2 Out of 3 Renters Want to Own. What’s Stopping Them?

Want-to-Buy

The Federal Reserve Bank of New York recently released the 2015 SCE Housing Survey. The survey revealed that most current renters would prefer owning and that 61.9% of them plan to buy a home within the next five years. 68.3% stated they would prefer owning (with 45.6% saying they ‘strongly’ prefer owning). When asked at what point in the future do they think they will own a primary residence:
8.2% said within a year
15.3% said in 1 to 2 years
38.4% said between 3 to 5 years
What’s Holding Them Back?

Of the 68.3% who would prefer to own, 2 out of 3 cited difficulty in getting a mortgage for the reason they do not own. However, many believe that the reason so many think that it would be difficult to get a mortgage is not fully based on current market realities. For example, studies have shown that there is confusion over the amount of money needed for a down payment. Research has shown that 40 to 50% of Americans believe that between 15-20% is the minimum required for a down payment. In reality, there are many programs available at 5% and even 3%. There are even some programs that don’t require any down payment (ex. VA loans). Others fear they need a perfect credit score or believe that the overall mortgaging process has become almost impossible. Actually, the Mortgage Credit Availability Index, a report from the Mortgage Bankers Association, has shown that, over the last seven months, access to mortgages has gotten much more available. And the NY Fed study suggests that some renters are waiting for interest mortgage rates to fall even further. Fifty percent of the renters surveyed believe mortgage interest rates will fall over the next year and almost 10% believe that they will fall by more than 1%. However, the reality of the situation is that Freddie Mac, the Mortgage Bankers Association and the National Association of Realtors are all projecting that rates will be significantly higher at this time next year. They are all predicting mortgage rates will be almost 1% higher!
Bottom Line

Many renters want to own their own home. Some are not moving forward based on misunderstandings regarding the mortgage process. If you are currently a renter who desires the benefits of homeownership, sit down with a local real estate professional to determine what your options actually are.

Bernie McDonnell GRI SFR CMHS

Synergy Realty Group          
Cell phone: (719) 659-9482
Email: bernie@coloradospringsrealty.biz
Website: http://coloradospringsrealty.biz

Synergy Realty Group – where we are not #1 – YOU ARE!  By the way, I’m never too busy for any of your referrals!

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Insurance deadline looms for victims of 2013 Black Forest

Black forest fire aftermath

The second anniversary of the Black Forest fire on Thursday brings a deadline for many fire victims: it will be their last chance to sue their insurance companies and their last chance to seek to collect the full amount of money they are owed to replace belongings.

The fire started on June 11, 2013 and burned 14,280 acres in Black Forest, destroying 488 homes and killing two people.

Fire victims who are working to settle their claims should ask for an extension of the deadline verified in writing. Most insurance companies will grant them if homeowners request them.

If the insurer denies the extension, residents should contact the Colorado Department of Regulatory Agencies, which has encouraged insurance companies to grant those extensions.

Before the two-year deadline, policyholders should get written confirmation of the following:
– Your insurance claim will remain open and payable past the two-year anniversary.
– Your insurer will continue to honor its obligation to pay all benefits owing, including replacement values, past the two-year anniversary.
– Your insurer agrees that it will not enforce any “suit against us” provision that may arise at the two-year anniversary.

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^^^ WOW! MOVE IN READY NEAR POWERS BLVD ^^^

7635 Stormy Way Colorado springs
3 bedrooms, 3 bathrooms, 2 story house in eastern Colorado Springs near Peterson and Barnes. New carpeting, new tile, new kitchen sink, interior completely repainted. Staining of deck to be completed by 10/16. This house is in great condition and shows very well. Easy access to Powers & Military bases. Laura Gilpin park and very large open space are 1/2 block away. Gas fireplace. Washer & dryer included. Walkout to back yard in basement.
Provided courtesy of Bernie McDonnell – Cherry Creek Properties
Hire a positive and proactive Realtor to help you find your next house!
Call or text 719-659-9482 for information on
Buyer’s Representative Services NO COST TO HOMEBUYERS

Search entire Colorado Springs area MLS for
FREE:
http://www.berniemcdonnell.com/search

Get a FREE report on YOUR HOME’S Value at http://www.berniemcdonnell.com/sell

Where we are not #1…YOU ARE!

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BRIARGATE OPEN HOUSE Sunday 9/29 from 12-2:00 PRICE REDUCED

 OPEN HOUSE Sunday 9/29 from 12-2:00 PRICE REDUCED
Beautiful Briargate Home 4 Bedroom 3 Bathroom
8089 Radcliff Dr, Colorado Springs, CO  80920
presented by Bernie McDonnell, Cherry Creek Properties
click on the picture for more info
 
 
 
 
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Price Reduced on this Beautiful Briargate Home Near Powers Corridor-D20 Schools

4 Bedroom, 3 Bathroom Home Now $274,000
Walk to shopping and restaurants

Click on the picture for more info or:

http://www.berniemcdonnell.com/listing/mlsid/198/propertyid/711547/

TO REACH A COLORADO SPRINGS REAL ESTATE EXPERT CONTACT BERNIE MCDONNELL, Cherry Creek Properties,

at (719) 659-9482 or http://coloradospringsrealty.biz

Where we are not #1…YOU are!

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Manitou Springs is a Neat Place to Live


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TO REACH A COLORADO SPRINGS REAL ESTATE EXPERT CONTACT BERNIE MCDONNELL, Cornerstone Real Estate Team, 
at (719) 659-9482 or http://coloradospringsrealty.biz

Where we are not #1…YOU are!

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YES, there are Homes in Monument for sale Under $250K

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TO REACH A COLORADO SPRINGS REAL ESTATE EXPERT CONTACT BERNIE MCDONNELL, Cornerstone Real Estate Team,
Where we are not #1…YOU are!
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Manitou Springs is a Cool Place to Live

CHECK OUT THESE HOMES FOR SALE IN MANITOU SPRINGS
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TO REACH A COLORADO SPRINGS REAL ESTATE EXPERT CONTACT BERNIE MCDONNELL, Cornerstone Real Estate Team,
Where we are not #1…YOU are!
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New Homes in School District 38 – Northern Colorado Springs

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TO REACH A COLORADO SPRINGS REAL ESTATE EXPERT CONTACT BERNIE MCDONNELL, Cornerstone Real Estate Team,
Where we are not #1…YOU are
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Flying Horse has it all – Why not Live there?

Flying Horse is a vision of perfection.  With lavish homes, elegant recreational facilities, a boldly-conceived K-12 academic campus, and a private, 18-hole championship golf course, it offers a lifestyle unmatched in either look or luxury.
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TO REACH A COLORADO SPRINGS REAL ESTATE EXPERT CONTACT BERNIE MCDONNELL, Cornerstone Real Estate Team,
Where we are not #1…YOU are!
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