Prince William County First Time Homebuyers Information

Prince William County First Time Homebuyers Information A place for first time home buyers or those considering home ownership to come and receive information about the market and home buying process.
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What every home buyer must know before beginning the home buying process.
07/13/2020
Ask Your Agent: Questions for the Finance Process

What every home buyer must know before beginning the home buying process.

As part of our new series, we bring you the top questions you should ask your agent at each step of the home buying or selling process.

05/20/2020

Prince William County April 2020 Housing Statistics

The first number in each category is for April 2020. The second figure is for the 5-year January average.

Closed Sales: 579 / 638
New Contracts: 612 / 849
Active Listings: 652 / 1,064
Months of Supply: 1.0 / 1.8
New Listings: 743 / 1,063
Median Sale Price: $441,901 / $396,650
Median List Price: (Active): $477,764 / $466,456
Average Sale Price: $411,901 / $396,650
Average List Price (Actives): $509,516 / $499,011
Median Days on Market: 6 days / 9 days
Average Days on Market: 14 days / 27 days
Median Sale to Original List Price Ratio: 100% / 99.8%
Average Sale to Original List Price Ratio: 100% / 98.9%
Median Sale Price/Square Foot: $175 / $158
Median List Price/Square Foot (Active Listings): $177 / $160
Average Sale Price/Square Foot: $176 / $162
Average List Price/Square Foot (Active Listings): $182 / $166

Contact us if you would like to know more behind these numbers.

Terms we throw around everyday in the real estate business can be lost on those who are beginning the process of becomin...
03/16/2020
Buying a Home: Do You Know the Lingo? [INFOGRAPHIC]

Terms we throw around everyday in the real estate business can be lost on those who are beginning the process of becoming a first-time home buyer. You will find these descriptions useful as you consider taking the plunge into home ownership.

Some Highlights: Buying a home can be intimidating if you’re not familiar with the terms used throughout the process. To point you in the right direction, here’s a list of some of the most common language you’ll hear along the way. The best way to ensure your homebuying process is a posit

With interest rates at 50-year lows it's time to contact us and get you moving into your first best investment.
03/08/2020
How Your Tax Refund Can Move You Toward Homeownership This Year

With interest rates at 50-year lows it's time to contact us and get you moving into your first best investment.

If you’re looking to buy a home in 2020, have you thought about putting your tax refund toward a down payment? Homeownership may be one step closer than you think if you spend your dollars wisely this year. Based on data released by the Internal Revenue Service (IRS), Americans can expect an esti

Take a look at the monthly payment savings graph in this article. It should tell you it's time to roll on buying your fi...
02/29/2020
A 365 Day Difference in Homeownership

Take a look at the monthly payment savings graph in this article. It should tell you it's time to roll on buying your first home. Let's get the process started.

Over the past year, mortgage rates have fallen more than a full percentage point. This is a great driver for homeownership, as today’s low rates provide consumers with some significant benefits. Here’s a look at three of them: Refinance: If you already own a home, you may want to decide if you.....

A simple breakdown of the home buying process. There are many issues not listed. But contact me when you get to step 3.
02/28/2020
10 Steps to Buying a Home [INFOGRAPHIC]

A simple breakdown of the home buying process. There are many issues not listed. But contact me when you get to step 3.

Some Highlights: If you’re thinking of buying a home and you’re not sure where to start, you’re not alone. Here’s a guide with 10 simple steps to follow in the homebuying process. Be sure to work with a trusted real estate professional to find out the specifics of what to do in your loc

Median rent payments have increased by $300/monthly since 2012. That's 1.4% year-over-year. Buying a home is a financial...
02/28/2020
Year-Over-Year Rental Prices on the Rise

Median rent payments have increased by $300/monthly since 2012. That's 1.4% year-over-year. Buying a home is a financial win with interest rates allowing you to lock into a 30-year mortgage well below 4%. Contact us and the next step will be introducing you to an excellent loan officer who will start you on the path to qualifying for a low interest home loan.

Looking ahead, 2020 is projected to be a strong year for homeownership. According to the Freddie Mac Forecast, “We expect rates to remain low, falling to a yearly average of 3.8% in 2020.” If you’re currently renting, 2020 may be a great time to think about making a jump into homeownership whi...

