In the United States, there are over 72 million millennials. If you’re part of that generation and have thought about buying a home, you aren’t alone. According to Zonda, 98% of millennials want to become a homeowner at some point if they aren’t already. But why? There are plenty of reasons you may choose to become a homeowner. Here’s why other millennials have made that decision (see graph below):This graph shows why millennials are buying homes according to Zonda’s 6th annual millennial survey. The top reasons … [Read more...]
Think Twice Before Waiting for Lower Home Prices
As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.A recent survey from Zonda shows 53% of millennials are still renting right now because they’re … [Read more...]
Your Tax Refund Can Help You Achieve Your Homebuying Goals
Have you been saving up to buy a home this year? If so, you know there are a variety of expenses involved – from your down payment to closing costs. But there’s good news – your tax refund can help you achieve your goals by paying for some of these expenses.SmartAsset estimates the average American will receive a $1,798 tax refund this year. The map below provides a more detailed estimate by state:According to Freddie Mac, there are multiple ways your refund check can help you as a homebuyer. If you’re getting a … [Read more...]
The Key Advantage of Investing in a Home [INFOGRAPHIC]
Trying To Buy a Home? Hang in There.
We’re still in a sellers’ market. And if you’re looking to buy a home, that means you’re likely facing some unique challenges, like difficulty finding a home and volatile mortgage rates. But keep in mind, there are some benefits to being a buyer in today’s market that give you good reason to stick with your search. Here are a few of them.Long-Term Benefits Outweigh Short-Term ChallengesOwning a home grows your net worth – and since building that wealth takes time, it makes sense to start as soon as you can. If you … [Read more...]
Why Aren’t Home Prices Crashing?
There have been a lot of shifts in the housing market recently. Mortgage rates rose dramatically last year, impacting many people’s ability to buy a home. And after several years of rapid price appreciation, home prices finally peaked last summer. These changes led to a rise in headlines saying prices would end up crashing.Even though we’re no longer seeing the buyer frenzy that drove home values up during the pandemic, prices have been relatively flat at the national level. Lawrence Yun, Chief Economist at the … [Read more...]
How Changing Mortgage Rates Can Affect You
The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power. The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it … [Read more...]
Facts About Closing Costs [INFOGRAPHIC]
How Homeownership Is Life Changing for Many Women
Throughout Women’s History Month, we reflect on the impact women have in our lives, and that includes impact on the housing market. In fact, since at least 1981, single women have bought more homes than single men each year, and they make up 17% of all households.Why Is Homeownership So Important to Women?The rise in women pursuing homeownership hasn’t just made an impact on the housing market. It’s also been an asset for those buyers and their households. That’s because homeownership has many benefits, both … [Read more...]
Why Buying a Home Is a Sound Decision
If you’re thinking about buying a home, you want to know the decision will be a good one. And for many, that means thinking about what home prices are projected to do in the coming years and how that could impact your investment. This year, we aren’t seeing home prices fall dramatically. As the year goes on, however, some markets may go up in value while others may lose value. That’s why it’s helpful to keep the long-term view in mind. Experts project a return to a steadier rate of price appreciation in the years … [Read more...]
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