The Gardens at Twin Hickory

4700 The Gardens Drive, Glen Allen, VA 23059
Call: 888-621-8872 (804) 364-3649 Email UsTheGardens.CommunityWebsite.HHHunt@aptleasing.info View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

The Gardens at Twin Hickory Blog

Home Buyers Keep Their Options Open and Consider Renting – Glen Allen, VA

Joseph Coupal - Monday, October 31, 2016

In today's tight housing market, most shoppers consider both renting and buying while looking for a new place to live.

  • More than half (58 percent) of all renters in the market for a rental home consider buying a home.
  • Renters spend an average of 10.4 weeks searching for a rental home or apartment, while the average buyer shops for about 17 weeks to buy a home.

In today's competitive housing market, most of those who moved recently considered both buying and renting while looking for a new place to live, according to the Zillow Group Report on Consumer Housing Trends.

It takes more than 10 weeks to find a new home to rent – and more than 12 weeks for those with low incomes or those searching in tight rental markets, according to an analysis of the Zillow Group Report and U.S. Census datai.  For home buyers, the search is longer – 17 weeks.

The Zillow Group Report surveyed more than 13,000 renters, homeowners, buyers and sellers about their home search, aspirations, and preferences.

More than half – 54% -- of buyers do not get the first home on which they make an offer. First-time home buyers make up 47 percent of all buyers, so it's feasible for many potential buyers to keep their options open and return to renting if they aren't successful purchasing a home.

"The line between renting and buying is blurry, and that's a sign of the times," said Zillow Chief Marketing Officer. "It's difficult and time-consuming to find a home to move to, especially in competitive housing markets. With first-time buyers competing for a limited number of homes on the market, savvy shoppers have a Plan B, hoping to buy if it works out, but willing to sign a lease for a home if they don't make a deal by the time they need to move."

Among those who bought a home in the last 12 months, 66 percent of Millennials considered renting as well. Just over half (54 percent) of Generation X buyers considered renting, and 32 percent of Baby Boomer buyers.

Younger renters are also more flexible when looking for a home to rent – 63 percent of Millennials and 59 percent of Generation X renters considered buying while looking for a rental. Among renters over 50, most did not consider buying at all.

Renters make up a larger group of the U.S. population than at any time in the last 50 years. Last week, the U.S. Census Bureau reported the homeownership rate rose very slightly to 63.5 percent in the third quarter of 2016 – barely edging up from a 51-year low.

For more information on apartments in Glen Allen, VA contact The Gardens.

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prnewswire.com


Keep Renting Your Apartment in Glen Allen, VA?

Joseph Coupal - Monday, October 24, 2016

If you have been thinking about buying your first home, making the decision about renting or owning means answering some questions. The perks of homeownership are both financial and emotional. Owning your own home is a big responsibility.

The timing of the decision to buy a first home is different for each of us.

If you are considering moving from renting to owning here are five questions you can ask yourself to determine if you are ready to own a home.

1. Am I financial ready to own a home?

Clearly, it takes a significant financial commitment to buy a home. The minimum down payment is typically 5% of the cost of the home you are buying.  In addition you can add another 2 to 3 percent to cover the closing costs associated with buying a house.

Another important factor is you credit history. To qualify for a mortgage you should have as minimum a credit score of 620 but to obtain a competitive interest rate your credit score should be above 700. Credit is a privilege you earn by practicing good credit habits.

For many young buyers a big challenge is their debt-to-income ratio. Mortgage lenders demand borrowers have certain levels of monthly cash flow which means they carefully look at how much you are paying to other lenders, including student debt. How much you pay lenders each month is divided by your gross monthly income and the rule of thumb is this should be below 36 percent. A debt-to-income ratio of up to 40 to 43 percent may be considered acceptable by some lenders, but it really should not be over 33%. When preparing to apply for a mortgage you want to pay off or down your credit card balances.

2. Am I emotionally prepared to own a home?

Let's be honest, renting does not require much emotional thought. If the rent goes up, you can move. If something breaks you call the landlord.  Owning a home is means you are "all in." When the kitchen sinks springs a leak, you have to fix it or find someone who can. If your home is part of a Home Owners Association and they increase the dues you have to deal with it. These kinds of situations can strain your mental and emotional capability, especially if you don’t have financial flexibility. Managing stress and having problem solving skills is important for first time home buyers.

3. Can I compromise when selecting my dream home?

This sounds silly, but more often than not first time buyers have a very strong mental picture of the home they want to buy and reality of the market is different. There are always compromises buyers must be prepared to make.

It is not an easy decision and it is not only a financial decision. For more information on renting an apartment in Glen Allen, VA, contact The Gardens.

