Ways To Overcome Affordability Challenges in Today’s Housing Market [INFOGRAPHIC]
![Ways To Overcome Affordability Challenges in Today’s Housing Market [INFOGRAPHIC] Simplifying The Market](https://files.keepingcurrentmatters.com/content/images/20230428/Ways-To-Overcome-Affordability-Challenges-In-Todays-Market-KCM-Share.png)
- With so few homes on the market right now, widening the scope of your search to include nearby areas could help you find more options in your budget.
- You can also work with a trusted lender to consider alternative financing options and search for down payment assistance.
The Three Factors Affecting Home Affordability Today
There’s been a lot of focus on higher mortgage rates and how they’re creating affordability challenges for today’s homebuyers.
What Are the Experts Saying About the Spring Housing Market?
The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring.
How Changing Mortgage Rates Can Affect You
The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year.
How Experts Can Help Close the Gap in Today’s Homeownership Rate
As we celebrate Black History Month, we reflect on the past and present experiences of Black Americans. This includes the path toward investing in a home of their own. And while equitable access to housing has come a long way, homeownership can be a steeper climb for households of color. It’s an important experience to talk about, along with how it can make all the difference for diverse homebuyers to work with the right real estate experts.The Top Reasons for Selling Your House
Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.Lower Mortgage Rates Are Bringing Buyers Back to the Market
As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling.The 3 Factors That Affect Home Affordability
If you’ve been following the housing market over the last couple of years, you’ve likely heard about growing affordability challenges. But according to experts, the key factors that determine housing affordability are projected to improve this year. Selma Hepp, Executive, Deputy Chief Economist at CoreLogic, shares:Think Twice Before Waiting for 3% Mortgage Rates
Last year, the Federal Reserve took action to try to bring down inflation. In response to those efforts, mortgage rates jumped up rapidly from the record lows we saw in 2021, peaking at just over 7% last October. Hopeful buyers experienced a hit to their purchasing power as a result, and some decided to press pause on their plans.What Are Your Goals in the Housing Market This Year?
If buying or selling a home is part of your dreams for 2023, it’s essential for you to understand today’s housing market, define your goals, and work with industry experts to bring your homeownership vision for the new year into focus. In the last year, high inflation had a big impact on the economy, the […]