How Sara and Liana Achieved Homeownership with Their Employee Benefits

Buying a home can be a daunting process, especially for first-time buyers. However, with the right support and resources, it can also be an incredibly rewarding experience. Just ask Sara and Liana, who recently used their Employee Homeownership Benefits to purchase their first home. Here’s their story:

“We were really happy with all the help we had in this process. It ended up being a great home-buying experience,” said Sara. With the comprehensive support provided by our program, she was able to navigate the complexities of buying a home with ease and confidence.

As a first-time homebuyer, Sara and Liana faced many new challenges. “They were all fantastic! This was my first time buying and so much was new to me. But they were all informative and helpful,” Sara shared. Our team was there every step of the way to ensure she understood each phase of the process, from securing a mortgage to closing the deal.

Sara’s positive experience didn’t go unnoticed. “I’ve already told a couple coworkers about the program and the people I worked with. I don’t plan to go through this process again anytime soon, but I’d want to work with them again. It ended up being a very positive experience without much stress,” she said.

Sara’s story is a testament to how our employee homeownership program can transform the home-buying journey. With personalized guidance, valuable education, and significant savings opportunities, we help make the dream of homeownership a reality for employees.

If you’re thinking about buying a home, take advantage of the benefits available to you. Sara and Liana’s journey to homeownership was marked by support, education, and a stress-free experience. Their story highlights the power of using their Employee Homeownership Benefits. Contact us to find out how you can start your own home-buying journey with confidence.

Your Home Is Within Reach: What to Expect During the Closing Process

Buying a home is an exciting journey, and you’re almost at the finish line! The closing process is the final step before you get the keys to your new home. Here’s what you need to know to make this last phase smooth and stress-free.

1. Reviewing the Contract

The first step in the closing process is reviewing the sales contract. Make sure all the agreed-upon terms are included, and don’t hesitate to ask your real estate agent if you have any questions. It’s crucial that everything matches what you discussed with your real estate agent.

2. Home Inspection

Before finalizing the sale, a home inspection is typically conducted to ensure the property is in good condition. This step is important to identify any potential issues that need addressing. If the inspection reveals problems, you may need to negotiate repairs or price adjustments with the seller.

3. Appraisal

Your lender will require a home appraisal to determine the property’s market value. This step is to ensure that the loan amount does not exceed the value of the home. If the appraisal comes in lower than the purchase price, you might need to renegotiate with the seller or come up with additional funds.

4. Finalizing Your Mortgage

Ensure all your mortgage paperwork is in order. Your lender will provide a Closing Disclosure document outlining the final loan terms, including the monthly payment, loan amount, interest rate, and closing costs. Review this carefully and compare it to your initial Loan Estimate.

5. Title Search and Insurance

A title company will conduct a title search to ensure there are no legal claims or liens against the property. They will also provide title insurance to protect you against future claims. This step is essential for confirming the property’s legal ownership.

6. Closing Day

On closing day, you’ll meet with various parties, including your real estate agent, and the closing agent. You’ll sign all necessary documents, pay any remaining costs, and transfer funds. Once everything is signed and the payment is made, and the new deed is recorded, you’ll receive the keys to your new home!

Make the Most of Your Employee Homeownership Program

Your employee homeownership program is here to support you every step of the way. From understanding mortgage options to navigating closing costs, we’re dedicated to making your home-buying process as smooth as possible. Don’t hesitate to reach out to us for advice or to use our resources. We’re here to help you save money and achieve your homeownership dreams.

Need Assistance? Contact Us!

If you have any questions or need further guidance, please reach out to our team. We’re here to provide you with the support and information you need to make informed decisions and ensure a successful closing process. Let’s work together to make your homeownership journey a success!

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Advantage Home Plus does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.

Questions You May Have About Selling Your House

There’s no denying mortgage rates are having a big impact on today’s housing market. And that may leave you with some questions about whether it still makes sense to sell your house and make a move.

Here are three of the top questions you may be asking – and the data that helps answer them.

1. Should I Wait To Sell?

If you’re thinking about waiting to sell until after mortgage rates come down, here’s what you need to know. So are a ton of other people.

