Mike May, Realtor 804.731.0111 Mike May, Realtor 804.731.0111
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Buyer Information

Posts filed under Buyer Information



Report: Homeownership Is a Precondition of the American Dream
Posted Thu, Sep 14th 2017 9:41 am
Hearth just released their 2017 State of the American Dream report which showed that Americans still see homeownership as an integral piece of the American Dream. The report confirmed that “all g...

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Shorter Term - More Savings
Posted Tue, Aug 15th 2017 10:39 am
Whether you’re refinancing your current home or buying a new one, something worth considering is a 15-year loan rather than a 30-year term. The payments will be a little higher but you’ll get a low...

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Millennial Homeownership Rate Increases
Posted Thu, Aug 3rd 2017 9:51 am
Recent headlines exclaimed the homeownership rate, as reported by the Census Bureau, rose again in the second quarter of 2017. What didn’t get much attention in the reports is...

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Family & Friends Mortgage
Posted Tue, Jul 11th 2017 12:25 pm
Anytime a lender and borrower can agree on rates and terms, it can be a good match but IRS has specific rules that govern the transaction especially when the parties are family or friends. The loa...

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Down Payment Problem - Are You Sure?
Posted Thu, Jul 6th 2017 11:24 am
There is increasing difficulty for first-time home buyers to save for their down payment as indicated in the graph.  Several factors that contribute to this trend include rising rents, rising home ...

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Pre-Approval Should Always Be Your First Step
Posted Tue, Jun 27th 2017 3:17 pm
In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers of...

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4 Reasons to Buy This Summer!
Posted Tue, Jun 13th 2017 1:16 pm
Here are four great reasons to consider buying a home today, instead of waiting. 1. Prices Will Continue to Rise CoreLogic’s latest Home Price Index reports that home prices have appreciated by...

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Why Working with a Local Real Estate Professional Makes All the Difference
Posted Thu, Jun 1st 2017 11:21 am
If you’ve entered the real estate market, as a buyer or a seller, you’ve inevitably heard the real estate mantra, “location, location, location” in reference to how identical homes can increase o...

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Must Be This Tall to Ride
Posted Tue, May 30th 2017 11:21 am
Surely, you remember being a child at an amusement park when after having stood in line with your friends and family, waiting to get on a terrific ride, you discovered the sign that read, “you must...

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Would-be Buyers with Student Debt
Posted Wed, May 24th 2017 12:54 pm
59% of non-owners are not comfortable taking on a mortgage with their student debt according to the Aspiring Home Buyers 2017 survey. It is estimated that the college graduates have an average of $...

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#1 Answer to the Housing Shortage: New Construction
Posted Thu, May 18th 2017 12:56 pm
The biggest challenge to today’s housing market is the shortage of housing inventory for sale. A normal market would see a six-month supply of homes for sale. Currently, that number is below four...

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Good Info - Good Decisions
Posted Tue, May 16th 2017 11:20 am
While low inventory is certainly challenging buyers, not having a clear understanding of mortgage financing is also causing issues. By having good information, they are able to make better decision...

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Financial Planning: 4 Reasons to Buy a House Today
Posted Thu, May 4th 2017 11:05 am
Homeownership will always be a part of the American Dream. There are advantages to owning your own home (educational, health, social) that far transcend any economic impact. However, we want to l...

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Indecision May Cost More
Posted Tue, May 2nd 2017 12:23 pm
“More has been lost due to indecision than was ever lost to making the wrong decision.” Interest rates have as much effect on housing costs as price and when they are both trending upward, it can b...

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Your Tax Return: Bring it Home
Posted Fri, Apr 28th 2017 1:54 pm
This time of year, many people eagerly check their mailboxes looking for their tax return check from the IRS. But, what do most people plan to do with the money? GO Banking Rates recently surveye...

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Would-be to Should-be
Posted Tue, Apr 25th 2017 12:56 pm
Some would-be buyers have emotional reasons to own a home like having a place of their own where they can raise a family, feel safe and secure and enjoy their friends’ company. Other buyers’ domina...

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Tax Return Depressing? Owning a Home Could Help
Posted Fri, Apr 21st 2017 10:58 am
Many Americans got some depressing news last week; either their tax return was not as large as they had hoped or, in some cases, they were told they owed additional money to either the Federal or...

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Home Mortgages: Rates Up, Requirements Easing
Posted Thu, Apr 13th 2017 3:03 pm
The media has extensively covered the rise in mortgage interest rates since last fall (from 3.42% last September to the current 4.1% according to Freddie Mac). However, a less covered aspect of t...

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The ‘REAL’ News about Housing Affordability
Posted Thu, Apr 6th 2017 2:27 pm
Some industry experts are claiming that the housing market may be headed for a slowdown as we proceed through 2017, based on rising home prices and a potential jump in mortgage interest rates. On...

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What Are the Experts Saying about Mortgage Rates?
Posted Thu, Mar 23rd 2017 10:42 am
Mortgage interest rates have risen over the last few months and projections are that they will continue their upswing throughout 2017. What impact will this have on the housing market? Here is wh...

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