Are you a buyer that has decided to put your search on hold because the mortgage rates just went up? The rate increase could actually work in your favor by reducing the number of buyers bidding on a home. Read further to find out why should NOT put your search on hold.
Many people are reaching the point in their lives when they need to decide where they want to live when they retire. If you’re a homeowner approaching this stage, you have several options to explore. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of Realtors (NAR), says:
The struggle for buyers right now is real and I would imagine, extremely frustrating. The biggest issue, lack of inventory. Read further to find out why there is such a shortage of homes and what to expect through this coming year. There may be some light at the end of the tunnel.
The recent changes in home prices are top of mind for many as the housing market begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices.
It is important, as a buyer in today's market, to understand what closing costs are comprised of and how much you may need to save, in addition to your down payment. The most important thing to note is that closing costs can differ between states and Loan programs which is why it is extremely important to reach out to your local Lender for advice. Contact me today for recommendations to Lenders in your area!
Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.
In talking to people about their home buying goals many say that, although they would love to buy their first home, they just don’t have enough money saved. But how much does one need to save in order to buy a home? There is a misconception out there that you need to have at least 20% of the purchase price saved for a down payment. And that does not even factor in the closing costs. With the price of today’s homes, that is an overwhelming amount of money for anyone! The good news is that with the variety of loan programs available now, you could get into a home with as little as 0-3.5%. You may be surprised to find out that you DO have enough money saved to purchase a home now.
If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years. According to a Harris Poll survey, 28% of homeowners have considered using a rental service to temporarily rent out their home for additional income.
