Lots going on in Liberty right now so be aware of the road closings, new construction, change in zonings, and much much more. Starting today road closing info below:thank you St. James Catholic
The Big Housing Disconnect
The Big Housing Disconnect:
What First-Time Homebuyers Can Afford
Housing and consumer data continues to suggest a big disconnect between perceived affordability and real affordability, especially for first-time homebuyers. The Joint Center for Housing Studies (JCHS) recently estimated that in many metro areas, 50 percent of 25-34 year-old renters have the income and credit scores to qualify for a mortgage today. In Kansas City, they estimate that 54 percent of young renters could qualify -- that’s 40,212 potential buyers!
At the same time, this same group is very pessimistic about their ability to qualify for a mortgage as seen in a recent research study from Zelman & Associates. It found that 60-72 percent overestimate the down payment required, believing they need at least 11-15 percent down to buy.
Today’s sidelined buyers are holding onto the belief that all home loans come with a hefty down payment and stringent qualifications. And it’s keeping them from investigating their options.
Analysts at Nomura sum up the challenge well in a recent HousingWire column:
“It’s not that millennials and other potential homebuyers aren’t qualified in terms of their credit scores or in how much they have saved for their down payment.It’s that they think they’re not qualified or they think that they don’t have a big enough down payment.”
In the Kansas City market, I often find my first time home buyers are pleasantly surprised that they can qualify for a home loan. Often times, they are paying close to the same monthly payment on their new home as the previous rental property. Keeping in mind the added bonus of the low interest rates, now is the time to buy!
Sue specializes in both listing and selling with an array of Real Estate services and with the expertise necessary to assist clients as they realize their real estate goals. She prides herself on put....