Hope Leitner, Realtor®, CRS

  If you’re  planning to sell  your house and move, you probably know there’s been a shortage of options available. But here’s the good news: the supply of  homes for sale  has grown in a lot of markets this year – and that’s not just existing, or previously-owned, homes. It’s true for newly built homes too.  So how do you decide which route to go? Do you buy an existing home or a brand-new one? The choice is yours – you just need to figure out what’s most important to you. Perks of a Newly Built Home Here are some benefits of buying a newly built home right now: Have brand new everything  with never-been-used appliances and materials Use energy efficient options  to save money and leave a smaller footprint Minimize the need for repairs  and benefit from builder warranties Take advantage of builder concessions  that can help with affordability In today’s market, a lot of builders are focusing on selling their  current inventory  before they add more homes to their mix. And some of them

  The Three Factors Affecting Home Affordability Today April 26, 2023 For Buyers Pricing First Time Home Buyers Interest Rates Move-Up Buyers Housing Market Updates There’s been a lot of focus on higher mortgage rates and how they’re creating affordability challenges for today’s homebuyers. It’s true that  rates climbed  dramatically since the record-low we saw during the pandemic. But home affordability is based on more than just mortgage rates – it’s determined by a combination of mortgage rates, home prices, and wages. Considering how each one of these factors is changing gives you the full picture of home affordability today. Here’s the latest. 1. Mortgage Rates While mortgage rates are higher than they were a year ago, they’ve hovered primarily between 6% and 7% for nearly eight months now ( see graph below ): As the graph shows, mortgage rates have experienced some volatility during that time. And even a  small change  in mortgage rates impacts your purchasing power. That’s why i