The Majority of Veterans Are Unaware of a Key VA Loan Benefit
For over 79 years, Veterans Affairs (VA) home loans have helped countless Veterans achieve the dream of homeownership. But according to Veterans United, only 3 in 10 Veterans realize they may be able to buy a home without needing a down payment (see visual below): That’s why it’s so important for Veterans – and anyone who cares about a Veteran – to be aware of this valuable program. Knowing about the resources available can make the path to homeownership easier and keep life-changing plans from being put on hold. As Veterans United explains: “The ability to buy with 0% down is the signature advantage of this nearly 80-year-old benefit program. Eligible Veterans can buy as much house as they can afford, all without the need to spend years saving for a down payment.” The Advantages of VA Home Loans VA home loans are designed to make homeownership a reality for those who have served our country. These loans come with the following benefits according to the Department of Veterans Affairs: Options for No Down Payment: One of the biggest perks is that many Veterans can buy a home with no down payment at all, making it simpler to get started on your homebuying journey. Limited Closing Costs: With VA loans, there are limits on the types of closing costs Veterans have to pay. This helps keep more money in your pocket when you’re ready to finalize the sale. No Private Mortgage Insurance (PMI): Unlike many other loan types, VA loans don’t require PMI, even with lower down payments. This means lower monthly payments, which adds up to big savings over time. Your team of expert real estate professionals, including a local agent and a trusted lender, are the best resource to understand all the options and advantages available to help you achieve your homebuying goals. Bottom Line Owning a home is a key part of the American Dream, and VA home loans are a powerful benefit for those who’ve served our country. Let’s connect to make sure you have everything you need to make confident decisions in the housing market. Check out our Beautiful Listings at https://davesalaskahomes.com/featured-listingSearch for homes easily at https://davesalaskahomes.com/listingGet your home’s estimated value instantly at https://davesalaskahomes.com/evaluation If you or anyone you know has ANY thoughts of buying or selling real estate, lets connect to talk about the opportunities available in our market and how to reach your goals. LET US BE YOUR TRUSTED GUIDE Call or text Dave now at 907-863-7289Call or text Travis now at 907-575-6779 davesalaskahomes@gmail.com http://www.DavesAlaskaHomes. com
Is a Fixer Upper Right for You?
Looking to buy a home but feeling like almost everything is out of reach? Here’s the thing. There’s still a way to become a homeowner, even when affordability seems like a huge roadblock – and it might be with a fixer upper. Let’s dive into why buying a fixer upper could be your ticket to homeownership and how you can make it work. What Is a Fixer Upper? A fixer upper is a home that’s in livable condition but needs some work. The amount of work varies by home – some may need cosmetic updates like wallpaper removal and new flooring, while others might require more extensive repairs like replacing a roof or updating plumbing. Because they need some elbow grease, these homes typically have a lower price point, based on local market value. In fact, a survey from StorageCafe explains that fixer uppers generally cost about 29% less than move-in-ready homes. And that’s why, according to a recent survey, more buyers are considering homes that need a little extra work right now (see below): If you're looking for an option to get your foot in the door, and you're willing to roll up your sleeves and do a bit of work, a house with untapped potential may be a good option. Tips for Buying a Home That Needs Some Work Before you buy a home that may need a makeover, here are a few things to keep in mind: Choose a Good Location: You can repair a house, but you can’t change where it is. Make sure the home is in a neighborhood you like or one with increasing property values and a growing number of local amenities. This way, even after you spend money fixing it up, the house will be worth more later. Budget for Surprises: Fixing up a house can take more time and money than you might think. Make sure you save room in your budget for unexpected repairs or other unknowns that might come up while you're working on the house. Get a Home Inspection: Before you buy, hire an inspector to check out the house. They’ll help you determine the necessary repairs, so you don’t end up with expensive surprises later. Plan Your Priorities: When deciding what to tackle first, it helps