How Much Has Your Home Increased in Value Over the Last Year?

How Much Has Your Home Increased in Value Over the Last Year? | MyKCM

Home values have risen dramatically over the last twelve months in Citrus County. In CoreLogic’s most recent Home Price Index Report, they revealed that national home prices have increased by 6.7% year-over-year.

CoreLogic broke down appreciation even further into four price ranges, giving us a more detailed view than if we had simply looked at the year-over-year increases in national median home price.

The chart below shows the four price ranges from the report, as well as each one’s year-over-year growth from February 2017 to February 2018 (the latest data available).

How Much Has Your Home Increased in Value Over the Last Year? | MyKCM

It is important to pay attention to how prices are changing in your local market. Prices differ in different towns ie Crystal River, Inverness, Homosassa, Beverly Hills, Inglis, Hernando, Lecanto, Citrus Springs or Dunnellon. The location of your home is not the only factor that determines how much your home has appreciated over the course of the last year.

Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.

Bottom Line

If you are planning to list your home for sale in today’s market, let’s get together to go over exactly what’s going on in your area and your price range.

If you are ready to Buy or Sell,  Meet with the The Cunningham Team Team @ RE/MAX Realty One, your local real estate professionals who can help you find your dream home.

For more Citrus County, Florida home selling and buying insights, give The Cunningham Team at RE/MAX Realty One a call anytime to discuss your own real estate plans! If you’re considering a move to the CITRUS COUNTY including Crystal River, Inverness, Homosassa, Beverly Hills, Inglis, Hernando, Lecanto, Citrus Springs or Dunnellon, Give us a call.

The Cunningham Team at RE/MAX Realty One “Your Nature Coast Real Estate Experts”

Kevin, Karen and Brogan The Cunningham Team  

(352) 527-7842

Click Here To Contact US

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How Much Do You Need to Make to Buy a Home in Citrus County?

How Much Do You Need to Make to Buy a Home in Your State? | MyKCM

It’s no mystery that cost of living varies drastically depending on where you live, so a new study by GOBankingRates set out to find out what minimum salary you would need to make in order to buy a median-priced home in each of the 50 states, and Washington, D.C.

States in the Midwest came out on top as most affordable, requiring the smallest salaries in order to buy a median-priced home. States with large metropolitan areas saw a bump in the average salary needed to buy with California, Washington, D.C., and Hawaii edging out all others with the highest salaries required.

Below is a map with the full results of the study:

How Much Do You Need to Make to Buy a Home in Your State? | MyKCM

GoBankingRates gave this advice to anyone considering a home purchase,

“Before you buy a home, it’s important to find out if you can afford the monthly mortgage payment. To do this, some financial experts recommend your housing costs — primarily your mortgage payments — shouldn’t consume more than 30 percent of your monthly income.”

As we recently reported, research from Zillow shows that historically, Americans had spent 21% of their income on owning a median-priced home. The latest data from the fourth quarter of 2017 shows that the percentage of income needed today is only 15.7%!

Bottom Line

If you are considering buying a home, whether it’s your first time or your fifth time, let’s get together to evaluate your ability to do so in today’s market!

If you are ready to Buy or Sell,  Meet with the The Cunningham Team Team @ RE/MAX Realty One, your local real estate professionals who can help you find your dream home.

For more Citrus County, Florida home selling and buying insights, give The Cunningham Team at RE/MAX Realty One a call anytime to discuss your own real estate plans! If you’re considering a move to the CITRUS COUNTY including Crystal River, Inverness, Homosassa, Beverly Hills, Inglis, Hernando, Lecanto, Citrus Springs or Dunnellon, Give us a call.

The Cunningham Team at RE/MAX Realty One “Your Nature Coast Real Estate Experts”

Kevin, Karen and Brogan The Cunningham Team  

(352) 527-7842

Click Here To Contact US

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Getting Pre-Approved Should Always Be Your First Step

Getting Pre-Approved Should Always Be Your First Step | MyKCM

In many markets across the country including Citrus County, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

  1. Capacity: Your current and future ability to make your payments
  2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
  3. Collateral: The home, or type of home, that you would like to purchase
  4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so.

If you are ready to Buy or Sell,  Meet with the The Cunningham Team Team @ RE/MAX Realty One, your local real estate professionals who can help you find your dream home.

