If you need assistance, please call 651-735-7653

Home Equity | Gorman's Gazette Blog

Friday, May 10, 2024   /   by Louetta Larson

Tips for Younger Homebuyers: How To Make Your Dream a Reality

If you’re a member of a younger generation, like Gen Z, you may be asking the question: will I ever be able to buy a home? And chances are, you’re worried that’s not going to be in the cards with inflation, rising home prices, mortgage rates, and more seemingly stacked against you.
While there’s no arguing this housing market is challenging for first-time homebuyers, it is still achievable, especially if you have professionals on your side.
Here are some helpful tips you may get from a pro.
1. Explore Your Options for a Down Payment
If a down payment is your #1 hurdle, you may have options to give your savings a boost. There are over 2,000 down payment assistance programs designed to make homeownership more achievable. And, that’s not the only place you may be able to get a helping hand. While it may not be an option for everyone, 49% of Gen Z homebuyers got money from loved ones that they used towa. ...

  home prices, housing market, keeping current matters, real estate, jason gorman real estate team, housing inventory, home equity, housing supply, home seller, buyers, mortgage rates, spring market, sellers market, buying a home, first time home buyer, foreclosures, real estate investments, investing, inspection, 2024 real estate

Wednesday, April 17, 2024   /   by Anna Meyer

Is It Better To Rent Than Buy a Home Right Now?

You may have seen reports in the news recently saying it’s more affordable to rent right now than it is to buy a home. And while that may be true in some markets if you just look at typical monthly payments, there’s one thing that the numbers aren’t factoring in: and that’s home equity. Here’s a look at how big of an impact equity can have and why it’s worth considering as you make your decision.
What the Headlines Are Based on
The graph below uses national data on the median rental payment from Realtor.com and median mortgage payment from the National Association of Realtors (NAR) to compare the two options. As the graph shows, especially if you’re not looking for a lot of space, it can be more affordable on a monthly basis to rent:
 

But if you’re looking for something with 2 bedrooms, the gap between the median rent and the median mortgage payment starts to shrink to a di. ...

  home prices, housing market, keeping current matters, real estate, jason gorman real estate team, housing inventory, home equity, housing supply, home seller, buyers, mortgage rates, spring market, sellers market, buying a home, first time home buyer, real estate investments, investing, inspection, 2024 real estate

Tuesday, March 26, 2024   /   by Anna Meyer

3 Helpful Tips for First-Time Homebuyers

Some Highlights

Trying to buy your first home? If you’re worried about affordability today or the limited number of homes for sale, these tips can help.
Look into homebuyer programs, expand your search area, and consider a multi-generational home.
Let’s connect so you have an expert on your side to help you make your dream a reality. ...

  home prices, housing market, keeping current matters, real estate, jason gorman real estate team, housing inventory, home equity, housing supply, home seller, buyers, mortgage rates, spring market, sellers market, buying a home, first time home buyer, real estate investments, investing, inflation, inspection, 2024 real estate

Friday, March 15, 2024   /   by Anna Meyer

Your Home Is a Powerful Investment

Going into 2023, there was a lot of talk about a possible recession that would cause the housing market to crash. Some in the media were even forecasting home prices would drop by as much as 10-20%—and that might have made you feel a bit unsure about buying a home.
But here’s what actually happened: home prices went up more than usual. Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, explains:
“Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.”
To put last year’s growth into context, the graph below uses data from Freddie Mac on how home prices have changed each year going back to 1980. The dotted line shows the long-term average for appreciation:
 

The big takeaway? Home prices almost always go up.
As an article from Forbes says:
“. . . the U.S. real estate market has a long and reliabl. ...

  home prices, housing market, keeping current matters, real estate, jason gorman real estate team, housing inventory, home equity, housing supply, home seller, buyers, mortgage rates, spring market, sellers market, buying a home, first time home buyer, real estate investments, investing, inflation, inspection, 2024 real estate

Monday, March 4, 2024   /   by Anna Meyer

What To Know About Credit Scores Before Buying a Home

If you want to buy a home, you should know your credit score is a critical piece of the puzzle when it comes to qualifying for a mortgage. Lenders review your credit to see if you typically make payments on time, pay back debts, and more. Your credit score can also help determine your mortgage rate. An article from US Bank explains:
“A credit score isn’t the only deciding factor on your mortgage application, but it’s a significant one. So, when you’re house shopping, it’s important to know where your credit stands and how to use it to get the best mortgage rate possible.”
That means your credit score may feel even more important to your homebuying plans right now since mortgage rates are a key factor in affordability. According to the Federal Reserve Bank of New York, the median credit score in the U.S. for those taking out a mortgage is 770. But that doesn’t mean your credit sco. ...

  home prices, housing market, keeping current matters, real estate, jason gorman real estate team, housing inventory, home equity, housing supply, home seller, buyers, mortgage rates, spring market, sellers market, buying a home, first time home buyer, real estate investments, investing, inspection, 2024 real estate

Jason Gorman Real Estate Team Keller Williams Premier Realty
Jason Gorman
635 Bielenberg Dr. Ste 100
Woodbury, MN 55125
651-735-7653

The data relating to real estate for sale on this web site comes in part from the Broker Keller Williams Premier Realty of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than Lakes Area Realty are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.” Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.” Copyright2024Regional Multiple Listing Service of Minnesota, Inc. All rights reserved. Data last updated June 14, 2024
The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Regional Multiple Listing Service of Minnesota, Inc. Real Estate listings held by brokerage firms other than Jason Gorman - Jason Gorman Real Estate Team / Keller Williams Premier Realty are marked with the Broker ReciprocitySM logo or the Broker Reciprocity and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Copyright2024Regional Multiple Listing Service of Minnesota, Inc. All rights reserved. Data last updated June 14, 2024
This site powered by CINC: www.cincpro.com