Are you curious about how to buy in the housing market now?

Navigating the real estate market can be daunting, especially with fluctuating prices and varying inventory levels. However, buying now rather than waiting might offer significant advantages. Here are five tips to understand why it benefits a buyer to act sooner rather than later. 1. **Interest Rates**: One of the most compelling reasons to buy now is the current state of interest rates which has changed the market pricing.  What this can mean for you is utilizing a Buy Down interest rate method or using points to lower the interest rate. Let me share the locked interest rate offers that can be a WIN for you and especially if you are flexible on a few locations.  2. **Market Trends**: Keeping an eye on real estate news is crucial. Buying now locks in your price before potential increases plus advantages of concessions.  3. **New Construction Opportunities**: The availability of new construction homes can also influence your decision. Builders are offering various incentives to attract buyers, such as upgraded finishes or closing cost assistance. These perks may not be available if you decide to wait, as demand for new homes continues to rise. 4. **Tax Benefits**: Homeownership comes with tax advantages that renters miss out on, such as deductions for mortgage interest and property taxes. By purchasing a home now, you can start reaping these benefits sooner, potentially reducing your taxable income and increasing your savings. 5. **Equity Building**: The sooner you buy a home, the sooner you start building equity. Unlike renting, where monthly payments only benefit the landlord, owning a home means each payment contributes to your ownership stake in the property. This can be a significant financial asset over time. In conclusion, understanding these factors can help buyers make informed decisions about entering the housing market now rather than later. Staying informed through real estate news and considering new construction opportunities can provide additional incentives and benefits that make buying now a wise choice.

Are you curious about a few differences between a homeowner and a renter?Check out this blog

The Big Difference Between Renter and Homeowner Net Worth Some Highlights If you’re torn between renting or buying, don’t forget to factor in the wealth-building power of homeownership. Unlike renters, homeowners gain equity as they pay their mortgage and as home values rise. That’s why, on average, a homeowner’s net worth is nearly 40x higher than a renter’s. Let’s connect if you want to learn more about the financial benefits of homeownership or the programs that can help make buying possible.

More Homes, Slower Price Growth – What It Means for You as a Buyer

There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. Let’s look at two reasons why.You Have More Options To Choose FromAn article from Realtor.com helps explain just how much the number of homes for sale has gone up this year:“There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.”And while the number of homes on the market still isn’t quite back to where it was in the years leading up to the pandemic, this is definitely an improvement (see graph below):With more homes available for sale now, you have more options to choose from. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, explains:“Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .”That means you have a better chance of finding a house that meets your needs. It also means the buying process doesn’t have to feel quite as rushed, because more options on the market means you’ll likely face less competition from other buyers.Home Price Growth Is SlowingWhen there aren’t many homes for sale, buyers have to compete more fiercely for the ones that are available. That’s what happened a few years ago, and it’s what drove prices up so quickly.But now, the increasing number of homes on the market is causing home price growth to slow down (see graph below):In certain markets, the number of available homes has not only bounced back to normal, but has even surpassed pre-pandemic levels. In those areas, home price growth has slowed or stalled completely. As Lance Lambert, Co-Founder of ResiClub, explains:“Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.”Slower or stalled price growth could give you a better chance of finding something within your budget. As Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), says:“For the third consecutive month U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability.”But remember, inventory levels and home prices are going to vary by market.So, having a real estate agent who knows the local area can be a big advantage. They can help you understand the trends in your community, which can make a real difference in finding a home that fits your needs and budget.Bottom LineMore housing options – and the slower home price growth they bring – can help you find and buy a home that works for your lifestyle and budget. So don’t hesitate to reach out to a local real estate agent if you want to talk about the growing number of choices you have right now.

Renting vs. Buying: The Net Worth Gap You Need To See

Trying to decide between renting or buying a home? One key factor that could help you choose is just how much homeownership can grow your net worth.Every three years, the Federal Reserve Board shares a report called the Survey of Consumer Finances (SCF). It shows how much wealth homeowners and renters have – and the difference is significant.On average, a homeowner’s net worth is nearly 40 times higher than a renter’s. Check out the graph below to see the difference for yourself:Why Homeowner Wealth Is So HighIn the previous version of that report, the average homeowner’s net worth was about $255,000, while the average renter’s was just $6,300. That’s still a big gap. But in the most recent update, the spread got even bigger as homeowner wealth grew even more (see graph below):As the SCF report says:“. . . the 2019-2022 growth in median net worth was the largest three-year increase over the history of the modern SCF, more than double the next-largest one on record.”One big reason why homeowner wealth shot up is home equity.Equity is the difference between your home’s value and what you owe on your mortgage. You gain equity by paying down your mortgage and when your home’s value goes up.Over the past few years, home prices have gone up a lot. That’s because there weren’t enough available homes for all the people who wanted one. This supply-demand imbalance pushed home prices up – and that translated into faster equity gains and even more net worth for homeowners.If you’re still torn between whether to rent or buy, here’s what you should know. While inventory has grown this year, in most places, there’s still not enough to go around. That’s why expert forecasts show prices are expected to go up again next year nationally. It’ll just be at a more moderate pace.While that’s not the sky-high appreciation we saw during the pandemic, it still means potential equity gains for you if you buy now. As Ksenia Potapov, Economist at First American, explains:“Despite the risk of volatility in the housing market, homeownership remains an important driver of wealth accumulation and the largest source of total wealth among most households.”But prices and inventory are going to vary by area. So, lean on a local real estate agent. They’ll be able to give you the local trends and speak to the other financial and lifestyle benefits that come with owning a home. That crucial information will help you decide the best move for you right now. As Bankrate explains:“Deciding between renting and buying a home isn’t just about cost — the decision also involves long-term financial strategies and personal circumstances. If you’re on the fence about which is right for you, it may be helpful to speak with a local real estate agent who knows your market well. An experienced agent can help you weigh your options and make a more informed decision.”Bottom LineIf you’re not sure if you should rent or buy, keep in mind that if you can make the numbers work, owning a home can really grow your wealth over time.And if homeownership feels out of reach, connect with a local real estate agent and lender. They can help you explore programs that may make buying possible.