March 4th, 2011
Friday Roundup: Credit Karma & Housing Market News
This is it, folks. 2011 may be the end of the housing crash.
It’s exciting news for those of you who’ve been itching to own a home of your own. After all, the average cost of a house is the lowest it’s been in 35 years.
Typically, home prices hover close to the accumulation of two years’ income for the average family. Today, prices are closer to just 19 months’ worth of income, according to a study reported by SmarrtMoney.
Does that mean you should start checking the latest home listings and planning how you’ll decorate your new abode?
Not necessarily.
Since the housing bubble burst in 2006, the housing market has been anything but stable. True, it’s already cheaper to own rather than rent in areas such as Miami, Florida, but the rest of the country still has a long way to go.
History tells us to be cautious and not expect quick improvement in the market. Although 2011 seems promising and current average housing prices are cause for optimism, we suggest taking a step back. Even if you find a good deal on buying a house, take a look at your current financial standings.
You may find yourself able to own as the market improves, but is owning a house worth the cost of tightening the rest of your financial belt? For many of us, buying a home—even at a great rate—could still leave us “house poor.”
Saving up to own a home of your own? Check out these 7 Steps to Market Your Extra Space as a Vacation Rental. Or maybe you’re curious about How to Buy a House at Auction. Read on, and Happy Friday from all of us at Credit Karma!
Credit Karma News
- What you need to know about credit scores. Consumers may think they know all about credit scores, but they don’t, a key advocacy group has found. Reuters
- Credit Karma vs Quizzle vs Credit Sesame: Which One to Choose? A couple of weeks ago, I wrote about a new website Credit Sesame which lets customers get their credit score for free. That puts Credit Sesame in direct competition with other sites such as Crtedit Karma and Quizzle. The Sun’s Financial Diary
- The Future of Money Is… Plato once offered an answer to what drives innovation: “Necessity, who is the mother of invention.” This can’t be more true today in the banking and financial services industry. Lending Club
- Best Credit Cards for Your Credit Range. Picking your next credit card is a lot like shopping for a new outfit. You could shop according to a familiar name brand, like Discover or Chase. Or shop according to credit card type—rewards, travel, low interest, secured, and more—the way you’d shop at specialty stores for a specific garment.
Money Aisle - How to Get a Free Credit Score. When buying a home, having good credit can save you thousands on mortgage rates. The problem is that most people don’t know exactly where they stand with their credit. Lazy Man and Money
Housing Market News
- How Your Credit Score Affects Your Mortgage. When my wife and I bought our first home (circa 1993), we had no idea what our FICO score was. Back in the day, you couldn’t simply fire up the computer and check your score. In fact, we applied for our mortgage over the phone, not over the Internet. My, how things have changed! Yahoo! News
- 9 Ways to Go Green in Your Rental, Without Breaking Your Lease. Making energy-efficient changes to your home is a sure way to save money on your utility bills–if you’re a homeowner, that is. It’s not quite so simple if you rent. Currency
- 7 Steps to Market Your Extra Space as a Vacation Rental. For the past two-and-a-half years, we’ve welcomed into our home travelers from all over the world for a reasonable nightly rate. We’ve made great friends along the way, for sure, but we’ve managed to make a decent amount of money, too. Enough, in fact, to seriously offset our monthly mortgage payment. Wise Bread
- What is Your Home Really Worth? If you are looking to sell or refinance, or are simply concerned about home values in your neighborhood, you probably want to determine the value of your house. This is a simple enough proposition, but the reality of establishing your home’s value can be complicated. MoneyNing
- How to Buy a House at Auction: Can You Really Get a Home for 50 Pertcent Off? You’ve heard the stories and seen the ads. Perhaps you even know somebody who bought a home for cheap at a foreclosure auction. Now, you’re thinking of buying a home of your own. Money Under 30
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