I started doing things a little different on my team. I use to try to motivate my team members on Monday by providing a motivational quote for them to start the week and we would discuss it. It was very benefitial or so I thought at the time. Then one day, one of my team members suggested everyone bring in a quote that pertained to what obstacle they were trying to overcome. This brillant idea led to a great change. We then began doing this on a weekly basis and began learning more and more and became more motivated. Each of them had “ah-ha” moments from each other’s quotes and it started a trend. Today, I am sharing one of their quotes with you. We have been going through a lot of change and with those changes comes growing pains. As we are approaching a switch in websites and contact management systems along with the other changes we’ve had, she said she is putting this quote in her mind as preparation that it will become as easy as it is now….MOTIVATION TO OVERCOME THE DIFFICULT!!  Happy Monday.

 

Rising interest rates are great if you are renewing a certificate of deposit but not so much when you’re borrowing money. With interest rates on the rise as well as home prices, housing affordability is a concern for would-be homeowners.

A rough rule of thumb is that a person’s or family’s housing should not exceed 28% of their monthly gross income. While rental rates and home prices have been consistently increasing, mortgage rates have been soaring in the past month. In one week, according to the Freddie Mac Primary Mortgage Market Survey, they jumped by .5%.

This means that people have to pay a larger percentage of their income for housing unless their incomes have been increasing at an equal pace.  A $200,000 mortgage would be over $100 more per month if closed in July compared to closing at the interest rates available in January of 2013.

If rates increase by .5% by the time you close on the same size mortgage, payments would increase by almost $60 per month. In order to keep the payments the same, a borrower would have to put an additional $11,000 down to lower the mortgage amount. 

Fannie Mae, in a recently released study, states that consumer attitudes continue to be favorable about homeownership, particularly with the younger generations, ages 18 to 34. Slightly over half of them think that owning makes more sense than renting when comparing the financial and lifestyle benefits.

90% of aspiring owners expect to purchase a home someday and slightly over half think they’ll do it within five years. The primary challenges are having sufficient savings and the difficulty of getting a mortgage today. Younger renters see renting as a temporary stepping stone toward homeownership.

Homeowners are far more likely than renters to be “very positive” about their housing experience. Some of the benefits identified are:

• Having control over what you do with your living space 
• Having a sense of privacy and security 
• Having a good place for your family or to raise your children 
• Having the best investment plan 
• Living in a nicer home 
• Building up wealth 
• Saving for retirement 
• Living in a place where you and your family feel safe 
• Feeling engaged in your community

To satisfy a buyer’s doubts about qualifying for a mortgage, make an appointment with a trusted mortgage professional. If you’d like a recommendation at no cost or obligation, please contact me at info@eliteteamofla.com.  Check out this Rent vs. Own to see the real cost of owning a home.

 

Have you been thinking about a career change and owning your own business? Do you enjoy working with people, would love to help others achieve their real estate dreams, and want a flexible schedule? Have you ever considered a career in real estate?

If you’ve answered yes to any of these questions, join us for a FREE real estate career seminar at our Keller Williams office in Lafayette. There, you’ll learn about the requirements for starting a business in real estate and what we offer to our associates at Keller Williams Realty.

Starting a business in real estate, as a Realtor, is fairly simple, quick, and inexpensive compared to the costs of starting other types of businesses. Truth is, real estate is probably one of the lowest cost start up there is. Obtaining your license and paying the initial fees for the first year will run you about $1500. Maintaining your license afterwards with all the mandated fees will costs you around $1500 per year. What other kind of business can you start and run for this kind of money? And when it comes to income, the sky is the limit; you can build it as small or as large as you envision it. Really.

Keller Williams is looking to hire and train a select group of motivated Realtors. If you are looking to build a career in real estate, or looking to take your existing career to the next level, there is no better place to do so than the #1 Real Estate Brokerage in North America. At Keller Williams, our mission is to build careers worth having, businesses worth owning, and lives worth living. We can teach you the ins and outs of building a successful real estate business, and we offer the tools of the trade that will get you there. No experience necessary; We will train you!

For more information, visit my redcareers website here on contact me via email with your questions.

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