homebuying: If It’s Such a Bad Time to Buy Real Estate, Why Are the Wealthy Doing It? - 11/22/22 11:27 AM

According to this Housing Wire article, 75% of people recently polled by Fannie Mae felt pessimistic about the real estate market, and that it’s not a good time to buy a house. So, if you’re among the many who feel that way, and you’re thinking about holding off for prices to come down, you’re not alone.
Considering that interest rates are up and prices haven’t dropped as much as buyers would like, it isn’t surprising to hear that news. Some marginally qualified potential homebuyers have legitimately been priced out of the market. But many others are simply being cautious, not wanting to make … (2 comments)

homebuying: Getting Ready to Buy a Home? Embrace These Healthy Home Buying Habits - 09/26/22 11:24 AM

If you want to buy a home, you need to be able to responsibly save and manage your finances, and that comes down to having the right habits.
So what, exactly, are the “right” habits if you’re trying to buy a home?
A recent video from realtor.com outlined the habits you’ll want to adopt if you’re planning on buying a home in the near future, including:
Set up weekly deposits. As mentioned, the quicker you save up for your down payment, the quicker you’ll be able to buy your home. If you want to speed up the process, set up a separate account for your down … (2 comments)

homebuying: Don’t Give Up on Buying a Home if You’re a Millennial Renter - 09/26/22 10:58 AM

Almost 25% of Millennials (ages 26-41) claim they plan on renting forever according to this Apartment List article. That’s nearly double the amount since they started their ongoing survey of 31,000 Millennials in 2018.
In the grand scheme of things, 1 in 4 Millennials swearing off homeownership forever isn’t earth-shattering news. To put things in perspective, the highest rate of homeownership ever was 80% in North Dakota back in 1900. But generally speaking, the homeownership rate has hovered in the 65% range nationally for almost 5 decades. Some people will always be renters; homeownership isn’t for everyone.
There are four main reasons they give for not buying:
They … (1 comments)

homebuying: Parents Helping You Buy a Home? Keep These Things in Mind - 09/19/22 11:31 AM

It’s not uncommon for parents to help their children buy a home. In fact, according to a 2020 survey by Loan Depot, 65% of parents said they were willing to help their adult child buy a home by offering financial support by giving them help with a down payment, for example.
Having parents that are willing to contribute to your buying a home is something to be hugely grateful for. But it can also lead to some challenging dynamics, as well as conflict and tension between you and your parents.
But it doesn’t have to! A recent article from realtor.com outlined things you’ll want to keep … (4 comments)

homebuying: Good News if You’re Buying a House Wave Goodbye to Waiving a Home Inspection - 09/16/22 12:45 PM

Over the last couple of years, buyers have had to do everything they possibly could to compete. It wasn’t just about price; they also had to come in with as “clean” an offer as possible, which often meant waiving fairly standard contingencies.
In case the term isn’t something you use in day to day life, a contingency is a clause in the contract that is in place to protect the buyer. The most common ones are:
Mortgage contingency: If the buyer’s mortgage isn’t approved, they can back out of the contract. Appraisal contingency: If the house doesn’t appraise for as much as the buyer … (3 comments)

homebuying: Thinking About Buying a Home? Keep an Eye Out for These Red Flags the Property May Be Overprice - 09/13/22 02:29 PM

Over the past few years, the US has been in an unprecedented sellers’ market. Fierce competition and bidding wars caused prices to skyrocket, with the national median price for a home currently sitting at $449,000.
But with recent economic changes and rising mortgage rates, it looks like this unprecedented seller’s market is (finally!) cooling off.
That being said, many sellers are still pricing their homes as if we were still in the peak of the sellers’ market. So, as a buyer, the question is—how can you tell if a home you’re considering is currently overpriced?
A recent article from realtor.com outlined key signs a home may be … (0 comments)

homebuying: Buying a Home? Make Sure to Check All of These Items off Your To-Do List Before the Closing - 09/07/22 11:19 AM

You’re purchasing a home! Congratulations, it’s an exciting time! But before you can officially close on your property, there are some tasks you’ll need to check off your to-do list.
So what, exactly, are those tasks?
A recent article from realtor.com outlined key tasks soon-to-be homeowners need to complete before they close on their home, including:
Get all your contingencies squared away. Contingencies, like getting a home inspection or an appraisal, are contractual obligations that need to be completed before you officially close on your home. If your real estate purchase includes any contingencies, make sure to get them squared away well before your closing date. Get final … (2 comments)