Why Buying a Home Still Pays Off in the Long Run

 

Why Buying a Home Still Pays Off in the Long Run

Renting can feel much less expensive and much simpler than buying a home, especially right now. No repairs, no property taxes, no worrying about mortgage rates – you just pay the bill and move on with your life.

But here’s the part people don’t talk about enough: renting doesn’t help you build your financial future. Meanwhile, homeowners grow their net worth just by owning a home.

So, if you’ve been wondering whether buying is still worth it, the long-term math is clearer than you might think.

Renting vs. Owning: How the Costs Really Compare

Let’s break down one of the key differences between renting and buying. When you rent, your payment goes to your landlord, and then it’s gone. When you own, part of your payment comes back to you in the form of equity (the wealth you build as the value of your home increases, and you pay down your home loan).

So, while renting may seem more affordable now, you have to remember it comes at a long-term cost: you’re not building your wealth. And it turns out, that’s a bigger miss than you may expect.

First American recently analyzed the long-term financial impact of renting versus owning a home. They compared mortgage payments, property tax, insurance, repairs, and maintenance against the equity gained through home price appreciation and paying down the mortgage. And they did that during several different time frames to see if it tells a consistent story:

• 2006: the start of the housing bubble
• 2015: 10 years ago
• 2019: just before the pandemic (the last normal years in the market)
• 2022: when mortgage rates jumped

In each time frame, two things were true: renters ended up losing money over time. And homeowners gained it.

Here’s some data so you can see this play out. Each color represents one of the key time frames. The solid lines show the buyer’s investment over time and how their net worth actually grew the longer they lived in their home. The dashed line represents the renter’s investment. In the end, they sank more and more cash into renting without gaining any financial benefit.

The takeaway is simple: time in a home builds wealth. Time renting doesn’t.

Basically, homeowners come out ahead. And the analysis shows that’s even after you factor in the other expenses that come with homeownership, like insurance, repairs, and property taxes. And that's the case for every time frame First American looked into.

On the flip side, renters spent money on their rent, but didn’t gain any long-term financial benefit. That’s true no matter what window of time you look at in the study.

Now, that doesn’t mean buying always beats renting in the short term. But the longer you own, the wider the wealth gap becomes.

Affordability Is Starting To Improve

You might still be thinking, “Okay, but buying feels out of reach for me right now.” Fair.

The past few years haven’t been easy for buyers. But things are starting to shift. Mortgage rates have come down this year, home prices are softening, and incomes have been rising. And according to Zillow, typical monthly payments have gotten a little easier compared to this time last year. Not by a lot, but enough to make a difference.

No, buying isn’t suddenly easy. But it is easier than it was just a few months ago. And in the long run, history shows it’s worth it. 

Bottom Line

Renting may feel less expensive today, but owning is what builds real wealth over time. And with affordability starting to improve, the path to homeownership may be opening up more than you think.

If you’re curious what buying could look like for you, let’s connect. We can figure out your next move, pressure-free.

NAR Existing-Home Sales Report Shows 1.2% Increase in October

NAR Existing-Home Sales Report Shows 1.2% Increase in October: Home sales increased in October even with the government shutdown due to homebuyers taking advantage of lower mortgage rates.

The Housing Market Is Turning a Corner Going into 2026

 

The Housing Market Is Turning a Corner Going into 2026

After several years of high mortgage rates and hesitation from buyers, momentum is quietly building beneath the surface of the housing market. Sellers are reappearing. Buyers are re-engaging. And for the first time in what feels like forever, there’s movement happening again.

No, it’s not a surge. But it is a shift – and it’s one that could set the stage for a stronger year in 2026.

So, what’s driving the comeback? Here are three big trends that are slowly breathing life back into the housing market right now.

1. Mortgage Rates Have Been Coming Down

Mortgage rates are always going to have their ups and downs – that's just how rates work. Especially with the general economic uncertainty right now, some volatility is to be expected. But, if you zoom out, it’s the larger trend that really matters most.

And overall, rates have been trending down for most of this year (see graph below):

And in just the last few months, we’ve seen the best rates of 2025. According to Sam Khater, Chief Economist at Freddie Mac:

“On a median-priced home, this could allow a homebuyer to save thousands annually compared to earlier this year, showing that affordability is slowly improving.”

Here's why that matters for you. This shift changes what you can actually afford. It means lower borrowing costs and more buying power. Take this as an example.

Data from Redfin shows a buyer with a $3,000 monthly budget can now afford roughly $25,000 more home than they could one year ago. That’s a big deal. And it’s just one of the reasons why activity is picking up.

2. More Homeowners Are Ready To Sell

For a while, many homeowners stayed put because they didn’t want to give up their low mortgage rate. That “lock-in effect” kept inventory tight. And while plenty of homeowners are still staying where they are today, the number of rate-locked homeowners is starting to ease as rates come down. Life changes are becoming a bigger part of what’s driving more people to move, and that’s opening up more inventory.

Data from Realtor.com shows just how much the number of homes for sale has grown. And the really interesting part is that the market is approaching levels that haven’t been seen for the past six years (see the blue on the graph below):

That return to more normal inventory levels is a really good thing. It gives buyers more options than they’ve had in years. And it’s helping to bring the market closer to balance.

3. More Buyers Are Re-Entering the Market

And it’s not just sellers making moves. With more options and slightly better affordability, buyers are getting back in the game, too. The Mortgage Bankers Association (MBA) reports purchase applications are up compared to last year, a clear signal that demand is building again (see graph below):

And experts think this momentum will continue. Economists from Fannie Mae, the Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR) all forecast moderate sales growth going into 2026.

Now, this recovery won’t happen overnight. It’s not a flood of activity. But it is the start of steady improvement going into 2026. And that's something a lot of people have been waiting for.

Bottom Line

After several slower-than-normal years, the market is finally starting to turn a corner. Declining mortgage rates, more listings, and growing buyer activity all point to a market gaining real traction.

Let’s connect to talk about what’s happening in our local market and how you can make the most of it in 2026.

First-Time Home Buyer Share Falls to Historic Low of 21%, Median Age Rises to 40

First-Time Home Buyer Share Falls to Historic Low of 21%, Median Age Rises to 40: The historically low share of first-time buyers underscores the real-world consequences of a housing market starved for affordable inventory.

What a Government Shutdown Really Means for the Housing Market

 

What a Government Shutdown Really Means for the Housing Market

There’s been a lot of talk lately about how a government shutdown impacts the housing market. You might be wondering: Is it causing everything to grind to a halt?

