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.
Ask around and almost every homebuyer out there wants to know if there’s a way to get a better deal. And just about every seller wants to know if they'll still get top dollar.
The interesting thing is... both can be right at the exact same time. It just depends on where you live.
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?
Imagine waiting a year to buy a home, only to find mortgage rates haven't changed much. That may sound frustrating.But it's a real possibility.
A lot of people are putting their plans on hold because they believe much lower mortgage rates are right around the corner. But, based on today's forecasts, that may not happen. And you should know that before you decide what to do.
If buying a home is on your radar, you've probably been keeping an eye on mortgage rates and home prices. But don’t forget about homeowners insurance.
Homeowners insurance has always been part of owning a home. But over the past few years, it's become a larger expense for many homeowners – something that's especially frustrating when affordability already feels tight.
Today's home prices have a lot of buyers – especially first-time buyers – wondering if there’s even anything out there that’s in their budget. But owning a home may be more within reach than you think. Sometimes, it just means considering a different type of home.
Condos and townhomes can be a great way to buy without stretching every last dollar. And right now, two things make them worth a serious look.
If you’ve thought about buying a home in the past few years, you may have run into two frustrations: asking prices that kept climbing and too few homes to choose from.
In many places, both sticking points are letting up this summer, with lower asking prices and more homes for sale. Let’s look at the trends, and what they mean for your search.
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