America’s home prices are still rising, currently hovering at a median of $430,000 in April. But at long last, these sky-high housing costs seem poised to fall, perhaps as early as this month.
That’s according to a new report from Realtor.com®, which found that April’s listing prices had ticked up a mere 2.5% compared with a year earlier. That’s the slowest yearly price growth seen since April 2020, when COVID-19 quarantines forced the real estate market to grind to a halt.
Once markets opened up again, the pandemic unleashed a steep and unprecedented ascent in home prices, culminating in a record-setting high of $449,000 last June. But the latest data suggests that this raging seller’s market might have finally reached its peak and will soon peter out.
“At this rate of slowing, listing prices are likely to decline relative to the previous year sometime in May,” predicts Realtor.com Chief Economist Danielle Hale in her latest analysis of housing trends. “For buyers, decelerating and potentially declining listing prices could be a welcome reprieve.”
Why home prices and mortgage rates might have peaked
And here’s more good news for May: As long as inflation continues to lose steam, mortgage interest rates might soon die down as well.
“With the rate of inflation decelerating, rates should gently decline over the course of 2023,” Sam Khater, chief economist of Freddie Mac, predicted recently.
This double dose of hope might be just what homebuyers need to hear right now to hit some open houses and forge ahead.
“We may see an improvement in affordability compared to the previous year in the coming months,” Hale continues. However, “it’s important to note that affordability is expected to continue to create headwinds for many homebuyers this year.”
Indeed, the monthly cost of financing 80% of a typical home is 19% higher than a year ago, which amounts to an extra $340 per month.
Until these costs decline, the housing market might remain largely locked in a staring contest, with homebuyers waiting for prices to fall and sellers waiting for more buyers to come off the sidelines.
“Some buyers and sellers may want to wait,” says Lawrence Yun, chief economist for the National Association of Realtors®.
Yet waiting carries some risks.
“Home prices could be bid up when rates are lower, rather than buyers being able to negotiate for a better price now and then refinance if the rates were to go down,” Yun explains. “With inventory so short, it is unclear if the right home for the price on the market now shows up later.”
Why lower home prices and mortgage rates might not be enough
Although homes might soon cost a bit less, homebuyers may face other problems. For one, there just aren’t enough homes for sale.
Although this April saw 48.3% more listings than a year earlier, inventory “is still well below pre-pandemic levels,” Hale notes. “This means that there were still fewer homes available to buy on a typical day in April than there were a few years ago.”
Plus, April’s inventory growth rate slowed for the second month in a row, with 21.3% fewer fresh properties being added to the overall mix that month.
Many sellers held off on listing because they feel “locked in” by their current low mortgage rates.
Plus, the prospect of selling might seem less enticing, now that the red-hot seller’s market of the past couple of years is on the wane.
In April, 12.2% of listed homes had price cuts. That’s below the 2017–19 average, Hale points out, suggesting that “sellers may be setting their initial asking price to be more in line with buyer expectations than was typical before the pandemic.”
Homes are also lingering on the market, at a median of 49 days in April. That’s 17 days longer than last year, although still shorter than before the pandemic.
Nonetheless, the future looks bright for many sellers, particularly if they’ve owned their home for a while.
“Sellers who have built up home equity are better positioned to find their next home in a cooling market,” Hale says. But they “may need to temper expectations for the sale of their current home.”
Where affordable housing markets are hiding
In the meantime, homebuyers are scrounging far and wide for affordable homes.
Many have targeted less costly metros in the middle of the country, although this, in turn, has caused prices to begin rising in these areas. Prices were up the most compared with a year earlier in Memphis, TN (31.7%), Milwaukee (21.7%), and Kansas City, MO (21.1%).
On the flip side, areas that pulled in the most newcomers during the pandemic—and where prices boomed—are now reversing many of those patterns. The greatest price declines were seen in Austin, TX, where prices were down 8.8% year over year; Las Vegas, where they fell 7.1%; and Houston, down 4.6%.
Yun thinks many of the long-distance moves sparked by the onset of remote work in 2020 might be coming to an end, but work arrangements will still play a role in determining where people live.
“Long-distance regional moves will be limited—for example, moving to the very affordable market of Cincinnati from San Francisco,” he says. “But going to the next county and outer suburbs will be popular. Homes are more affordable in the outer rings, and those with the option to occasionally work from home will not have to commute every day.”
Michelle’s quick note: Today, I have a great blog post on how to save money for a large deposit from Rachael, who is a long-time reader of Making Sense of Cents. Rachael purchased her first investment property at the age of 20 by saving for a deposit and found many great ways to save for the 20% deposit. Below is her blog post. Enjoy!
I bought my first investment property with a 20% deposit when I was 20 years old (admittedly I was 2 weeks shy of turning 21!). I accomplished saving for a deposit with my own money, my parents never gave me a cent. So how did I do it?
1. The first thing I did was start applying for jobs as soon as I turned old enough to get a job. I started working when I was 15 as a checkout chick at Woolworths. Not very glamorous, a bit boring and repetitive but I was earning money! I worked about 10 hours a week during my last 2 years of high school, and worked around 20 hours per week during the school holidays. I worked at Woolworths for 3 and a half years and saved a good chunk of the money I earned.
Related:
2. When I worked during high school the only time I would ever say no to a shift is if I was sick or had an exam the next day. It didn’t matter if I didn’t want to go to work (does anyone ever actually want to go to work?) I hated that job but I wanted a property so I went to work.
Sometimes I’d get home from school, get changed into my work uniform then go straight to work until 9:30 then come home and study until midnight to get homework and assignments done, then go to school the next day. I know some people don’t agree with kids working while studying but it was really helpful for time management as it didn’t leave me with any time to procrastinate!
3. The main contributor to earning enough money for the deposit was opening an Etsy shopI’d been designing printables to help keep me organized for a while and decided to start an Etsy shop to save up some money for a trip to the USA (I live in Australia). I ended up making enough money to cover most of the cost of the holiday. The intention when I got back from vacation was to close up shop and focus on my university studies. But I came back to tons of messages from people asking when my shop would be reopening because they wanted to buy my printables. I thought I may as well leave the shop open and make some extra money to supplement the income I was earning as a checkout chick (which was not much!)
About 6 months later my sales kept growing even though I wasn’t creating many new printables – I was earning more than I was scanning groceries (and having a lot more fun!) so I decided to turn my Etsy shop into a business. It also made me realise that I’ll never earn an above-average or life changing money working for someone else.
When I started my 3rd year of my university course, I got a job in my field. For 3 months I worked 10 hours a week scanning groceries, 25 hours a week at my day job, juggled my 2 Etsy shops, a blog, and maintained a high GPA at my university studies. I say this not to brag, but to point out that the money wasn’t just handed to me on a silver platter – if you want something you have to work for it. Needless to say I was burnt out. I quit being a checkout chick (that was a wonderful day!) and sought other ways to save the money I was no longer making from working those 10 hours a week. If you’re looking for ways to make extra money, Michelle has dozens of posts with side hustle ideas.
