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The number of houses for sale today is significantly lower than the high buyer activity in the curre
Our mission at Ryan Dallas Real Estate goes beyond just real estate. It's about serving at the highe [read more]
Many people are eager to buy a home right now while affordability continues to be a highlight of the current housing market. However, a recent survey by Sparks Research shows that 20% of first-time homebuyers cite a lack of financial education as a barrier to homeownership. This is definitely understandable. If you don’t feel comfortable with the financial process of buying a home, it’s hard to make a confident decision. In fact, four in five homebuyers say they need help to understand what they can even afford in the first place. This is why finding the right professionals to help you through the process is so important.
On top of that, the same survey reports over two-thirds of prospective homebuyers believe they’ll need assistance to save enough for a down payment. What they may not realize is that there are a lot of down payment assistance programs at the state and regional levels, and many of them have funds available for potential buyers. Down Payment Resources recently released its Q3 2020 Homeownership Program Index, which explains:
“The number of total programs is 2,340, and over 81 percent (81.1%) of programs currently have funds available for eligible homebuyers.”
Down Payment Assistance Programs Are Not Only for First-Time Homebuyers
Keep in mind, these programs aren’t just for first-time homebuyers, so it’s worth exploring your options no matter where you are in your homeownership journey. For example, if you’re working from home now, you may be thinking of relocating to a more affordable area where you can stretch your dollar further and have more space, inside and out. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), explains:“Rural areas have mortgages (USDA loans) that don’t require down payments; and some workers who can work from home may want to consider outer suburbs or small towns where USDA home loans are available and where homes are very affordable.”If affordability is on your mind and you’re expecting to be working from home long-term, the right home may be in an area you haven’t considered yet. In addition, the assistance program you need might be within reach too. If you’re interested in learning more about down payment assistance programs, additional information is available through Down Payment Resource. Your real estate advisor can help you decide which option is best for you personally.
Bottom Line
Thanks to a range of down payment assistance programs, affordable options are out there for today’s hopeful homebuyers. It’s important to get the financial education you need to understand the homebuying process and accomplish your real estate goals. Let’s connect today to get you started on the path to your dream home.
Our mission at Ryan Dallas Real Estate goes beyond just real estate. It's about serving at the highest level possible: to our clients, to our partners, to our families, to our communities. That mission is at the heart of our Ryan Dallas Real Estate Impact! initiative where our company gives back to a local organization in some way each and every month.
Our Impact! Day for May was dedicated to Feeding Our Kids of Champaign County, a local organization that provides school children with bags of nutritious snacks so they don't go hungry on weekends and holiday breaks. A group of RDRE team members had the privilege of helping the Feeding Our Kids organization with its mission by unloading and organizing one of their monthly food deliveries.
The Feeding Our Kids organization provides deliveries to 33 schools throughout Champaign County and the Tuscola area. In the 2018-2019 school year alone, more than 800 school-aged children were provided with bags of food. The organization is primarily built on donations and volunteers who pack meal bags and deliver to the schools. They intend to continue to grow, and have at least 4 additional schools that need to be added into the program. Please click here to view a full list of donation items needed. If you would like to donate, please check out the Feeding Our Kids website.
If you know of or are part of an organization that has a need for volunteers,
please give us a call at 217-351-4900 or
email us at [email protected]
This is a welcome bit of relief: Over the past two months, mortgage rates, which had been climbing steadily for over a year, started to trend down.
In fact, the 30-year fixed mortgage rate has dropped to around 4.45% from a high of 4.94%. For reference, that's the lowest level since April of last year.
What's behind this welcome change?
Well, there's been a lot of volatility in the stock market since November. This pushes investors into more predictable investments, such as bonds. And this, in turn, pushes bond rates down.
Mortgage rates tend to follow bond rates pretty closely, and that's why we're seeing the 0.5% drop in mortgage rates since last November.
This is certainly good news for the real estate market as a whole, but how does it affect you in particular?
Well, if you're looking to buy, it makes it a lot easier to afford a loan.
Imagine, for example, that you wanted to take out a 30-year mortgage for $200,000.
The current 0.5% drop in mortgage rates would mean you'd be paying around $100 less each month.
And over the lifetime of the mortgage, you would pay around $20,000 less altogether.
Those are pretty sizeable numbers, and they clearly show that it makes sense to take advantage of the current low mortgage rate.
And that's not the only good news if you're thinking of buying: Several beautiful homes have just come on our local market.
If you want to check them out, take a look at this complete listing of available homes:
Click here for all available homes for sale
What if you're looking to sell?
In that case, the current low mortgage rates benefit you in two ways.
First, if you're also looking to buy a new home after you sell, the present dip in mortgage rates means you won't be "locked in" to your current low mortgage.
Second, lower mortgage rates also make home buying more affordable, which increases demand for your home.
This helps you sell quickly and at a better price.
Speaking of—do you know what your home is worth in the current market?
