RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

3 Tips for Homebuyers in a Competitive Market

July 20, 2016 1:21 am


(BPT)—Homebuyers traditionally face competition at the height of real estate season. Now, with market indicators reaching record post-recession milestones, competition is stiffer than ever.

To gain an edge as a buyer, real estate professionals advise:

Getting Pre-Approved – Getting pre-approved for financing will give you significant leverage in negotiations with the seller—and knowing exactly what you can afford will keep you on track if a bidding war ensues.

Thinking Long-Term – As a homebuyer, your decision regarding which home to purchase should align with your future expectations. Planning to grow your family? Consider a larger house in need of work instead of a completely updated two-bedroom bungalow. Looking to downsize? Consider purchasing a ranch home without stairs.

Researching the Neighborhood – Researching areas in advance can save you time spent hunting for houses that do not suit your needs. Do you need easy access to commuter rail and bus lines? Where will your children attend school? These factors, and more, will influence your home-buying decision.

Keep in mind that in addition to these tips, the best ally in a competitive market is a real estate professional. If you’re ready to purchase a home, contact your local real estate agent for guidance.
 

Published with permission from RISMedia.


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Report: In Most States, It's Better to Own Than Rent

July 20, 2016 1:21 am


Did you know that in the majority of states, owning a home is more economically sustainable than renting one?

A recently released GOBankingRates.com report reveals that it is less expensive to own a home in 42 of the 50 states and the District of Columbia—about 82 percent of the country. The report compares each state’s median list price and median rent of a single-family home, factoring in a 20 percent down payment, a 30-year fixed-rate mortgage, insurance and property taxes.

The average monthly payments for a mortgage and rent by state, according to the report:

Alabama
Mortgage: $859
Rent: $950

Alaska
Mortgage: $1,356
Rent: $1,690

Arizona
Mortgage: $1,223
Rent: $1,250

Arkansas
Mortgage: $769
Rent: $1,050

California
Mortgage: $2,221
Rent: $2,400

Colorado
Mortgage: $1,837
Rent: $1,700

Connecticut
Mortgage: $1,486
Rent: $1,700

Delaware
Mortgage: $1,375
Rent: $1,300

Florida
Mortgage: $1,297
Rent: $1,695

Georgia
Mortgage: $1,029
Rent: $1,200
 
Hawaii
Mortgage: $2,862
Rent: $2,347

Idaho
Mortgage: $1,199
Rent: $995

Illinois
Mortgage: $1,078
Rent: $1,600

Indiana
Mortgage: $745
Rent: $1,025

Iowa
Mortgage: $836
Rent: $1,095

Kansas
Mortgage: $836
Rent: $1,150

Kentucky
Mortgage: $849
Rent: $1,000

Louisiana
Mortgage: $1,022
Rent: $1,250

Maine
Mortgage: $1,104
Rent: $1,500

Maryland
Mortgage: $1,446
Rent: $1,700

Massachusetts
Mortgage: $1,941
Rent: $2,500

Michigan
Mortgage: $741
Rent: $1,000

Minnesota
Mortgage: $1,085
Rent: $1,400

Mississippi
Mortgage: $791
Rent: $1,100

Missouri
Mortgage: $768
Rent: $950

Montana
Mortgage: $1,348
Rent: $1,100

Nebraska
Mortgage: $884
Rent: $1,200

Nevada
Mortgage: $1,196
Rent: $1,275

New Hampshire
Mortgage: $1,240
Rent: $1,475

New Jersey
Mortgage: $1,428
Rent: $1,900

New Mexico
Mortgage: $1,043
Rent: $1,125

New York
Mortgage: $1,660
Rent: $3,295

North Carolina
Mortgage: $1,089
Rent: $1,175

North Dakota
Mortgage: $1,144
Rent: $1,250

Ohio
Mortgage: $700
Rent: $1,075

Oklahoma
Mortgage: $867
Rent: $1,050

Oregon
Mortgage: $1,562
Rent: $1,550

Pennsylvania
Mortgage: $934
Rent: $1,395

Rhode Island
Mortgage: $1,416
Rent: $1,750

South Carolina
Mortgage: $1,121
Rent: $1,250

South Dakota
Mortgage: $1,033
Rent: $1,100
 
Tennessee
Mortgage: $934
Rent: $1,195

Texas
Mortgage: $1,271
Rent: $1,425

Utah
Mortgage: $1,517
Rent: $1,275

Vermont
Mortgage: $1,226
Rent: $1,500

Virginia
Mortgage: $1,465
Rent: $1,650

Washington
Mortgage: $1,515
Rent: $1,650

Washington, D.C.
Mortgage: $2,719
Rent: $2,575

West Virginia
Mortgage: $832
Rent: $1,098

Wisconsin
Mortgage: $921
Rent: $1,200

Wyoming
Mortgage: $1,199
Rent: $1,100

Source: GOBankingRates.com
 

Published with permission from RISMedia.


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