Real Estate Insider Blog

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04
Jan
2017

Home Buying for Military Families in Florida


 

It's time to move. Many military families spend a good amount of time moving from one location to the next as duty calls. Yet, this process can be frustrating and overwhelming at the same time. If you are planning to buy a new home in your new community, there are a few things to keep in mind about the process. The right home is one that allows you and your family to find the comfort and support, amenities, and lifestyle that you are looking for.

There's plenty to think about when it comes to moving as a military family. You may already know about your options with VA loans. Once you have your loan squared away, it is time to think about home buying.

  • Choose an area with other military families or local supportive services. These are fantastic opportunities for everyone who faces the need to move constantly. Air Station Clearwater is located on the NW side of the St Petersburg - Clearwater Int'l Airport. We are the largest air station in the Coast Guard and support a variety of missions with both C-130 and H-60 aircraft. We also have an award-winning galley, medical clinic, exchange and housing office that service hundreds of Coast Guard personnel assigned to units in the greater Tampa Bay Area.
     
  • Consider the area's resale value. If you think you may have to move again within three to five years, you'll want to choose an area where home prices are on the rise and with a solid level of growth. Good jobs, school...
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07
Dec
2016

WHAT FACTORS ARE STABILIZING HOUSING AFFORDABILITY?

A "pretty amazing balancing act" between low interest rates and rising home prices is reportedly keeping affordability stable at the national level, according to the latest Black Knight Mortgage Monitor.

The report found that the average U.S. home value increased by $13,500 from the year prior, but low interest rates mean the monthly P&I payment on the median-priced home is only a dollar less than last year. Additionally, it currently takes only 20 percent of the median monthly income to cover monthly payments on the median-priced home. This is well below historical norms.

Despite these national levels, affordability varies across the country based on home price appreciation (HPA). For example, the report shows that in Washington and Oregon, it costs 5-6 percent more in P&I each month to buy the median priced home than the year before. In contrast, states such as New Jersey, Wyoming, North Dakota and Connecticut cost 3-5 percent less each month than in the previous year.

If the rates where to increase though, this would disrupt the balance that affordability is seeing nationally. The report computes that a 50-basis point increase in interest rates would be equivalent to a $17,000 increase in the average home price, thus potentially bringing the affordability ratio up to 21.5 percent of median income. That would make affordability the highest it's been post-crisis. With a 1 percent rise in rates, the payment-to-income ratio would potentially...





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