Here are many reasons to buy a home that it’s a major way to build wealth and gain financial stability. According to Freddie Mac : “Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.” With spring approaching, now’s a great time to consider if buying a home makes sense for you. The best way to figure that out is to talk with a trusted real estate professional. The Largest Part of Most Homeowners’ Net Worth Is Their Equity You may be surprised to learn just how much of a homeowner’s net worth actually comes from owning their home. The  National Association of Realtors  (NAR) shares: “ Homeownership is the largest source of wealth among families, with the median value of a primary residence worth about ten times the median value of financial assets held by families.  Housing wealth (home equity or net worth) gains are built up through price appreciation...

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. However, it’s unlikely all 28 million Americans will accomplish that goal in the coming year. Experts project a total of around five million homes will be sold in 2023. Why is there such a big difference? It’s partly because there can be challenges to buying a home. In the same survey, when asked, “ Which of the following are preventing you from pursuing homeownership at this time?” : 34% answered, “ I don’t have enough saved for a down payment ” 30% answered, “ My credit score ” 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 upfront for your home. For most home pur...

   Many people are reaching the point in their lives when they need to decide where they want to live when they retire. If you’re a homeowner approaching this stage, you have several options to explore. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the   National Association of Realtors   (NAR),  says : “As we see the transition of the large Baby Boomer generation age into retirement, it will be interesting to see if they move in with their Millennial and Gen Z children or if they stay put in their own homes.” Lautz lists two options: move into a multigenerational home with loved ones, or stay in your current house. Multigenerational living is rising in popularity, but it isn’t an option for everyone. And staying put may fit fewer and fewer of your needs. There’s a third option though, and for some, it’s the best one: downsizing. When you sell your house and purchase a smaller one, it’s known as downsi...

  To sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but  inventory   is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now,   homes that are updated and  priced  at market value are still selling fast . Today, homes with curb appeal that are presented well are still selling quickly, and sometimes over the asking price. According to Danielle Hale, Chief Economist at realtor.com . “In a market where costs are still high and buyers can be a little choosier, it makes sense they’re going to really  zero in on the homes that are the most appealing .” With the spring buying season just around the corner, now’s the time to start getting your house ready to sell....

  The recent changes in home prices are top of mind for many as the  housing market   begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices. Local price trends still vary by market. But looking at national data, Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the  Federal Housing Finance Agency  (FHFA), explains: “ U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022 . While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.” Month-over-month home price changes can be seen in the chart below. The data also shows that price depreciation peaked around August. Since then, any depreciation has been even milder. In other words,  today’s home prices aren’t in a freefall . What Does This Mean for...

  No matter how the housing market changes, there are some things about  owning a home   that never changes—like the personal benefits it can provide. When you own your home, you likely feel a sense of attachment because of the comfort it gives and also because it’s a space that’s truly yours. Over the last few years, we’ve fully embraced the meaning of our homes as we spent more time than ever in them. As a result, the emotional benefits our homes provide have become even more important to us. As the most recent State of the American Homeowner from  Unison  puts it: “. . . one thing has stayed the same:  the home continues to be of the utmost importance and a place of security and comfort. ” The same study from  Unison  notes: 91% of homeowners say they feel  secure, stable, or successful  owning a home 64% of American homeowners say living through a pandemic has made their home  more important to them than ever...

  Before you buy a home, it’s important to  plan ahead . While most buyers consider how much they need to save for a  down payment , many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when it’s time to close on your home, you need to understand   what closing costs are and how much you should budget for . What Are Closing Costs? People are sometimes surprised by closing costs because they don’t know what they are. According to Bankrate: “Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .” In other words, your closing costs are a collection of fees and payments involved with your transaction. According to Freddy Mac, while they can vary by location and situation, closing costs typically include: Government recording costs Appraisal fees Credit report...