Freddie Mac predicts rates will stay above 6.5% through most of 2024 and may drop below this threshold in 2025.
Also, Fannie Mae forecasts an average rate of 6.8% for Q3 2024 and 6.7% for Q4, potentially declining to 6.5% in early 2025.
House prices may be higher in fall due to elevated summer closing values.
Less competition in fall can be advantageous, but serious buyers are still active.
Develop a detailed plan, including budget and design goals, before starting your condo renovation.
Allocate a budget that accounts for unexpected costs and allows flexibility throughout the renovation.
Unlike bonds, REITs can thrive during rising interest rates, offering solid investment opportunitiesRecent data shows REITs gained over 17% within 12 months after rate hikes, outperforming overall equities.
Single-Level Layout: Avoid stairs for better mobility.
Accessible Kitchen: Features lower countertops and reachable storage.
Saving for a house as a first-time homebuyer involves careful planning and disciplined saving. Key steps include reviewing your financial situation, reducing high-interest debt, setting a savings goal (ideally 25-30% of the home's price), creating a budget, supplementing income through side gigs, automating savings, exploring first-time homebuyer programs, and investing wisely. Staying motivated and tracking progress are essential to achieving homeownership.
Living paycheck to paycheck can make saving for a down payment challenging. To afford a home, focus on budgeting and cutting expenses. Even with little income increase, you can save for a down payment by tracking spending, lowering bills, and setting aside savings. Consider a mortgage with as little as 3% down if you have good credit. Calculate your homebuying budget using an affordability calculator and plan for additional costs like closing costs.
Assess Financial Health: Understand your budget, credit score, and debts before starting your home search.Get Mortgage Pre-Approval: Secure pre-approval to define your budget and show sellers you're serious.
Over 350K California homeowners will experience a 34.1% insurance rate increase starting November 2024.The rate hike, approved by the California Department of Insurance, responds to rising wildfire and rebuilding costs.
Experts recommend strategies to help home buyers save for a down payment, such as creating a budget, automating savings, and exploring homebuyer assistance programs. Key tips include paying off high-interest debt, reducing unnecessary expenses, setting up a dedicated savings account, and boosting income through side hustles. Utilizing high-interest savings accounts, allocating unexpected bonuses, seeking professional financial advice, considering lower down payment options, micro-investing, selling unused items, and making temporary sacrifices are also beneficial.