For more Citrus County, Florida home selling and buying insights, give The Cunningham Team at RE/MAX Realty One a call anytime to discuss your own real estate plans! If you’re considering a move to the CITRUS COUNTY including Crystal River, Inverness, Homosassa, Beverly Hills, Inglis, Hernando, Lecanto, Citrus Springs or Dunnellon, Give us a call.

The Cunningham Team at RE/MAX Realty One “Your Nature Coast Real Estate Experts”

Kevin, Karen and Brogan The Cunningham Team  

(352) 527-7842

Click Here To Contact US

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NOT Owning Your Home Can Cost You a Lot of Money in Citrus County!

NOT Owning Your Home Can Cost You a Lot of Money! | MyKCM

Owning a home has great financial benefits, yet many continue to rent! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed.

Realtor.com recently reported that:

Buying remains the more attractive option in the long term – that remains the American dream, and it’s true in many markets where renting has become really the shortsighted option… as people get more savings in their pockets, buying becomes the better option.”

What proof exists that owning is financially better than renting?

1. In a previous blog we highlighted the top 5 financial benefits of homeownership:

  • Homeownership is a form of forced savings.
  • Homeownership provides tax savings.
  • Homeownership allows you to lock in your monthly housing cost.
  • Buying a home is cheaper than renting.
  • No other investment lets you live inside of it.

2. Studies have shown that a homeowner’s net worth is 44x greater than that of a renter.

3. Just a few months ago, we explained that a family that purchased an average-priced home at the beginning of 2018 could build more than $44,000 in family wealth over the next five years.

4. Some argue that renting eliminates the cost of taxes and home repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into the rent payment– along with a profit margin!!

The Cost of Renting vs. Buying Today [INFOGRAPHIC] | MyKCM

Bottom Line

Owning a home has always been, and will always be, better from a financial standpoint than renting.

If you are ready to Buy or Sell,  Meet with the The Cunningham Team Team @ RE/MAX Realty One, your local real estate professionals who can help you find your dream home.

For more Citrus County, Florida home selling and buying insights, give The Cunningham Team at RE/MAX Realty One a call anytime to discuss your own real estate plans! If you’re considering a move to the CITRUS COUNTY including Crystal River, Inverness, Homosassa, Beverly Hills, Inglis, Hernando, Lecanto, Citrus Springs or Dunnellon, Give us a call.

The Cunningham Team at RE/MAX Realty One “Your Nature Coast Real Estate Experts”

Kevin, Karen and Brogan The Cunningham Team  

(352) 527-7842

Click Here To Contact US

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Building Permits on the Rise in Citrus County

 

The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest Citrus County, Building Division, 2017 Single Family Home Building Permits Report, the number of these permits were up 58.2% over last year.

How will this impact buyers?
More inventory means more options. Lawrence Yun, NAR’s Chief Economist, explained this is good news for the housing market – especially for those looking to buy:

“This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth.”

How will this impact sellers?
More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:

A great price on their home as buyers outbid each other for it
A quick sale as buyers have so little to choose from
Fewer hassles as buyers don’t want to “rock the boat” on the deal With an increase in competition, the seller may not enjoy these same benefits. As Chief Economist Nela Richardson, added:

“Because existing home inventory has been so low for so long, new construction is taking a larger share of the market…Builders meet… the buyers and see the demand firsthand.”

Bottom Line
If you are considering selling your house, you’ll want to beat this new competition to market to ensure you get the most attention for your listing to the best price. The best way to do this is to contact a RE/MAX Realty One professional real estate associate, who knows our Local Market and can help to ensure a successful transaction.

If you are ready to Buy or Sell,  Meet with the The Cunningham Team Team @ RE/MAX Realty One, your local real estate professionals who can help you find your dream home.

For more Citrus County, Florida home selling and buying insights, give The Cunningham Team at RE/MAX Realty One a call anytime to discuss your own real estate plans! If you’re considering a move to the CITRUS COUNTY including Crystal River, Inverness, Homosassa, Beverly Hills, Inglis, Hernando, Lecanto, Citrus Springs or Dunnellon, Give us a call.

