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HOME OWNERSHIP

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Trader Joe’s increases Home Appreciation

Shima 0 comments 14.09.2015

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If you needed another reason to love Trader Joe’s, this is it.

According to RealtyTrac, who ran an analysis of home values, appreciation, and property taxes within U.S. zip codes discovered that homeowners near a Trader Joe’s have experienced an increase in home value.

The study was determined by comparing the home values of owners living near a Trader Joe’s versus homeowners near a Whole Foods. There was an average 40 percent increase in home values of those near Trader Joe’s and only a 34 percent appreciation of those near a Whole Foods.

The homes used for the study were based on 1.7 million homes, condos and co-ops with at least one Whole Foods store nearby but no Trader Joe’s, and 2.3 million homes, condos and co-ops with at least one Trader Joe’s in the area but no Whole Foods.

Why might the home value increase for a neighborhood close to a Trader Joe’s? Well, here are some reminders why Trader Joe’s is admired according to Yahoo Food

-All Trader Joe’s products are made from non-GMO foods, and contain no high fructose corn syrup, trans fat, artificial colors or flavors

-The first Trader Joe’s opened by a man named Joe in 1967 in Pasadena, CA.

-If you don’t like something, you can return it.

-If you want to try something before you buy it, you can do that too.

-Trader Joe’s donates leftover food to food banks, pantries, and/or soup kitchens.

-They make cookie butter.

In addition, as reported by Fooducate,At Whole Foods Market, items are typically priced higher than similar products at Trader Joe’s.”

Although homeowners who live in a radius within a Trader Joe’s have experienced an increase in home value appreciation, it was also noted that they pay higher property taxes on average.

In conclusion, though living near a Whole Food’s or Trader Joe’s may not be considered as in depth as this study is when purchasing a home, I have one response: cookie butter.

That is all.

References contributing to this article include: Daily Breeze, RealtyTrac, Fooducate, and Yahoo Food.

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Mortgage Pre-Approval: Why A Pre-Approved Mortgage Makes Sense

Shima 0 comments 07.08.2015

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Today, CEO of Alliance West Financial, Kenneth Le is a guest blogger and shares below the importance of mortgage Pre-approvals. 

Mortgage pre-approval for real estate financing will put you in a much stronger position when you’re hunting for the home you want to live in. By having this important pile of paperwork out of the way you can be confident that sellers and realtors will take you seriously. They’ll see it as a signal that you’re prepared to negotiate in good faith. It’s a launch pad to owning your own home.

The Difference Between Qualified and Officially Qualified

When you’re shopping around for home financing you are likely to hear the termspre-qualifiedand pre-approved. The first term gives you a point of reference on how much you can borrow. However, pre-approval says that you’re certified to actually borrow the stated amount from that lender, in writing. Usually, a mortgage pre-approval is good for ninety days. The only thing left is to find a property that you like, and have an appraisal of its value and condition, to receive the go-ahead to fund your new home.

Once you have a letter of approval from one lender it doesn’t mean that you’re bound by their offer. You might still find alternative financing on better terms. What it shows is that you’ve demonstrated you’re really in a position to commit to the home buying process. In the minds of real estate professionals, pre-approval separates the serious buyers from the window shoppers.

Mortgage Pre-Approval Is Two Of Three Keys To Home Ownership

Lenders will be asking two specific questions when you apply for mortgage pre-approval: Are you likely to behave responsibly and do you have the financial capacity to make the payments? You’ll be judged by your behavior, as recorded on your three credit reports. This gives them a pretty good indication of how you’re likely to act over the long term. They’ll pay close attention to your payment history and how you’ve used or abused your borrowing opportunities in the past.

Lenders will then look for evidence that you have the financial capacity to take on the responsibility of a mortgage. They do this by analyzing your income and assets. They’ll be looking to see that you have a stable source of income and that you can meet your monthly obligations.

The Market Starts To Care When You Get Two Thirds Of the Way There

Pre-approval unlocks home financing in principle. To get the loan in practice your lender will have to give an additional approval for the property you intend to purchase, as it’ll be used as collateral to secure the loan. This stage is not part of mortgage pre-approval but it will need to be addressed before they agree to finally lend to you. The most important thing to remember is that you won’t lose a mortgage because you couldn’t get the house but, if you’re not pre-approved, you’re very likely to lose that house that you just fell in love with. Mortgage pre-approval is two thirds of the battle.

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