As inflation surges to levels not seen since the 1980’s, home buyers dreams are slashed. Diana Click for CNBC states “It is clearly due to the plunging affordability,” said Lawrence Yun, chief economist for the Realtors.
The year of 2020 will be remembered by many people and for many reasons. The year was rocked by a pandemic with a ripple effect that created an economic recession; complex social unrest; and a highly polarized presidential election. Oh, and let’s not forget it was also a year of historically damaging wildfires and hurricanes!
The impacts of the current Pandemic social distancing orders and essential only travel bans has affected all of our lives in different ways.
Millennials have a different approach to life than previous generations, including how they view the home buying process.
Federal Reserve Chairman Jerome Powell announced at a press conference in April: It’s “a great time to be patient”. This statement followed the Federal Reserve vote to hold interest rates steady.
Have you been sitting on the fence about buying a home? This article includes information about the cost of waiting.
According to Realtor.com’s 2019 National Housing Forecast, home prices and interest rates will increase again in 2019, as they did in 2018: https://www.realtor.com/research/2019-national-housing-forecast/
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Homeownership rates for the under 40 crowd have dropped notably in the past few years. Leading finance experts consider this a result of higher college debt, higher credit card debt, increases in childcare costs, and a lower inventory of starter homes.
The good news is many new loan programs are designed specifically to provide first time home buyers a better opportunity to qualify for financing in spite of the challenges they face.
Here are tips that can help a First Time Home Buyer: