When buying or selling a home, there are two crucial steps that often cause confusion—appraisals and inspections. Both are essential to the home-buying process, but they serve different purposes, and understanding the distinction between them can help you navigate the transaction smoothly. So, what’s the difference between a real estate appraisal and a home inspection?…
A reverse mortgage is a loan based on the current paid-up value or equity in your home. Instead of making a monthly mortgage payment, your lender can use your equity to pay you a set monthly amount, provide a credit line for you to draw upon as needs arise, or pay out a lump sum…
Buying a home is an exciting milestone, but it can also be overwhelming—especially when it comes to figuring out your budget. Knowing how much you can afford ensures that you make a smart financial decision, one that aligns with your long-term goals. If you’re ready to begin your homebuying journey but aren’t sure how to…
There’s plenty of factors that go into deciding what home will suit you and your family best, but the location you will live in should rank high on your list of considerations. You can always update a home, but you can’t change its location. When trying to decide if a neighborhood or area is best…
If you’re thinking about buying or selling a home, you might have heard that it’s tough right now because mortgage rates are higher than they’ve been over the past few years, and home prices are rising. That much is true. Take a look at the graph below. It breaks down how the current affordability situation…
Buying a multi-generational home can be a smart strategy to enhance affordability in today’s housing market. Here are a few ways purchasing a multi-generational home can help with affordability: Shared Mortgage Payments: By pooling financial resources with multiple family members or generations, you can split the mortgage payments, making homeownership more affordable for everyone involved.…
In recent years, there has been a growing trend towards smaller, more affordable homes. This shift is influenced by various factors, including changing demographics, economic conditions, and evolving lifestyle preferences. Here are a few reasons why smaller, more affordable homes are gaining popularity: Affordability: With rising housing costs, many prospective homebuyers are looking for more…
Buying a home is a significant decision that comes with various responsibilities and financial commitments. It’s crucial to determine if you’re truly ready to take this step before diving into the real estate market. In this blog post, we’ll discuss some key indicators that can help you assess your readiness to buy a home. Financial…
The National Association of Realtors (NAR) released its latest Existing Home Sales Report a few weeks ago. The information it contains on home prices may cause some confusion. NAR has reported the median sales price, while other home price indices report repeat sales prices. The vast majority of the repeat sales indices show prices are…
Is now the time to buy a home? To put it simply, yes. One couldn’t blame homebuyers for being hesitant based on last year’s market, but that was LAST year’s market. As of this writing, inventory is up and there’s more variety in the market. Why settle when you can buy the home of your…