to categorize your goals. Think of your home in three ways: the must-haves (essential repairs), the nice-to-haves (upgrades that would make life easier), and the dream-state features (luxuries you can add later). This will help you prioritize and stick to your budget. Remember, the perfect home is the one you perfect after buying it. By starting with a fixer upper, you have the opportunity to customize a home to your liking while saving money on the initial purchase price. With careful planning, budgeting, and a little bit of vision, you can turn a house that needs some love into your perfect home. Real estate agents are great at finding homes with potential. They know the local market and can guide you to homes where smart upgrades can add value. With their help, you’re more likely to find a house that fits your total budget and has room for worthwhile improvements. Bottom Line In today’s market, where the cost of homeownership can be intimidating, finding a move-in-ready home that fits your budget can feel like a real challenge. But if you’re open to putting in a little work, you can transform a fixer upper into your ideal home over time. Let’s explore what’s possible and find a place that'll work for you. Check out our Beautiful Listings at https://davesalaskahomes.com/featured-listingSearch for homes easily at https://davesalaskahomes.com/listingGet your home’s estimated value instantly at https://davesalaskahomes.com/evaluation If you or anyone you know has ANY thoughts of buying or selling real estate, lets connect to talk about the opportunities available in our market and how to reach your goals. LET US BE YOUR TRUSTED GUIDE Call or text Dave now at 907-863-7289Call or text Travis now at 907-575-6779 davesalaskahomes@gmail.com http://www.DavesAlaskaHomes. com
Election Years & Interest Rates, Insights from Dave & Travis!
There is no doubt that the upcoming election has most people on edge to say the least? I heard that around 30% of qualified-ready home buyers are waiting till after the election to decide what to do. And we have home seller's doing the same thing. Historically, presidential elections have been known to influence mortgage interest rates and market activity. The uncertainty surrounding elections can lead to short-term volatility, but the long-term trends often tell a story of stability. I want to share some insights into how mortgage interest rates have historically been influenced by presidential elections. Here’s a bit of data from 1972 through 2020 to show you how political shifts can move the needle on interest rates, impacting both buyers and sellers. The last 4 years have been a very unique period in real estate sales and mortgage rates. We had those juicy under 3% rates in 2020-mid 2022 and record sales, record price increases and record low inventory. Then in 2022-2023 we saw the fastest increase in mortgage rates ever, peaking in the 7-8% range! 3rd quarter of 2024 saw a reduction to the 5-6% range. Then the Fed finally lowered the prime rate and what happened? Mortgage rates went up! Below is some historical Data. The chart I’ve included shows interest rate trends before, during, and after each presidential election. One thing is clear: election years can bring some changes to interest rates but often do not have much of an effect. Check out the rates around the 1980 election! For comparison November 2023 the 30 year conventional mortgage rate sat at about 7.37%. November 2024 sits at about 6.6%. My guess is the rates will be about 5.5% November 2025 but who the heck knows! I’ve got another interesting chart for you—this one shows the average interest rates based on which political party is in office, comparing Democrats and Republicans. As you can see, under Democratic leadership, interest rates tend to average slightly lower at 6.75% before the election and 7.39% during the election year, with a post-election bump to 7.58%. On the Republican side, rates are consistently a bit higher, hovering around 7.74% before the election, 7.88% during, and 7.66% after. If you’ve got questions or need help navigating the market, we are always here to help! Check out our Beautiful Listings at https://davesalaskahomes.com/featured-listingSearch for homes easily at https://davesalaskahomes.com/listingGet your home’s estimated value instantly at https://davesalaskahomes.com/evaluation If you or anyone you know has ANY thoughts of buying or selling real estate, lets connect to talk about the opportunities available in our market and how to reach your goals. LET US BE YOUR TRUSTED GUIDE Call or text Dave now at 907-863-7289Call or text Travis now at 907-575-6779 davesalaskahomes@gmail.com http://www.DavesAlaskaHomes. com
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