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A newly released study reveals that rent and housing have reached record-breaking highs in unaffordability for the average American household. Half of American renters paid more than 30 percent of their income for rent and utilities in 2022, when rents increased due to the COVID-19 epidemic, according to recently released data from Harvard University’s Joint Center for Housing Studies. Almost 50 percent of those individuals had extra high costs, such as utilities and other household upkeep, accounting for almost 50 percent of their earnings, the report shows. https://thepostmillennial.com/us-housing-rents-hit-record-high-in-2022   […]

Are mortgage rates causing anxiety? Brace yourself because if you think they’re intimidating now, just wait until they hit 5%. Picture this: you’re submitting your 10th or 15th offer on a property, desperately waiving inspections, throwing in an appraisal gap, and willingly offering $30,000 or more above the listing price—all in the hopes that your […]

The recent spike in interest rates has made it increasingly challenging for homebuyers to stay within their monthly mortgage budgets. For many, choosing a smaller home was the best option. A buyer with a monthly budget of $3,000 in 29 of the 50 metro areas analyzed had to cut at least 100 square feet from […]

TomsTIP: Is purchasing a home today more expensive? Maybe no. Yes, the mortgage rates are higher, but in most situations, for modest price housing, you’re not paying $20,000, $30,000, or more over the list price. Outbidding others was common just a short time ago. Many houses experienced 25+ offers, I even heard of 55 offers […]

With home sales down, why are home prices still up? By October of this year, the year-over-year comps will be much harder, so we can expect bigger declines if the trend stays the same. Read the entire article by Logan Mahtashami What about your situation? Do you sell now while the prices are still up? […]