Mortgage rates have ticked up again over the last week and home values are still continuing to trend higher due mostly to the lake of inventory which is causing bidding wars. Values should continue to go up by about 5 to 8% annually over the next few years.
10 Things Buyers Look for in a Home
By RIS Media
While David Letterman’s Top 10 lists generally culminate in a No. 1 ranking, the following list includes in no particular order 10 things that are important to buyers today, especially Millennials who represent a significant buyer niche in today’s market.
Quality of the neighborhood – The National Association of Realtor’s 2012 Profile of Buyers and Sellers revealed that neighborhoods are really important to buyers, but that neighborhood choice varies by household composition.
Convenience to job – Commuting is a necessary evil, but homes that are close to work enhance work-life balance, a growing priority for many Americans, especially Millennials.
Overall affordability of homes – With job markets tight and retirement funds depleted or eroded thanks to the Great Recession, it has never been more important to keep housing related costs as low as possible, ideally no more than one third of your pre-tax income.
Quality of Schools – A recent survey by realtor.com revealed that nearly 45 percent of today’s buyers are willing to a premium for quality schools.
Homes suited for the next 15 years – Just five years ago, buyers were looking to stay in their home about 10 years. Today, buyers expect to stay closer to 15, so it’s important to find a home that can support lifestyles as they evolve through that time period.
A mortgage – In today’s tight credit environment, getting a mortgage can be a challenge. Buyer’s should be willing to consider homes below that they may qualify for in order to bump up the loan to value ratio.
Energy efficiency – The National Association of Homebuilders surveyed buyers to see what was most important to them in new home construction and energy efficiency topped the list. Four of the top most wanted features involve saving energy: 94 percent of home buyers want energy-star rated appliances, 91 percent want an energy-star rating for the whole home, 89 percent want energy-star rated windows, and 88 percent want ceiling fans.
Open floor plans – Spaces that are great for entertaining mean quality time with friends and family, something especially important to Gen Y.
High ceilings – Taller ceilings are not only aesthetically pleasing in that they impart a grandness to the home, they also promote great air circulation and more natural light than lower ceilings.
Technology – Can you run your home from a cell phone? Then market to a Millennial, who prizes a homes’ technological amenities prized over curb appeal.
Mortgage rates have ticked up again over the last week and home values are still continuing to trend higher due mostly to the lack of inventory which is causing bidding wars. Values should continue to go up by about 5 to 8% annually over the next few years.
So, now is the time to consider locking in your floating arm loan or converting the floating rate line of credit into a fixed rate. Additionally, it is a great to buy knowing that home values are continuing to trend higher.
If there is a certain rate you are looking for now, please let me know. I track rates all day long and if the rate is available that is great, if not with the major volatility on a daily basis there is a chance I can still grab the rate with some of the intraday or intraweek movement. Please just reply back with answers to the questions below and I will get back to you.
As a mortgage banker, mortgage broker and FHA lender I have every product available to me in the industry but most of all, our service model will exceed your expectations. Having been consistently ranked in the top 1% of mortgage originators in the country I am considered an expert by my peers in the mortgage industry.
Additionally, I have a 99% closing ratio and most of the loans submitted close in approximately 26 days. I respect your time and money and do not want to waste either.
So, if you are looking to refinance or purchase a home please email me the answers to the following questions and I will reply back to you accordingly:
Current loan amount, mortgage rate and product
Desired loan amount, desired mortgage product (fixed or arm) and term (length of time ie: 15, 30…)
Approximate value of home
Single family house or condo
Primary residence, second home or investment property
State property is located in
If you have any additional questions, please don’t hesitate to contact me anytime.
Did you know we handle:
FHA Mortgage Loans
3.50% Down Payment on Purchase Loans
97.75% Loan-to-Value on a Rate/Term Refinance
85% Loan-to-Value on a Cash out Refinance
Conventional Mortgage Loans
5% Down Payment on Purchase Loans
95% Loan-to-Value on a Rate/Term Refinance
80% Loan-to-Value on a Cash out Refinance
Veteran Mortgage Loans
0% Down Payment on Purchase Loans
100% Loan-to-Value on a Rate/Term and Cash out Refinance
Reverse Mortgage Loans
Access Equity based on the age of the youngest borrower.
Must be 62 or older to qualify.
No Income qualification
No Credit qualification
NLMS#111118 | Company NLMS #34973
NJ- Licensed by the NJ Department of Banking and Insurance – License # 9964632
NY- Licensed Mortgage Banker – NYS Banking Department – License # B500689
CT- Licensed Mortgage Banker – CT Department of Banking – License # 13236
FL- Licensed by the Florida Office of Financial Regulation – License #MLD388
PA-Licensed by the Pennsylvania Department of Banking – License #20875
Marc C. Demetriou, CLU, ChFC
Residential Home Funding Corp.
39 Main Street | Bloomingdale, NJ 07403
phone: 9734920117 | fax: 9734921108 | cell: 2012863386
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