The short answer? No.

The housing market doesn’t stop. It keeps moving. Homes are still being bought and sold, contracts are still being signed, and closings are still happening. The difference is that a few parts of the process may slow down a little, but overall, the market continues to function.

Here’s What Typically Happens

Whenever the government shuts down, some federal agencies temporarily close or scale back their operations. That can cause a few hiccups in real estate, especially when it comes to processing certain types of government loans and insurance requirements:

• “Applicants for FHA, VA, or USDA loans—which account for about one-quarter of all mortgage applications—may encounter significant processing delays due to agency furloughs.” - Selma Hepp, Chief Economist at Cotality
• “By recent estimates, more than 2,500 mortgage originations per working day are at risk of delays during a shutdown . . .”  - Zillow
• Flood insurance approvals may also be paused. The National Flood Insurance Program can be temporarily affected, which delays closings in flood zones.

Even with those challenges and delays, most transactions still go through. Buyers keep buying, sellers keep selling, and agents keep helping people move forward.

The Housing Market Usually Bounces Back Fast

And you can see that play out in this data. If you look back at the most recent government shutdown that began at the end of 2018 and lasted for 35 days, sales activity dipped very slightly during the closure but picked right back up once the government reopened.

Data from the National Association of Realtors (NAR) shows existing home sales slowed for about two months, and then rebounded quickly as delayed closings worked their way through the system when the government reopened (see graph below):

What’s important to note is that the slowdown you see in the orange bars on this graph wasn’t simply due to seasonality in a typical housing market cycle. The sharper, shorter drop in this case lines up exactly with the 35-day government shutdown, and then sales bounced back as soon as it ended.

What This Means for You

If you’re in the middle of buying or selling a home, don’t panic. Most deals will still move forward, even if it takes a few extra days. Jeff Ostrowski, Housing Market Analyst at Bankrate, explains:

“If you’re expecting to close in a week or a month, there could be some slight delay, but I think for most people, it’s probably going to be a blip more than a real deal killer.”

And if you’re just starting to think about buying or selling, this could actually work in your favor. Some buyers and sellers may become cautious and pause their plans during times of uncertainty, like this, and that can open a short window of opportunity.

When fewer people are active in the market, well-prepared buyers may find less competition for homes, and motivated sellers may be more willing to negotiate. These brief slowdowns often create a moment where you can make a move that would be harder once activity ramps back up.

Bottom Line

A government shutdown can cause short-term delays for some buyers, but it doesn’t derail the housing market. The last time this happened, sales picked back up as soon as the government re-opened.

If you’re unsure how this might affect your plans, or just want to make sense of what’s happening, let’s connect.

Why Some Homes Sell Quickly – and Others Don’t Sell at All

 

Why Some Homes Sell Quickly – and Others Don’t Sell at All

A few years ago, inventory hit a record low. Just about anything sold – and fast. But now, there are far more homes on the market. Listings are up almost 20% from this time last year. And in some areas, supply is even back to levels we last saw in 2017–2019. For sellers, that means one thing:

Your house needs to stand out and grab attention from day one.

That’s especially true when you consider why the number of homes for sale is up. Here’s how it works. Available inventory is a mix of: 

• Active Listings: homes that have been sitting on the market, but haven’t sold yet
• New Listings: homes that were just put on the market

Data from Realtor.com shows most of the inventory growth lately is actually from active listings that are staying on the market and taking longer to sell (see the graph below).

The blue bars show active listings. These are the homes that are sitting month to month and not selling. The green bars are new listings, the homes that were just put on the market. And it’s clear there are fewer new listings compared to how many are staying on the market unsold.

Since you don’t want your house to be one of the ones that take a long time to sell, let’s break down where things can go sideways and how to set yourself up to sell quickly.

Why Some Homes Sell and Others Sit

The secret to selling in today’s market is simple. Make sure your house is easy for buyers to say yes to as soon as it is listed. 

Price it based on current conditions (not what your neighbor sold for 3 years ago). Make important repairs. And highlight the best things about your house. If you do that, it will sell in any market – sometimes even faster than you’d think. Because the truth is, homes that are priced right today are still selling. 

It’s the homeowners who are clinging to outdated expectations that are seeing their house sit and their listing go stale. According to Redfin and HousingWire, here are some of the most common reasons sales stall out:

• Priced it too high from the start
• Skipped necessary repairs before listing
• Didn’t stage the house well
• Sellers won't negotiate with buyers
• Limited availability for showings
• Ineffective marketing or listing pictures

Most of those things didn’t matter as much just a few years ago. When inventory was at a record low, sellers could skip the prep, name their price, and still walk away with multiple offers over their asking price.

But today’s market is different now that inventory has grown. And that means your approach needs to be different too.

You don’t want to try out old strategies and aim too high just to see what sticks. Your first few weeks on the market are everything. That’s when your listing gets the most attention – and when pricing or presentation mistakes hurt the most. Get it wrong up front and your house will sit...and sit. Get it right, and it’ll be snatched up before you know it.

The Right Agent Helps Your House Stand Out

Selling quickly isn’t about luck. It’s about knowing how to play to the market you’re in. And that’s where your agent comes in.

A great agent will analyze your local market, suggest a price based on the latest comparables sold in your neighborhood, and create a marketing plan that makes buyers pay attention from day one. They’ll also walk you through any repairs you need to make or whether you need to bring in a staging company. As the National Association of Realtors (NAR) explains:

“Home sellers without an agent are nearly twice as likely to say they didn’t accept an offer for at least three months; 53% of sellers who used an agent say they accepted an offer within a month of listing their home.”

That’s the power of getting it right (and getting expert help) from the start.

Bottom Line

There are more homes for sale today than there were even just a year ago, but that doesn’t have to work against you.

When your house is priced right, shows well, and is marketed effectively, it will sell. Let’s connect if you want to know how to make that happen in our market this fall.

Why You Don’t Need To Be Afraid of Today’s Mortgage Rates

 

Why You Don’t Need To Be Afraid of Today’s Mortgage Rates

Mortgage rates have been the monster under the bed for a while. Every time they tick up, people flinch and say, “Maybe I’ll wait.” But here’s the twist. Waiting for that perfect 5-point-something rate could end up haunting your wallet later.

The Magic Number

According to the National Association of Realtors (NAR):

“. . . a 30-year fixed rate mortgage of 6% would make the median-priced home affordable for about 5.5 million more households—including 1.6 million renters. If rates were to hit that magic number, it’s likely that about 10%—or 550,000—of those additional households would buy a home over the next 12 or 18 months.”

