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Down Payments | Solari Group Real Estate News Blog

Friday, March 11, 2022   /   by Nicole Solari

Key Terms for Homebuyers [INFOGRAPHIC]

Some Highlights

Knowing key housing terms and how they relate to today’s market is important. For example, when mortgage rates and home prices rise, it impacts how much home you can afford.
Terms like appraisal (what lenders rely on to validate a home’s value) and the inspection contingency (which gives buyers essential information on a home’s condition) directly impact the transaction.
Buying a home can be intimidating if you’re not familiar with the terms used throughout the process. Lean on a trusted advisor so you have an expert guide and advice for any questions that may come up. ...

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  real estate, for buyers, first time home buyer, housing market updates, interest rates, buying myths, infographics, down payments

Wednesday, March 2, 2022   /   by Nicole Solari

Down Payment Assistance Programs Can Help You Achieve Homeownership

For many homebuyers, the thought of saving for a down payment can feel daunting, especially in today’s market. That’s why, when asked what they find most difficult in the homebuying process, some buyers say it’s one of the hardest steps on the path to homeownership. Data from the National Association of Realtors (NAR) shows:

“For first-time home buyers, 29 percent said saving for a downpayment [sic] was the most difficult step in the process.”

If you’re finding that your down payment is your biggest hurdle, the good news is there are many down payment assistance programs available that can help you achieve your goals. The key is understanding where to look and learning what options are available. Here’s some information that can help.
First-Time and Repeat Buyers Are Often Eligible
According to downpaymentresource.com, there are thousands of financial assistance programs available for h ...

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  real estate, level up realty, buying, real estate agent, for buyers, housing market updates, first time home buyers, move up buyers, buying myths, down payments

Wednesday, July 7, 2021   /   by Nicole Solari

The Truths Young Homebuyers Need To Hear

For many young or first-time homebuyers, purchasing a home can feel intimidating. A recent survey shows some homebuyers ages 25 to 40 may be unsure about the homebuying process and what they can afford. It found:

“1 in 4 underestimated their buying potential by $150k or more”
“1 in 4 underestimated the increase in value by $100k or more”
“47% don’t know what a good interest rate is”

Because they feel uncertain, many young homebuyers have given up on their search, or worse, they’ve decided homebuying isn’t for them and never started on their journey to begin with.
If you’re interested in buying but aren’t sure where to begin, here are three key concepts about homeownership you should understand before you get started.
1. What You Need To Know About Down Payments
Saving for a down payment is sometimes viewed as one of the biggest obstacles for homebuyers, but that doesn’t have to be the case. As& ...

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  real estate, the solari group, level up realty, buying myths, demographics, down payments, first time home buyers, for buyers, gen z, interest rates, millenials, pricing, rent vs buy

Tuesday, June 29, 2021   /   by Nicole Solari

What To Expect as Appraisal Gaps Grow

In today’s real estate market, low inventory and high demand are driving up home prices. As many as 54% of homes are getting offers over the listing price, based on the latest Realtors Confidence Index from the National Association of Realtors (NAR). Shawn Telford, Chief Appraiser at CoreLogic, elaborates:

“The frequency of buyers being willing to pay more than the market data supports is increasing.”

While this is great news for today’s sellers, it can be tricky to navigate if the price of your contract doesn’t match up with the appraisal for the house. It’s called an appraisal gap, and it’s happening more in today’s market than the norm.
According to recent data from CoreLogic, 19% of homes had their appraised value come in below the contract price in April of this year. That’s more than double the percentage in each of the two previou. ...

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  real estate, the solari group, level up realty, buying myths, down payments, for buyers, for sellers, move up buyers, pricing, selling myths

Monday, May 17, 2021   /   by Nicole Solari

Don’t Forget to Budget for Closing Costs

When buying a home, it’s important to have a budget and make sure you plan ahead for certain homebuying expenses. Saving for a down payment is the main cost that comes to mind for many, but budgeting for the closing costs required to get a mortgage is just as important.
What Are Closing Costs?
According to Trulia:

“When you close on a home, a number of fees are due. They typically range from 2% to 5% of the total cost of the home, and can include title insurance, origination fees, underwriting fees, document preparation fees, and more.”

For example, for someone buying a $300,000 home, they could potentially have between $6,000 and $15,000 in closing fees. If you’re in the market for a home above this price range, your closing costs could be greater. As mentioned above, closing costs are typically between 2% and 5% of your purchase price. 
Trulia gives more great advice, explaining:

“There will be lot. ...

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  real estate, the solari group, level up realty, buying myths, down payments, first time home buyers, for buyers, move up buyers, pricing

Level Up Realty
Nicole Solari
490 Chadbourne Road, Suite A123
Fairfield, CA 94534
707-486-5400
DRE# 02014153

IDX Content is provided via the Internet for consumers’ personal, non-commercial use. Variable Price’ indicates the seller is willing to entertain offers within a Listing Price Range. All measurements and all calculations of area are approximate. Information provided by Seller/Other sources, not verified by Broker. All interested persons should independently verify accuracy of information. Provided properties may or may not be listed by the office/agent presenting the information. IDX provided by Commissions Inc. Data last updated:November 30, 2022
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