Buying a home is a team sport, and that’s especially true when buyers are facing the kinds of affordability challenges they are now. Volatile interest rates and tough competition for a limited supply of homes are posing unique issues for home shoppers. If you've been writing offer after offer — even competitive offers over asking price — and still not getting anywhere, then it could be time to change tactics. Strategies tied to mortgage products and seller incentives can help buyers, even in situations involving cash buyers or shoppers offering above list price. These tactics won’t apply to ev ..read more

If you're thinking about buying or selling a home, you might have heard that it’s tough right now because mortgage rates are higher than they’ve been over the past few years, and home prices are rising. That much is true. Take a look at the graph below. It breaks down how the current affordability situation stacks up to recent years. The National Association of Realtors (NAR) explains how to read the values on the graph: “To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home.” The red dot ..read more

Life is a journey filled with unexpected twists and turns, like the excitement of welcoming a new addition, retiring, and starting a new adventure, or the bittersweet feeling of an empty nest. If something like this is changing in your own life, you may be considering buying or selling a house. That’s because through all these life-altering events, there is one common thread—the need to move. Reasons People Still Need To Move Today According to the National Association of Realtors (NAR) there have been a lot of this type of milestone or life change over the last two years (see graph below): A ..read more

Using a 401(k) to buy a home is a personal decision that requires careful consideration. While it can be an option, there are several factors to keep in mind. Here are a few things to consider before making a decision Eligibility: Check with your employer to ensure that your 401(k) plan allows for withdrawals for home purchases. Some plans may have restrictions or penalties for early withdrawals. Costs and Penalties: If you withdraw funds from your 401(k) before reaching the age of 59½, you may be subject to income taxes and a 10% early withdrawal penalty. This can significantly impact your sa ..read more

While foreclosures and bankruptcies can have an impact on the housing market, they are unlikely to cause a complete crash on their own. It's important to understand that housing market crashes are typically the result of a combination of factors, such as a significant oversupply of homes, an economic recession, or a financial crisis. Foreclosures occur when homeowners are unable to make their mortgage payments, leading to the lender taking possession of the property. While foreclosures can increase the supply of homes on the market, they typically do not have a widespread impact unless they ar ..read more

Accessory Dwelling Units (ADUs) are secondary residential units that are either attached to or located on the same property as a primary single-family home. They are also known as granny flats, in-law suites, or backyard cottages. ADUs can be converted garages, basements, separate units within the existing home, or standalone structures. ADUs offer several benefits for homeowners: Rental income: ADUs provide an opportunity for homeowners to generate rental income by renting out the unit to tenants. This can help offset mortgage payments or provide additional cash flow. Multigenerational living ..read more

Investing in yourself by owning a home can bring numerous benefits and opportunities. Here are some reasons why owning a home can be a wise investment: Building equity: When you own a home, you are building equity as you pay down your mortgage. Equity is the difference between the value of your home and the amount you owe on your mortgage. Over time, as your home's value appreciates and you continue to make mortgage payments, your equity increases. This can provide financial stability and serve as a long-term asset. Potential for appreciation: Historically, real estate has shown a tendency to ..read more

Buying a multi-generational home can be a smart strategy to enhance affordability in today's housing market. Here are a few ways purchasing a multi-generational home can help with affordability: Shared Mortgage Payments: By pooling financial resources with multiple family members or generations, you can split the mortgage payments, making homeownership more affordable for everyone involved. This arrangement allows you to leverage the combined income and creditworthiness of multiple individuals to qualify for a larger loan or better interest rates. Shared Living Expenses: Multi-generational hom ..read more

Selling your house on your own, also known as "For Sale By Owner" (FSBO), can be tempting for some homeowners who want to save on real estate agent commissions. However, it's important to understand the risks involved in this approach. Here are a few potential challenges you may face when selling your house on your own: Limited Exposure: Real estate agents have access to multiple listing services (MLS) and other marketing platforms that can significantly increase the exposure of your property. By selling on your own, you may struggle to reach a large pool of potential buyers, resulting in a lo ..read more

Homeownership is a great way to build wealth and grow your net worth over time. It offers several financial benefits that can help you achieve long-term financial stability. Here are some key ways homeownership can contribute to growing your net worth: Building equity: One of the main advantages of owning a home is building equity. As you make mortgage payments, you are gradually paying off the principal balance of your loan. Over time, this increases your equity, which is the difference between your home's market value and your outstanding mortgage balance. Building equity can be seen as a fo ..read more