There’s no arguing this past year has been difficult for homebuyers. And if you’re someone who has started the process of searching for a home, maybe you put your search on hold because the challenges in today’s market felt like too much to tackle. You’re not alone in that. A Bright MLS study found some of the top reasons buyers paused their search in late 2023 and early 2024 were:They couldn’t find anything in their price rangeThey didn’t have any successful offers or had difficulty competingThey couldn’t find the … [Read more...]
How To Determine if You’re Ready To Buy a Home
If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind. You’re thinking about your finances, today’s mortgage rates and home prices, the limited supply of homes for sale, and more. And, you’re juggling how all of those things will impact the choice you’ll make.While housing market conditions are definitely a factor in your decision, your own personal situation and your finances matter too. As an article from NerdWallet says:“Housing market trends give important context. … [Read more...]
The Price of Perfection: Don’t Wait for the Perfect Home
In life, patience is a virtue – but in the world of homebuying, waiting too long in hopes of finding the perfect home actually isn't wise. That’s because the pursuit of perfection comes at a cost. And in this case, that cost may be delaying your dream of homeownership. As Bankrate explains:“One of the most common first-time homebuyer mistakes is looking for a home that checks each of your boxes. Looking for perfection can narrow your choices and lead you to pass over good, suitable options for starter homes in the … [Read more...]
Homeownership: The Heart of the American Dream
Everyone’s vision for the future is personal and unique. But for many, common goals include success, freedom, and prosperity — values closely tied to having your own home and the iconic feeling of achieving the American Dream.A recent survey by Bankrate reveals exactly that: homeownership is still a part of the American Dream. The results show, at 78%, that owning a home tops the list, surpassing other significant milestones such as retirement, having a successful career, and more (see below):So, why is buying a … [Read more...]
Real Estate Still Holds the Title of Best Long-Term Investment
With all the headlines circulating about home prices and mortgage rates, you may be asking yourself if it still makes sense to buy a home right now, or if it’s better to keep renting. Here’s some information that could help put your mind at ease by showing that investing in a home is still a powerful decision.According to the experts at Gallup, real estate has been crowned the top long-term investment for a whopping 12 years in a row. It has consistently beat out other investment types like gold, stocks, and bonds. … [Read more...]
The Difference Between an Inspection and an Appraisal
When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with. While you may have a general idea of what an inspection is, maybe you’re not sure why you need one or how it’s different from an appraisal. To keep it simple, here’s an explainer of each one and what they mean for you as a homebuyer.Home InspectionOnce you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the … [Read more...]
Focus on Time in the Market, Not Timing the Market
Should you buy a home now or should you wait? That’s a big question on many people’s minds today. And while what timing is right for you will depend on a lot of other personal factors, here’s something you may not have considered.If you’re able to buy at today’s rates and prices, it may be better to focus on time in the market, rather than timing the market. The Downside of Trying To Time the Market Trying to time the market isn’t a good strategy because things can change. Here’s an example. For the better part of … [Read more...]
Housing Market Forecast: What’s Ahead for the 2nd Half of 2024
As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.Home Prices Are Expected To Climb ModeratelyHome prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry:The reason for continued appreciation? The supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:“One thing that seems to … [Read more...]
Why a Vacation Home Is the Ultimate Summer Upgrade
Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season. If you’re excited about getting away and having some fun in the sun, it might make sense to consider if owning your own vacation home is right for you.An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home (see below): Vacation destination or a place to get away from the stresses of everyday life (81%) – Having a second home to use as a vacation spot … [Read more...]
What You Need To Know About Today’s Down Payment Programs
There's no denying it's gotten more challenging to buy a home, especially with today's mortgage rates and home price appreciation. And that may be one of the big reasons you’re eager to look into grants and assistance programs to see if there’s anything you qualify for that can help. But unfortunately, many homebuyers feel like they don’t know where to start. A recent Bank of America Institute study asked prospective buyers where they lack confidence in the process and need more information. And this is what topped … [Read more...]
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