Addressing Common Concerns Among New Homeowners

Owning a home is the dream of many Americans. And it would do well to be aware of common questions about finances (like tax alleviations) and maintenance requirements so one can better adjust to homeownership.

The first thing to consider is the strategy that will be used in handling finances post-ownership. A good advice is to make a list of regular bills and their respective payment dates and ensure that you pay these on time. This way there will be money reserved for savings and home maintenance.

Image source: gobankingrates.com

It’s essential as well to understand that one’s credit score will decrease during the first months of buying a house. But paying mortgage regularly and on time will quickly help it go up anew. Unless it can’t be helped, don’t be tempted to open new credit accounts. And maintain a low credit-account balance.

As far as improving equity, always keep the house in tip-top shape by having preventive maintenance in mind. One can make a checklist of things to regularly monitor in the home, from potential leaks and roofing to overgrown grass in the backyard.

Image source: bankrate.com

Finally, be aware that homeownership can ease taxes. An important perk that comes with homeownership is that both property tax and mortgage interest get deducted from annual tax returns.

AMMCORis a Homeowners Association management company that provides services for over 15,000 homes in Orange County. The company has been giving clients quality service since 1979. For more insights on homeownership, visit this blog.

Housing Outlook And Trends For 2018

2018 is here, and with it comes significant and most-welcome shifts in the housing industry, including an ease in the housing inventory shortage. The industry would see more manageable increases in home prices and an acceleration of home sales. Hereunder are more trends to watch this coming year.

Image source: realtor.com

Analysts from Realtor.com, the popular real estate listings website, predict that millennials will begin to increase their market share of homeownership in 2018. They also see home prices appreciating by as much as 3.2 percent this year. Because of this, home sales are seen to pick up by 2019.

Existing home sales are forecasted to rise 2.5 percent as the trend in low inventory begins to reverse its course. In line with this, mortgage rates are expected to average 4.6 percent throughout the year but reach 5 percent for the 30-year fixed-rate mortgage by the end of 2018. According to the Mortgage Bankers Association, these rates will continue to rise and could pass four or even five percent over the next few years.

Even as existing home sales increase, new home sales will increase further, meaning housing projects will also rise. Housing starts are predicted to increase by 3 percent over the year, but single-family home starts will increase more at 7 percent. The same 7-percent trend is expected for new home sales.  

Finally, one bit of good news: homeownership rates will stabilize at 63.9 percent after having hit rock-bottom in the second quarter of 2016.

Image source: straight.com

Homeowners Association management company AMMCOR, Inc. is a gem to the community as it holds memberships in various organizations such as the Rotary Club, American Humane, ASPCA, Best Friends Animal Sanctuary, Mission Hospital, and South Coast Literacy Council. More housing news via this Twitter page.