What Are Experts Saying About the Fall Housing Market?

The housing market is rapidly changing from the peak frenzy it saw over the past two years. That means you probably have questions about what your best move is if you’re thinking of buying or selling this fall.To help you make a confident decision, lean on the professionals for insights. Here are a few things experts are saying about the fall housing market.Expert Quotes for Fall HomebuyersA recent article from realtor.com:“This fall, a more moderate pace of home selling, more listings to choose from, and softening price growth will provide some breathing room for buyers searching for a home during what is typically the best time to buy a home.”Michael Lane, VP and General Manager, ShowingTime:“Buyers will continue to see less competition for homes and have more time to tour homes they like and consider their options.” Expert Quotes for Fall SellersSelma Hepp, Interim Lead of the Office of the Chief Economist, CoreLogic:“. . . record equity continues to provide fuel for housing demand, particularly if households are relocating to more affordable areas.”Danielle Hale, Chief Economist, realtor.com: “For homeowners deciding whether to make a move this year, remember that listing prices – while lower than a few months ago – remain higher than in prior years, so you’re still likely to find opportunities to cash-in on record-high levels of equity, particularly if you’ve owned your home for a longer period of time.”Bottom LineMortgage rates, home prices, and the supply of homes for sale are top of mind for buyers and sellers today. And if you want the latest information for our area, let’s connect today.

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Saving for a Down Payment? Here’s What You Should Know.

As you set out to buy a home, saving for a down payment is likely top of mind. But you may still have questions about the process, including how much to save and where to start.If that sounds like you, your down payment could be more in reach than you originally thought. Here’s why.The 20% Down Payment MythIf you believe you have to put 20% down on a home, you may have based your goal on a common misconception. Freddie Mac explains:“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”Unless it’s specified by your loan type or lender, it’s typically not required to put 20% down. According to the latest Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. There are even loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants.This is good news for you because it means you could be closer to your homebuying dream than you realize. For more information, turn to a trusted lender.Down Payment Assistance Programs Can Be a Game ChangerA professional will be able to show you other options that could help you get closer to your down payment goal. According to latest Homeownership Program Index from downpaymentresource.com, there are over 2,000 homebuyer assistance programs in the U.S., and the majority are intended to help with down payments.A recent article explains why programs like these are helpful:“These resources can immediately build your home buying power and help you take action sooner than you thought possible.”And if you’re wondering if you have to be a first-time buyer to qualify for these programs, that’s not always the case. According to an article from downpaymentresource.com:“It is a common misconception that homebuyer assistance is only available to first-time homebuyers, however, 38% of homebuyer assistance programs in Q1 2022 did not have a first-time homebuyer requirement.”There are also location and profession-based programs you could qualify for as well.Bottom LineSaving for your down payment is an important first step on your homebuying journey. Let’s connect today and make sure you have a trusted lender to help explore your options.

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The Journey To Buy a Home [INFOGRAPHIC]

Some HighlightsWhen you head out to buy a home, there are a number of key milestones you’ll encounter along the way.The process includes everything from building your team and understanding your finances to going house hunting, making an offer, and more.Your journey starts here. Let’s connect so you have expert guidance each step of the way.

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