When the market hits that mortgage rate sweet spot, as expert forecasters are starting to say is more likely in 2026, the psychological shift to lower rates will kick in for more of today’s hopeful buyers. That will unleash some pent-up demand that’s been waiting on the sidelines, and the increase in activity will cause prices to rise.

And while a 5.99% rate might sound like a big win, if you’re waiting for that number to make your move, it might not actually save you as much as you think. Here’s how the math looks when you run the numbers (see chart below):

On a $400,000 mortgage, the difference between today’s rate (around 6.2%) and 5.99% is roughly $50 a month. That’s less than many people spend on weekly coffee runs or occasional DoorDash orders. And as prices tick up with more buyers in the market, that could quickly negate any of your potential savings.

So, if you’re waiting for 5.99%, that difference might not be worth missing out on today’s opportunities, like having more homes to choose from, better negotiation leverage with today’s sellers, and fewer buyers out there looking for the same houses.

Because the reality is, those benefits start to slip away when more buyers begin to make their moves – and a rate under 6% is exactly they’re waiting for.

Why Acting Now Makes Sense

Jessica Lautz, Deputy Chief Economist and VP of Research at NAR, says:

“Over the last 5 weeks, mortgage rates have averaged 6.31%. This has provided savvy buyers a sweet spot to reexamine the home search process with more inventory, widening their choices.”

And like Matt Vernon, Head of Retail Lending at Bank of America, notes:

“Rather than waiting it out for a rate that they like better, hopeful homebuyers should assess their personal financial situation—if the house is right for them, and the upfront and monthly payments are affordable, it could be the right chance to make a move.”

Bottom Line

If moving at today’s rate scares you, remember, waiting doesn’t always pay off. Once rates dip below 6%, as some experts project they’ll do next year, more buyers (and higher prices) will be back.

So, don’t be afraid of today’s mortgage rates. Because if you’re ready, this might just be your chance to make your move before the market wakes up again.

Is the Housing Market Going To Crash? Here’s What Experts Say

 

Is the Housing Market Going To Crash? Here’s What Experts Say

If you’ve seen headlines or social posts calling for a housing crash, it’s easy to wonder if home values are about to take a hit. But here’s the simple truth.

The data doesn’t point to a crash. It points to slow, continued growth.

And sure, it’s going to vary by local area. Some markets will see prices rise more than others. And some may even see small, short-term declines. But the big picture is: home prices are expected to rise nationally, not fall, over the next 5 years.

The Real Story Is in the Expert Forecasts

In the Home Price Expectations Survey (HPES) from Fannie Mae, each quarter over 100 leading housing market experts weigh in on where they project home prices will go from here. And in the report that was just released, the experts agree prices are projected to climb nationally through at least 2029 (see graph below):

Here’s how to read this visual. Each bar in that graph shows an increase, not a loss. It’s just that the anticipated pace of that appreciation varies year-to-year.

And to further drive this home, let’s look at another view of where prices are and where they’re expected to go. In this version, the expert forecasts are broken into 3 categories: the overall average, the most optimistic projections, and the most pessimistic projections (see chart below):

Notice how even the most pessimistic forecasters say we’ll see prices rise by almost 5% over the next few years.

• Overall, prices are expected to rise about 15% from now through the end of 2029.
• The optimists say we’ll beat that and see a roughly 26% increase.
• And even the pessimists anticipate prices will go up by 5% during that period.

What sticks out the most? None of these groups who study the market are forecasting a crash, or even a decline, over the next 5 years.

How This Compares to “Normal” for the Market

Now, focus back on the first graph. The projections call for 2-3.5% price increases in each of the next five years. For context, the average rate of appreciation for the last 25 years was closer to 4-5% annually.

So, while that’s slightly below the historical average, it’s much more sustainable and typical than where the market was in 2020, 2021, and 2022.

Back then, prices rose too much, too fast based on record-low supply and record-high demand. Some places even saw prices climb by 15-20%.

So, while it may feel like prices are stalling compared to those pandemic-era surges, what’s really happening is that the market is finally finding balance again.

Why Prices Aren’t Expected To Crash

A lot of the chatter about home prices today is based on that rapid rise and the old saying that what goes up, must come down. But historically, that’s not really true. Home prices almost always rise.

And the main reason we’re not heading for a repeat of 2008 is simple: supply and demand.

Even though affordability challenges have made it harder for some people to buy over the past few years, there still aren’t enough homes for everyone who wants one. And that ongoing shortage is keeping upward pressure on prices nationally. 

That’s why experts across the board can confidently agree: we’re not headed for a price collapse, but for steady, long-term appreciation.

And just in case it’s the economy that’s got you worried, remember this. Over the past 50 years, there have been plenty of economic events that have impacted the market. And one thing that’s consistently been true throughout time is the housing market always recovers. And we’re coming through that turn right now and going into a recovery.

Bottom Line

If you’ve been waiting to buy or sell because you’re worried about a crash, it’s time to look at the data – not the headlines.

The question isn’t if home prices will rise, it’s by how much.

Let’s connect so you know what’s happening in our local market and what these forecasts mean for your next move.

Planning To Sell in 2026? Start the Prep Now

 

Planning To Sell in 2026? Start the Prep Now

You’ve got big plans for 2026. But what you do this year could be the difference between a smooth sale and a stressful one. If you’re thinking of selling next spring (the busiest season in real estate), the smartest move you can make is to start prepping now. As Realtor.com says:

“If you’re aiming to sell in 2026, now is the time to start preparing, especially if you want to maximize the spring market’s higher buyer activity.” 

Because the reality is, from small repairs to touch-ups and decluttering, the earlier you start, the easier it’ll be when you’re ready to list. And, the better your house will look when it’s time for it to hit the market.

Why Starting Now Matters

Talk to any good agent and they’ll tell you that you can’t afford to skip repairs in today’s market. There are more homes for sale right now than there have been in years. And since buyers have more to choose from, your house is going to need to look its best to stand out and get the attention it deserves.

Now, that doesn’t mean you have to do a full-on renovation. But it does mean you’ll want to tackle some projects before you sell. Your house will sell if it’s prepped right. And you don’t want to be left scrambling in the spring to get the work done.

Because here’s the advantage you have now. If you start this year, you’ll be able to space those upgrades and fixes out however you want to. More time. Less stress. No sense of being rushed or racing the clock.

