A typical first-time home buyer pays thousands of dollars more than an experienced buyer would pay for the same house, according to research from two housing economists. First-time buyers overpaid an average of about $2,200, or 0.79%, for their homes, according to senior economist Jessica Shui and economist Shriya Murthy of the Federal Housing Finance…
We all make New Year’s resolutions, but let’s be honest, most are wishful thinking. By February, that “lose 20 pounds” or “learn Spanish” resolution has gone right out the window. But not for you, new homeowner. This year is different. Your first 12 months of homeownership set the tone for the entire journey. With just…
Will the new tax law save you money or cost you money? The answer depends on a complex array of factors that touch on just about every aspect of your financial life. This article is about a subset of your finances: How the tax law will affect homeownership and mortgages. Among other things, the tax…
Almost anyone who has searched for a house recently knows there are not enough houses for sale. One simple number defines the problem: In October 2017, the nation had a 3.9-month supply of existing homes for resale. That means, at the pace seen then, it would have taken 3.9 months to sell all the homes on the…
The housing picture is likely to improve in 2018: Home prices are expected to climb, but not as fast More houses could be for sale toward the end of the year, giving home buyers a greater selection to choose from Homeowners will have more equity to borrow from Yet in other ways, 2018 might continue…
Outdoor hosting is all the rage these days and it can be really fun! However, if you want to host a party in the evening/night, you’ll need a good amount of lighting. Here are five creative ways homeowners are lighting their outdoor spaces (and subsequently throwing awesome parties!) String Lighting String lighting isn’t just for the…
Should you invest extra cash or use it to pay off your mortgage? It’s a heated debate that rivals French press versus pour-over coffee and “Star Wars” or “Star Trek.” But while all three topics might get passionate believers on both sides all worked up, investing or paying off your mortgage is a choice with serious financial…
A 15-year mortgage is the dream home loan for home buyers who can afford the much higher monthly payments and want to shred their mortgage in half the usual time while saving thousands or even tens of thousands of dollars in interest. To make a 15-year mortgage work, you’ll need a reliable income and enough…
A hot new scam targets home buyers: down payment wire fraud. Hackers send bogus emails, telling buyers where to wire the down payment money. The stolen money disappears. The home buyer ends up with an empty bank account and a broken heart. Hundreds of millions of dollars have been stolen this way. But you can avoid that…
