November 13th marked a time when 15 or so buyers gave up 90 minutes (over the dinner hour) to learn about some potentially free and great loan options. One type includes a down payment grant that never has to be paid back.
Another benefit of VHDA loans is the MCC 20% income tax credit that can be used annually by the buyer even on returns not itemized.
A third benefit is the VHDA loans can include FHA, Conventional, USDA and VA programs "under the umbrella."
We will host another seminar early in 2020, but if you cannot wait, reach out to me and lets get started so you're ready to buy sooner!
Agents from our Weichert Realtors office in Reston will be out in front of the South Lakes Safeway collecting non-perishable items. It will be Friday, evening, September 20th from 4-7 PM. Please look for us, stop and say hello, and add an item to our table and carts. You can find a list of especially appreciated items here.
According to the Joint Center for Housing Studies at Harvard University, the profile of 1st-time homebuyers has been changing. They studied the 2-decade period from 1997-2017 and had some conclusions. But first, I should mention that a little more than one third of the homes purchased last year were by 1st-time homebuyers.
Harvard's study found that 35% of the 1st-time homebuyers in 2017 had never been married compared with 20 years ago. Married 1st-time homebuyers dropped from 61% to a low of 46% in 2013 and rose again to 52% by 2017.
The average age of 1st-time homebuyers was 32 back 20 years ago and is now 34, so that is not mirroring the aforementioned data. A link to the study is at: CLICK
People have different life circumstances and in our area there are a lot of singles capable of buying a home and paying a mortgage who anticipate living here for at least the next 3-5 years. They would rather be paying their own mortgage than their landlord's and building wealth. If you are wondering if this is a good time to buy, let's talk. Certainly your buying power is terrific with the current interest rates!
Weichert Raised $200,000 for the American Cancer Society in August
Our office in Reston had our fundraising activities, principally one in conjunction with all of the Glory Days Grills where you dined out for a week and they contributed 10% of the guest checks.
In some offices there were silent auctions, other restaurant alliances, a big golf tournament in New Jersey, but the goal united us for an important cause. And we would like to thank our friends, clients and fellow Realtors for their support!
First-time homebuyers who would like to buy have more loan options when they have funds for down payments because lenders like to see "skin in the game." But what if you don't have it and because rental prices aren't cheap in Northern Virginia, how do you accumulate the down payment?
I may have a solution where you, your relatives and friends can shop their usual online stores through UpIt and the stores will rebate a percentage to your down payment fund.
And, what if you could put out there that you are working towards buying your first home so that parents, friends, relatives, gift givers could donate online to your fund?
Both can be done. There is no charge. You can start now and buy next summer (or anytime). CLICK here and then the green button to get started or reach out to me.
Reports from Fannie Mae and Freddie Mac show that more than half of the new mortgages created last year were for 1st time homebuyers. That's significant because it shows individual and family unit confidence that owning a home is financially possible and preferable to the other living arrangement options.
The market has been a so-called, sellers' market for some time and basically that means there are fewer good housing options than there are qualified buyers. But the lower interest rates have made buying power greater for more and more homes.
Changes in interest rates and inventory of homes is not expected to happen any time soon, but predicting the future is not my greatest ability. What I have seen is people buying and living in their homes, bought with a comfortable monthly mortgage, in a neighborhood that brings them pleasure, almost always is positive.
Renting for most is a temporary solution - a getting started stance. Getting started on a career, a relationship, or possibly a city. A substantial portion of one's wealth comes from their home, however so month-to-month paying down your mortgage combined with that usually gradual appreciation in home value, are important. Just as the person who puts a little into saving every pay period, putting it into your house matters.
Would you like to talk about your plan? Contact me. Buying a home doesn't have to be now and it won't be the last step in your plan, but for most, it will be on one of the landings in your staircase to wealth.
Glory Days Grills -- all 34 in 5 States -- from Sunday, July 28th through Saturday, August 3rd.
Have a family meal, business lunch, or dine alone, but get a copy of your guest check from your server and get it in my hands. Glory Days is donating 10% of the total of all of those submitting guest checks to the Weichert drive for the American Cancer Society.
Easy, enjoyable and worthwhile! Thank you for your support.
A New Home With a PoolIt's still possible to make a move to a new home -- one with an inground pool -- and enjoy the summer swim/entertaining season and still get the kids registered for the Fall semester.
Loudoun County starts on Thursday, August 22nd.
Fairfax County starts on Monday, August 26th.
Do you want a quick search of area homes with inground swimming pools?
Look above and or click on DIVE IN