{"id":8115,"date":"2022-09-13T06:00:12","date_gmt":"2022-09-13T10:00:12","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=8115"},"modified":"2022-09-13T06:00:12","modified_gmt":"2022-09-13T10:00:12","slug":"three-things-buyers-can-do-in-todays-housing-market","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=8115","title":{"rendered":"Three Things Buyers Can Do in Today\u2019s Housing Market"},"content":{"rendered":"
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\"Three<\/p>\n

It\u2019s clear the 2022 housing market has been defined by rising mortgage rates<\/a>. With rates on the rise, it\u2019s also become more costly to purchase a home. According to the National Association of Realtors<\/em><\/a> (NAR):<\/span><\/p>\n

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\u201cCompared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an increase of 53.7%.\u201d<\/em><\/p>\n<\/blockquote>\n

If you\u2019re thinking of buying a home<\/a> or have been trying to recently, that\u2019s a big increase in a monthly mortgage payment \u2013 and it may be causing you to press pause on your plans. This jump is making homes less affordable, especially compared to the last two years when mortgage rates were at historic lows.<\/p>\n

The good news is you can navigate today\u2019s housing market and this rising rate environment with a few simple tips<\/a>. Here are three things you may want to consider to help make your homeownership<\/a> goals a reality.<\/p>\n

1. Expand Your Search Area and Criteria<\/strong><\/h4>\n

If you\u2019ve been looking for a home in the city center or a specific area that\u2019s starting to feel out of your price range, you may want to try looking a little further out in a location that could be more affordable. Expanding your search location or re-prioritizing the items on your wish list can open up opportunities you haven\u2019t considered, and that could help you afford more of what you need (and want) in a home. As CNET<\/em> notes<\/a>:<\/p>\n

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\u201cArea growth is likely to keep pace with the market, which means that the outskirts of town might be hopping within five years. Consider stepping out of your ideal location by searching in the nearby cities. You may find better prices and more square footage.\u201d<\/em><\/p>\n<\/blockquote>\n

2. Explore Alternative Financing Options<\/strong><\/h4>\n

Working with a trusted lender to learn about the different loan types and options is essential too. According to Nerd Wallet<\/em><\/a>:<\/p>\n

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\u201cA variety of mortgages are available with varying down payment and eligibility requirements.\u201d<\/em><\/p>\n<\/blockquote>\n

Experts know how to point you in the right direction when it comes to exploring ways to find the best home loan for your situation. With rising mortgage rates making it more costly to finance a home today, there may be an ideal option out there your loan officer can introduce you to. This could make a home purchase more affordable and within your financial reach over the life of your loan.<\/p>\n

3. Look for Grants, Gift Funds, and Down Payment Assistance<\/strong><\/h4>\n

There are also many options available when it comes to securing the funding you need to purchase a home. One valuable resource to explore is downpaymentresource.com<\/a>. Searching for specific down payment assistance options available in your local community could be a game changer when it comes to taking your first step toward homeownership. As NAR<\/a> indicates:<\/p>\n

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\u201cMany local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.\u201d<\/em><\/p>\n<\/blockquote>\n

Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, and veterans.<\/p>\n

Ultimately, that means there are many federal, state, and local programs available for you to explore. The best way to do that is to connect with a local real estate professional<\/a> and your lender to learn more about what\u2019s available in your area.<\/p>\n

Bottom Line<\/strong><\/h3>\n

If you\u2019ve been searching for a home and have found yourself stepping out of the process because you\u2019re worried about rising costs, let\u2019s connect. Having a team of local advisors on your side may be just what you need to guide your search in a new and more affordable direction.<\/p>\n

Content previously posted on Keeping Current Matters<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"ThreeIt\u2019s clear the 2022 housing market has been defined by rising mortgage rates. With rates on the rise, it\u2019s also become more costly to purchase a home. According to the National Association of Realtors (NAR): \u201cCompared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an increase of 53.7%.\u201d If you\u2019re [\u2026]<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,88,84,86,89],"tags":[],"class_list":["post-8115","post","type-post","status-publish","format-standard","hentry","category-blog","category-first-time-home-buyers","category-for-buyers","category-housing-market-updates","category-move-up-buyers"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/8115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8115"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/8115\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}