Whether it’s fixing that leaky faucet, repainting your front door, or finally replacing your roof, you can do it right if you start now. And you have the time to find great contractors without blowing your budget or paying extra for rushed jobs.

Get an Agent’s Advice Early

To figure out what’s worth doing and what’s not in your market, you need to talk to a local agent early. That way you’re not wasting your time or money on something that won’t help your bottom line. As Realtor.com explains:

“Respondents overwhelmingly agree that both buyers and sellers enjoy a smoother, more successful experience when they start early. In fact, a recent survey reveals that, for sellers, bringing a real estate agent into the process sooner can pay off significantly.”

A skilled agent can tell you:

• What buyers in your local area are looking for
• The repairs or updates you need to do before you list
• How to prioritize the projects, if you can’t do them all
• Skilled local contractors who can help you get the work done

And having that information up front is a game changer.

To give you a rough idea of what may come up in that conversation, here are the most common updates agents are recommending today, according to research from the National Association of Realtors (NAR):

Just remember, what’s worth updating really depends on the homes you’re competing with in your market. Some areas don’t have a ton of inventory, so little updates may be all you need to tackle. In other areas, there are far more homes for sale, so you may need to do a bit more to make your house stand out.

Your agent will walk you through what you need to do for your specific house and market. And that’s expertise that’ll really pay off. 

Bottom Line

If your plan is to sell in 2026, it's time to get serious. Taking some time to prep means you’ll hit the market confident, ready, and ahead of other sellers who waited until January to get started.

Want to know which projects are getting the biggest return on their investment in our market? Let’s connect so you can head into next spring with a solid game plan.

Why Didn’t Mortgage Rates Fall More After the Fed Rate Cut?

Why Didn’t Mortgage Rates Fall More After the Fed Rate Cut?: The Federal Reserve’s rate cut doesn’t translate directly to cheaper mortgages. Yet, some buyers may be seeing ripple effects in certain loan options.

Why Experts Say Mortgage Rates Should Ease Over the Next Year

 

Why Experts Say Mortgage Rates Should Ease Over the Next Year

You want mortgage rates to fall – and they've started to. But is it going to last? And how low will they go?

Experts say there’s room for rates to come down even more over the next year. And one of the leading indicators to watch is the 10-year treasury yield. Here's why.

The Link Between Mortgage Rates and the 10-Year Treasury Yield

For over 50 years, the 30-year fixed mortgage rate has closely followed the movement of the 10-year treasury yield, which is a widely watched benchmark for long-term interest rates (see graph below):

When the treasury yield climbs, mortgage rates tend to follow. And when the yield falls, mortgage rates typically come down.

It’s been a predictable pattern for over 50 years. So predictable, that there’s a number experts consider normal for the gap between the two. It’s known as the spread, and it usually averages about 1.76 percentage points, or what you sometimes hear as 176 basis points.

The Spread Is Shrinking

Over the past couple of years, though, that spread has been much wider than normal. Why? Think of the spread as a measure of fear in the market. When there’s lingering uncertainty in the economy, the gap widens beyond its usual norm. That’s one of the reasons why mortgage rates have been unusually high over the past few years.

But here’s a sign for optimism. Even though there’s still some lingering uncertainty related to the economy, that spread is starting to shrink as the path forward is becoming clearer (see graph below):

And that opens the door for mortgage rates to come down even more. As a recent article from Redfin explains:

“A lower mortgage spread equals lower mortgage rates. If the spread continues to decline, mortgage rates could fall more than they already have.”

The 10-Year Treasury Yield Is Expected To Decline

It’s not just the spread, though. The 10-year treasury yield itself is also forecast to come down in the months ahead. So, when you combine a lower yield with a narrowing spread, you have two key forces potentially pushing mortgage rates down going into next year.

This long-term relationship is a big reason why you see experts currently projecting mortgage rates will ease, with a fringe possibility they’ll hit the upper 5s toward the end of next year.

Here's how it works. Take the 10-year treasury yield, which is sitting at about 4.09% at the time this article is being written, and then add the average spread of 1.76%. From there, you’d expect mortgage rates to be around 5.85% (see graph below):

But remember, all of that can change as the economy shifts. And know for certain that there will be ups and downs along the way. 

How these dynamics play out will depend on where the economy, the job market, inflation, and more go from here. But the 2026 outlook is currently expected to be a gradual mortgage rate decline. And as of now, things are starting to move in the right direction.

Bottom Line

Keeping up with all of these shifts can feel overwhelming. That’s why having an experienced agent or lender on your side matters. They’ll do the heavy lifting for you.

If you want real-time updates on mortgage rates, let's connect so you have someone to keep you in the loop and help you plan your next move.

Homebuyers Interest in Energy Efficiency Is Increasing

Homebuyers Interest in Energy Efficiency Is Increasing: Sustainable features, particularly those that reduce costs or offer financial savings, are increasingly influencing home search and remodeling decisions.

Closing Costs Unpacked: State-by-State Breakdowns for Today’s Buyers

 

Closing Costs Unpacked: State-by-State Breakdowns for Today’s Buyers

If you’re planning to buy a home this year, there’s one expense you can’t afford to overlook: closing costs.

Almost every buyer knows they exist, but not that many know exactly what they cover, or how different they can be based on where you're buying. So, let’s break them down.

What Are Closing Costs?

Your closing costs are the additional fees and payments you make when finalizing your home purchase. Every buyer has them. According to Freddie Mac, they typically include things like homeowner insurance and title insurance, as well as various fees for your:

• Loan application
• Credit report
• Loan origination
• Home appraisal
• Home inspection
• Property survey
• Attorney

National vs. Local: Why the Numbers Look So Different

When you search for information about closing costs online, you’ll often see a national range, usually 2% to 5% of the home’s purchase price. While that’s a useful starting point if you’re working on your homebuying budget, it doesn’t tell the whole story. In reality, your closing costs will also vary based on:

• Taxes and fees where you live (like transfer taxes and recording fees)
• Service costs for things like title and attorney work in your local area

While the home price is obviously going to matter, state laws, tax rates, and even the going costs for title and attorney services can change what you expect to pay. That’s why it's important to talk to the pros ahead of time so you know what to budget for. It can put you in control before you even start shopping.

To give you a rough ballpark, here’s a state-by-state look at typical closing costs right now based on those factors for the median-priced home in each state (see map below):

As the map shows, in some states, typical closing costs are just roughly $1-3K. In a few places, they can be closer to $10-15K. That’s a big swing, especially if you’re buying your first home. And that’s why knowing what to expect matters.