The Cunningham Team at RE/MAX Realty One “Your Nature Coast Real Estate Experts”

Kevin, Karen and Brogan The Cunningham Team  

(352) 527-7842

Click Here To Contact US

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It’s Tax Season… Use Your Refund to Jump Start Your Down Payment Savings!

It's Tax Season… Use Your Refund to Jump Start Your Down Payment Savings! | MyKCM

According to data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $2,840 this year when filing their taxes. This is down slightly from the average refund of $2,895, last year.

Tax refunds are often thought of as ‘extra money’ that can be used toward larger goals; for anyone looking to buy a home in 2018, this can be a great jump start toward a down payment!

The map below shows the average tax refund Americans received last year by state. (The refunds received for the 2017 tax year should continue to reflect these numbers as the new tax code will go into effect for 2018 tax filings.)

It's Tax Season… Use Your Refund to Jump Start Your Down Payment Savings! | MyKCM

Many first-time buyers believe that a 20% down payment is required to qualify for a mortgage. Programs from the Federal Housing Authority, Freddie Mac, and Fannie Maeall allow for down payments as low as 3%, with Veterans Affairs Loans allowing many veterans to purchase a home with 0% down.

If you started your down payment savings with your tax refund check this year, how close would you be to a 3% down payment?

The map below shows what percentage of a 3% down payment is covered by the average tax refund by taking into account the median price of homes sold by state.

It's Tax Season… Use Your Refund to Jump Start Your Down Payment Savings! | MyKCM

 

The darker the blue, the closer your tax refund gets you to homeownership!For those in Alabama looking to purchase their first homes, their tax refund could potentially get them 69% closer to that dream!

Bottom Line

Saving for a down payment can seem like a daunting task. But the more you know about what’s required, the more prepared you can be to make the best decision for you and your family! This tax season, your refund could be your key to homeownership!

If you are ready to Buy or Sell,  Meet with the The Cunningham Team Team @ RE/MAX Realty One, your local real estate professionals who can help you find your dream home.

For more Citrus County, Florida home selling and buying insights, give The Cunningham Team at RE/MAX Realty One a call anytime to discuss your own real estate plans! If you’re considering a move to the CITRUS COUNTY including Crystal River, Inverness, Homosassa, Beverly Hills, Inglis, Hernando, Lecanto, Citrus Springs or Dunnellon, Give us a call.

The Cunningham Team at RE/MAX Realty One “Your Nature Coast Real Estate Experts”

Kevin, Karen and Brogan The Cunningham Team  

(352) 527-7842

Click Here To Contact US

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Why You Need a Professional on Your Team When Buying a Home in Citrus County

Why You Need a Professional on Your Team When Buying a Home | MyKCM

Many people wonder whether they should hire a real estate professional to assist them in buying their dream homes or if they should first try to go through the buying process on their own. In today’s market: you need an experienced professional!

You Need an Expert Guide If You Are Traveling a Dangerous Path

The field of real estate is loaded with landmines; you need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and is ready for you to move into can be tricky. An agent listens to your wants and needs, and can sift through the homes that do not fit within the parameters of your “dream home.”

A great agent will also have relationships with mortgage professionals and other experts that you will need in order to secure your dream home. 

You Need a Skilled Negotiator

In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands, of dollars. Each step of the way – from the original offer to the possible renegotiation of that offer after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes.

Realize that when an agent is negotiating his or her commission with you, they are negotiating their own salary; the salary that keeps a roof over their family’s head; the salary that puts food on their family’s table. If they are quick to take less when negotiating for themselves and their families, what makes you think they will not act the same way when negotiating for you and your family?

If they were Clark Kent when negotiating with you, they will not turn into Superman when negotiating with the buyer or seller in your deal. 

Bottom Line

Famous sayings become famous because they are true. You get what you pay for. Just like a good accountant or a good attorney, a good agent will save you money…not cost you money.

If you are ready to Buy or Sell,  Meet with the The Cunningham Team Team @ RE/MAX Realty One, your local real estate professionals who can help you find your dream home.

For more Citrus County, Florida home selling and buying insights, give The Cunningham Team at RE/MAX Realty One a call anytime to discuss your own real estate plans! If you’re considering a move to the CITRUS COUNTY including Crystal River, Inverness, Homosassa, Beverly Hills, Inglis, Hernando, Lecanto, Citrus Springs or Dunnellon, Give us a call.

