What Does It Mean to Be House Poor?
If you’re an existing homeowner or an aspiring one, you may have heard the phrase “house poor,” typically uttered by an overextended borrower. It may… Read More »What Does It Mean to Be House Poor?
Housing Market
Commentary on the latest housing market news, with a focus on home prices, buying and selling conditions, and if another housing crash is right around the corner.
Hint: It probably isn’t for a while, at least with regard to home prices. Though you could argue there’s a major affordability crisis at the moment.
In short, a lack of for-sale supply continues to plague the housing market.
This absence of inventory has resulted in record high home prices, despite a surge in mortgage rates from the 2-3% range to 7% and higher.
And it’s probably hurting first-time home buyers the most, whether it’s an affordability issue or the inability to find a property.
At the same time, home sellers remain in a good spot due to this lack of supply and still relatively strong demand.
The problem for them might be finding a suitable replacement property.
Why You Might Not Want to Get Too Excited (or Nervous) About a Housing Crash
As mortgage rates continue their ascent toward 6%, more and more folks are talking housing market crash. But high interest rates aren’t really a catalyst… Read More »Why You Might Not Want to Get Too Excited (or Nervous) About a Housing Crash
Are Home Prices Falling? The Devil Is in the Details
How’s this for a dramatic headline: “Home prices are falling!” But before you get too excited, assuming you’re a prospective home buyer, there are some… Read More »Are Home Prices Falling? The Devil Is in the Details
Now That We’ve Got 5% Mortgage Rates, Is the Seller’s Market Finally Over?
We’ve got 5% mortgage rates and record high home prices. Does this mean the seller’s market is finally over? You would think so, given the… Read More »Now That We’ve Got 5% Mortgage Rates, Is the Seller’s Market Finally Over?
Are We Near the Peak of the Current Housing Cycle?
They say real estate is cyclical, much like the stock market and the wider economy. It ebbs and flows, goes up and down, experiences booms… Read More »Are We Near the Peak of the Current Housing Cycle?
Are the Housing Bears Being Too Rational?
Now that 30-year fixed mortgage rates are flirting with 5%, there’s been quite the uptick in housing bubble chatter. The basic reasoning is because interest… Read More »Are the Housing Bears Being Too Rational?
If You Want to Buy a Home, Adjust Your Max Purchase Price Filter a Lot Lower
If you’re a prospective home buyer, you need to prepare for the worst. And by worst, I mean a much higher-than-anticipated asking price. Maybe not… Read More »If You Want to Buy a Home, Adjust Your Max Purchase Price Filter a Lot Lower
Number Who Say It’s a Good Time to Buy a Home Hits an All-Time Low, However…
You may have heard that home buying sentiment is horrible at the moment, what with home prices and mortgage rates rising in tandem. The continued… Read More »Number Who Say It’s a Good Time to Buy a Home Hits an All-Time Low, However…
How Many Homes Should I Look at Before I Buy? One Could Be Enough But More Is Definitely Better
These days, prospective home buyers are spending a lot more time looking at homes virtually rather than in person. This was a trend before COVID-19… Read More »How Many Homes Should I Look at Before I Buy? One Could Be Enough But More Is Definitely Better
Do You Need 20% Down to Buy a House? Why This Old Rule No Longer Applies
It’s been some time since I’ve done mortgage Q&A, so without further delay, let’s explore the following question: “Do you need 20% down to buy… Read More »Do You Need 20% Down to Buy a House? Why This Old Rule No Longer Applies