Posts in category 'Buying'

While higher mortgage rates are creating affordability challenges for homebuyers this year, there is good news for those still looking to buy a home.  

As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too.

Here are just a few trends that may benefit you when you buy a home today.

1. More Homes To Choose from

During the pandemic, the housing supply hit a record low, and at the same time, buyer demand skyrocketed. This combination made it...

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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 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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It's clear the 2022 housing market has been defined by rising mortgage rates. With rates on the rise, it's also become more costly to purchase a home. According to the National Association of Realtors (NAR):

"Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an increase of 53.7%."

If you're thinking of buying a home or have been trying to recently, that's a big increase in a monthly mortgage payment – and it may be causing you to press pause on your plans. This jump...

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