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How the youngest buyers are shaping the housing market
All eyes have been on millennials the past several years, as they have come of age (26-41) to buy homes and build families. They’ve become the dominant generation in home-buying activity, but there’s also good reason to look toward their younger counterparts. Gen Z adults (ages 18-25) are making it clear that they share the goal of homeownership with millennials. Many of them have already purchased homes, while others are taking steps toward achieving their goal. Recent realtor.com research quantifies the momentum of Gen Z buyers, revealing that 72% of them say they’d like to buy a house in the future; 43% expect to do so within five years. Almost half, 45%, are…
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5 Red Flags That Should Be Deal Breakers When Buying a Home
If you’re buying a home, it’s easy to act based on emotion and move forward with making an offer if you fall in love with a particular property. But you should remember that buying a house is a huge investment and will likely come with a large mortgage payment, so you don’t want to rush into the process of picking a property and end up with a place that has major issues. The good news is, by looking out for a few key red flags, you should be able to avoid a mistake that could come back to bite you. Here are five big signs that suggest you should probably walk away from…
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Are homeowners required to have homeowners insurance?
Homeowners insurance is a vital way to protect your home from the unexpected — from fires to disasters to crime. It’s so important, in fact, that your mortgage lender will require you to carry it. If you don’t have a mortgage, though, there’s no law requiring you to purchase homeowners insurance. Is home insurance required? Homeowners insurance is generally not required by state law. But if you have a mortgage, your lender almost certainly will require you to carry a policy. Before you close on your mortgage, you’ll usually have to prove to your lender that you carry an insurance policy on the home you’re buying. If you own a condo…
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3 ways to reduce your homeowner’s insurance premium as costs rise in 2022
Homeowners may see an increase in their homeowner’s insurance premiums this year. In October 2021, S&P Global Market Intelligence reported a 3% to 30% rate hike in insurance premiums across major home insurance providers, with State Farm having the most significant rate increase. The report also found that Texas saw the most significant increase in homeowners’ insurance rates compared to other states in the US. The Insurance Information Institute cited three main developments that led to the rise in homeowners’ insurance premiums. 1. Extreme weather and natural disasters One primary reason for home insurance rate hikes is the rise of extreme weather and natural disasters. According to data from the III, the number of claims…
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Solved! How Much Homeowners Insurance Do I Need?
Q: I’ve heard homeowners insurance is important o make sure your assets are covered in the event of a loss. But how much homeowners insurance do I really need, and how do I determine the right amount? A: The question of how much homeowners insurance you really need is a detailed one to answer. There are different coverage types that handle different assets. Someone might need to take out additional insurance, such as flood insurance, for certain types of disasters. And how much insurance a homeowner needs can also depend on how much their home and possessions are worth. These points are just for starters. Homeowners insurance comprises several different types of coverage,…
