The First Step in Buying a Home
Ready to start looking in Pahrump? Call (775) 209-3097 or email me: teresa.parker@homesnpahrump.com
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Monthly Archives: March 2019
Pahrump Dream Home
Welcome to Your Pahrump Dream Home! My new Pahrump listing has more features than I can list!
Contact me for more details or to schedule a showing. (775) 209-3097 or email: teresa.parker@homesnpahrump.com
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When’s the best time to sell?
Data Says April is the Best Month to List Your Home for Sale
Everyone is asking: When’s the best time to sell?
The spring housing market is off to the races! The inventory of homes for sale is increasing, buyers are out in force, and interest rates have remained low, piquing the interest of buyers and sellers previously on the fence about making a move.
New research from realtor.com shows that the first week of April is actually the best time to list your house for sale! The report used “trends in median listing prices, views per property on realtor.com, home price drops, Continue reading
The Cost of Renting vs. Buying 2019
The latest reports indicate that homeownership is still cheaper than renting in the United States. Let’s get together to find you your dream home – it may be cheaper than you think!
4 Reasons This Spring Market Is Better Than Last Year- Video
If you’re looking to buy or sell a home this year, now is a great time! Let’s get together today to go over what is happening in the Spring Market and what it means for you.
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What Credit Score Do You Need To Buy A House?
What Credit Score Do You Need To Buy A House?
There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed!
Only 25% of the Americans have a FICO® Score between 740 and 800. Here is the breakdown according to Experian:
- 16% Very Poor (300-579)
- 18% Fair (580-669)
- 21% Good (670-739)
- 25% Very Good (740-799)
- 20% Exceptional (800-850)
Randy Hopper, Senior Vice President of Mortgage Lending for Navy Federal Credit Union said,
“Just because you have a low credit score doesn’t mean you can’t purchase a home. There are a lot of options out there for consumers with low FICO® scores,”
There are many programs available with low or no credit score requirement. The Federal Housing Administration (FHA) now requires a minimum FICO® score of 580 if you want to qualify for the low down payment advantage. The US Department of Agriculture (USDA) does not set a minimum credit score requirement, but most lenders require a score of at least 640. Veterans Affairs (VA) loans have no credit score requirement.
As you can see, none of them are above 700!
It is true that the average FICO® score for all closed loans in January was 726, but there are plenty of people taking advantage of the low credit score requirements. Here is the average FICO® Score of closed FHA Loans since April 2012 according to Ellie Mae:
As you can see, that number has been dropping for the last seven years. As a matter of fact, the average FHA Purchase FICO® Score reported in January 2019 was 675!
One of the challenges is that Americans are unsure about their credit score. They just assume that it is too low to qualify and do not double check. Credit.com confirmed that only 57% of individuals sought out their credit score at least once last year.
FICO® reported,
“Since October 2009, the average year-over-year FICO® Score has steadily and consistently increased, from a low of 686 in 2009 to the latest high of 704 as of 2018.”
Here is the increase in the average US FICO® Score over the same period of time as the graph earlier.
Bottom Line
At least 84% of Americans have a score that will allow them to buy a house. If you are unsure what your score is or would like to improve your score in order to become a homeowner, let’s get together to help you set a path to reach your dream!
Pahrump Dream Home For Sale!
1290 West IGUANA, Pahrump, NV
For Sale
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Presented By:
Teresa Parker
Urban Nest Realty
775-209-3097
Licensed In: NV
License #: S0170006
$ Click for current price
3 BEDROOMS | 2 Baths (2 full ) BATHROOMS | 2053 SqFt
GORGEOUS 2006 custom built home, located on acre + property. This home is 2053 sqft, 3 bedroom, 2 bath, 2 car attached garage w/drive thru RV garage. Upgraded kitchen w/gas range, also wired for electric, custom cabinets, granite countertops, walk in pantry. Temperature controlled wine closet, entertainment ctr inside & out. Patio offers built in bbq, fans/misters, above ground jacuzzi, raised garden beds w/green house, & RV dump station
Why an Economic Slowdown Will NOT Crush Real Estate this Time
Last week, the National Association for Business Economics released their February 2019 Economic Policy Survey. The survey revealed that a majority of the panel believe an economic slowdown is in the near future:
“While only 10% of panelists expect a recession in 2019, 42% say a recession will happen in 2020, and 25% expect one in 2021.”
Their findings coincide with three previous surveys calling for a slowdown sometime in the next two years:
- The Pulsenomics Survey of Market Analysts
- The Wall Street Journal Survey of Economists
- The Duke University Survey of American CFOs
That raises the question: Will the real estate market be impacted like it was during the last recession?
A recession does not equal a housing crisis. According to the dictionary definition, a recession is:
Continue reading
Spring is a Great Time to Sell!
2 Reports That Say SPRING Is a Great Time to Sell
Heading into the spring buying market, there are strong trends starting to emerge.
The inventory of homes for sale has increased on a year-over-year basis for eight months in a row. Home price appreciation has continued to grow, although at a slower rate. The homeownership rate has reached heights last seen in 2014, with millennials and Generation X leading the way!
Let’s dive a little deeper into some of the recent reports that have been released and what they mean for the spring buying season!
1. National Association of Realtor’s Existing Home Sales Report
Sales of existing homes were down for the third consecutive month in January. Some of this can be explained by the natural seasonality that the real estate market experiences every year, and some can be explained even further by a lack of homes available for sale on the market.
Inventory
Tips For Making Your Dream of Buying a Home Come True
3 Tips for Making Your Dream of Buying A Home Come True [INFOGRAPHIC]
![3 Tips for Making Your Dream of Buying A Home Come True [INFOGRAPHIC] | MyKCM](https://files.mykcm.com/2019/02/20084419/3-Tips-ENG-MEM-1046x1354.jpg)
Some Highlights:
- Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking too much about it.
- Living within a budget right now will help you save money for down payments while also paying down other debts that might be holding you back.
- What are you willing to cut back on to make your dreams of homeownership a reality?