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Purchasing a home is a big milestone as well as an important financial choice. However, many people find it difficult to navigate the financial aspects of buying a property. In this blog article, we will walk you through the main elements that will help you choose your dream house. First and foremost, you must evaluate your financial preparedness. Examine your income, savings, and credit score carefully. Understanding your financial condition can provide a clear picture of what you can afford and the sort of mortgage you may be eligible for. It is critical to create a budget that includes the down payment, monthly mortgage payments, and additional expenditures like property taxes and maintenance. Next, become acquainted with the various mortgage alternatives accessible. Conventional mortgages typically need a down payment of more than 3%, however, there are government-backed loans that allow for greater flexibility. Investigate the interest rates, loan lengths, and costs connected with each mortgage type to find the best fit for your requirements. Another critical step is to get pre-approved for a loan. This entails sending your financial information to a lender, who will evaluate your creditworthiness and decide the loan amount you are eligible for. Pre-approval not only clarifies your purchasing capacity, but it also provides you an edge when making an offer on a home. When looking for a home, it's critical to keep within your budget and prioritize your demands. Falling in love with a property that is out of your price range might lead to financial difficulties later on. Consider criteria such as the property's location, size, and condition. Hiring a professional home inspector can assist in identifying any problems that may necessitate costly repairs Finally, thoroughly analyze the provisions of the purchase agreement and account for closing charges. These charges, which include appraisal fees, title search fees, attorney fees, and loan origination fees, may quickly mount up, so it's critical to plan ahead of time.. Understanding the financial elements of purchasing a home is critical to paving the way to your dream home. Examine your financial situation, look at mortgage possibilities, get pre-approved, and stick to your budget. You'll be well on your way to making your goal of house ownership a reality. WATCH AS DENISE EXPLAINS "THE MONEY NEEDED FOR HOME BUYING"

Real Estate Is Still Considered the Best Long-Term Investment With all the headlines circulating about home prices and rising mortgage rates, you may wonder if it still makes sense to invest in homeownership right now. A recent poll from Gallup shows the answer is yes. In-fact, real estate was voted the best long-term investment for the 11th consecutive year, consistently beating other investment types like gold, stocks, and bonds (see graph below): If you’re thinking about purchasing a home, let this poll reassure you. Even with everything happening today, Americans recognize owning a home is a powerful financial decision. Why Do Americans Still Feel So Positive About the Value of Investing in a Home? Purchasing real estate has typically been a solid long-term strategy for building wealth in America. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), notes: “. . . homeownership is a catalyst for building wealth for people from all walks of life. A monthly mortgage payment is often considered a forced savings account that helps homeowners build a net worth about 40 times higher than that of a renter.” That’s because owning a home grows your net worth over time as your home appreciates in value and as you pay down your mortgage. And, since building that wealth takes time, it may make sense to start as soon as you can. If you wait to buy and keep renting, you’ll miss out on those monthly housing payments going toward your home equity. Bottom Line Buying a home is a powerful decision. So, it’s no wonder so many people view real estate as the best long-term investment. If you’re ready to start on your own journey toward homeownership, let’s connect today.

Property Management Services usually provide a variety of services to property owners and investors. Listed below are the four primary responsibilities that Property Management Services may provide: Property Marketing and Advertising: Property Management Services assist in the marketing and advertising of rental properties on multiple platforms in order to attract new renters. They develop attractive property listings, highlight the advantages of the property, and employ smart marketing tactics to reach a large audience. They may also show prospective guests around the property. Tenant Screening and Selection: The tenant screening procedure is handled by Property Management Services to guarantee that dependable and responsible renters are picked for the property. They do background checks, verify employment and income, investigate the rental history, and may even interview potential renters. They hope to lower the danger of troublesome renters and boost the chance of timely rent payments by properly vetting applications. Rent Collection and Financial Management: Property Management Services collect rent on behalf of property owners. They enforce lease agreements, track rental payments, and follow up with late-paying renters. They also perform financial management activities such as budgeting, cost tracking, and giving property owners with monthly financial reports. They may also be in charge of repairs and upkeep, property taxes, and security deposits. Property Maintenance and Repairs: Property Management Services supervise property upkeep and repairs to ensure that the property is in excellent shape and that it conforms with applicable requirements. They organize normal maintenance duties including gardening, cleaning, and inspections. They offer a network of trustworthy contractors and service providers to solve concerns quickly in the event of repairs or emergencies. They also manage correspondence with renters about maintenance requests and attempt to resolve any issues as soon as possible. It should also be kept in mind that the particular duties and services provided by Property Management Services may vary depending on the organization and the agreement with the property owner. #mainPropertyManagementServicesroles #propertymanagement #realestate #SanAntonioTexas #Realtor #realestateagent #propertymanager

A Drop in Equity Doesn’t Mean Low Equity You may see media coverage talking about a drop in homeowner equity. What’s important to understand is that equity is tied closely to home values. So, when home prices appreciate, you can expect equity to grow. And when home prices decline, equity does too. Here’s how this has played out recently. Home prices rose rapidly during the ‘unicorn’ years. That gave homeowners a considerable equity boost. But those ‘unicorn’ years couldn’t last forever. The market had to moderate at some point, and that’s what we saw last fall and winter. As home prices dropped slightly in the back half of 2022, equity was impacted. Based on the most recent report from CoreLogic, there was a 0.7% dip in homeowner equity over the last year. However, the headlines reporting on that change aren’t painting the whole picture. The reality is, while home price depreciation during the second half of last year caused equity to drop, the data shows homeowners still have near-record amounts of equity. The graph below helps illustrate this point by looking at the total amount of tappable equity in this country going all the way back to 2005. Tappable equity is the amount of equity available for homeowners to access before hitting a maximum 80% loan-to-value ratio (LTV). As the data shows, there was a significant equity boost during the ‘unicorn’ years as home prices rapidly appreciated (see the pink in the graph below). But here’s what’s key to realize – even though there’s been a small dip, total homeowner equity is still much higher than it was before the ‘unicorn’ years. And there’s more good news. Recent home price reports show the worst home price declines are behind us, and prices have started to go up again. As Selma Hepp, Chief Economist at CoreLogic, explains: “Home equity trends closely follow home price changes. As a result, while the average amount of equity declined from a year ago, it increased from the fourth quarter of 2022, as monthly home prices growth accelerated in early 2023.” The last part of that quote is particularly important and is the piece of the puzzle the news is leaving out. To further emphasize the positive turn we’re already seeing, experts say home prices are forecast to appreciate at a more normal rate over the next year. In the same report, Hepp puts it this way: “The average U.S. homeowner now has more than $274,000 in equity – up significantly from $182,000 before the pandemic. Also, while homeowners in some areas of the country who bought a property last spring have no equity as a result of price losses, forecasted home price appreciation over the next year should help many borrowers regain some of that lost equity.” And even though Odeta Kushi, Deputy Chief Economist at First American, references a slightly different number, Kushi further validates the fact that homeowners have a lot of equity right now: “Homeowners today have an average of $302,000 in equity in their homes.” That means if you’ve owned your home for a few years, you likely still have way more equity than you did before the ‘unicorn’ years. And if you’ve owned your home for a year or less, the forecast for more typical price appreciation over the next year should mean your equity is already on the way back up. Bottom Line Context is everything when looking at headlines. While homeowner equity dropped some from last year, it’s still near all-time highs. Let’s connect so you can get the answers you deserve from an expert who’s here to help as you plan your move this year. " A Drop in Equity Doesn’t Mean Low Equity "