If you are a newbie buyer, a home inspection can seem like a terrifying process: What if your dream home in Arlington has some major issues hidden beneath that shiny fresh coat of paint? But there is no need to panic just yet.
Here are three important things that you need to know about home inspection and how it can protect you from a really bad deal.
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A townhouse is defined as a single-family dwelling with at least two floors that share a wall with another house. A townhouse is typically individually owned and is most common in areas where land is in short supply and property prices are high. Unlike a condo, owners of a townhouse is able to make changes to their homes without any stiff restrictions. Townhouses are often preferred to condos for first time homeowners as it offers the best of both worlds (single family home and condos) with minimal maintenance and affordable costs.
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Here's a typical Craftsman home in Del Ray Alexandria VA
Rising home prices have created a market that favors sellers. Under these current market conditions, little
wiggle room for buyers on a budget is provided. In the previous year buyers in the market voiced that their top Real Estate sales stressor was a limited selection of inventory of homes for sale to choose from. Additionally, the year leading up to this year had notated that other top home buyer stressors were prices, competition, rising mortgage rates, and home shopping fatigue.
Here are the 2015 top home buyer stressors:
Affordability, prices jumped too quickly
Competition, other buyers want the same property
Circumstance, need to sell current property first
Down payment, didn't squirrel away enough to prepare
Unreasonable mortgage rates, can't make the move into home ownership just yet
First-time home buyers represented the fastest growing segment of home purchasers for January and February, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.
Meanwhile, current home owners looking to move up posted the largest drop in market share in the month, dropping to the lowest market share recorded of current home owners since last June.
Current home owners make up 42.5 percent of the market share, while first-time home buyers share climbed to 34.5 percent of home purchase transactions in February, based on a three-month moving average. First-time home buyers posted its second monthly increase, after reaching a four-year survey low of 32.9 percent in December.
The survey showed that first-time home buyer traffic reached a four-year high in February.
“First-time home buyers are the wildcard in the upcoming spring-summer home buying season,” says Thomas Popik, research director for Campbell Surveys. “We see strong first-time homebuyer traffic, but it’s still not clear that the traffic will translate into increased purchases, because first-time home buyers are dependent on low-down-payment financing, such as FHA mortgages, and announced FHA program changes will take effect this spring.”
Current home owners are expected to increase their home purchases this spring, with the survey measuring a big jump in home buyer traffic among this group of buyers too.
Also, investors’ share of home purchases climbed to a four-month high in February, accounting for 34.5 percent of transactions.
Source: Campbell/Inside Mortgage Finance HousingPulse Tracking Survey
Help With Down-Payment For First-Time Buyers For A Residence In 22304 In Alexandria
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First-Time Home Buyer Credit In The City Of Falls Church
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A survey by American Lives, a consumer research firm in California, conducted a study for the trade magazine Builder to answer that question. Here are their conclusions:
They are young. Most are under 45. Half said they had annual household incomes of $75,000 or less. Two-thirds are married.
They are frugal. They consistently told surveyors they were eager to live a simple lifestyle.
They are concerned about their financial future. About 70 percent said the economy is “not so good” with 27 percent saying it was getting worse and 27 percent saying it was getting better, and two-thirds saying it would get better in a year. Some 55 percent said they were concerned that they might lose their jobs.
They see themselves as energy efficient but not necessarily “green.” About 32 percent said they’d pay extra for energy-efficient features but only 16 percent said they’d pay extra for recycled or renewable construction materials.
Neighborhood is important. Ninety-five percent said they thought the community was as important as the home itself. Seventy-nine percent wanted the most square footage they could afford, but 69 percent said they’d consider a smaller home in the right neighborhood.
A townhouse is defined as a single-family dwelling with at least two floors that share a wall with another house. A townhouse is typically individually owned and is most common in areas where land is in short supply and property prices are high. Unlike a condo, owners of a townhouse is able to make changes to their homes without any stiff restrictions. Townhouses are often preferred to condos for first time homeowners as it offers the best of both worlds (single family home and condos) with minimal maintenance and affordable costs.
