Paul Jenkins Realtor, Gateway to Homes

04/18/2024

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06/19/2023

If you're planning to buy your first home, then you're probably focused on saving for all the costs involved in such a big purchase. One of the expenses that may be at the top of your mind is your down payment. If you’re intimidated by how much you need to save for that, it may be because you believe you must put 20% down. That doesn’t necessarily have to be the case. As NAR notes, “One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership.”

And a recent Freddie Mac survey finds, “. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”

Here’s the good news. Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be closer to your homeb...

If you're planning to buy your first home, then you're probably focused on saving for all the costs involved in such a big purchase.

06/17/2023

Make sure you’re in the best position when you get to the closing table. Let’s connect so you can learn more about the homebuying process.

06/16/2023

If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership. Over time, homeownership allows you to build equity. On average, nationwide home prices appreciated by 290.2% over the last 32 years. That means your net worth can grow significantly in the long-term when you own a home. DM me so you can start your homebuying journey today.

If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership.

06/15/2023

If you're thinking about buying or selling a house, it's important to know that it doesn't just affect your life, but also your community. NAR releases a report every year to show how much economic activity is generated by home sales.

When a house is sold, it can make a big difference in the local economy. The impact comes largely from the workers required to build, update, and buy and sell homes.

Housing being a major job creator makes sense when you consider there are many different industries involved in the process. A recent article from Fortune notes housing activity could have a more robust impact than you think due to the many ways it’s tied to the economy.

When you buy or sell a home, you work with a team of professionals, including contractors, specialists, lawyers, and city officials. Each person plays a role in making the transaction happen.

So, when you make a move in the housing market, you'r...

If you're thinking about buying or selling a house, it's important to know that it doesn't just affect your life, but also your community.

06/14/2023

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.

Consider 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). The data show...

You may see media coverage talking about a drop in homeowner equity.

06/13/2023

If you’re thinking about selling your house right now, chances are it’s because something in your life has changed. And, while things like mortgage rates are a key part of your decision on what you’ll buy next, it’s important to not lose sight of the reason you want to make a change in the first place.

It’s true mortgage rates have climbed from the record lows we saw in recent years, and that has an impact on affordability. With rates where they are right now, some homeowners are deciding they’ll wait to sell because they don’t want to move and have a higher mortgage rate on their next home. As Danielle Hale, Chief Economist at Realtor.com, explains, “. . . homeowners who locked in a 30-year fixed rate in the 2-3% range don't necessarily want to give that up in exchange for a rate in the 6-7% range.”

But your lifestyle and your changing needs should matter more. Here are a few of the most common reasons peo...

If you’re thinking about selling your house right now, chances are it’s because something in your life has changed.

06/12/2023

Media coverage about what’s happening with home prices can be confusing. A large part of that is due to the type of data being used and what they’re choosing to draw attention to. For home prices, there are two different methods used to compare home prices over different time periods: year-over-year (Y-O-Y) and month-over-month (M-O-M).

Why Is This Distinction So Important Right Now?

We’re about to enter a few months when home prices could possibly be lower than they were the same month last year. April, May, and June of 2022 were three of the best months for home prices in the history of the American housing market. Those same months this year might not measure up. That means, the Y-O-Y comparison will probably show values are depreciating. The numbers for April seem to suggest that’s what we’ll see in the months ahead. That’ll generate troubling headlines that say home values are falling. That’ll be accura...

06/10/2023

Do all those confusing headlines about the housing market leave you with more questions than answers? Let’s connect so you can get your free guides and the knowledge you deserve.

06/09/2023

Comparing housing market metrics from one year to another can be challenging in a normal housing market – and the last few years have been anything but normal. In a way, they were ‘unicorn’ years. Expect unsettling housing market headlines this year, mostly due to unfair comparisons with the ‘unicorn’ years. DM me so I can share the data that puts those headlines in the proper perspective.

Comparing housing market metrics from one year to another can be challenging in a normal housing market – and the last few years have been anything but normal. In a way, they were 'unicorn' years.

06/08/2023

When you look at the numbers today, the one thing that stands out is the strength of this housing market. We can see this is one of the most foundationally strong housing markets of our lifetime – if not the strongest housing market of our lifetime. Here are two fundamentals that prove this point.

>>The Current Mortgage Rate on Existing Mortgages

First, let’s look at the current rate on existing mortgages. According to the FHFA, as of the fourth quarter of last year, over 80% of existing mortgages have a rate below 5%. That’s significant. And, to take that one step further, over 50% of mortgages have a rate below 4%. Here's why this gives the housing market such a solid foundation today. Having so many homeowners with such low mortgage rates helps us avoid a crisis with a flood of foreclosures coming to market like there was back in 2008.

>>The Amount of Homeowner Equity

Second, Americans are sitting on tr...

When you look at the numbers today, the one thing that stands out is the strength of this housing market.