My biggest advice when it comes to saving money is not to increase your standard of living when you start earning a higher wage.
Aside from starting an online business, I saved money in numerous other ways:
4. I don’t have a car. When I did the math it was cheaper for me to pay higher rent and live closer to the city and use public transport (plus it’s more convenient). I share an apartment with my sister which also helped me save money as bills are split in 2, and it’s cheaper to rent an apartment with someone than it is to live by yourself
5. I buy stuff when it’s on sale & stock up. Yep, I’m one of those crazy people that buys 30 rolls of toilet paper when they’re on sale. When a sale does come around, I’m organized and have a list of everything I need to buy – the key is that you only buy what you need not just stuff that you want.
6. I bring my own lunch. I see so many of my work colleagues wasting their money on donuts, coffee and buying lunch every day. Then they whinge and seem confused that they don’t have any money by the end of the month when they’re screaming out for payday. One of the reasons I work as much as I do is because I never want to live paycheck to paycheck
7. When I was saving up I put most of my money into a term deposit. Not only did this prevent me from spending it, it also earned a higher interest rate than an everyday savings account. When the term deposit expired and I still didn’t have enough for the deposit, I went to my bank every couple of months and opened a new savings account so I could get their 3 month introductory bonus interest rate (by the 3rd time of doing it the bank knew me by name and just reset the interest rate rather than making me open a new account!)
8. I track where all of my money is spent using my budget binder printables – no joke, every single dollar gets accounted for. I do the same with my business income and expenses using these spreadsheets.
9. I set a maximum amount I would pay per piece of clothing and stuck to it (still stick to it!) no matter what ($20 for shirts, $40 for a pair of shorts in case you were wondering – keeping in mind that clothes are more expensive here in Australia). If I find a piece of clothing that I like I also buy it in multiples when it’s on sale. I have an ‘around the house’ wardrobe which consists of cheap clothes I wouldn’t wear in public but are perfect for blogging!
10. I utilise credit cards. A lot of people have a misconception that credit cards are bad but they’re not if you use them to correctly i.e. not to buy stuff you couldn’t otherwise afford. Not only do I not have to carry cash but when I makes purchases on my credit card I accumulate points that can be converted to cash.
Plus most credit cards will give you a signup bonus (such as cash or frequent flyer points) – just make sure you check that the bonus is more than the annual fee. You can always cancel the card before the end of the year then sign up for a new card the next year to get a new signup bonus.
By purchasing on credit card, you can keep money in your savings account for longer meaning YOUearn interest on your money, not your bank. I use my budget plannerto keep track of when money needs to be transferred so I’m not hit with a late fee.
Related: How To Take A 10 Day Trip To Hawaii For $22.40
11. I’m on the lowest phone plan with the smallest amount of data and I still never reach the limit because I utilise free wifi. I always make sure my phone is set to wifi when at home, and if I need directions somewhere I’ll look it up and take screenshots before I go so it doesn’t use up data.
12. I try and travel during off-peak season. And if I do travel during peak season I travel with others so the cost of accommodation and airport transfers can be split.
13. Comparison shopping research. I always compare the cost of basically everything before purchasing. Each week I go through the grocery catalogues and see which shops have the same item for the cheapest price. If I’m buying electronics I make sure I take advantage of price matching.
14. Before I buy anything I ask myself: ‘do I really NEED this?’ We all have that one thing that we can’t resist. For me, it’s stationery. I’m a massive stationery addict and the number of times I’ve had to tell myself no when I see a cute notebook or another pen sucks, but if I don’t actually need it then I don’t need to buy it.
15. I use ATM’s that don’t charge me transaction fees. Make sure you check with your bank if there are any banks they partner with i.e. won’t charge you fees, or at least look at which ATM’s charge the lowest fees if you withdraw money and aren’t a customer with that bank.
16.I never buy stuff from convenience stores – they charge double the price for a chocolate bar, a bottle of water etc. as the supermarket. I was with a work collage at lunch and she spend 4x the cost on 2 items that she could’ve got for way cheap if she walked 100m up the road to the supermarket. She didn’t even bat an eyelid and all I could think was you just spend a third of your hourly wage on stuff that’s going to be consumed in 5 minutes!
17. I’ve never ordered dessert at a restaurant. Ever. Why pay $12 for a bowl of ice cream when I can buy 3 tubs for the same price?!
18.I never buy scatchies, lottery tickets or participate in sweepstakes at work. I believe you’ve got to make your own luck!
19.When I catch up with friends I do so over lunch or afternoon tea rather than dinner as meals are usually cheaper.
20. I walk around my neighbourhood rather than paying for an expensive gym membership.
Related: The Busy Person’s Guide On How To Be Healthy
The 20% deposit on my first investment property
All in all it took me about 5 years to save the deposit. I’m not going to sugar coat it. It was hard. Really hard. ‘Training’ myself to say no, to really ask myself if I actually need something as opposed to just wanting it was not fun.
And just because I have the property now, doesn’t mean I’m going to suddenly stop being ruthless about saving money. My mentality is now ‘I could buy this for $100, or I could put that towards an extra mortgage repayment.’ I tracked my savings and spending (no joke, I account for where every dollar goes) using my budget binder printables(which I still use to track my spending).
Related: Home Buying Tips You Need To Know Before You Buy
As for whether I’d buy a property at 20 again, I’ll admit there have been times when I’ve regretted my decision. I could’ve done a LOT of travelling with the money I’ve poured into my mortgage (as well as all the other ongoing costs such as property management fees, body corporate, maintenance etc.).
I’ll admit I do get jealous of my carefree 20-something friends’ holiday photos, and that they have no qualms about dropping a couple of hundred dollars on a concert ticket. I also wouldn’t have to awkwardly ask friends to pick me up if we go out since I can’t afford a car (I do pay them money for fuel!) If interest rates weren’t at historically low rates at the time, then I also probably wouldn’t have been able to purchase the property.
But whenever I feel ‘depressed’ looking at how much money I’ve poured into the mortgage and how much interest is added to the balance each month, I remind myself that I’m on track to paying off my mortgage by the time I turn 30 and I feel a whole lot better! ☺
What have you done so that you can save a large amount of money such as saving for a deposit?
Save more, spend smarter, and make your money go further
Stock markets and major commodities such as oil and gold seem to get most of the mainstream financial market headlines these days. Despite being the largest and most liquid trading markets in the world, the global currency markets do not nearly get the same attention.
There are a few key reasons for this – the lack of a true central currency exchange, the relatively small daily price changes and the seemingly opaque reasons for changes in currencies.
However, the value of our nation’s currency can have a strong affect on the stock market and the commodities markets as well as have a real affect on our lives. Our currency’s value is a basic fundamental component of our wealth and our ability to purchase goods – especially in this age of globalization. If we pay attention to the currency market trends, we can benefit by using this information to plan ahead for a vacation, search out deals on foreign products or take this knowledge into account when making our investment decisions.
For businesses, the value of a local currency can be even more important. A strong currency will make our exports more expensive to foreign buyers while possibly making imports downright cheap for us to buy.
