If you're a first-time homebuyer, chances are you'll come across some terms you’re not familiar with. And that can be overwhelming, especially while going through one of the biggest purchases of your life.
The good news is you don’t need to be an expert on real estate jargon. That’s your agent’s job. But getting to know these basic terms will help you feel a lot more confident throughout the process.
If you’re a homeowner, chances are you’ve built up a lot of wealth – just by living in your house and watching its value grow over time. And that equity? It’s something that could help change your child’s life.
If you have a 3% mortgage rate, you’re probably pretty hesitant to let that go. And even if you’ve toyed with the idea of moving, this nagging thought may be holding you back: “why would I give that up?”
As you think ahead to your own move, you may have noticed some houses sell within days, while others linger. But why is that? As Redfin says:
“... today’s housing market has been topsy-turvy since the pandemic. Low inventory (though rising) and high prices have created a strange mix: Some homes are flying off the market, while others sit for weeks.”
With all the uncertainty in the economy, the stock market has been bouncing around more than usual. And if you’ve been watching your 401(k) or investments lately, chances are you’ve felt that pit in your stomach. One day it’s up. The next day, it’s not. And that may make you feel a little worried about your finances.
When it feels like the cost of just about everything is rising, it’s only natural to wonder what that means for the housing market. Some people are even questioning whether more homeowners will struggle to make their mortgage payments, ultimately leading to a wave of foreclosures. And recent data showing foreclosure filings have increased is only feeding into this fear. But don’t let that scare you.