Klacik Real Estate's Blog

Parents & Sellers Chip In For First-Time Home Buyers

When it comes to purchasing your first home, one of the biggest challenges you may face is saving enough money for the down payment and closing costs.

The good news is that many loan programs allow these costs to be paid by others.  So, don't put off your dream of owning your own home just because your savings account is a little low.  

There are two very commonplace ways to get the funds needed to own your own home:

What Does Youngstown Have in Common With Limerick, Ireland? This Will Surprise You!

According to the 11th Annual Demographia International Housing Affordability Survey: 2015 Youngstown tied four other markets — Limerick, Ireland; Rockford, Ill.; Terre Haute, Ind.; and Utica, NY — as the world’s most affordable housing market, with a 2.0 affordability ranking.

The study calculates affordability by dividing the median house price by the gross annual median household income.  Youngstown's median home price is $84,500, and it's median household income is $42,800 . . . thus the "World's Most Affordable" 2.0 ranking.

Detroit tops the ranking of most affordable major metro markets (with a 2.1 rating), while Hong Kong is the least affordable with a 17.0 rating.

This is a good thing!  You can buy a great house with a great yard and live a good life here on a modest income!  

Good Advice For First-Time Home Buyers - 5 Steps To Get Started

Buying your first home can be thrilling and nerve-racking at the same time.  You don't know what to expect and there is a lot to learn.  But doing some up-front financial homework will get you ready to start planning and shopping.

Take these five steps to help prepare you for home ownership.

1.  At least 6 months prior to purchasing - Check Your Credit Reports

Your credit score is one of the most important factors lenders use in order to qualify you for a home loan.  To get your free credit report from each of the three credit bureaus, go to AnnualCreditReport.com.  You are entitled to request your free credit reports once each 12-month period.