Blog

The national average for down payments is 11%. But that figure includes first time and repeat buyers. Let’s take a closer look.While the broad down payment average is 11%, first time homebuyers usually only put down 3 to 5% on a home. That’s because several first-time home buyer programs don’t...

Home shoppers pay little or no fees to an agent to buy a home.Here’s why:For most home sales, there are two real estate agents involved in the deal: one that represents the seller and another who represents the buyer.Listing brokers represent sellers and charge a fee to represent them and...

A stratified market happens where supply and demand characteristics differ by price point, in the same area (typically by city). For example, home sales for properties above $1.5M may be brisk (seller’s market) while homes under $750k may be sluggish (buyer’s market). This scenario comes along every so often in...

In sellers’ markets, increasing demand for homes drives up prices. Here are some of the drivers of demand: Economic factors – the local labor market heats up, bringing an inflow of new residents and pushing up home prices before more inventory can be built.Interest rates trending downward – improves home...

From start (searching online) to finish (closing escrow), buying a home takes about 10 to 12 weeks. Once a home is selected an the offer is accepted, the average time to complete the escrow period on a home is 30 to 45 days (under normal market conditions). Though, well-prepared home...

Getting pre-approved for a mortgage is the first step of the home buying process. Getting a pre-approval letter from a lender get the ball rolling in the right direction.Here’s why:First, you need to know how much you can borrow. Knowing how much home you can afford narrows down online home...