Sometime in my mid-20s, I decided I wanted to stay in the Maryland area and buy a home.
I could afford a mortgage around $1,500 per month based on my expenses—mostly student loan payments—and salary. If I found the perfect home, I could stretch to afford around $1,750 per month….
Drumming up money for a down payment on a home can feel like a lost cause: After you’ve shelled out money for rent, gas, groceries, and other expenses, you might have little or nothing left over. Which may have you fantasizing: Is there some secret out there, somewhere, that could show you how to buy a home with no money down?Believe it or not, it’s not just a pipe dream.
Housing experts also cited low inventory as an important driver of the marketIncreasing mortgage rates and their impact on affordability will be the most significant force driving the 2017 housing market, according to the latest Zillow® Home Price Expectations Surveyi.The quarterly survey, sponsored by Zillow and conducted by Pulsenomics LLC, asked more than 100 housing experts and economists what factors would have the greatest impact on U.S. housing this year. The most frequent answer was rising mortgage rates and their impact on mortgage affordability, with more than half of panelists selecting itii.The survey respondents ranked low inventory and shifting demographics, as millennials age into their prime home-buying years and the housing needs of aging Baby Boomers change, as the next most important factors for the 2017 housing market.
NYC and San Francisco still have the largest population of young people in absolute terms… but on a relative basis, they’re losing to other cities.
Real Estate Buyer Tip: How to Find a Deal | Windermere Blog | Category: Buying | Windermere Real Estate
If you are ready to buy a home in a seller’s market, don’t despair. Windermere Real Estate agent, Michael Doyle, shares how you can find a good deal on a great home, even in the hottest housing market.