If you want a real number to help with your budget, your best bet is to talk to a local agent and a lender. They can run the math for your price range, loan type, and exact location.

And just in case you’re looking at your state’s number and wondering if there’s any way to trim that bill, NerdWallet shares a few strategies that can help:

• Negotiate with the seller. Ask for concessions like a credit toward your closing costs.
• Shop around for homeowner’s insurance. Compare coverage and rates before you commit.
• Check for assistance programs. Some states, professions, and neighborhoods offer help. Your agent and lender can point you to what’s available locally.

Bottom Line

Closing costs are a key part of buying a home, but they can vary more than most people realize. Knowing your numbers (and how to potentially bring them down) can go a long way and help you feel confident about your purchase. 

Let’s look at typical closing costs in our area and get you a personalized estimate, so you can craft your ideal budget.

3 Reasons Affordability Is Showing Signs of Improvement This Fall

 

3 Reasons Affordability Is Showing Signs of Improvement This Fall

For the past couple of years, it’s been tough for a lot of homebuyers to make the numbers work. Home prices shot up. Mortgage rates too. And a number of people hit pause because it just didn’t feel possible. Maybe you were one of them.

But there’s some encouraging news. If you’ve been waiting for a better time to jump back in, affordability may finally be showing signs of improvement this fall.

The latest data from Redfin shows the typical monthly mortgage payment has been coming down, and is now about $290 lower than it was just a few months ago (see graph below):

And here’s why this is happening. The cost of buying a home really comes down to three things:

• Mortgage rates
• Home prices
• Your wages

Right now, all three are finally moving in a better direction for you. While that doesn’t mean it’s suddenly easy to buy at today’s rates and prices, it does mean it’s not as challenging.

1. Mortgage Rates

Mortgage rates have come down compared to earlier this year. In May, they were roughly 7%. And now, they’re closer to 6.3% (see graph below):

That may not sound like a big deal, but it does matter. Even small changes in rates can make a difference in your future monthly payment. Compared to when rates were 7%, if you take out an average $400K mortgage now at 6.3%, it’ll cost about $190 less a month based on just rates alone.

And for some people, that’s been enough to make buying a home possible again. As Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explained on September 10^th:

“The downward rate movement spurred the strongest week of borrower demand since 2022 . . . Purchase applications increased to the highest level since July and continued to run more than 20 percent ahead of last year’s pace.”

2. Home Prices

After several years of prices rising very rapidly, price growth has finally slowed. As Odeta Kushi, Deputy Chief Economist at First American, puts it:

“National home price growth remains positive, but muted — low single digits — and we expect this trend to continue in the second half of the year.”

For buyers, that’s actually a big relief. That moderation makes it easier to plan your budget. And in some markets, prices have even dipped slightly. If you're in one of the markets, you may be able to find something that’s more affordable than you'd expect.

3. Wages

According to the Bureau of Labor Statistics (BLS), wages are up near 4% annually. Lawrence Yun, Chief Economist at NAR, explains why that number is so important right now:

“Wage growth is now comfortably outpacing home price growth, and buyers have more choices.”

In other words, the typical paycheck is rising faster than home prices right now, which helps make buying a little more affordable. Now, it’s not a big difference, but in a market like this, every bit counts.

What This Means for You

Lower rates, slower price growth, and stronger wages might be enough to make the numbers finally work for you this fall. 

While affordability is still tight, it’s a little easier on your wallet to buy now than it was just few months ago. Remember, data from Redfin shows the typical monthly mortgage payment is already around $290 lower than it was earlier this year.

Bottom Line

Have you been wondering if it’s worth taking another look at buying?

Let’s run the numbers together. We can go over your budget, see what’s changed, and figure out if this fall is the time to turn window-shopping into key-turning.

Downsizing Without Debt: How More Homeowners Are Buying Their Next House in Cash

 

Downsizing Without Debt: How More Homeowners Are Buying Their Next House in Cash

If you’ve been thinking about downsizing to lower your expenses, be closer to family, or just make life easier, here's a trend worth paying attention to:

More homeowners are buying their next house outright, without taking on a new mortgage. And, if you’ve owned your home for a while, you may be able to do the same. No mortgage. No monthly housing payments.

A Record Share of Homeowners Are Mortgage-Free

According to analysis from ResiClub of Census data, more than 40% of U.S. owner-occupied homes are mortgage-free – an all-time high for this data series. That means 4 in 10 homeowners own their homes free and clear (see graph below):

One big reason for this trend? Demographics. As Baby Boomers age and stay in their homes longer, many have had the time to fully pay off their mortgages. You might be in that group too and not even realize just how much buying power you now have. It’s time to change that.

How Downsizers Are Turning Equity into Buying Power

As a homeowner, your equity is your biggest advantage in today’s market. If you’re mortgage-free (or close to it), it could give you the power to buy your next home in cash. That means you’d still have no mortgage payment in retirement, plus:

• Less financial stress as you age
• More cash flow, if you purchase a less expensive home
• And it would likely be a faster, simpler transaction

Here's how it works. You’d sell your current house and use the proceeds to buy your next house in cash. And while that may sound like something you thought would never be possible for you, it's more realistic than you may think.

In the latest survey from John Burns Research and Consulting (JBREC) and Keeping Current Matters (KCM), agents reported the share of purchases with all-cash buyers is climbing nationally. And those agents are seeing increases in almost every region of the country (see graph below):

For Baby Boomers especially, buying in cash gives you more control over your next chapter. You could buy a smaller, less expensive home and have lower costs, less upkeep, and more flexibility to enjoy what matters most. All while staying debt and stress free.

Because downsizing isn't about downgrading your home. It’s about upgrading your quality of life. And that’s something worth exploring.

Bottom Line

You’ve worked hard for your home. Now it might be time for it to work hard for you.

Let’s talk about what your house is worth, and what it could unlock for you today. What would your ideal home look like if you were to downsize right now?

The Power of One: What a 1% Rate Drop Means

 The Power of One: What a 1% Rate Drop Means

Mortgage rates are holding near their lowest levels in almost a year. That 1% drop from earlier highs may not sound like much—but it’s a game changer.

Here’s why:

• A 1% lower rate gives buyers roughly 10% more purchasing power.
• Or, it means a 10% lower payment on the same mortgage.

That’s the “Power of One.” And with the Fed cutting rates, this advantage is real today.

The key is to act while rates are still near the lows—before demand heats up and negotiating power shifts back to sellers.

 

Let’s connect this week so you can take advantage of the Power of One.

 

Happy House Hunting!

