Many homeowners are increasingly considering renting their houses instead of selling them, with a rise from 47% in 2021 to 66% today. Factors to evaluate include the suitability of the property for renting, responsibilities of being a landlord, and associated costs. Ultimately, this choice hinges on personal financial and lifestyle goals.
Tag Archives: own a home
What To Look For From Last Week’s Fed Meeting
The Federal Reserve’s recent rate cut aims to influence mortgage rates and ease borrowing costs amid fluctuating inflation, job growth, and unemployment. While mortgage rates may gradually decline into 2025, they depend on economic conditions and potential market volatility. Understanding these factors can guide homebuying decisions effectively.
What’s the Impact of Presidential Elections on the Housing Market?
The upcoming Presidential election has sparked speculation about its impact on the housing market. However, historical data shows that elections have only had a minor, temporary influence on home sales, prices, and mortgage rates. In most cases, the market has bounced back the year after the election, indicating minimal long-term effects.
Housing Market Forecast: What’s Ahead for the 2nd Half of 2024
In the latter half of 2024, experts anticipate moderate rises in home prices, a slight decrease in mortgage rates, and steady home sales. Limited housing inventory will continue to drive prices upward, but not at the rapid pace seen during the pandemic. Lower rates could entice more buyers, potentially leading to increased sales this year.
Do Elections Impact the Housing Market?
The 2024 Presidential election is near, raising questions about its impact on the housing market. Historically, elections lead to a slight temporary slowdown in home sales in November, while home prices generally rise regardless of elections. Mortgage rates tend to decrease leading up to elections. Overall, elections have a small, temporary impact on the housing market.
What’s Next for Home Prices and Mortgage Rates?
The important factors to consider when considering a move are home prices and mortgage rates. Experts anticipate home prices to continue rising for at least the next 5 years, signaling potential gain in home value. Meanwhile, mortgage rates are influenced by inflation and economic factors, with potential decreases later in the year.
Minnetonka First Time Home Buyer Assistance
Minnetonka introduces a generous down payment assistance program, making homeownership more affordable for first-time buyers. Eligibility requirements include income limits, credit score, and completion of a buyer education course. Assistance amount is based on income and purchase price, with up to $75,000 available. Loans have 0% interest and are forgiven by 5% annually.
Home Prices Are Overall Climbing, Especially in These Top Cities!
Many people fear a housing market crash, influenced by sensational media headlines and clickbait. However, recent data shows that home prices are on the rise nationally, with 18 of the top 20 cities experiencing increases. For buyers, purchasing before prices rise further could be beneficial, while sellers may capitalize on high demand.
Questions to ask (or not ask) your home inspector before hiring
Our guest author, Reuben Saltzman of Structure Tech Home Inspections, addresses common questions about selecting home inspectors. He emphasizes the importance of reviewing inspection reports as a basis for comparison, discourages asking about defining major problems, and advocates for clients attending inspections. The company’s internal training, liability insurance, and experience are also highlighted.
Hennepin County Homebuyer Assistance Program
Hennepin County’s new assistance program offers up to $30,000 in interest-free, forgivable funds for eligible first-time homebuyers. Income limits and education requirements apply, and the program is exclusive to Hennepin County. Funds are available until depleted, so prospective buyers should plan ahead. Spread the word to potential buyers to take advantage of this opportunity.
