Home Buying Advice

Bidding Wars Fueled By Low Inventory and Mortage Rates

graph showing home price increaseThe low housing supply can be blamed on a great many things but the COVID-19 crisis has to be one of the top reasons. Many people pulled their homes initially because they were uneasy with strangers coming to their homes. While virtual open houses and other social distanced ways to sell and buy a home continue through the months some people have decided to relist their property. Combining that with the historically low mortgage rates then you may find many areas that are low on supply but have a high demand for properties.

Why Closing On A Home Can Be Such A Trying Time

hour glassThere are lots of things that you have to wait for in life but getting a response from a seller that is considering your offer on their property might be one of the hardest of them all to suffer though. It’s only one of the most important decisions of your life! Technically they can take as long as they want to offer a response but there are some things that may help take out some of the guesswork.

The Myth of the 20% Down Payment

When people think about buying a home, they are often discouraged by the idea of saving enough money for the down payment. Indeed, surveys have shown that the greatest impediment to home ownership for prospective buyers is the down payment. However, many potential buyers have the false notion that a mortgage requires 20% of the home's purchase price paid up front. In reality, the median down payment in 2018 was only 13%, and many buyers paid even less than that!