Why Now May Be a Key 2025 Moment To Sell Your House

 

Why Now May Be a Key 2025 Moment To Sell Your House

Mortgage rates are finally heading in the right direction – and buyers are starting to jump back in.

According to the data, buyer demand picked up considerably once mortgage rates hit a new low for 2025. The Mortgage Bankers Association (MBA) reports that applications for home loans were up 23% compared to the first week of September last year.

If you’ve been waiting to sell, or your listing recently expired because the market was slower than you hoped it would be, now’s the time to reconsider your move. Buyer demand is the highest it’s been since July – and you don’t want to miss this window.

When Rates Drop, Buyers React

Here’s what’s happening. The 30-year mortgage rate dropped to 6.13% earlier this week. And that’s the lowest it had been since October 2024. That decline followed weak job growth and other economic indicators that are fueling speculation the Federal Reserve may cut the Federal Funds Rate multiple times this year. Mortgage rates started dropping because financial markets are anticipating those Fed decisions. And that opens the door for more buyers to act.

Since today’s buyers are looking at every angle to make home purchases more affordable, they’re much more sensitive to even the slightest movement in mortgage rates. Basically, it boils down to this. As affordability improves, so does buyer demand (see graph below):

And that’s a change you’re going to feel – in a good way. Since about this time last year, we’ve been in a plateau of “limited” buyer demand. But now that rates are coming down, buyer demand is getting better.

What This Means for You

If you’re looking to move, it’s time to get serious about what’s happening in the market, and how you can use these key moments to your advantage. Maybe you have an expired listing that sat without offers earlier this year, or you held off on selling altogether, thinking buyers weren’t out there. This is your signal – they’re coming back. Now, it’s not in the big surge the market saw a few years ago, but this could be your window.

Here’s the opportunity. You can list, while buyer activity is rising and before more sellers in your neighborhood do too. Other homeowners may not see this shift for a while, so you can get a leg up on your competition if you act now.

On the flip side, if you wait, sure there may be more buyers if rates continue to inch down. But there are also going to be more sellers too. So, why take that risk?

A trusted local agent can help you assess your home’s value, fine-tune your pricing strategy, and make sure it stands out to the serious buyers who are taking action today.

Bottom Line

Buyers are watching rates, weighing their options, and starting to get off the sidelines. If you’re thinking about selling, this may be your chance to get ahead.

Want to make sure your house shows up for the right buyers, at the right time?

Let’s connect and walk through the steps together so you can make the most of this moment.

NAR Pending Home Sales Report Shows 0.8% Decrease in June

NAR Pending Home Sales Report Shows 0.8% Decrease in June: Month-over-month and year-over-year pending sales declined in the Midwest, South, and West. In the Northeast, pending sales rose month-over-month but remained flat year-over-year.

NAR Existing-Home Sales Report Shows 2.0% Increase in July

NAR Existing-Home Sales Report Shows 2.0% Increase in July: The ever-so-slight improvement in housing affordability is inching up home sales, with wage growth now comfortably outpacing home price growth.

REALTORS® Show Strong Commitment to Profession Amid Market Headwinds, New NAR Report Finds

REALTORS® Show Strong Commitment to Profession Amid Market Headwinds, New NAR Report Finds: The annual report provides a snapshot of NAR members' business activity, income, firm affiliation, tech use and demographics based on transactions and trends from 2024.

The Truth About Down Payments (It’s Not What You Think)

 

The Truth About Down Payments (It’s Not What You Think)

Buying a home is exciting… until you start thinking about the down payment. That’s when the worry can set in.

“I’ll never save enough.”

“I need a small fortune just to get started.”

“I guess I’ll just rent forever.”

Sound familiar? You’re not alone. And you’re definitely not out of luck.

Here’s the thing: a lot of what you’ve heard about down payments just isn’t true. And once you know the facts, you might realize you’re a lot closer to owning a home than you think.

Let’s break it all down and bust some big down payment myths while we’re at it.

Myth 1: “I need to come up with a big down payment.”

This one stops a lot of people in their tracks. A recent poll from Morning Consult and NeighborWorks shows 70% of Americans think they need to put at least 10% down to buy a home. And 11% aren’t sure what’s required at all (see graph below): 

The truth? According to the National Association of Realtors (NAR), the typical down payment for first-time buyers has been between 6% and 9% since 2018. But there’s more to the story. If you qualify for an FHA loan, you may only need to put 3.5% down. And VA loans typically don’t require a down payment at all. So, there are options out there that can really make a difference for some buyers.

Myth 2: “It’ll take forever to save up for a down payment.”

Sure, saving can take time. But it may not have to be as long as you think. In many states, reaching your goal can happen faster than you might expect, especially when you know your budget and have a clear savings plan.

According to a new study, the amount of time varies depending on where you live. The map below shows, on average, how many years it takes to save up for a 10% down payment based on typical home values and income levels in each state (see map below):

But remember, in most cases you won’t even need a down payment as large as 10%. Plus, no matter how much money you end up putting down, it won’t all have to come out of your pocket. Here’s why.

Myth 3: “I have to do it all on my own.”

This is one of the biggest myths of all. The reality is, there are thousands of down payment assistance programs out there, and the same poll from Morning Consult and NeighborWorks shows 39% of people don’t even know about them. That means a lot of potential homebuyers could already be closer to homeownership – they just don’t realize it. 

These assistance programs are designed to help people like you who are ready to own a home but just need a little support getting started. As Miki Adams, President at CBC Mortgage Agency, explains:

“With high interest rates and soaring home prices, down payment assistance is more essential than ever.”

Bottom Line

If you’ve been putting off buying a home because the down payment feels like too much to tackle, let’s talk. You may not need as much as you think, and there are plenty of resources out there, so you don’t have to do it alone. You just need an expert to point you in the right direction.

If a down payment wasn’t holding you back, would you be ready to start your home search?

Selling and Buying at the Same Time? Here’s What You Need To Know

 

Selling and Buying at the Same Time? Here’s What You Need To Know

If you're a homeowner planning to move, you're probably wondering what the process is going to look like and what you should tackle first:

• Is it better to start by finding your next home?
• Or should you sell your current house before you go out looking?

Ultimately, what’s right for you depends on a lot of factors. And that’s where an agent’s experience can really help make your next step clear.

They know your local market, the latest trends, and what’s working for other homeowners right now. And they’ll be able to make a recommendation based on their expertise and your needs.

But here’s a little bit of a sneak peek. In many cases today, getting your current home on the market first can put you in a better spot. Here’s why that order tends to work best (and how an agent can help).

