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Archive | July, 2014

Jul 31

30-Year vs. 15-Year Mortgage: Four Questions to Ask When Comparing Your Options

30-Year vs. 15-Year Mortgage: Four Questions to Ask When Comparing Your Options

Here are four questions that can help you make a more informed decision when comparing a 30-year fixed rate mortgage vs. a 15-year fixed rate mortgage. 1 – What will I do with the difference in cash flow? There are two main benefits that a 15-year mortgage has vs. a 30-year mortgage: 1 – Fifteen year mortgages often carry lower interest rates vs. thirty year mortgages. This could save you some money over time. (See Figure 1 that illustrates what would happen if the interest rate on a

Jul 30

Should I Make a Low-Ball Offer?

Should I Make a Low-Ball Offer?

If you’re anything like me, you don’t like to buy anything without feeling like you got a good deal.  When shopping for a house, sometimes that drive for the best deal can get you into trouble.  If you are considering making a lowball offer, there are a few things you should think about first. #1 – Homes in this market tend to sell for close to asking price.  Look at the chart below.  On average last year, homes sold for about 97% of asking price.  What that tells you is that sellers in

Jul 28

Now is a Great Time to be a Move-Up Buyer in Yuma, AZ

Now is a Great Time to be a Move-Up Buyer in Yuma, AZ

(photo credit Craig Fry, Desert Fryed Arts) If you own a home, and would like to buy a bigger home, now might be the time to make a move. There are several things going on in the Yuma real estate market that are combining in your favor.  Let me share some little-known information with you. #1 – The home you have to sell is IN DEMAND.  Over the last 3 years, 7,150 homes have sold in Yuma county.  Of those, 5,084 were $150,000 or less.  That’s  71.1%!  

Jul 28

Affordability

Affordability

Each month, the National Association of Realtors comes out with their Housing Affordability Index. The number is a composite of the median home price, average interest rate and median household income.  This gives you a reading on how affordable it is for the average family to own a home. On the graph below, you can see the Affordability factors going back to 1970.  A reading of “100,” the red line on the chart, means the average family makes just enough to qualify for the average home.  You can