Real Estate
There’s no denying mortgage rates are higher now than they were last year. And if you’re thinking about buying a home, this may be top of mind for you. That’s because those higher rates impact how much it costs to borrow money for your home loan. As you set out to make a purchase this winter, you’ll need to be strategic so you can find a home that meets your needs and budget.
Danielle Hale, Chief Economist at realtor.com, explains:
“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, . . . Another key point is to avoid stretching your budget, as tempting as it may be given the diminished purchasing power.”
In other words, it’s important to be mindful of what’s a necessity and what’s a nice-to-have when searching for a home. And the best way to understand this is to put together a list of desired features for your home search.
The first step? Get pre-approved for a mortgage. Pre-approval helps you better understand what you can borrow for your home loan, and that plays an important role in how you’ll craft your list. After all, you don’t want to fall in love with a home that’s out of reach. Once you have a good grasp of your budget, you can begin to list (and prioritize) all the features of a home you would like.
Here’s a great way to think about them before you begin:
Finally, once you’ve created your list and categorized it in a way that works for you, discuss it with your real estate advisor. They’ll be able to help you refine the list further, coach you through the best way to stick to it, and find a home in your area that meets your needs.
Putting together your list of necessary features for your next home might seem like a small task, but it’s a crucial first step on your homebuying journey today. If you’re ready to find a home that fits your needs, let’s connect.
Stay up to date on the latest real estate trends.
Mortgage
Let’s connect to determine if selling your house now is the right move for you
Mortgage
Owning a home still claims the #1 spot for many Americans today
Mortgage
Most economists no longer expect a recession to occur in the next 12 months.
Mortgage
The data shows there isn’t cause for concern – there are actually more signs of hope
Mortgage
Institutional investors are actually the smallest percentage of owners of Single-Family Rentals
Mortgage
Homeownership isn’t just a financial decision
Mortgage
More sustainable price growth than we’ve seen in recent years.
Mortgage
Data shows there are still significantly fewer homes for sale than there would be in a more normal market.
Mortgage
Here are four reasons you shouldn’t wait to sell your house.
You’ve got questions and we can’t wait to answer them.