Hope Leitner, Realtor®, CRS

Aspiring homeowners can overcome the challenge of saving for a down payment by taking advantage of various sources of assistance.   Discover a variety of down payment sources available to first-time homebuyers, from family gifts and retirement account withdrawals to tax refunds and down payment assistance programs, empowering them to achieve their dream of homeownership.   Implementing effective savings strategies is paramount for first-time homebuyers. Setting a budget, reducing unnecessary expenses, and establishing an automated savings plan can accelerate down payment savings. In addition, consistently monitoring spending habits and making adjustments can help maximize savings potential. Saving for a down payment takes time and there may be some other alternatives available to you. One possible source of down payment funds is a generous gift from family members. Through the annual gift tax exclusion, individuals can receive up to $17,000 per year from each family member

Why Today’s Housing Inventory Shows a Crash Isn’t on the Horizon You might remember the housing crash in 2008, even if you didn't   own a home   at the time. If you’re worried there’s going to be a repeat of what happened back then, there's good news – the housing market now is different from 2008. One important reason is there aren't enough  homes for sale . That means there’s an undersupply, not an oversupply like the last time. For the market to crash, there would have to be too many houses for sale, but the data doesn't show that happening. Housing supply comes from three main sources: Homeowners deciding to sell their houses Newly built homes Distressed properties (foreclosures or short sales) Here’s a closer look at today's  housing inventory  to understand why this isn’t like 2008. Homeowners Deciding To Sell Their Houses Although housing supply did grow compared to last year, it’s still low. The current months’ supply is below the norm. The graph below shows