor. Pay a fair price for improvements, not an inflated price.

Also be sure to consider energy-efficient improvements. While they may not save you a great deal of money now, as energy costs increase, so will your savings. Many buyers are looking for “green” and “smart” features in homes these days. Even something as simple as installing a smart thermostat can be an attractive bonus to buyers.

Most importantly, obtain any necessary permits to make sure your improvements are legal. Illegal improvements might not add value. In fact, work done without the necessary permits can create problems for you and the new buyer when it comes time to finalize a sales transaction.

I would be happy to discuss ideas and a strategy with you that would be appealing to buyers. Let me know how I can assist you! Thank you.

AnnalisaWeller1@gmail.com, 727-804-6566

 

Sources:

The Appraisal Institute, “Remodeling & Rehabbing: Some Valuable Hints for Homeowners,” © 2014 (http://www.appraisalinstitute.org/assets/1/7/remodeling_rehabbing_web.pdf)

Florida Realtors News, “Top return on investment? Smaller remodeling projects,” April 20, 2017 (http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=351064)

REALTOR Magazine, “Ugly Home Features Buyers Can’t Overlook, “ August 3, 2017

(http://realtormag.realtor.org/daily-news/2017/08/03/ugly-home-features-buyers-cant-overlook)

© 2017 Pinellas Realtor® Organization

Flood the Capitol

 

The National Association of REALTORS (NAR) needs your help to send messages to Members of Congress urging them to support a comprehensive re-authorization of the National Flood Insurance Program (NFIP).

Reauthorization will make a number of critical improvements to the NFIP including increased funds for mitigation activities, caps on overall premium increases, improved claim and mapping processes, as well as removing hurdles for more private market participation in the flood insurance market.

Reauthorization of the NFIP will help over 5 million homeowners in 22,000 communities around the country, so it is critical Congress acts now.

If Congress fails to take action to reauthorize the NFIP, it will expire by September 30, 2017.

More information:
NAR Flood Insurance Portal

July There's no place like home

 

                                                              Capture                                                           PROFARM Neighborhood Advocates
                                                           No Place Like Home (July 20, 2017)

Wherever you are in your real estate journey – dreaming, planning, remodeling, looking – a REALTOR® can help you along the way.

There’s no place like home… until a better house hits the market! You thought you were settled, until a “For Sale” sign showed up in front of that house you’ve been eyeing for years. Even when you are settled, there are always shifting priorities and scenarios that may prompt you to consider moving.

The kids are gone and you want to downsize, or maybe a parent is moving in with you. Perhaps you’ve just gotten married or are having a baby and need more room. Housing and family needs combined account for 72.7% of the reasons people move, according to the 2015-2016 U.S. Census Bureau.

Or you’ve got outdated appliances and have new kitchen envy. Many of the homes in Pinellas County are older housing stock, and need not only cosmetic, but in many cases safety or efficiency upgrades.

The next generation of home buyers are looking for updated interiors, well-equipped kitchens and outdoor living rooms.

According to the National Association of REALTORS®, for-sale-by-owner homes stay on the market longer and sell for $39,000 less than those sold with the help of a real estate professional.

Finding the right agent matters! An experienced agent, who knows the market and has a network of potential buyers, can help sell a home 32% faster than an inexperienced agent (study by Dr. Bennie D. Waller, Longwood University).

Whatever your life stage or wherever you are in your real estate journey, you have a partner in me to help guide and support you.

I’m ready when you are! Contact me to set up a personalized plan for your real estate goals. Thank you, Annalisa Weller

© 2017 Pinellas Realtor® Organization

Annalisa Weller, Realtor®, Certified International Property Specialist

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