And while mortgage rates are still forecasted to come down later this year, if you wait for that to happen, you may be dealing with a lot more competition as other buyers and sellers jump back in too. As Bright MLS says:

“Even a modest drop in rates will bring both more buyers and more sellers into the market.”

That means if you wait it out, you’ll have to deal with things like prices rising faster and more multiple-offer scenarios when you buy your next home.

2. Are Buyers Still Out There?

But that doesn’t mean no one is moving right now. While some people are holding off, there are still plenty of buyers active today. And here’s the data to prove it. The ShowingTime Showing Index is a measure of how frequently buyers are touring homes. The graph below uses that index to show buyer activity for March (the latest data available) over the past seven years:

You can see demand has dipped some since the ‘unicorn’ years (shown in pink). That’s in response to a lot of market factors, like higher mortgage rates, rising prices, and limited inventory. But, to really understand today’s demand, you have to compare where we are now with the last normal years in the market (2018-2019) – not the abnormal ‘unicorn’ years. 

When you focus on just the blue bars, you can get an idea of how 2024 stacks up. And that gives you a whole new perspective.

Nationally, demand is still high compared to the last normal years in the housing market (2018-2019). And that means there’s still a market for your house to sell.

3. Can I Afford To Buy My Next Home?

And if you’re worried about how you’ll afford your next move with today’s rates and prices, consider this: you probably have more equity in your current home than you realize.

Homeowners have gained record amounts of equity over the past few years. And that equity can make a big difference when you buy your next home. You may even have enough to be an all-cash buyer and avoid taking out a mortgage altogether. As Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says:

“ . . . those who have earned housing equity through home price appreciation are the current winners in today’s housing market. One-third of recent home buyers did not finance their home purchase last month—the highest share in a decade. For these buyers, interest rates may be less influential in their purchase decisions.”

Bottom Line

If you’ve had these three questions on your mind and they’ve been holding you back from selling, hopefully, it helps to have this information now. A recent survey from Realtor.com shows more than 85% of potential sellers have been considering selling for over a year. That means there are a number of sellers like you who are on the fence.

But that same survey also talked to sellers who recently decided to take the plunge and list. And 79% of those recent sellers wish they’d sold sooner.

If you want to talk more about any of these questions or need more information, let’s connect.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Advantage Home Plus does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.

What’s Next for Home Prices and Mortgage Rates?

If you’re thinking of making a move this year, there are two housing market factors that are probably on your mind: home prices and mortgage rates. You’re wondering what’s going to happen next. And if it’s worth it to move now, or better to wait it out. The only thing you can really do is make the best decision you can based on the latest information available. So, here’s what experts are saying about both prices and rates.

1. What’s Next for Home Prices?

One reliable place you can turn to for information on home price forecasts is the Home Price Expectations Survey from Fannie Mae – a survey of over one hundred economists, real estate experts, and investment and market strategists.

According to the most recent release, experts are projecting home prices will continue to rise at least through 2028 (see the graph below):

While the percent of appreciation varies year-to-year, this survey says we’ll see prices rise (not fall) for at least the next 5 years, and at a much more normal pace.

What does that mean for your move? If you buy now, your home will likely grow in value and you should gain equity in the years ahead. But, based on these forecasts, if you wait and prices continue to climb, the price of a home will only be higher later on. 

2. When Will Mortgage Rates Come Down?

This is the million-dollar question in the industry. And there’s no easy way to answer it. That’s because there are a number of factors that are contributing to the volatile mortgage rate environment we’re in. Odeta Kushi, Deputy Chief Economist at First American, explains:

“Every month brings a new set of inflation and labor data that can influence the direction of mortgage rates. Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.”

What happens next will depend on where each of those factors goes from here. Experts are optimistic rates should still come down later this year, but acknowledge changing economic indicators will continue to have an impact. As a CNET article says:

“Though mortgage rates could still go down later in the year, housing market predictions change regularly in response to economic data, geopolitical events and more.”

So, if you’re ready, willing, and able to afford a home right now, partner with a trusted real estate advisor to weigh your options and decide what’s right for you. 

Bottom Line

Let’s connect to make sure you have the latest information available on home prices and mortgage rate expectations. Together we’ll go over what the experts are saying so you can make an informed decision on your move.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Advantage Home Plus does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.