home ownership – Easy Agent Blogs

If you’re thinking about buying a home, you’re probably wondering: Is now really the right time? With fluctuating mortgage rates, evolving housing market trends, and economic uncertainty, it can feel like a big decision. But don’t worry—we’re here to break it all down for you! In this post, we’ll explore what real estate experts are saying about today’s market, including insights on home prices, interest rates, and buyer competition. By the end, you’ll have a clearer idea of whether it’s a good time to make a move.

Housing Market Trends: What’s Happening Now?

The real estate market has seen some significant shifts over the past year. Here are some key trends shaping today’s market:

Mortgage Rates Fluctuating: Interest rates have seen ups and downs, impacting affordability for buyers. While rates remain higher than pre-pandemic levels, some experts predict potential decreases later in the year.
Home Prices Stabilizing: While home prices surged in recent years, they are now stabilizing in many areas. Some markets even show slight price corrections, making it more favorable for buyers.
Low Inventory Continues: A persistent shortage of homes for sale keeps competition strong, but buyers have more negotiating power than during the peak of the market frenzy.
Rent vs. Buy Considerations: With rising rental costs, homeownership is still an appealing long-term investment for those who can afford the upfront costs.

Mortgage Rates and Affordability: Should You Wait?

One of the biggest factors in home-buying decisions is mortgage rates. As of now, rates are higher than the historic lows of 2020-2021, but they remain manageable for many buyers. Some experts predict gradual declines in rates later in the year, which could improve affordability.

Key Expert Insights:

Waiting Could Pay Off: If rates drop, waiting a few months could save you thousands in interest over time.
Locking in Now Can Be Smart: Some buyers opt to purchase now and refinance later if rates decrease, taking advantage of current home prices before they rise again.
Affordability Varies by Market: In some areas, home prices are adjusting, making it a good time to buy despite higher rates.

Buyer Competition: Are Homes Still Selling Fast?

While competition isn’t as fierce as it was during the pandemic housing boom, desirable homes in prime locations still receive multiple offers. However, bidding wars have cooled in many markets, allowing buyers more room for negotiations.

Pros for Buyers Right Now:

Less Pressure to Overpay: Buyers are less likely to face extreme bidding wars.
More Negotiation Power: Sellers are more open to concessions, such as covering closing costs or making repairs.
Longer Time on Market: Homes are staying listed a bit longer, giving buyers time to make thoughtful decisions.

Should You Buy Now or Wait?

The answer depends on your financial situation, goals, and local market conditions. Here’s a quick guide to help:

Reasons to Buy Now:

✅ You found a home you love and can afford.
✅ You plan to stay in the home long-term.
✅ You’re comfortable with current mortgage rates and can refinance later.
✅ You want to build equity instead of paying rent.

Reasons to Wait:

⏳ You’re hoping for lower interest rates.
⏳ You need time to save for a down payment or improve credit.
⏳ You’re unsure about job stability or future plans.

Final Thoughts: Is It a Good Time to Buy?

There’s no one-size-fits-all answer, but the current housing market trends indicate that buying a home can still be a smart move—especially if you find the right opportunity. By staying informed on mortgage rates, home prices, and market conditions, you can make a confident decision that aligns with your goals. If you’re unsure, consulting a local real estate professional can help guide you through the process.

Thinking about buying? Let’s chat! We’d love to help you navigate today’s market and find the perfect home for you.

In the 19^th century, three generations living in the same home was a practice that dominated the American lifestyle. “Victorian society believed in the importance of family … Lifespans were lengthening, and couples also married earlier and had children sooner, so families were likelier to have three living generations” in one home, according to Flora Davis at SilverCentury.org. So it was Grandpa, Gramma, Mom, Dad, and the kids, all living as roommates.

By 1900, “… 57 percent of Americans 65 and older—and 71 percent of widows—lived with one of their grown children,” Davis claims.

Along came the Great Depression, and it only made sense for multiple generations of Americans to share the burden of the cost of housing.

Until the advent of Social Security upended everything.

“… almost immediately, living arrangements began to change: soon all but the poorest elders could afford to live independently,” Davis says. “By 1990, just 20 percent lived with an adult child, down from 71 percent at the turn of the century,” she concludes.

Fast forward three years ago, and we see a resurgence in the trend. Around 15 percent of homebuyers surveyed by the National Association of Realtors had plans to include multiple generations in their new home. “That’s an 11 percent increase in multi-generational buyers over the prior year,” claims Davis.

A lot of this has to do with sky-high home prices, bringing sky-high mortgage payments. It’s a lot easier to deal with the cost when several adults are contributing to the budget, the child-care duties, and looking after the Grands.

Have you considered joining the trend? If so, read on for some tips to keep in mind.

What to look for when house hunting for a multi-gen home

As you can imagine, with so many people under one roof, privacy is at a premium. Ensure that the home you place an offer on has a space for each member of the family to call their own.

This can be as simple as putting up dividers in large spaces to taking on more involved tasks, such as constructing new walls.

You’ll need to look into the local zoning laws if you choose the latter or find a large home to take advantage of the former.

Remember that much of what you need to look for in a home depends on which generations will live there.

“If you have adult kids moving in, a loft or a finished lower-level apartment might work well,” according to real estate journalist Michele Lerner at NewHomeSource.com. “For families moving older people into their home” keep “…the multigenerational suite on the first floor to avoid stairs,” she concludes, citing Jeff Roos, with Lennar Homes.

Lennar, by the way, offers its own solution for multi-gen living known as NextGen “Home Within A Home.” This may be your solution if a newly constructed home hits your hot button.

Remember, even when shopping among newly constructed homes, you will want your own real estate agent. The new home community’s agent works for the builder. Always have your own representation.

Issues to consider

Yes, it’s uncomfortable, but the financial aspect of the home purchase and ongoing costs are a discussion that needs to take place early in the process. And the discussion should not be “a parent-kid thing,” according to John Graham, who co-authored a book on multigenerational living.

He goes on to caution that families should aim to “level the hierarchy of the family,” treating each member as an adult. Some of the topics of these conversations should include:

Who will buy the property?
How will the title be held? It’s essential to understand the different ways of holding a title. For instance, what happens to the home upon the death of the primary buyer?
How much will each adult contribute each month to the mortgage payment?
Lists of each family member’s must-haves in a home and those he or she can’t tolerate.

Talk to your attorney to ensure you’ve discussed all the ramifications.

Dysfunctional families may find the thought of multigenerational living intolerable. Still, it may be the ideal lifestyle for families who enjoy close ties and harbor respect for one another.

Tag: home ownership

Is Now a Good Time to Buy a Home? What Experts Are Saying