Starter Homes Reach $1M in 237 Cities
Starter homes now cost $1Min 237 U.S. cities, up from 84 cities five years ago. The dramatic price increase is driven by a severe housing shortage worsened since the pandemic. u
Uncategorized
2 Ways to Get a Great 30-Year Mortgage Rate
The average 30-year mortgage rate has decreased to 6.87%, down from 7.00% the previous week and much lower than the 7.90% peak in October 2023. To find the best mortgage rates, it's crucial to shop around and improve your credit score. A higher credit score can lead to significant interest savings over the life of … Continued
Maximize Savings for Buying Your First Home With the 28% Rule
The 28% rule suggests spending no more than 28% of gross income on a mortgage. FHA allows up to 31% of gross income for mortgage payments, offering more flexibility.
Late-Q3 2024 Rate Cuts: Best Time to Buy?
Recent years have seen high mortgage rates and elevated home prices, making buying a home difficult.Cooling inflation has lowered mortgage rates to a 15-month low, offering new opportunities for homebuyers.
Don’t Get Burned: Essential Refinancing Tips
Rates remain high but may fall soon, making refinancing potentially beneficial for recent borrowers. Verify sufficient home equity (typically 15-20%) before considering refinancing your home equity loan.
Tips for Building Your Dream Home: Invest in Luxury
Building a luxury home creates a personalized sanctuary with comfort and longevity. Location is crucial: seek exclusivity, tranquility, and easy access to amenities for your luxury home.
Predictions 2025: Turning Point or Cooling Down?
Home prices to rise slightly, 1-2% above inflation. Increased affordability from rising real incomes.
2025 Home Upgrades: Forecasted $466B Increase in Spending
Homeowner spending on upgrades is set to rise through early 2025. Annual spending on home maintenance and improvements will exceed $466B through Q2 2025.
How to Buy a Foreclosed Home
Foreclosed properties are sold at a discount but come with risks like repairs and title issues. Buyers can find them online or in newspapers. Getting a mortgage pre-approval is crucial. Renovation loans can help with repairs. Research the property's history for liens and title issues. Home inspections are vital as foreclosed homes are sold "as … Continued
No Rate Cuts Until December: BofA’s Forecast
Bank of America predicts interest rate cuts will start in December, despite investor expectations for September.Fed Chair Jerome Powell's decisions will depend on both inflation rates and economic conditions.