Today’s real estate market is a complicated one. We’re facing a historic shortage of homes, and that’s driven prices through the roof. Not only that, but mortgage rates have hit levels we haven’t seen in decades. This combination of record home prices and high interest may make homeownership seem unattainable in the short term. It’s a tough time for prospective first time homebuyers.
We need to face a hard truth: There’s a record-breaking number of houses that are in forbearance today. It’s roughly 2.5 million, according to the Mortgage Bankers Association. This number is largely due to the Covid pandemic– which set restrictions that prevented lenders from evicting homeowners who weren’t meeting their mortgage payments.
Financial markets can be tricky. Unease usually leaves traders searching for a way to shield their investments. Should they continue to buy stocks at low price points? Maybe. Should they wait and see where the markets head next? That’s valid too. It’s a tough decision when it comes to your hard-earned money.
It’s no secret that our gig economy is booming right now. Uber and Lyft have given contract work to hundreds of thousands of drivers in the United States. Creative freelancers can sell their own work on Etsy. And there are platforms like Upwork that enable individuals to be their own bosses.
We all need a little extra money at times. Sometimes all we need is a small loan to cover an expense until payday. Friends and family may be willing and able to help with that. On other occasions, we need much more than what our personal networks can provide. Things like purchasing a new home or windows come with high costs. In those cases, we turn to banks to get the money we need.
Roughly twelve million Americans take out payday loans every year as a quick fix to their current debt situation. These easy and convenient loans are one of the most high-cost ways to borrow money; and thus, can actually lead to a pattern of seemingly endless debt. So, love them or hate them, they’ve become a popular method for seeking temporary debt relief.
We get it— buying a home can be scary. While homeownership is an exciting milestone, it doesn’t come without hard work and a bit of research.
If you’re considering buying or selling a home, you already know that no property is perfect. Some could use an updated kitchen or bathroom, and others need a new roof or foundation. A handy home buyer may be willing to accept some of these issues and perform repairs themselves to save a buck or two. Unfortunately, some property problems can cause home loans to fall through and will need to be addressed before your transaction is completed.
We understand the struggle of finding the perfect home. Sometimes it may seem like you’ve seen every listing in your preferred market and still haven’t found any homes that resonate with your vision.
