StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Nobody downloaded yet

Buying a Home - Essay Example

Comments (0) Cite this document
Summary
This essay "Buying a Home" analyzes the housing market trends. The writer investigates several factors that affect the rise and fall of mortgage rates around the country and states that the federal rate has a significant impact on economic growth and important implications for the country's economy…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.6% of users find it useful
Buying a Home
Read TextPreview

Extract of sample "Buying a Home"

Download file to see previous pages Coming back to the real world, we find that the income situation does not permit anything even close to the dream house described and shown above. In fact, based on the calculations made by Ginnie Mae (2006), the house I can afford should be about $130,000. I can not afford my dream house simply because it is fantastically expensive compared to my earnings and what I can feasibly secure a loan for (Bankrate, 2006). That particular house is a 3 Bed, 2 Bath, 1,019 Sq. Ft place which is located in Orlando, FL. and it was built in 1954 (Realtor, 2006).
Nothing much can be done to solve the problem unless there is an impulse of income for me because the dream house is far out of my reach. The amount of loan I can afford depends on my current income, the amount of available down payment, the current debt, and the ability to return the loan over a given period (Bankrate, 2006). To make the dream home a reality, I can hope to either win the lottery or work hard towards substantially increasing my income.
Since 2001, the housing market has seen its ups and downs but the general trend has been upwards. For instance, the lowest point came towards the end of 2001 where only 1,500,000 new housing units were started but the high point came in 2006 when more than 2,200,000 houses were started (Fed Reserve Bank of St. Louis, 2006). This data related to both the demand and supply for the houses since it shows the number of new houses that were created based on demand and satisfied by the supply.
The most recent data shows a drop in the construction of new houses which have dropped to the levels shown in 2002. The last update in June shows that 1,850,000 new units being developed. On the other hand, the Civilian Noninstitutional Population has been on a continual rise since 2001 going from less than 215,000,000 to more than 228,671,000 in June 2006 (Fed Reserve Bank of St. Louis, 2006). This has a positive effect on demand. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(Buying a Home Essay Example | Topics and Well Written Essays - 1750 words, n.d.)
Buying a Home Essay Example | Topics and Well Written Essays - 1750 words. https://studentshare.org/marketing/1704573-a-closer-look-at-monetary-policy-buying-a-home
(Buying a Home Essay Example | Topics and Well Written Essays - 1750 Words)
Buying a Home Essay Example | Topics and Well Written Essays - 1750 Words. https://studentshare.org/marketing/1704573-a-closer-look-at-monetary-policy-buying-a-home.
“Buying a Home Essay Example | Topics and Well Written Essays - 1750 Words”. https://studentshare.org/marketing/1704573-a-closer-look-at-monetary-policy-buying-a-home.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Buying a Home

Renting versus Buying a Home

...conditions such as cold, wind, hot weather among others as well as provision of security and privacy. Primarily, there are two main ways through which a person can acquire this important facility i.e. either buying or renting. Buying may be termed as the permanent acquisition of a house after paying for its full value after which one is facilitated with full documentation while renting entails temporary acquisition whereby one becomes a tenant after which he or she would be required to pay a certain amount of money as rent, regularly, to the landlord (Hanson, 2010). This paper will discuss the two options critically and conclude that buying a home is better than...
5 Pages(1250 words)Essay

Home Buying

...?Home Buying Essay Table of Contents Introduction 3 A) The Area 3 Online Statistics 3 2) Neighborhood Information 4 B) The House/Condo 5 Selling Price of Neighborhood Houses 5 2) The Open House Evaluation 6 3) The Selling Price 7 4. Student Evaluation 9 References 10 The Listing of the House 13 Introduction The open house/condo chosen in this paper is the 19551 which is located in the Rinaldi Street in Northridge, California. It possesses a momentous inheritance being built in the 1976 but comprise almost every benefit of a modern house. It has been built on a lot of acres as a 1,520 square foot condo with 3 bedrooms and 3 full baths (Weichert, “Condo for Sale in Northridge, CA”). A) The Area 1) Online Statistics a) Crime: According...
7 Pages(1750 words)Essay

Home buying process and its financial impacts

...? Home Buying process and its Financial Impacts Buying a house can be the largest amount invested or spent upon any asset by the individual and so a careful investigation is necessary about the pros and cons of a home buying process 1. What are some common opportunity costs associated with the selection of housing? While selecting a house which an individual wants to buy he/she takes into consideration the apartment or the house first and then the individual also takes a look at the residential area in which he plans to dwell. However selecting the option of housing means that the individual has to bear some underlying costs or in some cases has to let out some opportunities in his/her way. In one word it can be termed as opportunity costs...
3 Pages(750 words)Essay

