Homeowners Have Incredible Equity To Leverage Right Now
Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your […]
Beyond Mortgage Rates: The 3 Surprising Factors Shaping Home Affordability Today
The current state of home affordability is not just based on mortgage rates, but also on home prices and wages. Although mortgage rates have climbed since their pandemic-era record lows, they have remained relatively stable for the past eight months, hovering between 6% and 7%. Home prices, on the other hand, have varied by market, with some areas seeing slight declines while others continue to climb. However, rising wages are currently the most positive factor in affordability, as higher income reduces the percentage of one’s paycheck needed to cover monthly housing costs. To get a better understanding of how these factors work together in your local market, it’s best to consult with a trusted real estate agent.
Why Buying a Home Is a Sound Decision
If you’re thinking about buying a home, you want to know the decision will be a good one. And for many, that means thinking about what home prices are projected to do in the coming years and how that could impact your investment. This year, we aren’t seeing home prices fall dramatically. As the year […]
One Major Benefit of Investing in a Home
One of the many reasons to buy a home is that it’s a major way to build wealth and gain financial stability. According to Freddie Mac: “Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.” With spring approaching, now’s a great time to consider if buying […]