Owning a home has long been an aspiration for many people across America, and one of the most effective ways to build generational wealth. Yet, due to the effects of the ongoing COVID-19 pandemic, rising interest rates, and housing affordability concerns, including the lack of affordable housing supply, homeownership may seem out of reach for…
By Contributing Writer Marla Lewis, President of the Houston Black Real Estate Association Whew. The buyer and seller both signed the contract, so that’s it, right? The house is sold, and everyone moves on. Not so fast. There’s still a long way to go. Unfortunately, sometimes real estate transactions that start out smoothly can unravel…
If you dream of homeownership, having your mortgage application denied can be devastating. If this does happen to you, it’s important to remember that you’re not alone. Thirteen percent of all purchase mortgage applications — a total of nearly 650,000 — were denied in 2020, according to federal government data. Before quickly reapplying for a…
Bank of America announced a new zero down payment, zero closing cost mortgage solution for first-time homebuyers, which will be available in designated markets, including certain African American and Hispanic neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami. According to a news release, the Community Affordable Loan Solution aims to help eligible individuals and…
By Contributing Writer Marla Lewis, President of the Houston Black Real Estate Association If you are setting your sights on buying a home or condominium, keep in mind that the property may be governed by a homeowners association (HOA). More than 63 million people live within communities that are overseen by HOAs, according to the…
By Contributing Writer Marla Lewis, President of the Houston Black Real Estate Association Many real estate transactions would never come to pass if not for counteroffers. Sure, some deals get done with an acceptance of the original offer, but the fact is that many offers to buy are met with a counteroffer – even when…
For the past several years, homebuyers have faced a hot housing market and home prices have risen at what can seem like an intimidating rate. In today’s market, it could take a family earning the national median income up to 14 years to save for a 20% down payment plus closing costs, according to U.S….
Preparing your home for sale may start with ideas for staging the house or spackling and painting over nail holes, however, it also requires a considerable amount of planning and organization. Before opening your home to tours, either virtual or in person, be aware of what buyers might notice. “Getting your home ready for sale…
Homes in the United States continue to get smarter as many people frequently use voice assistants, smart doorbells, smart appliances, and more to make life easier. Now, as the smart home evolution continues, homeowners want more than just convenience – they want smart devices that help keep them safe, too. The ability to protect your…
By Contributing Writer Marla Lewis, President of the Houston Black Real Estate Association There are pros and cons to a new-construction home or existing home, so the decision may not be that easy as you consider a home purchase. No matter which way you go, you’ll probably end up making tradeoffs. In the end, choose…
Your home is likely your most valuable asset, and you want to make sure you protect it with the right insurance. Did you know the cost to replace your home could be much more than it cost to build—and you could be on the hook for the difference? Whether it would cost more to replace…
By Contributing Writer Marla Lewis, President of the Houston Black Real Estate Association If you’re thinking of selling your home in today’s red-hot market, finding the right Realtor is the first step to take. Your Realtor will be able to help you determine the right price, the kinds of marketing that work well for your…
When living in a rental, it can be challenging to make the space feel like home. While you may not be there long-term, that doesn’t mean you can’t make it your own with some creative, non-permanent updates. Here are a few tips to make your rental feel more customized to you. Prepare and Plan: With…
Fewer households throughout the Greater Houston area could afford to purchase the median-priced home in the first quarter of 2022, as home prices and mortgage interest rates climbed. Homebuyers in the Houston Area need 26.9 percent more income than they did a year ago to afford the median-priced home, according to the newly launched Houston…
Much of the country is still in the middle of a red-hot real estate market. Home values are rising due to high demand and first-time homebuyers should be aware of how the value of their home impacts the way their premiums are calculated. Location and structure type are two examples of considerations that can affect…
Whether hiring professionals or doing it all on your own, preparation is the most important step in a smooth move. The experts at Duck Brand recommend staying organized with packing lists and labels. Pace yourself by completing one room at a time to prevent yourself from feeling frazzled or frustrated. Be sure to also invest…
If you’re ready to buy your first home but are short on the down payment, you’re not alone. Affording a down payment is the number one barrier to homeownership, and rising housing costs are presenting even bigger hurdles. The August 2021 Freddie Mac Housing Price Index showed a 19.67% year-over-year increase in home values. At…
Want to make some serious exterior home upgrades that improve your safety and comfort, add beauty to your home and deliver a return on your investment? Here are five projects that do just that: 1. Install storm doors: Storm doors give you the option of letting in more light and ventilation on fair weather days…
With record low housing supply and high inflation contributing to skyrocketing home prices, the barriers to owning a home may seem insurmountable. But buying a home in a sustainable, affordable way is possible with low down payment mortgage options. First-time and low- to medium-income homebuyers can qualify for mortgage financing without emptying their bank accounts…
In the current market, houses are selling fast – meaning there’s typically no need to spend time and money on large home repairs and renovations to get an offer. Instead, homeowners should focus on quick, easy DIY projects to give their space a facelift before listing – here’s how. 1. Enhance Curb Appeal. “The exterior…