It’s no secret that affordability is tough with where mortgage rates and home prices are right now. And that may have you worried about how you’ll be able to buy a home. But, if you don’t need a ton of space, you may find you have more cost-effective options in an unexpected place: new home communities. Builders Are Building Smaller Homes Since smaller homes…
There’s one big mistake you need to avoid when you sell your house this year: setting your price too high. It might seem like overpricing gives you room to negotiate or could really boost your profit, but the reality is, it usually backfires. In fact, Realtor.com says almost 20% of sellers — that’s one in five — have to reduce their price to get their house sold.…
Today, 17% of homebuyers are choosing multi-generational homes — that’s when you buy a house with your parents, adult children, or even distant relatives. What makes that noteworthy is that 17% is actually the highest level ever recorded by the National Association of Realtors (NAR). But what’s driving the recent rise in multi-generational living? Top Benefits of Choosing a Multi-Generational Home In the past, homebuyers often opted…
It’s easy to get caught up in the idea of waiting for the perfect moment to make your move – especially in today’s market. Maybe you’re holding out and hoping mortgage rates will drop, or that home prices will fall. But here’s what you need to realize: trying to time the market rarely works. And here’s why. There is no perfect market. No matter…
There’s one essential step in the homebuying process you may not know a whole lot about and that’s pre-approval. Here’s a rundown of what it is and why it’s so important right now. What Is Pre-Approval? Pre-approval is like getting a green light from a lender. It lets you know how much they’re willing to let you borrow for a home. To…
Are you hesitant to sell your house because you’re worried no one’s buying with rates and prices where they are right now? Here’s some perspective that can help. The market actually isn’t at a standstill. While there weren’t as many sales last year as there’d be in a normal market, roughly 4.15 million homes still sold (not including new construction), according to…
Your credit score plays a big role in the homebuying process. It’s one of the key factors lenders look at to determine which loan options you qualify for and what your terms might be. But there’s a myth about credit scores that may be holding some buyers back. The Myth: You Need To Have Perfect Credit According to Fannie Mae, only 32% of potential homebuyers…
Have you ever stopped to think about how much wealth you’ve built up just from being a homeowner? As home values rise, so does your net worth. And, if you’ve been in your house for a few years (or longer), there’s a good chance you’re sitting on a pile of equity — maybe even more than you realize. What Is…
Knowing what to budget for when buying a home may feel intimidating — but it doesn’t have to be. By understanding the costs you may encounter upfront, you can take control of the process. Here are just a few things experts say you should be thinking about as you plan ahead. 1. Down Payment Saving for your down payment is likely top of…
Let’s face it – life can throw some curveballs. Whether it’s a job loss, unexpected bills, or a natural disaster, financial struggles can happen to anyone. But here’s the good news. If you’re a homeowner feeling the squeeze, there’s a lifeline that many people don’t realize is still available: mortgage forbearance. What Is Mortgage Forbearance? As Bankrate explains: “Mortgage forbearance is an option that…