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ne of the biggest hurdles homebuyers face is saving for a down payment states Mike Eastwood Author & Chief Executive Officer of West USA Realty of Prescott. As you’re budgeting and planning for your home purchase, you’ll want to understand how much you’ll need to put down and how long it will take you to get there. The process may actually move faster than you think. Using  data  from the  U.S. Department of Housing and Urban Development  (HUD) and  Apartment List ,  we can estimate how long it might take someone earning the median income and paying the median rent to save up for a down payment on a median-priced home. Since saving for a down payment can be a great time to practice budgeting for housing costs, this estimate also uses the  concept  that a household should not pay more than 28% of their total income on monthly housing expenses. According to the data, the national average for the time it would take to save for a 10% down payment ...

  As vaccines are administered and travel resumes, many of us are beginning to plan for those long-awaited vacations we missed out on over the past year. Mike Eastwood Author- Chief Executive Officer of West USA Realty of Prescott states. Some households are focusing their efforts on buying a vacation home rather than staying in a hotel, too. The   National Association of Home Builders   (NAHB)   reports : “ Second homes  (i.e., homes sold to buyers who are not going to occupy the home year-round, but  use it as a vacation home , investment property, etc.)  account for 15 percent of new single-family home sales.” It’s not surprising that there’s an increase in demand for vacation homes. The majority of Americans are realizing they prefer to be around small groups, as shown in a recent  survey  from  The Harris Poll : “Social distancing taught consumers new things about how they like to socialize; (75%) said, ‘during COVID social distanci...

  A recent   Survey of Consumer Finances   study released by the   Federal Reserve   reveals the net worth of homeowners is   forty times greater than that of renters . If you’re wondering if homeownership is a good investment. Mike Eastwood Author & Chief Executive Officer of West USA Realty of Prescott states, the study clearly answers that question, and the answer is yes. Do Americans believe a home is a better investment than stocks? In a post on the  Liberty Street Economics  blog, the  Federal Reserve Bank of New York  notes that  93.3% of Americans  believe buying a home is  definitely  or  probably  a better investment than buying stocks. Here’s how the results break down: The survey also shows a wide range of reasons why Americans feel that way (respondents were able to pick more than one answer):

  There has been a lot of discussion as to what will happen once the 2.3 million households currently in forbearance no longer have the protection of the program states Mike Eastwood Author-Chief Executive Officer of West USA Realty of Prescott. Some assume there could potentially be millions of foreclosures ready to hit the market. However, there are four reasons that won’t happen. 1. Almost 50% Leave Forbearance Already Caught Up on Payments According to the  Mortgage Bankers Association  (MBA),  data  through March 28 show that 48.9% of homeowners who have already left the program were current on their mortgage payments when they exited. 6% made their monthly payments during their forbearance period 7% brought past due payments current 6% paid off their loan in full This doesn’t mean that the over two million still in the plan will exit exactly the same way. It does, however, give us some insight into the possibilities. 2. The Banks Don’t Want the Houses Back...

  A   Fannie Mae   survey   recently revealed some of the most highly-rated benefits of homeownership, which continue to be key drivers in today’s power-packed housing market states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Here are the top four financial benefits of owning a home according to consumer respondents: 88% – a better chance of saving for retirement 87% – the best investment plan 85% – the chance to be better off financially 85% – the chance to build up wealth Additional financial advantages of homeownership included in the survey are having the best overall tax situation and being able to live within your budget. Does homeownership actually give you a better chance to build wealth? No one can question a person’s unique feelings about the importance of homeownership. However, it’s fair to ask if the numbers justify homeownership as a  financial  asset. Last fall, the  Federal Reserve  released the  Surv...

   If you’re planning to buy a home this year states Mike Eastwood Author/Chief Executive Officer of West USA Realty of Prescott, saving for a down payment is one of the most important steps in the process. One of the best ways to jumpstart your savings is by starting with the help of your tax refund. Using data from the  Internal Revenue Service  (IRS), it’s estimated that Americans can expect an average refund of  $2,925  when filing their taxes this year. The map below  shows  the average anticipated tax refund by state: Thanks to programs from the  Federal Housing Authority, Freddie Mac,  and  Fannie Mae,  many first-time buyers can purchase a home with as little as 3% down. In addition,  Veterans Affairs Loans  allowing many  veterans  to put 0% down. You may have heard the common myth that you need to put 20% down when you buy a home, but thankfully for most homebuyers, a  20% down payme...