#HowYouLive
rocklintoday.com


Richmond, VA: A City Where Your Paycheck Stretches Farthest

Joseph Coupal - Monday, October 17, 2016

Interested in making sure that a large portion of the money you make stays with you and isn’t lost to cost of living? You might want to look into moving to a city like Richmond, VA, which came in number 22 on the list of 25 Cities Where Your Paycheck Stretches the Farthest.

Stretching your paycheck is a major concern for many looking to live in a cosmopolitan urban sprawl. To showcase cities where paychecks make up a bigger portion of median home costs (usually the largest expense folks have to deal with in their lives), jobs and salary information site, Glassdoor.com, released a study of the most economical cities to live in.

#22. Richmond, VA
Cost of Living Ratio: 31%
Median Base Salary: $59,800

For information on apartments in Richmond, VA, contact The Gardens.

#HowYouLive

Forbes


A Great Place to Rent! Glen Allen, Richmond, VA

Joseph Coupal - Tuesday, October 11, 2016

If you’re looking to move someplace adventurous but aren’t quite ready to settle down and buy a house, then it’s time to choose a great new city where apartment rent happens to be cheap.

And whoa, do we have a some stellar options for you.

Real estate site Housely recently did some research on large U.S. cities (aka cities with more than 200,000 residents) with the cheapest apartment rents. They used data from search engine RentJungle, which updates a database of more than 700,000 listings daily to draw conclusions about rental trends over time.

The Housely findings reveal good news: Many of our favorite under-the-radar cities to visit are also incredibly affordable to live in (Hellooo, Richmond), along with some unexpected picks that are spectacular, too (Hey Las Vegas!).  If you feel like making a move, then it just may be time to make one of these cities your new home. Check out Housely’s 10 big cities with low rent below:

Richmond, VA
Average rent for one-bedroom apartments: $875
Average rent for two-bedroom apartments: $996

For more information on apartments near Richmond, VA in Glen Allen contact The Gardens.

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huffingtonpost.com


Renting is Cheaper! – Glen Allen, VA

Joseph Coupal - Monday, October 03, 2016

Despite historic-low mortgage rates, it's still cheaper to rent than own in most major U.S. cities. Low inventory, foreign investors and flippers are keeping home prices up.

With interest rates hovering near historic lows, it might seem like the ideal time for renters to jump into the homeownership market and perhaps spend less money each month to own a home than they do to rent one. But a new report shows that scenario may be more fantasy than reality - at least in the country's biggest markets.

The average monthly cost of owning a home is 28% higher than renting in major U.S. markets.

Of 28 U.S. markets surveyed, only four showed it was cheaper to own a home than rent one.

Home prices have gotten close to what we saw at the peak of the market. The magnitude of home price increases has been higher than rental increases.

The study focused on four- and five-star properties in the rental and homeownership markets to ensure an apples-to-apples comparison and to address the surging demand for housing in major cities.

Younger generations just don't want to commute like past generations have - they want to live in cities, near restaurants and bars, where they can work and play in the same area. While there's a lot of affordable housing in the suburbs, that's just not where people necessarily want to live.

So, the study compared the average monthly rent of a high-end apartment with the monthly cost of owning a one-bedroom condo in that city or a three-bedroom single-family home in a low-crime suburban area. The monthly cost of homeownership assumed a 15% down payment on a 30-year fixed rate mortgage, and included taxes, home insurance and PMI.

On the surface, the report's results seem odd, given the country's 30-year fixed-rate mortgage averaged 3.5% in the week that ended Sept 15, and has remained under 4% for much of the past year.

However, housing prices have been rising at a far sharper clip than rents. Average home prices climbed 5.3% in July 2016 from a year earlier and surged 42.6% from the sector's trough in 2011.

A number of factors are driving the spike in home prices: Low mortgage rates, the country's attractive 4.9% unemployment rate, foreign investors snapping up U.S. single-family homes and condos as safe havens for investment, and - most importantly - a surge in "flippers," which are investors who buy homes and sell them within a year for a quick profit.

Inventory also plays a role. Most construction in recent years has been in building multifamily units - condos and rental apartments. There's a ton of supply coming into the apartment world, which is keeping rents low enough that they're not infringing on homeownership costs.

Whereas, housing inventory has declined.

For more information on apartments in Glen Allen, VA, contact The Gardens.

#HowYouLive
thestreet.com



The Gardens at Twin Hickory

4700 The Gardens Drive, Glen Allen, VA 23059

Call: 888-621-8872
Email UsTheGardens.CommunityWebsite.HHHunt@aptleasing.info
View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

$1,049-$1,481