This article contains:(1) Understanding the Home Buying Process.(2) How Much You Need for a Down Payment.(3) Budgeting t...
02/28/2020
Make the Dream of Homeownership a Reality in 2020

This article contains:
(1) Understanding the Home Buying Process.
(2) How Much You Need for a Down Payment.
(3) Budgeting to Buy a Home.

#RealEstate #BuyingHomes #Mortgages

In 1963, Martin Luther King, Jr. led and inspired a powerful movement with his famous “I Have a Dream” speech. Through his passion and determination, he sparked interest, ambition, and courage in his audience. Today, reflecting on his message encourages many of us to think about our own dreams, ...

Contact me when you're ready to meet a lender. I work with one of the best in the business to find the right loan progra...
02/27/2020
2020 Homebuying Checklist

Contact me when you're ready to meet a lender. I work with one of the best in the business to find the right loan program for you.
#HomeLoans #LoanOfficers #Lenders

Some Highlights: If you’re thinking of buying a home, plan ahead and stay on the right track, starting with pre-approval. Being proactive about the homebuying process will help set you up for success in each step. Make sure to work with a trusted real estate professional along the way, to

The 4 C's that determine the amount you'll be qualified to borrow.(1) CAPACITY to make future payments.(2) CAPITAL reser...
02/27/2020
Three Reasons Why Pre-Approval Is the First Step in the 2020 Homebuying Journey

The 4 C's that determine the amount you'll be qualified to borrow.

(1) CAPACITY to make future payments.
(2) CAPITAL reserves that can be sold quickly for cash.
(3) COLLATERAL The home you would like to purchase.
(4) CREDIT Your history of paying bills and other debts on time.

Contact Dwayne Moyers [email protected]/540-446-6284 and let's talk to a veteran loan officer to find your buying power.

When the number of buyers in the housing market outnumbers the number of homes for sale, it’s called a “seller’s market.” The advantage tips toward the seller as low inventory heats up the competition among those searching for a place to call their own. This can create multiple offer scenari...

A sharp increase in rent payments since 2012. Historically low interest rates. This is a perfect storm for buying a home...
02/27/2020
Great News for Renters Who Want to Buy a Home

A sharp increase in rent payments since 2012. Historically low interest rates. This is a perfect storm for buying a home instead of signing a lease this year. Call me and let's get the process started with a fantastic loan officer.

Contact Dwayne Moyers, Realtor at MoyersTeam.com/540-446-6284

Rents in the United States have been skyrocketing since 2012. This has caused many renters to face a tremendous burden when juggling their housing expenses and the desire to save for a down payment at the same time. The recent stabilization of rental prices provides a great opportunity for renters t

The tax benefits of home ownership are tremendous.
02/27/2020
The Overlooked Financial Advantages of Homeownership

The tax benefits of home ownership are tremendous.

There are many clear financial benefits to owning a home: increasing equity, building net worth, growing appreciation, and more. If you’re a renter, it’s never too early to make a plan for how homeownership can propel you toward a stronger future. Here’s a dive into three often-overlooked fina...

Although prices continue to rise, interest rates at historical lows give you buying power on homes you believe are out o...
02/27/2020
Interest Rates Over Time [INFOGRAPHIC]

Although prices continue to rise, interest rates at historical lows give you buying power on homes you believe are out of your price range. Contact me and we will begin the process by talking to an excellent loan officer.

#HomeLoans #InterestRates #HomeBuying

Some Highlights: With interest rates hovering at near historic lows, now is a great time to look back at where they’ve been, and how much they’ve changed over time. According to Freddie Mac, mortgage interest rates are currently hovering near a five-decade low. The impact your interest ra

The average equity of a home purchase in 10-years is $49,500.The average appreciation of a home over 10-years is 38.8%.T...
02/27/2020
How Much “Housing Wealth” Can You Build in a Decade?

The average equity of a home purchase in 10-years is $49,500.
The average appreciation of a home over 10-years is 38.8%.
The average 10-year home price appreciation of a home over 10-years is 39.4%.

