The Three Factors Affecting Home Affordability Today   There has been a great deal of attention on the impact of rising mortgage rates on the affordability of homes for today's purchasers. It is true that rates have substantially increased since the pandemic-era record lows. But home affordability is determined by a combination of mortgage rates, property prices, and wages. Considering how each of these factors is evolving provides a complete picture of the current state of home... [read more]

The Power of Pre-Approval If you are looking for a residence this spring, you may find the current housing market difficult. With so few homes available and mortgage rates that have rising and falling in between 6% - 7%, it is crucial to have a firm grasp on your budget for purchasing a home. You will also need determination to find the perfect home and respond quickly when the time comes to make an offer. Obtaining pre-approval is one way to better prepare yourself. To comprehend... [read more]

What You Need To Know About Home Price News May 17, 2023   The latest Existing Home Sales Report from the National Association of Realtors (NAR) will come out tomorrow. The information it has about home prices could be confusing and even make for some scary news. All of this is because the NAR will report the median sales price while other home price indices will report the price at which a home was sold again and again. Most of the indices of these repeat sales show that... [read more]

How Changing Mortgage Rates Can Affect You   The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power. The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment: Even a 0.5% change can have a big impact on your... [read more]

People Around the Country Want Homes That Cost Less, and Builders Are Responding There are two main things that make it hard for buyers to afford homes in today's market: mortgage rates that are higher than they have been in the past couple of years and rising home prices caused by a lack of homes for sale. To deal with these problems, a lot of people are working with their local real estate agents to find homes that cost less. And because there are more newly built houses entering... [read more]