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The One Thing Home Buyers Won’t Compromise On

Buying a home means making a lot of choices. You’re going to have to make decisions on everything from how far you’re willing to drive to work and how much storage space you’ll need for all your stuff. The best way to handle the long list of choices you’re going to have to sort through is by breaking into things you can live without and things you have to have. Deciding in advance where you will and won’t compromise will make the buying process easier once you’re fully submerged. So what are the things home buyers are least willing to give up on? Well, according to one recent survey, most buyers say they want a house that doesn’t require a lot of renovations or upgrades. In fact, nearly one third of respondents said this was non-negotiable. And that makes sense. After all, who wants to go through the ups-and-downs of the home buying process only to move into a house that requires months worth of work before you can enjoy it? Other things buyers said they wouldn’t compromise on included a bigger home, outdoor space, a great neighborhood, and a shorter commute. More here.

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Credit Score Data A Reminder To Keep Good Habits

Keeping good financial habits is important, especially if you’re expecting to buy a house any time soon. That’s because, your credit history and score will be among the tools your lender uses to determine whether or not you’re qualified for a mortgage. In other words, making sure your credit score is as good as it can be should be a top priority for prospective home buyers. But, though that’s true, last year saw a drop in average credit scores among borrowers. In fact, numbers from Ellie Mae show borrowers’ average FICO score dropped from 728 to 722 year-over-year in November. The good news is that that’s a significant improvement over where it was a few years ago. It’s also, however, a reminder to practice good financial habits, pay your bills on time, and check your credit history for any fixable errors. Joe Tyrell, Ellie Mae’s president of corporate strategy, says the news is encouraging, despite the drop. “With the average credit score dipping, lenders are extending credit to borrowers who may have had no previous access to the housing market,” Tyrell said. “While these scores are still significantly above levels seen a few years ago, it is encouraging to see increased accessibility especially as the millennial population continues to pursue home ownership.” More here.

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Analyst Says Don’t Expect Big Changes In 2018

Housing market fundamentals have been relatively steady, for some time now. Mortgage rates have been low by historical standards, prices have been rising, and inventory has been down. All three of these factors, combined with a growing economy and stronger job market, have kept the real-estate market in a kind of limbo. While the economy and favorable mortgage rates have helped drive buyer demand, there have also been fewer homes for sale, which helps push prices upward. In other words, there are a lot of positives but there are also challenges. Freddie Mac economist, Leonard Kiefer, says this year’s market will likely continue along the same path – though he predicts some improvement. “Income growth should remain positive, but not enough to offset the other factors affecting home buyer affordability,” Kiefer wrote in a recent article. “We’re expecting that interest rates will remain low, but gradually move higher. Housing construction should gradually pick up, helping to supply more homes to inventory-starved markets. More housing supply and modestly higher rates will lead to a moderation in house price growth.” More here.

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New Year’s Eve Events in Savannah

NEW YEAR’S EVE 2017

– Holiday Evening Tours by Candlelight, December 26-30 2017
Candlelit tours of the Davenport House Museum, focused on historical seasonal celebrations. Ticket purchase required, reservations recommended. More details

– Up the Cup New Year’s Eve Celebration, December 31 2017
Annual New Year’s celebration on River Street with light show and fireworks. Free event. More details

– City Market New Year’s Eve, December 31 2017
Annual New Year’s celebration at City Market, with live music. More details

– (Tybee Island) Tybee New Year’s Eve Fireworks, December 31 2017
One of the South’s biggest fireworks displays, at the Tybee Island Pier. More details

– A Wild Night On Ossabaw, December 31 2017-January 1 2018
Overnight New Year’s Eve visit to Ossabaw Island, with interpretive tour, hog roast and other activities. Transportation to the island (from Skidaway) included. From $150 per person, advance reservations strongly recommended. More details

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Current Homeowners Say They’re Ready To Buy

The National Association of Realtors’ Housing Opportunities and Market Experience survey asks consumers about buying and selling a home, their financial situation, and their perceptions of the economy. According to the fourth quarter results, Americans are generally optimistic about the housing market, with majorities expressing that they feel now is both a good time to be selling a home and a good time to buy a home. However, some groups are more optimistic than others. For example, among current homeowners, 79 percent say they feel it is a good time to buy a home. On the other hand, just 60 percent of current renters feel as optimistic. Other groups that were more optimistic included those with household incomes above $100,000 and those living in the Midwest and South. So what do the results mean? Well, one takeaway is that an increasing number of current homeowners who want to move could mean a potential boost in the number of homes available for sale next year. That’s good news for all prospective home buyers, as an increase in for-sale inventory will help improve affordability conditions. More here.