Contact Dwayne Moyers at [email protected] if becoming a homeowner is in your future.

#homes #realestate #equity #investments

Earlier this month, the National Association of Realtors (NAR) released a special study titled Single-Family Home Price Gains by Years of Tenure. The study estimates median home price appreciation over the last 30 years based on the length of homeownership. Below are three graphs depicting the mo

This report could have specifically been written about Prince William County. We just closed on a home for first time ho...
02/19/2019
2019 Will Be a Great Year for Buyers AND Sellers

This report could have specifically been written about Prince William County. We just closed on a home for first time homebuyers in Dale City after looking for homes in the Woodbridge area for over a year. We wrote contracts on 3 homes which were new to the market, and lost them to full-price offers with no associated closing costs for the buyer to be paid by the seller. The forth contract we submitted beat out multiple offers by writing a full-price offer without asking for closing costs to be paid by the seller for my client.

Single-family homes for buyers looking between $300,000 to $400,000 will be hard to find in 2019 unless the Spring market sees a flood of listings in this price range. We suspect sellers in #PrinceWilliamCounty will continue to have the advantage throughout 2019 in this range.
#realestate #buyinghomes

Many homeowners believe that rising interest rates and home prices have scared away buyers and therefore have not listed their houses for sale. However, the truth is that buyers who were unable to find a home last year are out in force, and there are even more coming! NerdWallet’s 2018 Home B

02/18/2019
Communities for First-Time Home Buyers

VIDEO: Featuring subdivisions in Prince William County and Stafford County that are popular with buyers looking for condominiums, town homes and single-family homes. These communities offer strong resale value and are conveniently located near necessary and entertainment amenities.

The median down payment on loans approved in 2018 was only 5%!  Only 12% of those who do not own a home and 13% of homeo...
02/05/2019
One More Time… You Do Not Need 20% Down to Buy a Home

The median down payment on loans approved in 2018 was only 5%! Only 12% of those who do not own a home and 13% of homeowners who are current home owners were aware of low down payment mortgages.

The largest obstacle renters face when planning to buy a home is saving for a down payment. This challenge is amplified by rising rents, which has eaten into the amount of money renters have leftover for savings each month after paying expenses. In combination with higher rents, survey after

If this article fits your current status as a homeowner let's talk about your eligibility in buying your first home. My ...
01/31/2019
Is Student Loan Debt A Threat to Homeownership? No!

If this article fits your current status as a homeowner let's talk about your eligibility in buying your first home. My trusted mortgage consultant Chris Siegel can qualify you to buy a home or set you on a path of mortgage eligibility. Contact me and we will start the process.

Over the course of the last thirty years, a shift has happened. An entire generation has been raised to believe that a college education is their key to unlocking opportunities that were not available to their parent’s or grandparent’s generations. Due to this, student loan debt has soared to $1...

THE NUMBERS BEHIND FIRST-TIME HOME BUYERSAn article from RealEstate.com mentioned the typical first-time buyer earned mo...
01/11/2019

THE NUMBERS BEHIND FIRST-TIME HOME BUYERS

An article from RealEstate.com mentioned the typical first-time buyer earned more than the median household income that helped them towards affording a home.

The analysis revealed that the median income for a first-time buyer is $72,500, compared with the national median household income of $60,700. The difference in income for first-time buyers is more pronounced when compared with their peers who didn't buy, who have a median income of $42,500.

The analysis found that while most buyers relied on savings as well as proceeds from the sale of a home to finance the down payment on a new property, first-time buyers didn't have the same resources. This is where a higher income came into play to help them save for a down payment.

Looking at the down payment that first-time buyers could afford, the analysis revealed that this group of homebuyers usually put down slightly smaller down payments. The median down payment for first-time buyers according to Zillow was 14.5% of a home price compared to the traditional 20% down. Fifty-eight% of repeat buyers, on the other hand, put down at least 20% down payment.

With this smaller down payment, the analysis indicated, first-time buyers, earning a median income could afford to buy a $338,000 home, meaning they could buy about 68% of available homes.

