Price cuts are turning up everywhere right now, and they read very differently depending on which side of the deal you’re on.
Sellers tend to worry a cut means walking away with less than they hoped. Sometimes that’s true, but more often it just means the market moved faster than the listing did.
Buyers, for their part, often assume a cut means something’s wrong with the house. Most of the time, that’s not it.
If you're trying to buy a home, affordability is probably what keeps you up at night. And as you watch mortgage rates tick up again lately, it’s fair to wonder if you should just hit pause and wait for them to go down.
For now, though, they’re headed the other way. Mortgage News Daily data shows how rates have risen this year (see graph below):
Want to buy a house this year, but not sure if the timing’s right? Seasonally, it may actually be a better time to buy than you expect.
Yes, mortgage rates have been ticking up lately – and that’s creating some real challenges with affordability. No one’s arguing that. But there are also predictable trends that happen this time every year that can put some wind back in your sails.
For most first-time buyers, the hardest part of buying a home is making the numbers work. You budget, you save, and the finish line still feels far away.
But your salary is only half the equation. Where you live shapes what you can afford just as much. And if you can work remotely, you have an advantage a lot of buyers don't.
You've been waiting for something to change before you buy. It just might not be the thing you expected…
While everyone’s paying attention to mortgage rates, only the savviest buyers know that the changing season can start tipping things in their favor.
Most people think a newly built home costs more than an existing one. But right now, that’s actually backwards. Newly built homes are more affordable than existing ones in a lot of markets. And that’s because builders are cutting prices and stacking on incentives to try to keep their inventory moving.
Here’s why that’s really important for any would-be homebuyer to know.
Lately, headlines have floated an eye-catching idea about tapping into your 401(k) to cover a down payment on a home. Maybe you've caught the buzz and wondered whether that money could get you into a home faster, especially with affordability as tough as it is.
You're scrolling through listings on your phone and everything looks good until you see the price (or the estimated monthly payment). Then you close the app.
Because even if you love the house, the numbers feel impossible. But here's the thing.
If you're waiting for mortgage rates to fall a lot before you buy, you may be waiting a while. But before you get discouraged, there's a number working behind the scenes that's actually good for you right now. It's called the spread, and once you understand it, you may see today’s rates in a whole new light.
If you’re planning to buy your next home soon, you’ve probably heard the old rule about saving 20% for your down payment.
The truth is, you usually don’t have to. Plenty of loan options let qualified buyers put down much less. But a lot of repeat buyers are choosing to put down 20% anyway.
So, why are they if they don’t have to?
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