When it comes to the decision between buying or renting a home, in today’s market, we have to look at number of market and individual factors. With rapidly increasing housing prices and a significant inventory shortage, the thought of purchasing a home may seem daunting with the US Census Bureau and the US Department of Housing and Urban Development reported the median sales price of $436,800 for homes at the start of 2023.
Buying a home brings with it a set of unique advantages. The possibility of building equity, the tax benefits, and the freedom to customize your living space are all compelling reasons to consider homeownership. However, these benefits are balanced by potential drawbacks such as variable monthly payments, maintenance responsibilities, decreased flexibility, and the risk of your home’s value decreasing. This is why it’s essential to carefully analyze your personal and financial circumstances before making this significant decision.
Understanding the current housing market is crucial for potential homebuyers. The imbalance between supply and demand has intensified competition, making it harder to find affordable properties. Moreover, house prices are growing faster than income rates, challenging many potential buyers’ affordability. Additionally, with mortgage rates influenced by several factors, including macroeconomic forces, the total cost of homeownership can increase significantly. However, shopping around for the best mortgage rates can save thousands of dollars over the life of the loan.
Ultimately, deciding to buy a house is a deeply personal decision and needs to consider your individual timeline and life circumstances. Factors such as your lifestyle, family size, career trajectory, and financial capacity should all be taken into account. This decision should also factor in the ongoing costs of homeownership, including the potential for expensive repairs and upgrades.
In conclusion, both renting and buying have their merits and drawbacks, and what might work for one person might not work for another. Understanding the current market conditions and honestly evaluating your personal and financial situation are the keys to making the best choice for you. There’s no one-size-fits-all answer, but with careful consideration, you can make the decision that best suits your needs in today’s market. Fill out our purchase analysis on our website or schedule an consultation and we can help determine the best fit for your needs.

For first-time homebuyers, purchasing a home is a huge financial commitment and in today’s pricing environment its also a considerable financial challenge for many Americans. However, homebuyer grants can significantly lighten the financial load, grants aren’t available to all home buyers and are usually aimed at lower income buyers.
Understanding Grant Eligibility
Requirements vary between programs, several common elements are worth noting:
• Income limits: Many programs consider households that earn 80 percent or less of the area median income (AMI) as “low-income.” Therefore, access to these programs is restricted to those within this income range. Moreover, the income limits adjust depending on the number of household occupants.
• Home price limits: Certain programs may restrict your spending to a specific range of residence prices. These limits are largely dependent on the local housing market.
• Buyer’s contribution: Despite the substantial assistance provided, most grants mandate that the homebuyer contributes some cash. The common requirement is 1 percent of the purchase price or $1,000—whichever is greater.
• Residency status: Typically, grants are only available to those intending to make the purchased property their primary residence, not a rental or second home.
• Education requirements: Numerous grant programs require you to complete a homebuyer education course before you can access the funds.
Here are some larger programs to consider but there are many state and local programs as well.
HomePath Ready Buyer Program
Offered by Fannie Mae, a government-backed mortgage enterprise, the HomePath Ready Buyer program allows you to claim up to 3 percent of your home’s purchase price for closing costs. However, your property choice is limited to HomePath properties, foreclosed homes owned by Fannie Mae. Completing a homebuyer education course is a prerequisite for this program.
National Homebuyers Fund
The nonprofit National Homebuyers Fund offers grants for down payments and closing costs, which can amount to 5 percent of your home’s purchase price. Notably, you don’t need to be a first-time homebuyer to qualify. However, you do need to secure a mortgage lender who participates in the program. Assistance is available to help find suitable lenders.
Good Neighbor Next Door Program
Offered by the U.S. Department of Housing and Urban Development, the Good Neighbor Next Door program is open to law enforcement officers, teachers, firefighters, and emergency medical technicians. This program offers a 50 percent discount on homes in designated revitalization areas, which becomes a freebie provided you live there for three years. However, like the HomePath program, you don’t have the freedom to buy just any home.
State and Local Grants
Beyond nationally available programs, financial assistance may be obtainable through local organizations. Many states offer grant programs for first-time homebuyers, especially those relocating for work. Consult your state’s housing finance authority or ask your real estate agent for advice on local grants.
These are just a few options to consider. You can schedule a consultation with us on our website and we can review your situation to help you see what you can qualify for and your different program options.