As a currency trader, I can tell you that there are many economic factors to take into consideration when it comes to evaluating a currency’s strength. Some economic factors can have more influence at different times and for different countries.
Below, I touch upon four factors that I believe to be among the most important economic indicators anyone can follow by reading the news.
1. Interest Rates
The first factor contributing to the general strength or weakness of a currency is a country’s interest rate. Simply, interest rates are the amount it costs to borrow money. The interest rate level is moved higher or lower by a country’s central bank to either stimulate or slow down an economy. Higher interest rates impose a more costly fee to borrow money while lower interest rates lessen the fee and usually spur more borrowing (or access to cheap credit) in an economy.
When it comes to demand for a particular currency, however, the higher the interest rate usually means the higher the demand for that currency. Lower interest rates usually decrease the demand for a currency. The reason investors look to buy currencies with higher interest rates is it creates an additional rate of return on their currency exchange. A trader is compensated by the interest rate differential when the trader buys the currency with the higher interest rate compared to the lower interest rate currency. There is a popular currency trading strategy called the “carry trade” that seeks to exploit the differences in country’s interest rates (see more on the carry trade here).
The mechanics behind this can take some time and effort to fully comprehend, but the general take away is: Higher interest rates make a currency more attractive.
2. Inflation
Inflation is next in our economic factors list and is defined by the rise in prices of goods and services. When a product rises in price, it signals that there is an underlying demand for that product. Higher prices may not seem good to a consumer, but it is generally considered healthy for a country to have a moderate increase in inflation in a growing economy. Many central banks have a target inflation rate for their economy of around 2 percent a year.
When an economy sees too much inflation, the central bank will try to cool off rising prices and access to cheap credit with an increase in interest rates. This brings us back to number one in our list, where we see that higher interest rates make a currency more attractive. So in a growing economic environment, rising inflation rates will tend to increase expectations that interest rates will rise, which will in turn make traders have a positive outlook for the rise of the currency.
There are also downsides to inflation when not accompanied by a growing economy called stagflation (high unemployment, low growth, high inflation) and the dreaded deflation, which is when prices are in decline. This is usually a drag on an economy as prices of goods are falling, leading to declining wages in worker paychecks and less money workers will have to buy goods.
3. Economic Growth
The strength of an economy can go a long way to boosting the strength of the nation’s currency. A strong growth rate in a country will see a growing demand for products and services with better job prospects for workers as well as being an attractive destination for capital and investments.
The easiest way to watch a country’s economic standing is to pay attention to the gross domestic product (GDP). A strong GDP reading is growth of 3 percent or more in many cases, while growth close to zero percent or a negative reading shows that the economy could be headed for a recession. A typical definition of a recession is two consecutive quarters of negative GDP growth.
In an economy like the United States, which is driven by consumer spending, expanding growth that produces more jobs and better wages will allow workers to feel wealthier and help to further stimulate the economy through domestic consumption. More growth can bring higher inflation rates and the expectations for interest rate increases. Foreign investment and demand from companies abroad can also play an important factor in boosting the local currency of a strong economy.
4. Current Account Balance
The last on our list is the current account balance. It is considered to be the most extensive gauge of cross-border transactions of a country. Simply put, it is the total amount of goods, services, income and current transfers of a country against all of its trading partners. A positive current account balance signals that a country lends more to its trading partners than it borrows, and a deficit current account balance shows that the country borrows more from its trading partners than it lends.
This total amount of trade can influence the country’s exchange rate positively if there is more demand for that country’s goods (and currency) from other countries. A deficit or borrower country will see less demand for its own local goods and currency overall.
Conclusion
Economics and currency forecasting are both very much inexact sciences. Price movements can seem volatile and hard to understand, but for those seeking basic insight into currency trends, these important economic factors can go a long way.
Zachary Storella is the CEO of currency news website CountingPips.com.
Save more, spend smarter, and make your money go further
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Whether you’re new to the state or a longtime resident, Michigan has plenty to offer. There’s also a wide range of financial institutions, from national banks with multiple branches to the small, independent bank that focuses on building community.
If you’re in the market for a new bank account, the options can be overwhelming. Here are some of the best banks in Michigan to help you find a bank that meets all your banking needs.
12 Best Banks in Michigan
Ready to start comparing banks? The below list includes some of the best banks in Michigan that offer checking accounts, savings accounts, and lending products.
1. Chase
With more than 4,700 branches and 15,000+ ATMs nationwide, Chase Bank is a great Michigan bank for those who frequently travel. Although the rates on savings accounts are low, Chase Bank has some impressive checking account options.
For many Michigan customers, Chase Total Checking will be the best deal. There’s a $12 service fee with that account, but it can be waived by either keeping a $1,500 balance, having $500 in direct deposit activity each month, or connecting a Chase savings account and maintaining at least $5,000 in combined balances.
Fees:
$12 monthly service fee (can be waived)
$34 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance requirements ($1,500 to waive service fee)
ATMs:
Fee-free at 15,000+ Chase bank ATMs nationwide
$3-$5 fee for each out-of-network ATM transaction
Interest on balance:
.01% APY on savings accounts
Up to 3.75% APY on CDs
Additional perks:
$300 bonus for new checking account
Autosave feature helps you quickly build savings
2. Fifth Third Bank
Regional banks are often a great compromise between a large, corporate bank and a small, local bank. Fifth Third Bank is a regional bank with branches in Michigan, Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee, and West Virginia.
You’ll get access to cash while traveling in those areas, as well as expanded access through Fifth Third’s partner ATM network, which has more than 40,000 ATMs nationwide.
Fees:
No monthly service fee
$37 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance requirements
ATMs:
Fee-free at 2,100+ Fifth Third Bank ATMs
Fee-free at 40,000+ partner ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
.01% APY on savings accounts
Up to 4.75% APY on CDs
Additional perks:
Extra business day to resolve overdrafts
Early Pay gives you access to direct deposit two days early
3. Chime
Chime is an online bank with a full suite of banking services, including an online savings account that earns 2.00% APY. You’ll need direct deposit to qualify for Chime’s biggest benefits, including early access to your paycheck and SpotMe, a feature that covers you for up to $200 of overdrafts.
There are no monthly maintenance fees, and you can also withdraw money at more than 60,000 ATMs nationwide.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at 60,000+ MoneyPass, Allpoint, and Visa Plus Alliance ATMs
$2.50 out-of-network ATM transaction fee
Interest on balance:
2.00% APY on savings
Additional perks:
SpotMe covers up to $200 in overdrafts
Access paycheck up to two days early
4. GO2bank
GO2bank is another online banking option with perks designed to compete with traditional banks. As long as you have at least one payroll or government benefits direct deposit monthly, the $5 monthly fee will be waived. You’ll have fee-free access to cash through Allpoint ATMs nationwide, as well as the ability to deposit cash at more than 90,000 retailers across the country.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee after 24 hours in negative balance
Balance requirements:
No minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at 53,000+ Allpoint ATMs nationwide
$3 for each out-of-network ATM withdrawal
Interest on balance:
4.50% APY on savings account
Additional perks:
5. Citizens Bank
Although it’s based in Providence, Rhode Island, Citizens Bank has branches in Michigan, as well as Connecticut, Delaware, Florida, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington, DC.
