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How To Make Your Dream of Homeownership a Reality

According to a recent Harris Poll survey, 8 in 10 Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and nonfinancial benefits, so that interest is understandable.

If you’re aiming to buy a home, here’s what you need to know to accomplish that goal.

>>Save for Your Down Payment

Your down payment is a big chunk of what you pay up front for your home. For most home purchases, buyers put down some amount of cash up front and then take out a loan to pay for the rest.
It’s a longstanding myth that you need to pay 20% of the purchase price for your down payment. In reality, 20% down isn’t always required. Regardless of how much money you can save for your down payment, know there’s help available. A local lender can show you options to help you get closer to...

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How To Make Your Dream of Homeownership a Reality According to a recent Harris Poll survey, 8 in 10 Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and nonfinancial benefits, so that interest is understandable.

"Take a Look at This"

The Two Big Issues the Housing Market’s Facing Right Now

The biggest challenge the housing market’s facing is how few homes there are for sale.

Let’s break down these two big issues in today’s housing market.

>>Rate-Locked Homeowners

Today, the typical mortgage rate offered to buyers is over 6%. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as being rate locked.

When so many homeowners are rate locked and reluctant to sell, it’s a challenge for a housing market that needs more inventory. However, experts project mortgage rates will gradually fall this year, and that could mean more people will be willing to move as that happens.

>>The Fear of Not Finding Something To Buy

The other factor holding back potential sellers is the fear of not finding another home to buy if they move. Worrying about where...

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The Two Big Issues the Housing Market’s Facing Right Now The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply: