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.
You may have heard the number of homes for sale isn’t growing like it was. And maybe that has you worried you won’t find a home you love when it’s time to make your move.
But that may be about to change. Here’s why your pool of options may actually start ticking back up again.
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 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?
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.
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