Checking accounts come with a $9.99 monthly fee, but you can avoid it with at least one deposit a month.
Fees:
$9.99 monthly service fee (waived with requirements)
$35 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at 3,200+ Citizens ATMs
$3 for each out-of-network ATM transaction
Interest on balance:
.01% APY on savings accounts
Up to 2.75% APY on CDs
Up to 2.75% APY on money market account
Additional perks:
Citizens Paid Early gives you access to direct deposit two days early
Citizens Peace of Mind helps you avoid overdraft fees
6. Huntington National Bank
Another regional bank with branches in Michigan is Huntington National Bank. You’ll get fee-free ATM access at Huntington ATMs, which are located throughout Michigan, as well as in Ohio, Colorado, Florida, Illinois, Indiana, Kentucky, Minnesota, Pennsylvania, West Virginia, and Wisconsin.
Customers who have recurring direct deposits coming in will qualify for perks like Standby Cash, which issues a line of credit as you need it. You’ll pay no interest on that loan as long it’s repaid in three months. After three months, the rate is only 1%.
Fees:
No monthly fees
$15 overdraft fee (waived up to $50)
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at more than 1,700 ATMs
$3.50 for each out-of-network ATM transaction
Interest on balance:
Up to .06% APY on savings accounts
Up to 5.13% APY on CDs
Up to 4.18% APY on money market account
Additional perks:
Standby Cash issues a no-interest loan as you need it
Early Pay gives you access to direct deposit up to two days early
7. Consumers Credit Union
If you live, work, or attend post-secondary school in the lower peninsula area of Michigan, Consumers Credit Union has plenty to offer. There are 26 offices in the area, as well as fee-free ATM access through the nationwide Co-Op Network. Consumers Credit Union has competitive rates on CDs, as well as great home and auto loan options.
Fees:
No monthly maintenance fee
$35 overdraft fee
Balance requirements:
No minimum deposit to open
ATMs:
Fee-free at Consumers Credit Union ATMs
Fee-free at 30,000+ Co-Op ATMs nationwide
$3 out-of-network ATM fee
Interest on balance:
Up to .25% APY on savings account
Up to 4.50% on CDs
Up to .50% on money market account
Additional perks:
Competitive rates on home and auto loans
Purchase discounts when using Consumers Credit Union debit card
8. Ally Bank
Online banking can help save you money, as long as you don’t need a local branch. Ally Bank gives you everything you need to manage your money through its website and mobile banking app.
As with many online banks, you’ll get competitive interest rates on deposit and savings accounts, including 0.25% APY on your checking account balance. Ally offers cash access through more than 53,000 Allpoint ATMs nationwide, as well as up to $10 in out-of-network ATM fee reimbursements each statement period.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at 53,000+ Allpoint ATMs nationwide
Up to $10 in out-of-network ATM fee reimbursements monthly
Interest on balance:
.25% APY on checking accounts
3.85% APY on savings accounts
Up to 4.80% APY on CDs
4.15% APY on money market account
Additional perks:
Robo Portfolios help you invest
Spending Buckets help you budget
9. Flagstar Bank
Although it’s headquartered in Hicksville, New York, Flagstar Bank has a regional headquarters in Troy, Michigan. One of the best things about Flagstar checking accounts is the 0.25% interest rates you’re offered on home and personal loans when your payment comes from your checking account.
Although Flagstar does have a high-yield savings account that offers 2.50% APY, there’s a $35 monthly service fee for balances under $50,000.
Fees:
No monthly maintenance fee
$36 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at Flagstar ATMs
Fee-free at 56,000+ Presto! and Allpoint ATMs
$2.50 for each out-of-network ATM withdrawal
Interest on balance:
Up to 2.50% APY on savings account
4.25% on CDs
Additional perks:
Discounts on loans when payments made from your Flagstar checking account
Robust business checking account options
10. Old National Bank
Based in Chicago, Illinois, and Evansville, Indiana, Old National Bank has branches in Michigan, Indiana, Wisconsin, Minnesota, Kentucky, and Illinois. Currently, you can earn a $300 bonus for a new checking account when you receive at least two direct deposits totaling at least $3,000 and enroll in online or mobile banking.
Old National’s free checking account requires at least $500 in direct deposit activity monthly. You’ll also have to maintain a minimum balance of at least $750 or maintain a $1,500 combined balance in all your Old National accounts. If you’re active-duty military, you can qualify for a free checking account without meeting any requirements.
Fees:
$6.95 monthly service fee (waived with requirements)
$36 overdraft fee (waived up to $25)
Balance requirements:
$50 minimum deposit to open
No minimum balance required ($1,500 to waive monthly fees)
ATMs:
Fee-free at Old National ATMs
Fee-free at 53,000+ Allpoint ATMs nationwide
$3 out-of-network ATM fee
Interest on balance:
Up to 4.85% on CDs
Up to 5.00% on money market account
Additional perks:
$300 bonus for new checking account
View all accounts, including those with other banks, in one dashboard
11. Diversified Members Credit Union
Diversified Members Credit Union has expanded over the years and now serves 25,000 members, with branches in Novi, Clawson, and Detroit. You’ll also get online and mobile banking options, as well as access to branches and ATMs through the Co-Op network.
Although DMCU’s checking accounts come with a $10 fee, you can avoid those monthly maintenance fees by enrolling in e-statements and online banking, as well as having at least 15 debit card transactions post each statement period.
Fees:
$10 monthly fee (waived with requirements)
$30 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum balance required
ATMs:
Fee-free at DMCU ATMs
Fee-free at 30,000 ATMs nationwide
$2 out-of-network ATM transaction fee
Interest on balance:
.05% APY on checking
Up to .35% APY on savings
Up to 1.15% APY on money markets
Additional perks:
Robust business checking account options
Competitive rates on auto and recreational vehicle loans
12. Comerica
Although it was founded in Detroit in 1849, Comerica is now headquartered in Dallas. But it still has branches in Michigan, as well as Arizona, California, Florida, and Texas.
Comerica’s basic checking package comes with a $13 monthly fee that can be waived by keeping a $1,000 balance or having at least one $250 electronic deposit each month. Full-time students up to age 26 and military members can also request to have the fee waived.
Fees:
$13 monthly fee (waived with requirements)
$34 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum balance required ($1,000 to waive service fee)
ATMs:
Fee-free at Comerica ATMs
$2.50 out-of-network ATM transaction fee
Interest on balance:
.01% APY on savings
Up to 5.00% APY on CDs
Up to 4.25% APY on money market account
Additional perks:
Earn up to $500 for referrals
Discounts on home equity lines of credit
Choosing the Best Bank in Michigan
When you’re in the market for a new checking or savings account, it’s important to recognize what’s most important to you. It likely will differ from what someone else finds important. Here are some features to consider when you’re comparing national, regional, and local Michigan banks.