The Advantages of Selling First

1. You’ll Unlock Your Home Equity

Selling your current home before you try to buy your next one allows you to access the equity you've built up – and based on home price appreciation over the past few years, that’s no small number. Data from Cotality (formerly CoreLogic) shows the average homeowner is sitting on $302K in equity today.

And once you sell, you can use that equity to pay for the down payment on your next house (and maybe even more). You could even have enough to buy your next house in cash. That’s a big deal, and it could make your next move a whole lot easier on your wallet.

2. You Won't Be Juggling Two Mortgages

Trying to buy before you sell means you could wind up holding two mortgages, even if just for a few months. That can get expensive, fast – especially if there are unexpected repairs or delays. Selling first removes that stress and helps you move forward without the financial strain. As Ramsey Solutions says:

“It’s best to sell your old home before buying a new one to avoid unnecessary risks and possible headaches.”

3. You’ll Be in a Stronger Position When You Make an Offer

Sellers love a clean, simple offer. If you’ve already sold your house, you don’t need to make your offer contingent on that sale – and that can help you stand out. Your agent can position your offer to be as strong as possible, so you have the best shot at getting the home you want.

This can be a big advantage in competitive markets where sellers prefer buyers with fewer strings attached.

One Thing To Keep in Mind

But, like with anything in life, there are tradeoffs. As you weigh your options, consider this potential drawback, too:

1. You May Need a Place To Stay (Temporarily)

Once your house sells, you may need a short-term rental or to stay with family until you can move into your next home. Your agent can help you negotiate things like a post-closing occupancy (renting the home from the buyer for a set period) or flexible closing dates to help smooth out that transition as much as possible.

Here’s a simple visual that can help you think through your options (see below):

But the best way to determine what’s best for you and your specific situation? Talk to a trusted local agent.

Bottom Line

In many cases, selling first doesn’t just give you clarity, it gives you options. It helps you buy with more confidence, more financial power, and less pressure.

If you're ready to make a move but you’re not sure where to begin, let’s talk. We can walk through your potential equity, your timing, and your local market conditions so you can decide what’s right for you.

3601 SE 142nd Court - Available NOW - Schedule your private tour today! $965,000

 

Today’s Tale of Two Housing Markets

 

Today’s Tale of Two Housing Markets

Depending on where you live, the housing market could feel red-hot or strangely quiet right now. The truth is, local markets are starting to move in different directions. In some places, buyers are calling the shots. In others, sellers still hold the power. It’s a tale of two markets.

What’s a Buyer’s Market vs. a Seller’s Market?

In a buyer’s market, there are more homes for sale and not as many buyers. That means homes sit longer, buyers have more negotiating power, and prices tend to soften as a result. It’s simple supply and demand.

On the flip side, a seller’s market happens when there aren’t enough homes available for the number of people looking to buy them. Because buyers have to compete with each other to get the house they want, that leads to faster sales, multiple offers, and rising prices.

Right now, both of these scenarios are playing out, depending on where you are. So, how do you know what kind of market you’re in? Lean on a local real estate agent. They’ll explain what’s really happening in your area based on these key drivers.

The Number of Buyers and Sellers by Region

One of the biggest factors impacting each market is the number of active buyers and sellers. According to Redfin, here’s what that looks like by region (see graph below):

Today, the Northeast and Midwest are more likely to be seller’s markets. Buyers still outnumber sellers there, and that keeps things tilted in favor of homeowners. Generally speaking, homes are selling faster and prices are rising in those areas.

But the South and West are leaning more toward buyer’s markets. There are more sellers than buyers, which means more listings to choose from and less competition among buyers.

That’s a major shift from a few years ago when sellers had the advantage almost everywhere. Today, your local conditions matter more than ever – and they can vary even from one neighborhood to the next.

Price Trends Mirror the Buyer/Seller Divide

When inventory and buyer activity shift, so do prices. In places where demand still outpaces supply, like much of the Northeast and Midwest, prices are continuing to climb.

But in parts of the South and West where inventory is up and demand has cooled, prices are softening. And that’s a plus for buyers looking to negotiate in those areas.

Here’s the latest price data from ResiClub to show how this divide is shaking out across the top metros in the country (see graph below):

This is why it’s the tale of two markets. Roughly half of the top 50 metros are up, and half are relatively flat or down.

That said, don’t panic if you own a home in a market where prices are dipping. Most homeowners have built up significant equity over the past few years, and chances are you have too. So, you’re likely still come out way ahead when you sell.

Why Local Insights Matter

Even in regions that lean more buyer-friendly right now, there will be cities, towns, and even neighborhoods that don’t follow the regional trends. That’s why an agent’s local market expertise is so important. They can help you understand what’s happening all the way down to a zip code level, including:

• Whether your area is favoring buyers or sellers
• How to set the right price or craft an offer strategy based on local trends
• The best way to make your move happen, no matter what’s happening in the market

Bottom Line

In a market where conditions vary this much from place to place, success starts with understanding every aspect of your local area. Let’s connect so you’ve got an expert in your corner who knows exactly how to guide you through your market, wherever you are.

Why a Newly Built Home Might Be the Move Right Now

 

Why a Newly Built Home Might Be the Move Right Now

Are you looking for better home prices, or even a lower mortgage rate? You might find both in one place: a newly built home. While many buyers are overlooking new construction, it could be your best opportunity in today’s market. Here’s why.

There are more brand-new homes available right now than there were even just a few months ago. According to the most recent data from the Census and the National Association of Realtors (NAR), roughly 1 in 5 homes for sale right now is new construction. So, if you’re not looking at newly built homes, you’re missing out on a big portion of what’s available.

And with more new homes on the market, builders are motivated to sell their current inventory. As a result, many are taking steps to draw in buyers.

Builders Are Cutting Prices

According to Buddy Hughes, Chairman of the National Association of Home Builders (NAHB):

“Almost 40% of home builders reduced sales prices in the last month . . .”

That means builders are being realistic about today’s market and adjusting to what buyers can afford. It’s their way to keep their inventory moving.

So, builders may be more willing to negotiate price than you’d expect – and that means your dollar may go further if you buy a newly built home. Lean on your agent to see what’s available and what incentives builders are offering in and around your area.

Builders Are Offering Lower Mortgage Rates

Here’s something most people don’t know. Right now, buyers of brand-new homes often get better mortgage rates than buyers of existing homes.

