"The transition from a rate driven to a value driven purchase market is important to achieving a healthy market industry over the long run." ~ CoreLogic
Twin Cities, Minnesota (PRWEB) September 20, 2013
Home Buyers are buying a home with market driven objectives, according to CoreLogic's Housing MarketPulse Report for September 2013. The housing sector drove the U.S. economy by contributing 17% to GDP growth. CoreLogic seeks to define the engines of future growth and finds that home buyers are becoming better informed and demanding value driven purchases.
"Twin Cities home buyers often ask for help early on before buying a home to gain solid research and advice up front. Buying a home is a big decision, and as an investment purchase, the value of the house, and the buyer's proportion of increasing home equity will grow over time." says Jenna Thuening, owner of Home Destination.
As home purchase volumes continue to rebound, CoreLogic predicts a flight to quality because borrowers value service and end-to-end loan origination experiences that go as smoothly as possible.
An in depth understanding of home buyer needs and borrower qualifications underlines the ability to build a quality portfolio of high value home purchases, states CoreLogic in the report. As the housing market shifts to a home buyer's market, a new set of regulations adds complexities to financing and a greater need for buying a home with transparency and disclosures.
Home Destination suggests home buyers ask themselves the following questions to assist in gaining a value driven purchase:
1. Are Income Related Factors Defined? - Before buying a home, consider income bearing limitations and affordable home price ranges. Factor in family saving needs, including retirement and college, and current debt ratios; use a Buyers Mortgage Worksheet and then meet with a home loan officer.
2. What are the Commuting Distances? - The National Association of Realtors (NAR) recent study found that 73% of new home buyers consider drive time to work a key decision in buying a home. Once the desired location to live is for commute time is established, then searching for local real estate listings within the determined drive time radius makes finding the right home easier.
3. What Unexpected Charges and Purchasing Fees May Come Up? - When buying a home with value driven objectives, knowing any potential devouring costs that may come up later should be addressed up front. Hidden costs may surface during the final negotiations or home closing and simple have to be paid in order to complete the home purchase.
4. What Potential Risks Exist?- Stay objective before falling in love with a home. Having a professional home inspection may reveal potential problems the home has or many have; it is an important step in a value driven home purchase. For example, a home with hard-to-see moisture or infestation problems may drain the next homeowner of financial gains over an extended period of time
5. Is there a Multi-Dimensional View On the Home Investment? - The CoreLogic report points out that secondary market changes, even though they may seem insignificant at first glances, may affect the whole transaction. "That is why having a multidimensional view of the housing market is so fundamental," according to the report. Be thorough and take time to consider all aspects before signing a home purchase agreement.
6. What is the Most Current Related Housing Market Data? - The Twin Cities housing market is ever shifting, as with the national market. Relying on current and reliable housing market data will help ensure offering a fair bid on a home in order to anticipate favorable responses from the seller during negations.
"Your objectives are the overall goals you are trying to achieve with the money used for your home purchase, whether it is your own single-family residence or a home purchased for investment income, clear value driven objectives will become a highly valued road map through your process of buying a home," adds Thuening.
Home Destination helps home buyers prepare to buy the home they want and define their value driven objectives for long term. Individuals seeking a Twin Cities real estate buyer consultation or a home buyer's quote, may reach Jenna Thuening at 612-396-7832.