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      Blog :: 07-2019

      Why Now Is the Perfect Time to Sell Your House

      Why Now Is the Perfect Time to Sell Your House | MyKCM

      As a homeowner, it’s always tempting to dream about the next big project you’re going to tackle. The possibilities are endless. Should I renovate? Should I refinance? Should I stay? Should I move? The list goes on and on.

      In today’s housing market, it’s actually a great time to shift your thoughts toward selling your house and moving up into the home of your dreams. Here’s why:

      Inventory is on the rise, but there’s still an overall shortage of houses for sale (less than a 6-month supply found in a more normal market), so homes are going under contract quickly. In fact, the National Association of Realtors (NAR) Realtors® Confidence Index Survey reports that right now homes are only staying on the market for an average of 27 days. That’s less than one month, an even more accelerated pace from the 36-day trend we saw last spring.

      Why Now Is the Perfect Time to Sell Your House | MyKCM

      The same report also indicates there are more interested buyers than active sellers today, which is one of the big factors driving home prices higher.

      .Why Now Is the Perfect Time to Sell Your House | MyKCM

      Why Now Is the Perfect Time to Sell Your House | MyKCM

      This power combination provides an ideal environment for sellers aiming to close a quick sale and earn a big return as we wrap up the summer season.

      Bottom Line

      There’s still time to make a move before the school year starts and the fall weather sets in. Maybe it’s time to make a change. Let’s get together to determine if selling now is the right decision for your family.


      Is Renting Right for Me?

      Is Renting Right for Me? | MyKCM

      If you’re currently renting and have dreams of owning your own home, it may be a good time to think about your next move. With rent costs rising annually and many helpful down payment assistance programs available, homeownership may be closer than you realize.

      According to the 2018 Bank of America Homebuyer Insights Report, 74% of renters plan on buying within the next 5 years, and 38% are planning to buy within the next 2 years.

      When those same renters were asked why they disliked renting, 52% said rising rental costs were their top reason. The results of the survey can be seen here:

      Is Renting Right for Me? | MyKCM

      It’s no wonder rising rental costs came in as the top answer. The median asking rent price has risen steadily over the last 30 years, as you can see below:

      Is Renting Right for Me? | MyKCM

      There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their rents likely to rise again, it’s never a bad idea to reconsider your family’s plan and ask yourself if renting is your best angle going forward. When asked why they haven’t purchased a home yet, not having enough saved for a down payment (44%) came in as the top response. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.”

      The reality is, the need to produce a 20% down payment is one of the biggest misconceptions of homeownership, especially for first-time buyers. That means a large number of renters may be able to buy now, and they don’t even know it.

      Bottom Line

      If you’re one of the many renters who are tired of rising rents but may be confused about what is required to buy in today’s market, let’s get together to determine your path to homeownership.

      5 Tips to Help You Find the Accessible Home of Your Dreams

      Having trouble finding a home that fits your accessibility needs? You’re not alone. Homebuyers searching for accessible homes often find the process difficult and frustrating. However, these helpful home-buying tips can make locating your ideal home so much easier. Here’s where you should start when it comes to finding and buying a mobility-friendly home.


      Plan Your New-Home Checklist Now


      Searching for and buying a new home can be a hectic process. To keep essential tasks from getting lost in the shuffle, come up with a list of projects you need to complete to feel safe and comfortable in your new home. Be sure to put changing your locks at the top of that checklist so your new property will be secured from the start. Research top-quality locksmiths in and around your area. You can also use online resources to take care of other tasks around the home, such as hiring house cleaners or setting up necessary utilities.


      Make Organizing Finances a Top Priority


      Your new-home checklist should also include making financial accommodations to help you purchase your new home. This is a good time to meet with your financial advisor to go over any essential information that will be needed during the home-buying process. This is a step many buyers skip, but financial advisors can provide practical solutions to help you make the most of your home purchase. What’s more, advisors can often make securing home financing as stress-free as possible. That includes accounting for any additional expenses you may incur later, such as costs of accessibility renovations or other upgrades to your home.


