Posts with tag 'homeownership'

Deciding whether to jump into the housing market or rent instead is rarely an easy decision – especially if you're a first-time homebuyer. But in today's whirlwind market, you may find it particularly challenging to pinpoint the best time to start exploring homeownership. 

 A real estate boom during the pandemic pushed home prices to an all-time high.¹ Add higher mortgage rates to the mix, and some would-be buyers are wondering if they should wait to see if prices or rates come down.

 But is renting a better alternative? Rents have also soared along with inflation – and are likely to continue climbing due to a persistent housing shortage.² And while homebuyers can lock in a set mortgage payment, renters are at the mercy of these rising costs for the foreseeable future.

 So, what's the better choice for you? There's...

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With interest rates hovering at near historic lows, now is a great time to look back at where they've been, and how much they've changed over time.

• According to Freddie Mac, mortgage interest rates are currently hovering near a five-decade low.
• The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year or $7,200 over the life of your loan. Maybe it's time to lock in now while rates are still low.

Sellers are already rooted, having lived in their current home an average of 10 years, NAR's report shows. Sellers are equity-rich and rely on real estate professionals for guidance now more than ever before, according to the National Association of REALTORS®' 2019 Profile of Home Buyers and Sellers. Equity gains prove a boon to sellers. Higher home prices have translated into faster appreciation for homeowners.

Snapshot of Todays Sellers

• Average age: 57
• Median household income: $102,900
• Living situation: 72% married; 16% single females
• Tenure in the home: 10 years (up from 6 years from 2001 to 2008)
• Median length of time on the market: three weeks
• Price sold: Median of 99% of the list price
• Median equity: $60,000 higher than what owner originally paid at purchase
• Incentives for buyers: 34% offered incentives, such as home warranty policies or assistance with closing costs...

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