Category Archives: Real Estate

Real Estate

What You Really Need for A Down Payment

As you set out on your homebuying journey, you likely have a plan in place, and you’re working on saving for your purchase. But do you know how much you actually need for your down payment?

If you think you have to put 20% down, you may have set your goal based on a common misconception. Freddie Mac says:

“The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”

Unless specified by your loan type or lender, it’s typically not required to put 20% down. According to the Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. It may sound surprising, but today, that number is only 13%. And it’s even lower for first-time homebuyers, whose median down payment is only 7% (see graph below):

How Much Do You Need for Your Down Payment? | MyKCM

What Does This Mean for You?

While a down payment of 20% or more does have benefits, the typical buyer is putting far less down. That’s good news for you because it means you could be closer to your homebuying dream than you realize.

If you’re interested in learning more about low down payment options, there are several places to go. There are programs for qualified buyers with down payments as low as 3.5%. There are also options like VA loans and USDA loans with no down payment requirements for qualified applicants.

To understand your options, you need to do your homework. If you’re interested in learning more about down payment assistance programs, information is available through sites like downpaymentresource.com. Be sure to also work with a real estate advisor from the start to learn what you may qualify for in the homebuying process.

Bottom Line

Remember: a 20% down payment isn’t always required. If you want to purchase a home this year, let’s connect to start the conversation and explore your down payment options.

Real Estate

You’re Always Paying a Mortgage…

yours or your landlord’s!

Avoid the Rental Trap in 2022 | MyKCM

Are you one of the many renters thinking about where you’ll live the next time your lease is up? Before you decide whether to look for a new house or another apartment, it’s important to understand the true costs of renting in 2022.

As a renter, you should know rents have been rising since 1988 (see graph below):

Avoid the Rental Trap in 2022 | MyKCM

In 2021, rents grew dramatically. According to ApartmentList.com, since January 2021:

“. . . the national median rent has increased by a staggering 17.8 percent. To put that in context, rent growth from January to November averaged just 2.6 percent in the pre-pandemic years from 2017-2019.”

That increase in 2021 was far greater than the typical rent increases we’ve seen in recent years. In other words – rents are rising fast. And the 2022 National Housing Forecast from realtor.com projects prices for vacant units will continue to increase this year:

“In 2022, we expect this trend will continue and fuel rent growth. At a national level, we forecast rent growth of 7.1% in the next 12 months, somewhat ahead of home price growth . . .”

That means, if you’re planning to move into a different rental this year, you’ll likely pay far more than you have in years past.

Homeownership Provides an Alternative to Rising Rents

If you’re a renter facing rising rental costs, you might wonder what alternatives you have. If so, consider homeownership. One of the many benefits of homeownership is it provides a stable monthly cost you can lock in for the duration of your loan.

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“. . . fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.”

If you’re planning to make a move this year, locking in your monthly housing costs for 15-30 years can be a major benefit. You’ll avoid wondering if you’ll need to adjust your budget to account for annual increases.

Homeowners also enjoy the added benefit of home equity, which has grown substantially right now. In fact, the latest Homeowner Equity Insight report from CoreLogic shows the average homeowner gained $56,700 in equity over the last 12 months. As a renter, your rent payment only covers the cost of your dwelling. When you pay your mortgage, you grow your wealth through the forced savings that is your home equity.  

Bottom Line

If you’re thinking of renting this year, it’s important to keep in mind the true costs you’ll face. Let’s connect so you can see how you can begin your journey to homeownership today.

Real Estate

Best Holiday Lights in DFW

Our friends at Republic Title compiled a list of the bets places to see holiday lights in DFW this season.

Check it out!

We’re grateful to all of our clients for making this our busiest year yet! Now it’s time for some moments of rest as we head into 2022.

Happy Holidays to you and yours!

Real Estate

Top 5 Holiday Photo Ops in oak Cliff

If you’re looking for a fun holiday-themed spot to visit (with or without kids, no judgement!), here are some options in Oak Cliff.

Special shoutout goes to the folks on Knott Place/Evergreen Hills who have decorated the street and island! Be sure to take your letter to Santa.

1. Letters to Santa

1027 Evergreen Hills

2. Giant Teddy Bear

1003 Cedar Hill

3. Bishop Arts Windows & Throne

4. Winnetka Heights Letters to Santa

Corner of Wentworth & Windomere

5. Merry Christmas, You Filthy Animal

Bishop Arts

And if you’re looking for something fun tonight…

Check out Revelers Hall Charlie Brown Christmas!

Real Estate

Jenni’s Winter Bakes

The gift for baking has been endowed upon many. But not me. 

I possess photographic evidence of the following:

  • a broken “cake” that fell apart when I removed it from the pan
  • a sheet pan of what started out as a dozen chocolate chip cookies, but ended up as ONE giant one
  • cupcake papers with only a crusty lining of baked batter…the rest “exploded” all over the top of the baking tray

It’s never interested me to study the why’s of these results, so I simply stopped baking…until this Fall. I was tempted into buying the book “Bakes Simple” by the author, Aran Goyoaga’s, looping baguette video. In the clip, she breaks a baguette in half, and it’s gorgeous. Fine print reads “gluten free”. Wheels screeching! Record scratching! Alarms ringing! That was a full ‘YES’ for me. So I ordered a copy (Actually, I ordered one for me, two for other GF friends, and three by accident…that have now found good homes). 

When I delivered the books to friends, I found out that I was the only one new to Canelle et Vamilly (Goyoaga’s blog). In it and the cookbook, she goes through some deep gluten-free science, like binders and leaveners and steps to replace what wheat, yeast and water do naturally. 

The good news is she makes a strong case for buying an inexpensive baking scale for accurate measurements. The bad news is that there were about 10 different flours that I needed to get started. But no surprise….I was already knee-deep into figuring out that baguette. I was diving all the way in.

So that was my first recipe to try. And it turned out. Not beautiful, but tasty! In the 6 weeks since I got the book, I’ve made 2 cakes, 4 batches of cookies, and an oat & honey bread. All amazing, and no exploded cupcakes or other mess ups to be seen! The real surprise to me is how relaxing and fun baking has become for me. Many Friday nights, I’m elbow deep in GF flour. It’s become my way to unwind and be mindful of the transition from work time to personal time.

Come over and help me eat these treats!