That’s because many builders are also offering rate buydowns to make their homes more attractive and keep sales moving. Basically, they’re willing to chip in to lower your rate, so you’re more likely to buy one of their homes.

Data from Realtor.com shows, in 2023 and 2024, buyers of newly built homes got a mortgage rate around half a percent lower compared to those who bought existing homes (see graph below):

That kind of savings adds up and makes a big difference when you’re figuring out your monthly budget.

So, if you haven’t found something you love yet, it’s time to add newly built homes to your search. You may find that what you’ve been looking for is already out there, it’s just in a new home community.

Bottom Line

More choices, the potential to negotiate on the price, and maybe even better mortgage rates make these options a bright spot in today’s housing market.

If you haven’t considered a newly built home yet, what’s holding you back?

Let’s talk about it and see if it’s worth checking out new builds in and around our area.

NAR Launches New Member-Exclusive Market Statistics Dashboard with Forward-Looking Affordability Analysis

NAR Launches New Member-Exclusive Market Statistics Dashboard with Forward-Looking Affordability Analysis: The dashboard provides data on housing affordability, sales and listing trends, home pricing trends, economic indicators, homeownership, and demographic insights.

Don't Miss Out on Luxurious Living in Fisher's Landing!

 

Mortgage Rates Are Stabilizing – How That Helps Today’s Buyers

 

Mortgage Rates Are Stabilizing – How That Helps Today’s Buyers

Over the past few years, affordability has been the biggest challenge for homebuyers. Between rapidly rising home prices and higher mortgage rates, many have felt stuck between a rock and a hard place.

But, something pretty encouraging is happening. While affordability is still tight, mortgage rates have shown signs of stabilizing in recent months. And that may finally make it a bit easier to plan your move.

Mortgage Rates Have Stabilized – For Now

Over the past year, mortgage rates have had their share of ups and downs, making it tough for buyers to know what to expect. But recently, rates have started to level out and have settled into a more narrow range (see graph below):

As the graph shows, rates have stayed within that half-percentage-point since late last year. Yes, there’s been movement within that range, but wild swings and sudden ups and downs just haven’t been the story lately. And that’s a bigger deal than you may realize. As HousingWire explains:

“Analysts, economists and mortgage professionals are coining this quarter’s activity as one of the most “calm” periods for mortgage rates in recent memory.”

How This Helps Today’s Buyers

Let’s be real. Unpredictability makes it tough to plan ahead. When rates are bouncing around and making big jumps week to week, it’s easy to be intimidated. But with rates staying in a pretty steady range over the past several months, you have a clearer picture of what your potential monthly payment could look like. That makes moving feel less uncertain – and more doable.

So, stop waiting. And start planning. Even though rates may not be where you want them to be right now, they have been much less volatile for quite some time.

Will This Stability Last?

According to the experts, it looks like that stability might hang around for a bit. Rates may come down ever so slightly in the months ahead, but it’ll likely be a slow and mild change. As Danielle Hale, Chief Economist at Realtor.com, says:

“I expect a generally downward trend for rates this year, but at a slow enough pace that it might not be noticeable in any given month.”

So, if you’ve been holding out for the perfect mortgage rate, the best advice is to avoid trying to time the market. It may not look terribly different than the opportunity you already have in front of you. As Jeff Ostrowski, Housing Market Analyst at Bankrate, explains:

“Trying to time mortgage rates is really difficult. There’s no guarantee that rates are going to be any more favorable in three months or six months.”

And if we look at the latest expert forecasts that go out a bit further, even those tell much of the same story. Two out of the three projections say rates will still likely be in the mid-6% range by the end of 2026 (see graph below):

This puts today’s buyers in a much better spot. As Sam Khater, Chief Economist at Freddie Mac, explains:

“Mortgage rates have moved within a narrow range for the past few months . . . Rate stability, improving inventory and slower house price growth are an encouraging combination . . .”

Just remember, mortgage rates are still going to react to changing economic conditions, inflation, and more – and that means they could shift again. But right now, you’ve got more predictability, and that means more opportunity, too. 

Bottom Line

While affordability is still a challenge, the market may be offering a bit more stability – and that makes planning your next move a lot easier.

Let’s connect if you want to run the numbers and see what a monthly payment would look like in today’s market. That way you can stop waiting and start planning.

What You Should Know About Getting a Mortgage Today

 

What You Should Know About Getting a Mortgage Today

If you’ve been putting off buying a home because you thought getting approved would be too hard, know this: qualifying for a mortgage is starting to get a bit more achievable, but lending standards are still strong.

Lenders are making it slightly easier for well-qualified buyers to access financing, which is opening more doors for people ready to make a move.

So, if strict requirements were holding you back, this shift could be the opportunity you’ve been waiting for, without repeating the risky lending practices that led to the housing crash back in 2008.

Lenders Are Opening More Doors

Banks are offering credit to more people in an effort to boost activity in the housing market, including buyers who have lower credit scores or smaller down payments. And that means more people are getting approved for mortgages.

But it doesn’t mean we’re heading for another crash like 2008. Even with the slight easing lately, lending standards today are still much tighter than they were back then.

According to the Mortgage Bankers Association (MBA), the Mortgage Credit Availability Index (MCAI) has been going up. This index shows how easy or hard it is for people to get a mortgage.

When the index rises, it means banks are easing their lending standards. And in May, credit availability hit its highest point in almost three years (see graph below):

Why does this matter to you? It means you may now be able to qualify for a mortgage that you wouldn’t have just a few months ago. The National Association of Underwriters (NAMU) explains:

“Mortgage credit availability surged in May, reaching its highest level since August 2022. The uptick signals that lenders are increasingly willing to loosen underwriting standards, providing borrowers with greater access to financing options . . .”

But What About 2008?

Now, you might be thinking, “Didn’t looser lending standards play a role in the 2008 housing crash?” That’s a smart question – and an important one. But here’s the difference. While credit availability is rising, lending standards are still under control.

Based on MCAI data going all the way back to 2004, today’s lending levels are still way below what they were leading up to the housing bubble (see graph below):

So, increasing mortgage credit availability right now isn’t a concern. It’s just a good thing for anyone looking to buy a home. As Brett Hively, SVP of Mortgage, Finance, and Strategy at Ameris Bancorp, recently said:

“This uptick is opening the door for many borrowers to move forward with a home purchase or a refinance program.”

Bottom Line

So, if you’ve been holding back because you thought you couldn’t get approved for a mortgage, it’s worth finding out what’s possible today. Let’s talk with a lender about your options and see if you’re ready to take that next step toward homeownership.