The Cunningham Team at RE/MAX Realty One “Your Nature Coast Real Estate Experts”

Kevin, Karen and Brogan The Cunningham Team  

(352) 527-7842

Click Here To Contact US

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2 Major Myths Holding Back Home Buyers In Citrus County

2 Major Myths Holding Back Home Buyers | MyKCM

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 | MyKCM

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.

If you are ready to Buy or Sell,  Meet with the The Cunningham Team Team @ RE/MAX Realty One, your local real estate professionals who can help you find your dream home.

For more Citrus County, Florida home selling and buying insights, give The Cunningham Team at RE/MAX Realty One a call anytime to discuss your own real estate plans! If you’re considering a move to the CITRUS COUNTY including Crystal River, Inverness, Homosassa, Beverly Hills, Inglis, Hernando, Lecanto, Citrus Springs or Dunnellon, Give us a call.

The Cunningham Team at RE/MAX Realty One “Your Nature Coast Real Estate Experts”

Kevin, Karen and Brogan The Cunningham Team  

(352) 527-7842

Click Here To Contact US

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Citrus County Inventory Crunch Continues… List Your House Today!

U.S. Housing Inventory Crunch Continues… List Your House Today! | MyKCM

Every winter, families across the country decide if this will be the year that they sell their current houses and move into their dream homes.

Mortgage rates hovered around 4% for all of 2017 which forced many buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!

At the same time, however, inventory levels of homes for sale have dropped dramatically as compared to this time last year.

Trulia reported that “in Q4 2017, U.S. home inventory decreased by 10.5%. That is the biggest drop we’ve seen since Q2 2013.”

Here is a chart showing the decrease in inventory levels by category:

U.S. Housing Inventory Crunch Continues… List Your House Today! | MyKCM

The largest drop in inventory was in the starter home category which saw a 19% dip in listings.

Bottom Line

Demand for your homes in Citrus County is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2018, now may be the perfect time.

If you are ready to Buy or Sell,  Meet with the The Cunningham Team Team @ RE/MAX Realty One, your local real estate professionals who can help you find your dream home.

For more Citrus County, Florida home selling and buying insights, give The Cunningham Team at RE/MAX Realty One a call anytime to discuss your own real estate plans! If you’re considering a move to the CITRUS COUNTY including Crystal River, Inverness, Homosassa, Beverly Hills, Inglis, Hernando, Lecanto, Citrus Springs or Dunnellon, Give us a call.

The Cunningham Team at RE/MAX Realty One “Your Nature Coast Real Estate Experts”

Kevin, Karen and Brogan The Cunningham Team  

(352) 527-7842

Click Here To Contact US

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The Impact of Tight Inventory on the Housing Market

The Impact of Tight Inventory on the Housing Market | MyKCM

The housing crisis is finally in the rearview mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. It seems that the market will continue to strengthen in 2018.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

 

National Association of Realtors

“Total housing inventory at the end of November dropped 7.2 percent to 1.67 million existing homes available for sale, and is now 9.7 percent lower than a year ago (1.85 million) and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, which is down from 4.0 months a year ago.”

Joseph Kirchner, Senior Economist for Realtor.com

“The increases in single-family permits and starts show that builders are planning and starting new construction projects, that’s a good thing because it will help to relieve the shortage of homes on the market.”

Sam Khater, Deputy Chief Economist at CoreLogic

Inventory is tighter than it appears. It’s much lower for entry-level buyers.”

Bottom Line 

If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.

If you are ready to Buy or Sell,  Meet with the The Cunningham Team Team @ RE/MAX Realty One, your local real estate professionals who can help you find your dream home.

For more Citrus County, Florida home selling and buying insights, give The Cunningham Team at RE/MAX Realty One a call anytime to discuss your own real estate plans! If you’re considering a move to the CITRUS COUNTY including Crystal River, Inverness, Homosassa, Beverly Hills, Inglis, Hernando, Lecanto, Citrus Springs or Dunnellon, Give us a call.

The Cunningham Team at RE/MAX Realty One “Your Nature Coast Real Estate Experts”

Kevin, Karen and Brogan The Cunningham Team  

(352) 527-7842

Click Here To Contact US

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