Mobile Banking Features
These days, almost every bank offers mobile banking as a core feature. The best banks let you manage almost everything through either the app or an online web portal. Look for features that will eliminate your reliance on local branches and ATMs, including mobile check deposit and the ability to easily transfer money from your checking account to your online savings account.
That doesn’t mean you can’t choose a bank with branches in Michigan, though. You may like the features that come with a traditional bank account, including the ability to visit a local branch for in-person customer service. If a bank offers easy access to branches and ATMs, mobile banking will still give you the convenience of being able to manage your account when you can’t get to a bank.
Minimum Deposits and Balances
When searching for the best banks, you’ll notice that some come with requirements. Banks and credit unions may charge monthly service fees to access your account, and it can be tempting to go with a bank that advertises free checking. In doing that, though, it’s important to pay attention to the requirements that go with that account.
If you’re on a budget, the best checking accounts have very few fees while also refraining from requiring a minimum daily balance. That means you don’t have to stress about keeping a certain amount in your account. When looking at a bank or credit union, also look for the requirements to open the account. Some banks require a minimum deposit to get started.
Interest Rates
Saving money on fees isn’t the only priority when looking for a bank account. Your balance should earn interest, and the higher the annual percentage yield, the better.
It’s not unusual for a savings account and CD to earn interest, but there are also high-yield checking account options. An interest checking account will probably be a better fit for you if you routinely hold a high balance in your checking account. You can also find high interest rates on savings and CDs with online banks that might offset any out-of-network ATM fees you occasionally pay to access cash.
Michigan Bank Promotions
Whether you’re searching for a community bank or holding out for a great deal with a national bank, always look into any bank promotions currently going on. Typically, bank promos require that you maintain the account for at least a couple of months, as well as complete a fixed number of activities, such as electronic deposits or maintaining a minimum balance.
In some cases, promotions will be for specific product types, such as a business checking account. If you’re in the market for a new business bank account, you may get a better deal by going with a different bank than you use for your personal checking account.
ATM Access
Online banks, local banks, and credit unions will often increase their interest rates on savings and CDs to compete with bigger financial institutions, but there’s a downside. You might not get the cash access you’d find with a national bank. You may find a full selection of ATMs near your house, but when you travel, you’ll have to pay an out-of-network ATM fee to get cash from your bank accounts.
In recent years, though, online banking and credit unions have made this easier. Your credit union may be a part of a national co-op network that expands access to both branches and ATMs nationwide.
Online banks will partner with national ATM networks like AllPoint and MoneyPass to offer account holders cash. If you ever need to deposit cash, your online bank might let you take your debit card to one of many partner locations to add the funds to your app, although this usually comes with a fee.
In some cases, a small or online bank will offer ATM fee reimbursements. These may be limited to a small dollar amount per statement period. This could include a few banks who don’t offer fee-free ATM withdrawals among your options.
Our Methodology
Finding the right bank can be tough, so we took personal preferences into account. Here are some of the features we used to determine the best banks and credit unions in Michigan:
Variety of financial products: Checking and savings are typically the first features you look for in a bank, but there are other things to consider. We focused on banks that offer other accounts, such as money markets and certificates of deposits.
Local vs. online: Preferences can vary, so we chose a variety of account types, including small banks, credit unions, corporate banks with branches in Michigan, and online-only banks.
Interest rates: We noted the interest rates offered by each bank. If you’re hoping to save money, it’s important to get the best rates possible. We tried to include banks that offer an APY that’s above the national average.
Bank requirements: There are often minimums associated with an account, especially if you won’t pay monthly fees. We took a look at those requirements and disclosed them to make it easier for you to quickly identify what you’ll need. Those include the amount you’ll need to deposit to open the account and the minimum balance you’ll need to retain each day.
Other fees: You won’t just face service fees with a new account. If your checking goes into the negative, you’ll likely have to pay an overdraft fee. Some banks have a minimal out-of-network ATM transaction fee that’s in addition to any fees charged by the third-party bank. Check a bank’s fee schedule before signing on to make sure you know exactly what fees you’ll face.
Finding a new bank can be challenging. The good news is, once you’ve found the right fit, you probably won’t have to switch for a while. It’s important to take your time and compare as many banks as possible to make sure you’re getting the best deal.
When to Pay Off Credit Card Debt with a Personal Loan | SmartAsset
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There are very few times when taking out more debt to pay off credit card debt makes sense. Using a personal loan to pay off your credit card debt is only moving the money around. The debt is still there. However, it might just be a pile of debt with better terms for you and your family. These are three times it might make sense to pay off credit card debt with a personal loan. If you want more help in your loan repayment process, consider seeking a consultation with a trusted financial expert. SmartAsset’s financial advisor matching tool can pair you up with a professional who can provide guidance that suits your specific needs.
1. To Lower Your Interest Rates
The most important aspect of a debt consolidation loan is to lower the annual interest rate of your debts. Often, a personal loan can be the perfect instrument for you to lower the annual interest rates of your debt. You should not consider a personal loan to consolidate your credit card debts if it does not lower the annual interest rate you are already paying. Paying a lower interest rate will allow you to pay off more principal each month, help you get out of debt faster, and lower the total cost of your debt.
2. To Consolidate Payments Into One
Consolidating several credit card payments into one personal loan is a great achievement. Having one loan payment allows you to focus all of your time, attention, and energy into that one payment. It is much easier to concentrate on and pay off one debt instead of having several smaller debts that always seem to nip at your heels.
Of course, you must also strive to not rack up your credit card balances after consolidating your credit card debt with a personal loan. It will not do you much good to focus on one large debt if you begin accumulating smaller balances again on your credit cards. You have to avoid playing a shell game with your debts, and you will need to address the underlying, fundamental reason why you are in debt. Do you have a spending problem? Do you not stick to your family’s monthly budget? You have to address these issues in order to get out of debt and stay out of debt.
3. To Lower Your Monthly Payments
Using a personal loan to consolidate your debts can also lower your total monthly payments for the debts that you owe. You will have to run the numbers, but often you will find that your monthly minimum payment for your one personal loan that consolidated your debt is lower than the total of all your separate credit card minimum monthly payments.
Lowering your monthly payments can help you create a debt snowball and assist you in paying off your credit card and now personal loan debt faster. For example, if you were originally paying $500 per month in minimum payments to the credit card companies and now found yourself paying only $400 per month on your new personal loan, you can afford to apply the other $100 per month directly to your loan’s principal. This strategy will help you get out of debt faster.
The Bottom Line
If you are not saving money by restructuring your credit card debts using a personal loan, either by cutting down your monthly payments or lowering your interest rates, it is probably not a good idea to restructure your debt. Make moving your debt around worthwhile to you. Insist on a lower interest rate for your debt, lower your monthly payment so you can pay off your debt faster and take back control over your finances with one lower monthly payment.
Credit Card Tips
If you want more help with this decision and others relating to your financial health, you might want to consider hiring a financial advisor. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with top financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Setting yourself a budget can help you avoid getting into credit card debt in the first place. You won’t spend exxcessively on your credit card if you take the time to make sure that your spending habits fit your income and plan what you spend on all sorts of categories. Use SmartAsset’s free budget calculator to set up a budget, and then make sure you stick with it.
