Congratulations to the new grads this year! Although buying a house may seem like a distant dream there are steps you can take now to buy your first home a few years after graduation.
Step One: Get Your Credit Report
You can find our your credit score right away at annualcreditreport.com. If you have yet to establish credit, you can do so right away by opening a credit card or paying your cell phone bill. To ensure the best credit score possible, make sure you always pay your bills on time, keep your balances low or at zero, and keep the cards open. The longer you maintain clean credit the better your score gets.
Step Two: Collect Important Documents
When applying for a mortgage you’ll need to provide various financial and official documents from the previous two years. As you receive them, make sure to collect and save pay stubs, bank and investment statements, W-2’s, tax returns, credit card statements, student loan balances, car loans, diplomas (for applicants who attended undergraduate/graduate school in the past two years), and a list of addresses where you have lived in the last two years.
Two articles from FloridaRealtors.org have given us insight into the market for Spring. A reduced inventory means a seller’s market is in full swing and projected to last into the Summer. Buyers have taken advantage of lower mortgage rates (right around 4%) which contributes to the contracted supply of homes on the market. The depressed rates have motivated high-end buyers to jump on homes valued between $750,000 – $1 million or second vacation homes. Other advantages for buyers include loosened lending standards, and the FHA’s reduced annual insurance premium.
Take a picture of a home that’s caught your eye with your smart phone and see the sale information, schools, and other data pop-up instantly. This app makes the home-buying process easy to share with friends, family, and your realtor.
Zillow offers 3 easy-to-use calculators to determine monthly payments, affordability, and refinancing. The home screen of the app tracks current market trends and loan programs so that you can always stay up-to-date.
Offered by Intuit, Inc., the creators of Turbo Tax, Mint makes tracking bills and spending hassle-free. With all of your accounts and investments viewable in one place, saving for your dreams becomes a reality.
The Central Florida real estate market indicators from March 2015 are excellent! The median price of homes is up 10% from last March, and we had the most homes sales in one month in a long time, breaking the 3000 ceiling (3067).
Our close to home real estate market in Orlando has been strong and steady for a few years, and March showed the surge here as well. The biggest contributor to this was the normal first-of-the-year bump. Also, many buyers began jumping into the market to lock-in what may be the twilight of the super-low interest rates we have experienced for several years.
This has reduced our inventory to less than 4 months (3.75), which almost always means the market is moving in the direction of a stronger seller’s market, prices are going up faster than averageContinue reading →
It was once common to make an offer on another house that was contingent on the sale of your current home in order to close. For over 5 years since the downturn in 2008, contingent offers of this kind have been unheard of. Part of this had to do with so many owners with no equity or negative equity, and part of it was because average marketing time was months and months and few sellers wanted the entanglement.
All that has been gradually changing over the last year, and many sellers are again ready to entertain offers contingent on another sale. Recently we have been involved in three sell-and-buy transactions like this that were contingent on the buyers first selling their own homes. This is a strong indicator that the overall real estate market in our area is returning to a more normal function.
Why make a contingent offer? The reasons are simple:
The US Census Bureau confirmed something we’ve suspected for awhile, Florida has 6 out of 20 of the fastest growing areas in the nation, reported by CBS/Miami AP reported today. This is great news for sellers and buyers in the Central Florida region.
The growth is driven by increases in the state’s metroplexes in areas such as central and southern Florida, Census Bureau Director John H. Thompson said. Six Florida metro areas were among the 20 fastest-growing: The Villages, Cape Coral-Fort Myers, Naples-Immokalee-Marco Island, Orlando-Kissimmee-Sanford, North Port-Sarasota-Bradenton and Panama City.
Lovely remodeled mid-century, three bedroom, two bath home in fantastic location close to all the Winter Park amenities and walking distance to Brookshire Elementary, parks, and Cady Way Trail. Click here to view more photos and details in the MLS.