In recent years, homebuyers faced rising prices and mortgage rates. However, the inventory of homes is improving, with existing homes for sale increasing by 22% and new builds comprising about 31.1% of the market. This expanded selection offers buyers greater opportunities to find homes within their budget.
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Mortgage Forbearance: A Helpful Option for Homeowners Facing Challenges
Mortgage forbearance allows homeowners facing temporary financial challenges to pause or lower mortgage payments. Despite misconceptions, it remains available beyond the COVID-19 pandemic, particularly aiding those impacted by recent natural disasters. While forbearance rates have recently increased, they are still well below pandemic levels, offering crucial support to prevent foreclosure.
What To Save for When Buying a Home
When buying a home, it’s essential to budget for key costs like the down payment, closing costs, and earnest money deposits. While a 20% down payment is common, many loan options require less. Understanding these expenses and working with professionals will help you navigate the process confidently.
How Much Home Equity Have You Gained? The Answer Might Surprise You!
Home equity, the difference between a home’s value and mortgage owed, has significantly increased for homeowners due to rising home prices and longer residency. The average homeowner enjoys about $319,000 in equity, creating opportunities for purchasing new homes, financing improvements, or starting businesses. Understanding this asset is crucial for future financial planning.
Expert Forecasts for the 2025 Housing Market
The housing market in 2025 is anticipated to see a slight decrease in mortgage rates, projected to settle in the mid-to-low 6% range. However, home prices are expected to rise at a more sustainable pace of around 3%. Staying informed and working with trusted professionals is crucial for buyers and sellers.
What’s Motivating More Buyers to Choose a Newly Built Home?
As the new year begins, buyers are increasingly attracted to newly built homes, which accounted for 15% of sales last year—a 17-year high. Key motivations include avoiding renovations, customization options, community amenities, low inventory of existing homes, energy efficiency, and smart home features. Having an agent is recommended for the buying process.
The Biggest Perks of Buying a Home This Winter!
Purchasing a home in winter can offer advantages like reduced competition and motivated sellers. Homes typically take longer to sell during this season, giving buyers more time to negotiate. Moreover, prices can be about 5% lower compared to summer, creating opportunities for savings and better deals.
What Will It Take for Prices To Come Down?
Home prices are unlikely to crash due to a significant mismatch between demand and supply in the housing market. Currently, there are more buyers than available homes, leading to sustained or rising prices. This issue stems from years of insufficient homebuilding post-2008 crisis. Local market conditions may vary, affecting price trends.
Sell Your House During the Winter Sweet Spot
Selling a house in winter can be advantageous due to reduced competition, as fewer homes are on the market. Serious buyers tend to look during this season, making them more likely to purchase. Listing now allows sellers to stand out before the influx of spring listings, maximizing their selling potential.
Should You Sell Your House or Rent It Out?
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.
Real Estate | Your@HomeTeam 