Tax advantages on buying your own home in Canada

...? Tax advantages on buying your own home in Canada Introduction The research paper puts into perspective the issue of tax advantage of owning a home in Canada. The paper also illuminates Professor Tristani’s view that owning a home may not be advantageous after all. Home ownership is a critical subject that needs to be handled with care; in the recent past, most Canadians have never had the coveted opportunity of owning a home. Nevertheless, with the tax advantages in place more Canadians are having the opportunity to own a home. Every time one requires to purchase a house such a person must consider of the tax benefits involved in such an investment. The government has made frantic efforts to ensure that citizens are empowered to own...
5 Pages(1250 words)Research Paper

Buying Behaviour

... 19 March 2009 Buying Behavior When 3 groups of working women and non-working women were selected to rate various need criteria in selecting brands such as importance of time saving, ease of preparation, good taste, and good for the family and to identify their favorite brand in each category for two given products which needed preparation i.e. cake and coffee. The outcome showed that the responses differed for both cake and coffee. For cake the results are as follows: The non-working women gave more importance to good for family followed by taste, ease of preparation and time saving, whereas the working women had some other point of view. They gave maximum importance to time saving, followed by ease of preparation, family health...
5 Pages(1250 words)Research Proposal

Buying your first home

...Buying your First Home Guide for First Time Home Buyers Your Semester, Professor Date TABLE OF CONTENTS Title Page i Table of Contents ii I. INTRODUCTION 1 A Why Guide to First Time Home Purchases is Worthwhile 1 B. Goals For Carrying Out The Project 1 II. RESEARCH METHODOLOGIES 2 III. RESEARCH FINDINGS 2 A. Literature Review 2 B. Findings from other Research Methodologies 6 IV. ANALYSIS 7 V. GENERALIZATIONS 8 VI. CONCLUSIONS 10 Works Cited 11 I. INTRODUCTION A Why "Guide to First Time Home Purchases" is Worthwhile Buying your very first home may be intense but worthwhile. Though...
8 Pages(2000 words)Assignment

Fashion Buying

...Running Head: Fashion Buying Fashion Buying s Fashion Buying What are the key contributions by Buyers in the successful completion of the Company Budget? Buying decisions are made by individuals or group such as a family or a committee in a commercial or industrial organization. If we analyse closely there is a vast difference in consumer buying behaviour and institutional or corporate buying process. Consumer buying process involves need recognition, information search, evaluation of the alternatives and deciding upon one of the alternatives and making the purchase decision. If we further explain the process between evaluation of alternatives and purchase decision we will find that once the customer evaluates the alternatives, he makes...
12 Pages(3000 words)Essay

Buying a home vs renting a home

... the rent every month (Irwin 6). Another important factor that further corroborates the idea of buying a home instead of renting it is the low house prices and falling mortgage interest rates in this era. This is true of every place except for those living in Honolulu and San Francisco where the opposite applies. Where most people are not in a position to actually buy houses, if estimated, the amount of rent paid is more or less the same as the mortgage payments per month. Furthermore, rents are also expected to rise on a yearly basis. On the other hand, mortgage payments remain the same. However, the area where the customer wants to buy is another factor. The better and more prosperous the area, the higher the prices will be. Likewise...
10 Pages(2500 words)Research Paper

Buying a First Home: Case Study

...Buying a First Home: Case Study Fred and Wilma are both aged 35 years and have a total of five children. Both will retire at the age of 62 and their life expectancy is 90 years. Fred earns a total of $125,000 as an employee which increases with 4% until his retirement. Wilma earns a total of $15,000 as a self employed tutor, with 3% increases until January 2015 when her income will increase to $26,000 followed by 3% increase until she retires. a. Buying a First Home (Using conventional standards) How much one can afford in terms of a mortgage is based on his or her debt profile and income. Prequalification for a mortgage is usually intended to give the buyers an idea of how much they can borrow in terms of the mortgage. Fred and Wilma...
6 Pages(1500 words)Essay

Buying

... Stella McCartney Stella McCartney’s competitors in the fashion and luxury industry include big companies like LVMH, ValentinoFashion Group, Christian Dior, and Compagnie Financiere Richemont which have heavy international footage. Others include, Giorgion Armani, Burbery, Chanel, Polo Ralph Lauren, Hermes and Salvatore Ferragamo. Stella McCartney has established a very positive brand image as a company focusing on business ethics, modernity and care for the environment. For instance when other brands are using animal products as a wealth symbol, Stella McCartney excludes the consumption of animals. The company emphasizes the need for sustainable business practices such as the use of organic materials and saving energy. A lot... Stella...
1 Pages(250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Buying a Home for FREE!

Contact Us