Common Real Estate Terms

The Home Buyer’s Glossary

Don’t let buying a home intimidate you… get familiar with the lingo used during the home buying process!  Your REALTORS® at NextHome Metro Group have compiled a list of some of the most common terms used when buying a home.  Be sure to bookmark this handy home buyer’s glossary for future reference!


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The popular & not so popular states to move to.

Where Are Americans Moving? (Infographic)

There was high outbound activity in the Northeast for the 5th year in a row!  Most of the moving can be attributed to Baby Boomers relocating upon retirement.

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Mortgage Interest Rates

Mortgage Interest Rates Are Going Up

According to Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed rate mortgage interest rate has jumped up.  The last few weeks we’ve seen 3.94% to the current higher rate of 4.03%.   Interest rates had been hovering around 3.5% since June, and many are wondering why there has been such a significant increase so quickly. 

Why are mortgage rates going up?  Basically, the better the economy, the higher interest rates will go.

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Housing Inventory Shortage

Low Housing Inventory is Still Posing a Challenge

The housing crisis of the past is finally in dissipating as the real estate market moves down the road to a complete recovery.  Home values are up, home sales are up and distressed sales (foreclosures and short sales) are at their lowest mark in almost a decade.  This year has been great for real estate and it will continue.

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WI Homeownership Rate 2015

Percentage of Homeownership by Decade and State

There has been a lot of talk about the falling homeownership rate in the United States.  In December 2004, the percentage of those owning a home reached an all-time high of 69.4%, with the 2015 reported rate at 62.9%.  When comparing these 2 figures, there is some room for concern regarding the difference.

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Renting vs Buying a Home

Buying is Now 37.7% Cheaper than Renting

The results of the latest Rent vs. Buy Report from Trulia show that home-ownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers actually show that the range is an average of 17.4% less expensive in Honolulu (HI), all the way up to 53.2% less expensive in Miami & West Palm Beach (FL) and 37.7% nationwide!

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