Wednesday, February 27, 2013

First-time Home Buyers Find Barriers in Student Loan Debt

Are first-time buyers becoming scarce? According to recent statistics from the National Association of Realtors, there are fewer first-time home buyers in the market today. In a normal market, first-time home buyers represent 40% of all home purchases. But in the last 4 years, that percentage has dwindled down to less than 35% 

In the last 3 months, the percentage of first-time buyers in the market fell to 30%.
There have been many theories behind this disturbing trend. The Great Recession meant job losses and income cuts for many Americans. Unemployment was high. Mortgage requirements became tougher. And student loan debt became higher.
In recent years, student loan debt grew at an unprecedented rate. According to recent studies, college graduates currently average about $27,000 in student loan debt. 10% of graduates average more than $50,000 in student loan debt. Around 3% of them have $100,000 in debt.
How does this hurt home buying? Mortgage loan qualifying requires an examination of the home buyer’s debt-to-income ratio. In most cases, the total amount of debt payments, including the mortgage payment, cannot exceed 43% of the buyer’s monthly income. Some mortgages require debt-to-income ratios to be as low as 36%.
For some first-time home buyers, the student loan payment amounts can easily cause them to exceed the allowed debt-to-income ratios, even if their other debts are modest.
If you have student loan debt, it doesn’t mean you cannot buy a Fountain Hills home. However, you will need to make sure your total debt picture is as small as possible. From car payments to credit card bills, keep your debt obligations at the absolute minimum. And if you need help managing your student loan debt, visit the U.S. Department of Education website for information about payment deferral and forbearance.
If you are a first-time home buyer, give yourself the advantage of having an Accredited Buyer Representative! I will refer you to reputable mortgage lenders who can coach you on mortgage qualifying and find the best financing for you.
For the best home buying experience, let me be your guide to the Fountain Hills real estate market! I have helped Arizona home buyers for over 30 years, and I'd like to help you too! I will provide you with expert, professional representation throughout the home buying process.

Wednesday, February 13, 2013

Great Fair and Golf Tournament Draw Thousands to Fountain Hills, AZ!

Get ready, Fountain Hills residents - we're about to have 200,000 guests! February brings tourism to Fountain Hills with the Great Fair and the 2013 Memorial Championship Disc Golf Tournament!

While much of the country endures cold temperatures, snow, and cabin fever, we're going have temperatures in the 60's and 70's with blue skies!

For those of you who are not already residents of Arizona, February is the perfect time to plan a weekend warm-up getaway to Fountain Hills! Join us for our special events!

The annual Great Fair takes place on February 22 through 24, from 10:00 a.m. to 5:00 p.m. Admission and parking are free of charge!

You will find about 480 skilled artists and craftsmen from around the world offering unique, one-of-a kind works of art. Materials and mediums of every imaginable type are on display in this juried event. You name it, it's here. The artistic talent, the variety of displays and the quality will amaze you!

There will be live entertainment and delicious food, plus a beer garden. Soak up the sunshine and the friendly atmosphere of Fountain Hills! At night, you can chose from our terrific restaurants and enjoy our beautiful desert evenings.

Next, the 2013 Memorial Championship Disc Golf Tournament welcomes pro golfers to Fountain Hills and Scottsdale! Tournament begins February 27, events end March 3. You must have a 2013 PDGA membership to enter as a contestant, but spectators are welcome.

And if you haven't golfed in Arizona, you haven't golfed anywhere! Come to Fountain Hills for the Great Fair, and stay for our 5 world-class public golf courses! The scenery is breathtaking, and the temperatures this time of year are ideal for 18 holes of invigorating golf.

When you visit Fountain Hills, AZ, you might be tempted to stay! If you'd like to take a look at our wonderful homes in the area, just let me know! I would be happy to be your guide to Fountain Hills real estate!

Tina Nabers
Nabers Property Management & Real Estate
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