Posted by WEICHERT, REALTORS® - Briarwood Real Estate on 4/19/2019

Some of the reasons why the young ones are not buying a home are the high student debt, affordability among others. We are going to discuss the primary reasons why young people are not buying a house in this article. Here we go:

Affordability 

One of the main reasons why millennials are not into real estate investment is a substantial financial implication. The home affordability for first-time buyers decreased to about 92.5 in 2018 according to NAR – National Association of Realtors. The index was 109.3 in the year 2015. A value of 100 shows that a family has what it takes to qualify for a median-priced home. 

High level of student debt

Another reason why many young people could not afford a home is the high level of student debt. In the United States, student debt reached $1.5 trillion, and it is one of the factors that are hindering young people from investing in real estate. Apart from high student debt, they also have to deal with meager wages. The NAR report explained that more than half of the homebuyers who are below the age of thirty-eight that student debt is one of the significant factors that delayed their home buying. Apartment list shows that graduate that does not incur student debt will save for 7.6 years at 20% down payment to get home while those with debt will have to save money for more than 11.6 years.

Tighter Lending 

If you are wondering why young people cannot afford a home, one of the reasons is stricter lending conditions. Financial institutions have tightened credit underwriting to minimize risk. The rise of house prices does not favor the young ones who are planning to buy a home. They will have to accumulate enough cash over a long period to enable them to afford a house. The Bank of America noted that those within the age of 25 to 35 years commenced their career at the time of financial crises when the labor market and economy were recovering.

Not Married Yet 

The delay before getting married and having children means that young people are not considering getting a home sooner. The CDC (Center for Disease Control) reports that the mean age of a first-time mother is now 26.6. They discovered these findings in 2016; they added that the average age might increase when we consider the women in urban areas as well as college-educated women. According to the Census Bureau, getting married and having children are life events that trigger buying a home.

As a young person looking to buy a home, you should speak to a financial advisor and a reputable real estate agent to plan towards owning your own home.





Posted by WEICHERT, REALTORS® - Briarwood Real Estate on 4/18/2019

Saturday – April 20th

BROCKTON – 355 Linwood St, (11-2), Colonial, $564,900  Back on the Market!


 




Tags: open houses  
Categories: Uncategorized  


Posted by WEICHERT, REALTORS® - Briarwood Real Estate on 4/18/2019

Saturday – April 20th

FOXBORO – Lot 14 Peterson Ln, (12-3), Colonial, $739,900

TAUNTON – 5 Dexter Ave, (12-2), Raised Ranch, $409,900

Sunday – April 21st

FOXBORO – Lot 14 Peterson Ln, (12-3), Colonial, $739,900


 Photo: Lot 14 Peterson Lane, Foxboro, MA  02035


 




Tags: open houses  
Categories: Open Houses  


Posted by WEICHERT, REALTORS® - Briarwood Real Estate on 4/18/2019

Having to change the roof is a decision most homeowners shy away from, it’s time-consuming, can generally be a stressful process and often requires a large budget. Most homeowners do not know when their roofs are due for a change until they experience damages to the house and property. 

There are basic signs a homeowner should look out for when they are unsure how long to go between roof replacements. A house or property built a long time ago will require constant maintenance and renovation to keep it looking good and attractive. The points outlined below will help you decide on when to change your roof.

Leaks

Having water drip into your home from your ceiling or water running down your wall is a clear indication that you need to change your roof. The first thing on your list is to find the cause of the leak. The most common reasons are as a result of a damaged roof or condensation. 

Water Stains

Water stains around the interior ceiling of a house destroy not just the general appeal of a home, but also the furniture, paint and trim in the affected area. If you notice water stains around your ceiling or wall, you should investigate the cause of the moisture. A leaking roof doesn’t necessarily mean you must change the entire roof; other methods can be used to stop leakage depending on the severity of the damage.

Paint Damage

Do you see paint blisters or peeling paint on your walls? Swelling woodwork or trim either indoors or outdoors? These are all signs of water pooling where it’s not supposed to be. Tracing these leaks to the source is essential since the issue could be anything from a small plumbing leak to severe roof damage. 

Mold

Mold is not only unsightly; it also harms your health and the quality of air in your home. The growth of mold on a ceiling or wall could be a sign of a faulty roof, a plumbing issue or a condensation problem. First off, check that your insulation is not soaked, your bathroom fixtures and plumbing are in good condition, and also that your home has enough ventilation. It’s a lot easier to correct these than a leaky roof. 

Granule Loss

Loss of granule should not be a cause of concern especially if the asphalt shingle is a new roof. However, if these are noticed ten to fifteen years after roof installation, then it might be a cause of worry. The granule keeps the sun off the shingles, once they out, the shingles will begin to bake and deteriorate in a hurry.

If you experience any of these problems and track them back to roof damage, it’s advisable you inspect your roof for damage and if you’re in doubt, to get a professional roofer to check it over.





Posted by WEICHERT, REALTORS® - Briarwood Real Estate on 4/17/2019

Bad credit history can get in the way of getting approved for a loan. It may seem like a stretch to try and get lousy credit away from your credit score, but it is possible.

The 5 ways to get rid of bad credit

1. You should take note of the delinquency date. Credit bureaus often update on the years of delinquency. However, some credit bureaus are also not as open as they would like them to be and they are not as up to date. If you are in a bad credit situation, you should take note of the delinquency date to help you compute for the right period of the seven-year credit report clock.

2. Confirm the delinquency date of sold off debt. In layman’s terms, we call this one the balance transfer. The seven-year credit report clock begins on the day of the actual delinquency from the original creditor and not any other date. If you see a new time that is later the original one, you can report it. 

3. Get all of the reports and find out what you are missing. You need to know the stories that give you a bad credit rating and what aspects they have factored in to provide you with that rating. Once you find out which one of the credit entities is listing the bad debt, you can contact them and dispute the debt that you think should no longer be in your account. So you can find out how to contact them, your credit report will include contact information of the bureau and instructions on how you can file for a dispute.

4. Send a letter to the authorities such as the reporting creditor and the credit bureaus. Let them know about your concern and make a request on how they can facilitate o removal of bad credit.

5. Contact a professional. You should contact a professional who can help you with the situation. It can be hard to understand the Fair Credit Reporting Act and only an expert can fully support you with it. Always keep in mind that a professional is there to lend a helping hand. 

You always try to talk to a credit professional to help you get rid of bad credit. Securing a mortgage is a long process if you have a low credit score, but it is not impossible. Follow the steps and contact a professional to help you with your finances.