Posts from November 2022

Whenever there's a news segment about the housing market, we hear about the affordability challenges buyers face today. Those headlines are focused on how much mortgage rates have climbed this year. And while it's true that rates have risen dramatically, it's important to remember they aren't the only factor in the affordability equation.  

Here are three measures used to establish home affordability: home prices, mortgage rates, and wages. Let's look closely at each one.  

1. Mortgage Rates

This is the factor most people are focused on when they ta...

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As you look ahead to the winter season, you're likely making plans and thinking about what you want to achieve before the year ends. One of those key decision points could be whether or not you want to sell your home this year. If the location or size of your current home no longer meets your needs, finding a house that better suits your lifestyle may be your top priority. But with today's cooling housing market, is it really a good time to sell your house, or should you wait?

If you're ready to make your decision, here are three reasons you may want to consider selling before the end of the year.  

Get One Step Ahead of Other Sellers  

Typically, in the residential real estate market, homeowners...

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As you set out to buy a home, saving for a down payment is likely top of mind. But you may still have questions about the process, including how much to save and where to start.

If that sounds like you, your down payment could be more in reach than you originally thought. Here's why.

The 20% Down Payment Myth

If you believe you have to put 20% down on a home, you may have based your goal on a common misconception. Freddie Mac explains: 

". . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership."

Unless it...

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The historically low inventory over the past few years led to challenges for many buyers trying to find a home that met their needs and their budget. If you're in the same boat, you should know the recent shift in the housing market may have opened up doors for you to restart your search. 

The inventory of homes for sale has increased this year, and that's giving buyers much needed options. As Danielle Hale, Chief Economist at realtor.com, says: 

". . . today's shoppers have more than 5 homes to consider for every 4 they had at this time a year ago." 

But perspective is important. Overall, housing supply is st...

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Mortgage rates have increased significantly in recent weeks. And that may mean you have questions about what this means for you if you're planning to buy a home. Here's some information that can help you make an informed decision when you set your homebuying plans. 

As mortgage rates rise, they impact your purchasing power by raising the cost of buying a home and limiting how much you can comfortably afford. Here's how it works. 

Let's assume you want to buy a $400,000 home (the median-priced home according to the National Association of Realtors is $389,500). If you're trying to shop at that price point and keep your monthly payment about $2,500-2,600 or below, here's how your purchasing power can change...

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