#buying #homes #realestate #firsttime

Slight mortgage rate increases forecasted for 2019.
01/09/2019
Is the Recent Dip in Interest Rates Here to Stay?

Slight mortgage rate increases forecasted for 2019.

Interest rates for a 30-year fixed rate mortgage climbed consistently throughout 2018 until the middle of November. After that point, rates returned to levels that we saw in August to close out the year at 4.55%, according to Freddie Mac’s Primary Mortgage Market Survey. After the first week of 2

This article charts the difference in a 3% down payment with private mortgage insurance (PMI) versus a 20% down payment ...
12/27/2018
The Cost of NOT Paying PMI

This article charts the difference in a 3% down payment with private mortgage insurance (PMI) versus a 20% down payment without PMI. An added expense to #mortgages paid by most first-time homebuyers using conventional financing.

Contact Dwayne Moyers, Weichert, Realtors Capital Region at 540-446-6284 or [email protected] to get started. We recommend Chris Siegel with Mortgage Access Corporation to get the mortgage qualification process rolling.

Saving for a down payment is often the biggest hurdle for a first-time homebuyer as median incomes, rents, and home prices all vary depending on where you live. There is a common misconception among homebuyers that a 20% down payment is required, and it is this limiting belief that often adds mon

51.7% of all mortgages have attached credit scores between 600-749.
12/22/2018
2 Myths Holding Back Home Buyers

51.7% of all mortgages have attached credit scores between 600-749.

Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership: Down Payment, Credit, and Affordability,” which revealed that, “Consumers often think they need to put more money down to purchase a home than is actually required. In a 2017 survey, 68% of renters cited...

Common practice in a real estate transaction is to ask the seller for up to 3% of the sales price to cover the buyers cl...
12/21/2018
Buyers: Don’t Be Surprised by Closing Costs!

Common practice in a real estate transaction is to ask the seller for up to 3% of the sales price to cover the buyers closing costs. This amount usually covers the transaction costs to the buyer. During contract negotiations the full 3% is often agreed upon by the seller when the house has been on the market longer than expected. But if a great house has just hit the market and it immediately gets several showings you can expect a seller to pay little to no closing costs deciding to wait and see if a contract without a seller subsidy to the buyer is received within the first 30 days of listing the house.

#realestate #contracts #negotiations #closingcosts

Many homebuyers think that saving for their down payment is enough to buy the house of their dreams, but what about the closing costs that are required to obtain a mortgage? By law, a homebuyer will receive a loan estimate from their lender 3 days after submitting their loan application and they

This is a great explanation why 2019 needs to be your year to buy a home.The difference between buying a home with loan ...
12/21/2018
What If I Wait A Year to Buy a Home?

This is a great explanation why 2019 needs to be your year to buy a home.
The difference between buying a home with loan terms of 4.8% versus 5.3% (present mortgage rate versus 2019 predicted mortgage rate).

Monthly Payment: $143.24
Annual Payment: $1,718.88
30-year term: $51,566

Contact Dwayne Moyers at 540-446-6284 or email [email protected] and let's save some money.

#realestate #homebuying #mortgages

National home prices have increased by 5.4% since this time last year. Over that same time period, interest rates have remained near historic lows which has allowed many buyers to enter the market and lock in low rates. As a seller, you will likely be most concerned about ‘short-term price’ – ...

Look at the price curve on rising rental prices year-over-year. The price increases during the last 2 decades even surpr...
12/21/2018
Don’t Get Caught in the Rental Trap in 2019

Look at the price curve on rising rental prices year-over-year. The price increases during the last 2 decades even surprised us. In a survey, 44% of renters haven't purchased a home yet because they believe they need a 20% down payment to qualify for a loan. This is false. Contact Senior Loan Officer Chris Siegel to find your qualification range on a loan program with no to little money down to move into your next home.

Every year around this time, we take time to reflect and plan for next year. If you are renting your current home but have dreams of homeownership, your plan for the new year may include buying, and you wouldn’t be alone! According to the 2018 Bank of America Homebuyer Insights Report, 74% of ren

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There are zero to no money down home loan programs available for homebuyers. Contact us to put you on the path to home ownership. #realestate #mortgages