      Start Your Search with a Real Estate Pro


      Many home-buying articles will advise you to begin your home search online, but this is another area where it pays to work with the pros. While that may work in many cases, homebuyers who are looking for specialty or luxury features in a home are better off contacting an experienced real estate professional. This is especially true when those specialty features include accommodations for accessibility. Finding a home with those features can be complicated, but a real estate company with experience in your desired area will be able to anticipate those complications and prepare solutions to offset them.


      Look for Stylish, But Safe, Accessibility Upgrades


      Your home should be safe and accessible, but that does not mean you have to sacrifice style and luxury. There are so many beautiful ways to incorporate accessibility into a home without those features being overtly obvious. French doors, for example, are a lovely option for wider doorways, while open floor plans can make moving around much easier. For larger homes with multiple floors, a custom elevator can improve your quality of life and add a touch of luxury as well. Your realtor can help you search for available local properties with these small touches so you can find a home that fits your needs and dreams.


      Wait Before Making Accessibility Changes on Your Own


      Once you and your realtor have put together a list of accommodations you need in a new home, your search should be much easier. However, you still may have trouble finding a property that completely fits with your needs. As you look at potential properties, keep in mind that you can always make renovations once you move in. Living in your home for a bit before you plan extensive upgrades will give you a better idea of what projects you need to make your home more comfortable. Plus, you can plan to employ a contractor to complete multiple jobs at once, rather than spacing them out over time.


      Mobility issues do not have to prevent you from finding the home of your dreams. There are plenty of homes with accessibility features on the market — you just need to know where to start to make finding a home that fits you a simple task. Consult an experienced realtor and use the tips above to take the guesswork out of finding an accessible home in your area. 

      5 Powerful Reasons to Own Instead of Rent

      5 Powerful Reasons to Own Instead of Rent | MyKCM

      Owning a home has great financial benefits.

      In a recent research paper, Homeownership and the American Dream, Laurie S. Goodman and Christopher Mayer of the Urban Land Institute explained:

      “Homeownership appears to help borrowers accumulate housing and nonhousing wealth in a variety of ways, with tax advantages, greater financial flexibility due to secured borrowing, built-in ‘default’ savings with mortgage amortization and nominally fixed payments, and the potential to lower home maintenance costs through sweat equity.”

      Let’s breakdown 5 major financial benefits of homeownership:

      1. Housing is typically the one leveraged investment available

      Homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. A 20% down payment results in a leverage factor of five, meaning every percentage point rise in the value of your home is a 5% return on your equity. If you put down 10%, your leverage factor is 10.

      Example: Let’s assume you purchased a $300,000 home and put down $60,000 (20%). If the house appreciates by $30,000, that is only a 10% increase in value but a 50% increase in equity.

      2. You’re paying for housing whether you own or rent

      Some argue that renting eliminates the cost of property taxes and home repairs. Every potential renter must realize that all the expenses the landlord incurs (property taxes, repairs, insurance, etc.) are baked into the rent payment already – along with a profit margin!!

      3. Owning is usually a form of “forced savings”

      Studies have shown that homeowners have a net worth that is 44X greater than that of a renter. As a matter of fact, it was recently estimated that a family buying an average priced home this past January could build more than $42,000 in family wealth over the next five years.

      4. Owning is a hedge against inflation

      House values and rents tend to go up at or higher than the rate of inflation. When you own, your home’s value will protect you from that inflation.

      5. There are still substantial tax benefits to owning

      We know that the new tax reform bill puts limits on some deductions on certain homes. However, in the research paper referenced above, the authors explain:

      “…the mortgage interest deduction is not the main source of these gains; even if it were removed, homeowners would continue to benefit from a lack of taxation of imputed rent and capital gains.”

      Bottom Line

      From a financial standpoint, owning a home has always been and will always be better than renting.


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