Hank Coleman
Hank Coleman is a finance writer, financial planner and self-proclaimed investing junkie. He has a Masters Degree in Finance and a Graduate Certificate in Financial Planning. Hank is an expert in all things retirement, investing and home buying. Be sure to follow him on Twitter @MoneyQandA and on his blog, Money Q&A.
If you want more financial discipline you are probably looking to curb impulsive spending, save money, or maybe just achieve financial stability.
Building self discipline your financial decisions is an important part of building wealth over the long run.
What’s Ahead:
Why is self discipline the key to becoming a good saver
Being a good saver requires self discipline since there is so much fun stuff to do and buy. You are exposed to more advertising than anyone in the history of the world, and the marketing companies know a lot about psychology and exactly how to get you to part with your money.
So it takes a lot of self discipline in order to fight those tactics and stay on course to meet your goals. You have to have a clear goal and know that meeting that goal is more important than anything you can buy.
It requires a lot of self discipline to overcome the temptation to delay gratification of spending money and to save it instead.
Steps to develop self discipline
Step 1: Set a goal – then break it down into regularly recurring actions
What exactly do you want to achieve? It could be to build a fully funded emergency fund, start investing, pay off your debt, or even achieve financial independence – or anything in between.
Write down exactly what your goal is and the date by which you want to achieve it. For example, you may want to pay off your credit card debt within one year.
Then break down exactly what actions you need to take on a regular basis. Make these actions as small and as regular as possible. A small daily action is better than a larger monthly action.
For example, if you owe $10,000 on your credit card you’ll need to pay $833.33 off each month. Is that doable? If your budget allows for that, great. If not, you’ll need to figure out what exactly you need to do make up the difference.
If your regular payment is $150 and you can pull an extra $200 per month from your monthly budget that means you’ll need to come up with an additional $484 per month. If you have time to walk dogs after work you may decide to pick up a dog walking client for a few walks per week. At $25 per walk you’d have to walk the dog 20 times per month to make up the $484 you need. If you picked up a client that needed the dog walked everyday after work, you’d have the full amount.
You now have a goal and an action plan to make that goal happen.
Here are a few examples of short, mid, and long-term goals, but feel free to fill in the blanks with your own personal financial goals.
Short-term goals
Saving money each month towards your emergency fund
Going out to dinner with friends twice a month
Small household projects (planting a small indoor garden, painting a room, etc.)
Mid-term goals
Saving for a weekend getaway
Paying cash for your next car
Paying off your credit card debt
Long-term goals
Down payment on a house
Paying off your student loans
Putting money away for retirement
Read more: How to prioritize and save for multiple goals at once
Step 2: Track your progress
You’ll want some way to visualize and track your progress. A lot of people find this extremely motivating.
Using the example of paying off your car above, you could make a thermostat and color in a section each time you make a payment, representing the amount of money you’ve paid off (or is left on the loan). Or cover a piece of paper with stars (or anything else) and color in a star every time you send in your payment, each star representing one payment or a set amount of money.
Hang your tracker on the fridge so you can see it every day to remind you of what you are working towards. Make it a little celebration each time you get to fill in more of your tracker.
You can also go digital with your goal tracking. Apps like Empower offer a few different services for investing and checking up on your financial health. But, in this instance, I’m referring to the free tools they offer to keep track of your net worth.
You can create an account with them without opening an investment account. The wealth management and planning tools are the ones that you will probably be most interested in to help determine where you are at currently.
You can connect all of your financial accounts within the tool. These will be things, such as:
Checking account
Savings account(s)
Investment account(s)
Student loan account(s)
Auto loan account
Mortgage account
Credit card(s)
Medical debt account(s)
Sometimes, it can be pretty scary to see what your actual net worth is vs. where you want to be.
But, I use this as a driving force to work harder every month to increase my overall net worth. Because the faster I can get my net worth up, the faster I can get to my long-term goals.
Step 3: Find your tribe
Find people in your life who are working towards similar goals. This will help build self discipline because you’ll have a community that is embodying the new behaviors you want to build.
If you meet regularly with others who are paying off debt, you’ll have more discipline to follow that same path. You’ll have someone to share your successes with and a friend who can help when you are struggling.
Contrast that to when your friends regularly encourage overspending. Just going out to have a meal or a drink with friends can end up costing $100 or more in some instances. Something that sounded so innocuous, has now completely derailed your goal.
This isn’t to say you need to replace your entire friend group – not at all. But it will be up to you set a budget for having fun and then stick to it.
For example, instead of having two-three drinks, only have one. Go out for lunch instead of dinner, or a matinee instead of a night movie.
All of these options still give you the freedom to hang out with your friends and enjoy your life, but it won’t cost you nearly as much. And when you stick to your budget, your future self will thank you for your discipline.
Read More: The Cost Of Friendship – How Your Friends Affect The Way
Tips to meet your financial goals
Determine your needs vs. your wants
Setting up your financial goals and a way to track them are the first steps. But staying on track can get tricky when life happens. This is where needs vs. wants come into play. There are things that all of us want to have. But these are the things that can throw us off track so fast it will make your head spin.
So keeping in mind if the item/service is a need or a want can help you have more financial disciplined. Just remember to think long and hard about any purchases before you pull the trigger. If it is a need, then go ahead and do it. But if the item is actually something you want instead, it’s usually best to hold off even for a bit to make sure you still really want it as much as you think you do.
Reduce, reuse, recycle
When it comes to purchasing wants, you have a few other options that can save you a ton of money. If there is an item that you are wanting to purchase, but it simply isn’t in the budget, what might be some other ways to achieve the same goal?
Reduce, reuse or recycle may just be the best option here. If you have things in your house that you can get rid of (and maybe even make some money off of their sale), then that is one way to get the potential want. Sell your old stuff and then use the proceeds to purchase the new want item.
Or, if you can reuse an item you have in your house already, paired with something else, in order to create a similar item, then why not do that? Sometimes, all a table or chair needs is a fresh coat of paint in order to feel like a completely new item. So get creative and think outside the box about things you already have at your disposal.
And if all else fails, recycle your old items. You may not make any money off of them, but you could potentially get a tax write-off. Plus, it declutters your space, which can make it feel like a completely new room. Sometimes, that is really all you need.
Make it automatic
No matter what you goal is you can probably automate at least some of it.
If you want to save more, schedule automatic transfers from your checking to your savings. If you want to pay off a certain amount of debt each month, set automatic payments to your accounts.
Having these transactions happen automatically will remove the friction that can be caused when you have to manually make that extra payment, or save that extra money. You can always go in and stop or change the automatic payment if you can’t swing it one month, but making it the default will cause it to happen more often than not.
Of course, don’t set yourself up for failure. Setting an automatic payment without a plan to make sure the money is available will cause more harm than good. Create a feasible plan and realistic goal, then set it up to run without any extra effort from you.