In case you want to get a good idea, try out this home value calculator, which takes into account recent sales in our area:
Enter your home address here to find out what your home is currently worth
And finally, whether you're looking to buy or sell, the current low mortgage rates mean that the time to act is now.
It’s likely that mortgage rates will start increasing again soon, as they did for much of last year. That means that the opportune moment we're seeing now will be gone, both for buyers and sellers.
If you're ready to get the ball rolling, or if you have any questions about your particular situation, give us a call. We're here to help.
I recently read an article in The New York Times titled, "Why do all home repairs cost $1,000?"
The author was complaining that it didn't matter much what went wrong at home—be it a leaky faucet, broken garage door, or failed sump pump.In each case, the bill came out to at least $1,000.
In fact, most homeowners woefully underestimate the costs of various home repairs, often by as much as four times the actual cost.
Can anything be done about this?
Here are 3 recommendations to help you deal with home repair costs:
Save for a rainy day
The average homeowner spends $2,000 a year on maintenance.
The trouble is that those repairs are often unexpected.
To deal with this, consider starting a maintenance account and adding a little bit to it every month.
When the inevitable hits, you'll have a slush fund—plus you'll feel smart for being so well prepared.
Take time to enjoy being a homeowner
In short, this means giving do-it-yourself home fixes a try.
You might balk at this suggestion, but many of those $1,000 repairs can be solved with $15 worth of parts and a few YouTube tutorials.
You'll be amazed at what you can do. Start small and build your skills, do what you feel confident about, and pay somebody to do the rest.
Negotiate smart
No matter what you are quoted for any sort of repair, it's likely that somebody else will do it better for less. Make sure to get a few quotes.
If it is time to hire a contractor, never ask whether the job will cost $1,000, or any other price for that matter. Many contractors will gladly tell you yes, even if they were willing to do the job for much less.
Finally, when you do hire a professional, realize their fee covers not only their expertise and labor, but also various kinds of insurance, certifications, workspace rent, and so on.
In other words, if you've done everything else on this list, you can accept the final repair price without feeling cheated or worrying that you're wasting money.
Of course, sometimes it can simply make sense to look for a new home that won't require frequent repairs.
If that's on your mind, you can see all the great homes that are available on our local market right now with this complete list:
Click here for all available local homes for sale
If you're considering selling your current home, you can get an idea of what your home is worth in the current market, based on recent sales with this home value calculator:
Enter your home address here to find out what your home is currently worth
And if you need recommendations for contractors to fix those things you don't want to deal with yourself, give us a call. We can recommend several reliable businesses and we're here to help.
With the holiday season now behind us and the arrival of colder weather, you may find yourself spending more time indoors and making some plans for your home for the new year. January is a great month to get a head start on your home maintenance routine and take care of some chores that will give you a fresh start to 2019!
We’ve partnered with Troy Doehring from Tech Spec Home Inspection Services for your January Maintenance Minute.
[embed]https://www.youtube.com/watch?v=1-LOSyVf8Gw&feature=youtu.be[/embed]
If you’d like to have a professional maintenance check on your home, call or email Troy today.
We’ve designed this monthly task list to be quick and easy for you to stay on top of while at the same time helping to ensure your home is maintained should the time come to sell your home.
Follow us on Facebook or Instagram for even more home maintenance and design tips.
Planning a move in the new year? Get started with an estimate of what your home may be worth with our home value calculator based on recent sales in the area:
Enter your street address here to find out what your home is worth
And if you have any other questions we can assist with, give us a call. We’re here to help!
Spring… so close, yet so far away! With winter still holding firm, February is a good month to knock out a few more of those indoor chores to get ready for the better weather and fresh seasons ahead!
We’ve teamed up with Troy Doehring of Tech Spec Home Inspection Services to help you do just that with our February Maintenance Minute.
[embed]https://www.youtube.com/watch?v=rbnKEWywG3U[/embed]
Want to get a full home maintenance check before heading into the Spring season? Call or email Troy today.
And if you’re freshening up as part of your bigger plans to make a move, let us help you get started with a home valuation based on recent area sales followed by an in-home consultation to discuss how you can maximize your home’s value.
And if you have any other questions we can assist with, give us a call. We’re here to help!
Working in the real estate industry gives us a unique opportunity to serve local families here in central Illinois. However, our mission at Ryan Dallas Real Estate goes beyond a successful transaction.
It’s about making an impact in the lives of the clients and partners we work with and the communities that we serve. That mission to make a difference is at the heart of our Ryan Dallas Real Estate Impact! initiative.
In January, our RDRE Impact! Day was dedicated to Habitat for Humanity of Champaign County. Our team members enjoyed prepping the home and painting the interior so the builders can start the finishing touches.
What a transformation we saw hour by hour and what a joy it was to learn more about the organization and meet the family who will soon move in!
Habitat for Humanity of Champaign County has made a lot of home ownership dreams come true in our community and we’re thankful for the opportunity to make an IMPACT on this home and continue living our mission to #givewhereyoulive!