Finding a skilled loan officer who is attuned to your needs and can assist you through the process is essential. Here are five questions you might want to ask your home mortgage lender.

What are my home loan options?
This question will help gauge the loan officer’s expertise and understanding of your specific situation. You may need to share some personal financial information, but a credit check shouldn’t be necessary at this stage.

Could you explain the mortgage process?
A competent loan officer should be able to outline the steps from application submission to loan approval. They should also provide insights into legal and real estate aspects or direct you to your real estate agent for further information.

What do I need to provide for loan approval?
Before submitting any documents, ensure your loan officer explains what they require and why. Detailed financial information and a credit check will be necessary after completing the mortgage application, but this should only be done with your consent.

Can I pre-qualify?
Consider discussing with a lender before house hunting. They can prequalify you based on a few documents, giving you an idea of your purchasing power without going through the full process. A prequalification letter can also make you a more appealing buyer when you’re ready to make an offer.

How long is the entire process?
This question will help you understand the timeline from application to approval, allowing you to plan accordingly. Remember, the duration can vary based on several factors, including the type of loan, your financial situation, and the lender’s processes.

We would love to schedule a consultation with you to answer these questions in more detail and with specifics to your individual needs. Just visit our website and click on “Schedule Consultation”.

Nationally, we have been in a seller’s market for quite some time, but there are signs that maybe changing. The seller’s market was fueled by tight inventory and high demand, and was punctuated with bidding wars and cash offers.
A move towards a buyer’s market would mean that houses stay on the market longer and prices stabilize or even drop. Signs of a buyers market include, higher inventory, prices getting lowered, the aforementioned increase in days on market, as well as things like incentives offered by the seller such as help with closing costs or renovations.
The old adage about everything in real estate being local means that some areas maybe in a buyer’s market while others not so much. And while it might not be a buyer’s market, it does seem that we are moving towards a more balanced market.
If you are thinking of buying check with us and we help advise on your area and the current market conditions.

As home prices have risen dramatically the last few years (yes, they are starting to inch down now), many people find their dream house seemingly out of reach. Don’t despair, here are some tips to save a thousands on your home purchase and lower costs.
Move Out Of Your Comfort Zone
Ok maybe not your comfort zone, but expanding your search area can make a big difference. If you are priced out of your preferred neighborhood, try expanding your search to nearby areas where housing prices can be significantly lower.
Credit Check?
Check your credit score and see if there are any issues that need to be addressed. Since your credit score has a big impact on getting lower interest rates, if there are fixable issues it can make a difference!
Down Payment Support
If you need help with your down payment, there are a number of different programs as well as local ones that maybe able to provide support for the down payment.
For help on your specific situation, fill out our home purchase qualifier on our website to help find your best fit in todays environment.

As we continue to see low inventory in the housing market and high rent prices, many home owners are adding ADUs (which stands for Accessory Dwelling Units).
ADUs often called granny flats, are guest houses or rooms added to garages to create rental income for home owners. Home owners typically add ADUs to increase cash flow, as well as looking for their property value to appreciate. Whether ADUs are right for you, depends on a number of factors. ADUs often costs at least $100,000 to build so being in a high rent market helps to offset the initial investment. You’ll also need to make sure local ordinances allow them and what the regulations are.
The old real estate adage about location stays true for ADUs as well. If you are in an area where rents are high or a popular vacation destination, then ADUs can make sense. Again you’ll need to check the local zoning and if you build one you will also need to have updated insurance to cover the ADU. Check with us to learn more and to see what financing terms you qualify for.