Read more: Put your money on autopilot
Put your emergency fund in a high yield savings account
If you are working on building your emergency fund – or already have a solid savings account – you’ll want to make sure you are getting the most interest possible. This will help grow your savings rate since you’ll be earning a little extra interest each month.
Interest rates on high-yield savings accounts are higher than they’ve been in years, and the difference between online accounts and those at your local bank are huge. So, while these high yield savings account rates may not be anywhere close to the average return you will get on investing your money, it’s still nice to make some interest on your savings.
The best high yield savings account, in my opinion, is the CIT Savings Builder.
Read more: How Much Should You Save Every Month?
CIT Bank Savings Builder
CIT Bank Savings Builder has a very competitive APY – compared to the pennies you get from a credit union account.
You only need $100 to open an account and they charge no maintenance fees. To earn the highest APY, you need to get your account up to $25,000, or you need to deposit at least $100 monthly. See details here.
The CIT Savings Builder has a completely online platform, so everything can be done directly from your smartphone, just to make life simpler. They are also FDIC insured up to $250,000 per account type.
CIT Bank. Member FDIC.
Summary
Overall, it is extremely easy for our money to flow through our fingers like water. This is why you have to be cognizant of what you have and where you want to be with your finances.
If you want to avoid debt, save more money, or invest for your future then it’s important to develop self discipline in your finances.
A savings account is a great place to park cash for an emergency fund, a short-term financial goal, or a down payment on a house or car. Online savings accounts typically offer higher interest rates and less fees than the savings accounts offered by traditional brick-and-mortar banks, and Barclays Online Savings is one of the most competitive available.
What is Barclays Online Savings?
Barclays Bank PLC, the company behind Barclays Online Savings, is a London-based international bank launched in 1690. Today, the company offers banking services to 48 million customers worldwide, and its U.S. division is based in Philadelphia.
Because the company has an American arm, US customers don’t need to deal with currency conversion or any complicated tax scenarios when they open an account. Although Barclays Bank began in the U.K., it’s not considered a foreign bank for American consumers.
Additionally, much like any other traditional bank, Barclays deposits enjoy FDIC Insurance coverage of up to $250,000 per depositor.
How does the Barclays Online Savings account work?
Barclays Online Savings accounts are online only; accountholders don’t have access to brick-and-mortar bank branches. Not having bank branches allows Barclays to keep overhead costs minimal, and those savings are passed on to customers in the form of a high interest rate and minimal fees.
Barclays Online Savings accountholders can set up automatic deposits or one-time transfers from an external bank account. The account also supports remote deposits, in which you can upload a photo of a check from your computer or mobile device. Accountholders also have the option of making deposits by mailing checks to Barclays’ office in Illinois.
The account allows unlimited withdrawals and transfers, and customer service reps are available from 8:00 a.m.- 8:00 p.m. EST seven days a week.
How much does the Barclays Online Savings account cost?
The Barclays Online Savings account has no monthly maintenance fees or annual account fees. Its most notable fee is a $5 non-sufficient funds fee — in other words, a penalty if you overdraw your account. But keep in mind a $5 fee is far less than the $30+ mainstream banks charge when you overdraw a savings or checking account. Other fees of note include:
Returned deposit: $5
Cashier’s check: $5
Paper statement copy: $0.5
Rush document delivery: $25
Barclays Online Savings account features
No monthly maintenance fees
No minimum opening deposit
Remote check deposits
Access to customer service seven days a week
Mobile app and desktop access
Some particularly good use cases for a Barclays Online Savings account include:
Meeting short-term savings goals
Are you saving for something that costs a few hundred dollars? The Barclays account makes for a great sinking fund. You can transfer a small amount of money into the account each month, and in a few months you’ll meet your savings goal.
Creating an emergency fund
A high-yield savings account like the Barclays Online Savings account is a great place to build an emergency fund. It offers a competitive interest rate, but your funds are still easily accessible if you need them quickly (unlike less liquid avenues, like investing in stocks).
Gathering a down payment
If you’re saving up for a down payment on a home or a car, a high-yield savings account is one of the best places to stash your cash. Unlike investing accounts, where you run the risk of losing your hard-earned funds, the money stored in a Barclays Online Savings account is guaranteed to be safe and accessible even in economically uncertain times.
Who is the Barclays Online Savings account for?
The Barclays Online Savings account is a great fit for those who are comfortable banking online and who already have a checking account with another financial institution.
Who shouldn’t use the Barclays Online Savings account?
The Barclays Online Savings account might not be a good fit for those who are accustomed to banking in person at brick-and-mortar branches, and who are not comfortable banking online.
As a bona fide savings account, it’s not an ideal solution for those seeking a hybrid checking-savings account to handle all their banking needs.
Check out other counties: Colorado VA Loan Information
How to Apply for a VA Home Loan in Hinsdale?
This is a quick look at how to apply for a VA home loan in Hinsdale county. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA mortgage loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Hinsdale County. If you have any questions, you can call us at VA HLC and we’ll help you get started.
Get your Certificate of Eligibility (COE)
Give us a call at (877) 432-5626 and we’ll get your COE for you.
Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
Get pre-approved, to get pre-approved for a loan, you’ll need:
Previous two years of W2s
Most recent 30 days paystubs or LES (active duty)
Most recent 60 days bank statements
Landlord and HR/Payroll Department contact info
Find a home
We can help you check whether the home is in one of the Hinsdale County flood zones
Get the necessary inspections
Termite inspection: required
Well or septic inspections needed, if applicable
Get the home appraised
We can help you find a VA-Certified appraiser in Hinsdale County and schedule the process
Construction loan note: Construction permit/appraisal info
Building permit
Elevation certificate
Lock in your interest rates
Pro tip: Wait until the appraisal lock in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
Close the deal and get packing!
You’re ready to go.
As of April 31, 2021, the median home value for Hinsdale County is $341,490. In addition, the median household income for residents of the county is $56,339.
How much are the VA Appraisal Fees in Hinsdale?
Single-Family: $800.
Individual Condo: $825.
Manufactured Homes: $850.
2-4 Unit Multi-Family: $1000.
Appraisal Turnaround Times: 7 days.
Do I need Flood Insurance in Hinsdale?
The VA and lenders require properties to have flood insurance if they are in a Special Flood Hazard Area.
There is currently no digital data for Hinsdale County in the FEMA Flood Map Service Center. The only significant flood hazards are located around Lake Fork, which includes Lake City.
How do I learn about Property Taxes for Hinsdale?
Luke de la Parra is the current Hinsdale County Tax Assessor. His office can be reached at 317 Henson Street, PO Box 28, Lake City, Colorado 81235.
Colorado’s state offers Coloradoans the opportunity to be eligible for the Property Tax, Rent, Heat Credit Rebate (PTC Rebate). Some basic requirements are that applicants live in Colorado for at least one year, be 65 years or older, or the surviving spouse of 58 years of age, or a disabled person. Income and expenses will guide how much is given in the rebate.
What is the Population in Hinsdale?
The county’s population of 820 is 88% White, 5.7% Hispanic, and 3% Mixed Race.
Most county residents are between 18 and 65 years old, with 15% under 18 years old and 31% older than 65.
In total, the county has about 377 households, with an average of 2.2 people per household.
What are the major cities in Hinsdale?
The County has one town, the town of Lake City, which also serves as the county seat.
About Hinsdale County
Most of Hinsdale County is made up of parts of several different national forests and the Weminuche Wilderness Area. The national forests that makeup Hinsdale are the Gunnison National Forest, the Rio Grande National Forest, the San Juan National Forest, and the Uncompahgre National Forest.
Hinsdale County is also the location of several hiking trails where visitors can enjoy the sites of nature that Colorado has to offer. The Continental Divide Trail is a 3,100-mile-long trail that runs between Mexico and Canada. In Hinsdale, the Continental Divide Trail passes through many of the highest regions of the San Juan Mountains.
The County’s economy depends on its largest employment industries: Construction, Public Administration, and Accommodation. As a result, the most common types of jobs are in the Construction, Management, and Office Administration occupations.
Furthermore, when it comes to education, the County’s small size only allows for one school district currently in existence. The one school district in the County is the Hinsdale County School District No. RE-1, which administers one school with about eighty students in total. Thankfully neighboring counties have more educational opportunities for residents.
Veteran Information
The county is currently home to 68 veterans.
County Veteran Assistance Information
VA Home Loan Information
If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government-guaranteed home loans available.
VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.
VA Approved Condos
Currently, there are no VA-approved condos available in Hinsdale County. However, if you’re interested in getting a condo through the condo approval process, call us at (877) 432-5626. Our team will assist you through the process.
Boston is one of the hottest real estate and housing markets in the United States. However, even Boston experienced a slowdown in 2022 after the housing market faced several headwinds, making it more challenging for potential homebuyers to afford an increased down payment and mortgage.
As a result, price growth has been weak while homebuyers and sellers alike have often remained sidelined. According to CoreLogic’s deputy chief economist, Selma Hepp, home value growth rates in Boston declined to 10% annually compared to 13-14% with expectations for a steeper drop by year-end.
Rising interest rates, high inflation, and a looming economic recession heavily affected Boston’s housing market in 2022, and many want to believe that the worst is over. The outlook for the Boston real estate market in 2023 is looking up, with a potential recovery in sight, though it isn’t expected to unfold overnight.
The Current State of Boston’s Housing Market
Even Boston’s white-hot housing market has cooled down, along with most of the U.S. real estate market.
In the state of Massachusetts, just over 3,800 single-family homes were sold in November, down nearly 30% compared to last year’s levels, a report by The Warren Group reveals. Condo sales fell slightly more than 20% compared to last year’s 1,663 units per month. In the face of these market dynamics, prices still managed to increase.
We see
New listings in the state of Massachusetts dropped close to 19% in the period
Closed sales for single-family homes fell almost 17% in the same period.
It was a similar scenario in the greater Boston area. The Greater Boston Association of Realtors reveals that Eastern Massachusetts has followed a similar trend as the state, suffering a decline in home sales. GBAR President Melvin A. Vieira Jr. blames soaring inflation and rising interest rates, both of which have weakened consumers’ buying power and resulted in weakened demand.
In November 2022, Eastern Massachusetts experienced a 30% decline in sales across single-family homes and condominium units, while multi-family homes suffered a steeper 33% sales decline vs. year-ago levels.
For the most part, Boston’s average home price is trending lower, too. Values in the following neighborhoods have fallen accordingly:
Peabody: down 2.4%
North Reading: down 2.2%
However, there are some towns bucking the downward trend. Prices in the following Boston neighborhoods have risen accordingly:
Needham: Up 3.1%
Dover: Up over 1%
Wellesley: Up over 1%
Why Is Boston’s Real Estate Market One of the Hottest in the Country?
The Northeastern United States in general is a white-hot real estate market. The Boston real estate market, in particular, is one of the hottest around. For one, it is the capital of Massachusetts, making it home to many universities, government buildings, and thriving businesses.
The city is an extremely popular destination for both homebuyers and renters, resulting in some of the highest-priced properties in the industry. Boston attracts professionals and high-net-worth individuals looking to make the northeast home.
Let’s explore why Boston is one of the hottest housing markets in the country in more detail!
Average Salaries
The average salary in the city of Boston is $84,000 annually. In addition, the cost of living is over 50% higher than average in the United States. Therefore the city attracts professionals who can afford to live in this high-priced city, such as software engineers, data analysts, and more.
Professionals Moving to Boston Suburbs
However, there is also a trend of professionals flocking to the suburbs, which has benefited homebuyers in the city of Boston. This trend has resulted in higher housing inventory levels, more stable prices, and fewer irrational bidding wars for homes.
Millennials Flocking to Boston
Millennials are also making their way to Boston, representing the largest cohort of homebuyers in the city. Younger home buyers prefer the action that the city has to offer compared to the suburbs and therefore are increasingly choosing to make Boston their home.
Forecast for Boston’s Real Estate Market: What to Expect
If 2023 is anything like 2022, the Boston real estate market should follow in the direction of the broader Massachusetts and U.S. housing markets. If there is a recovery ahead for the economy in 2023, that bodes well for Boston’s real estate market.
Let’s explore some of the Boston housing market predictions to get an idea of what to expect in the new year.
Home Sales
According to Realtor.com, Boston home sales are expected to decline in 2023, but only slightly. The company expects that sales will fall fractionally, not even by half a percent, in the new year. So home sales should remain relatively stable.
Housing prices
Home prices are a different story. House prices for Boston are expected to rebound and rise by 9.5% in 2023 vs. 2022 levels, also according to Realtor.com.
Price Negotiations
According to real estate agent Livia Monteforte with Compass Real Estate, price negotiations are returning to Boston’s real estate market, which bodes well for buyers in 2023. By the same token, Monteforte says that “irrational” bargaining tactics in the local market are fading.
Should You Invest Now?
Based on the latest Boston real estate forecasts, home prices are likely to increase in the new year while sales should stay almost flat. As a result, you might want to jump in now while housing prices are generally lower.
Once the economy begins to show signs of recovery, and the Fed has taken its foot off the interest rate gas pedal, demand is likely to return, which would probably send home prices in one direction — higher. If the Fed decides to remain on its interest rate increase trajectory, then you might want to lock in your rate sooner than later in case they go higher.
While there are Boston housing market predictions available, there is no telling with 100% certainty the condition of the market one year from now.
Total Mortgage is Ready to Help
If you are in the market for a new house in the Boston area, Total Mortgage has offices and loan experts available to help you navigate the unique Boston housing market.
Our mortgage bankers can help find the loan that is best suited to your needs. Find a mortgage expert in your neck of the woods today and move closer to your goal of home ownership in the Boston housing market.
I’m not exactly sure when it happened, but I’ve become obsessed with real estate — and by that, I mean looking at apartments on Zillow and Trulia, while daydreaming about all the possibilities of “my new home.” But as much as I would like to dip my toes into homeownership, I’m one of the 44.7 … [Read more…]