Two Resources That Can Help You Buy a Home Right Now
A recent report from Realtor.com says 20% of Americans don’t think homeownership is achievable. Maybe you feel the same way. With inflation driving up day-to-day expenses, saving enough to buy your first home is more of a challenge. But here’s the thing. With the right resources and help, you can still make it happen. There are options that can help make buying a home possible today — even if your savings are limited or your credit isn’t perfect. Let’s explore just two of the solutions that could help get you into your first home no matter the market. 1. FHA Loans If your down payment savings and your credit score aren’t where you want them to be, an FHA loan could be your pathway to buying a home. According to the U.S. Department of Housing and Urban Development (HUD) and Bankrate, the big perks of an FHA home loan are: Lower Down Payments: They typically require a smaller down payment than conventional loans, sometimes as low as 3.5% of the home’s purchase price. Lower Credit Score Requirements: They’re designed to help buyers with credit scores that might not qualify for conventional financing. This means, when conventional loans aren’t an option, you may still be able to get an FHA loan. The first step is to connect with a lender who can help you explore your options and determine if you qualify. 2. Homeownership Assistance Programs And if you need a more budget-friendly down payment, that’s not your only option. Did you know there are over 2,000 homeownership assistance programs available across the U.S. according to Down Payment Resource? And more than 75% of these programs are designed to help buyers with their down payment. Here’s a bit more information about why these could be such powerful tools for you: Financial Support: The average benefit for buyers who qualify for down payment assistance is $17,000. And that’s not a small number. Stackable Benefits: To make it even better, in some cases, you may be able to qualify for multiple programs at once, giving your down payment an even bigger boost. Rob Chrane, CEO of Down Payment Resource confirms a little-known fact: “Some of these programs can be layered. And so, in other words, you may not be limited to just one program.” If you want to learn more or see what you qualify for, be sure to lean on the pros. A trusted real estate agent and a lender can guide you through the process, explain the help that’s out there, and connect you with resources to make buying a home a reality. Bottom Line If you’re ready to stop wondering if buying a home is possible and start exploring solutions, let’s connect.
How Much Can Your Landlord Raise the Rent?
If you’re a renter, you’ve probably felt the sting of rising rental prices at some point. According to Zillow, single-family home rents are now 20% higher on average than apartment rents—the widest gap ever recorded. While the market has its challenges, there’s good news: by understanding your rights and exploring your options, you can make smart choices that protect your wallet and your peace of mind. Let’s break down what you need to know about rent increases, your rights as a tenant, and how making savvy rental decisions—like opting for an apartment or condo—can help you save. Can Your Landlord Raise the Rent? The short answer is yes, but there are rules landlords must follow. Knowing these can give you more control over the situation. Your Lease Sets the Rules Fixed-Term Lease: If you have a one-year lease, your rent can’t be raised until it’s time to renew. Month-to-Month: For shorter-term leases, landlords can raise rent, but they must provide written notice—typically 30 to 90 days, depending on your state. Local Laws May Protect You Some cities and states have rent control or rent stabilization laws that cap how much landlords can increase rent each year. If you’re moving to places like New York City, California, or Oregon, these laws could apply to you. Other areas may have anti-gouging rules, especially during emergencies, to prevent extreme rent hikes. Notice Requirements Matter Landlords must give proper notice of rent increases. In [state, you’ll get at least 30 days’ notice for a month-to-month rental and 30 days’ notice for yearly leases]. Record-High Rents: Why Single-Family Homes Cost More It’s no secret that single-family homes have been in high demand. Zillow reports that renting a single-family home now costs 20% more than renting an apartment. Why? Many renters are looking for more space, privacy, and suburban living. While single-family homes might be ideal for families or those who need extra room, apartments and condos can be a smarter choice for short-term renters. Lower rents mean you can save faster, especially if you’re working toward long-term goals like buying a home or building an emergency fund. The Apartment Advantage If you’re renting short-term or trying to save, moving to an apartment or condo could be a game-changer. Here’s why: Lower Costs: Apartments are often more affordable than single-family homes, with the added bonus of reduced utility and maintenance expenses. Flexible Leases: Many apartment complexes offer shorter lease terms, giving you more freedom to adjust as your financial situation evolves. Built-In Amenities: Apartments often include perks like gyms, pools, and on-site maintenance, saving you money on extras. Choosing an apartment or condo doesn’t mean sacrificing quality. It’s a smart way to cut costs while you plan for your next big move—whether that’s upgrading to a larger space or saving for homeownership. How to Handle a Rent Increase No matter what type of home you are leasing, if your landlord notifies you of a rent hike, here’s how to navigate it: Double-Check the Details Review your lease and state laws to confirm the increase is legal. Make sure your landlord provided proper notice. Negotiate Like a Pro If the increase feels steep, try negotiating with your landlord. Highlight your reliability as a tenant or offer to sign a longer lease for a smaller increase. Consider Your Options If the new rent feels out of reach, explore alternative housing options. Apartments or condos could help you save money while still providing comfort and convenience. Know Your Resources If you suspect the rent increase violates local laws, contact a housing authority or tenant advocacy group for guidance. While rising rents can feel overwhelming, there are plenty of opportunities to stay ahead. By exploring options like apartments or condos, negotiating with your landlord, and knowing your rights, you can take control of your housing situation. Remember, renting is just one chapter in your housing journey. Whether you’re saving for a home, prioritizing flexibility, or simply looking for a place that feels like “you,” staying informed and optimistic is the best way to make the most of any market.
Why 89% of Homebuyers and Sellers Choose to Work with Real Estate Agents
Let’s get real. Do you have to use a real estate agent when buying or selling a home? The answer, of course, is no. You can absolutely go it alone, and there are people who opt to do so every year. After all, with the internet at your fingertips, you can search for homes, look up property values, and even negotiate deals on your own. Yet, even with all that info, 89% of people choose to work with a professional, according to a report from the National Association of Realtors. There’s been a lot of attention on real estate industry changes lately. But today, I want to go back to the basics and discuss the difference between a buyer’s agent and a seller’s agent—and what each can do for you during your real estate transaction. Buyer’s Agents Sites like Zillow can help you find your dream home by browsing listings online, and they even alert you to open house schedules. These sites can also connect you with a local real estate professional if you are not already working with one. A buyer’s agent goes beyond the vast amount of information online and acts as your personal guide throughout the entire home buying process. Think of them as your real estate advocate, someone who is entirely focused on your needs and interests. Realtor.com compiled 111 things buyer’s agents do throughout the real estate transaction, but here, we’ll just focus on some of the key elements of their work: Finding the Perfect Home Like I noted above, you can search for homes online, but can you really spot the difference between a house that’s priced to sell and one that’s hiding a laundry list of issues? According to the 2023 Profile of Home Buyers and Sellers, 89% of buyers used an agent to purchase their home, with 50% citing that the most valuable service was helping them find the right property. Your agent will use their knowledge of the local market to help you find properties that match your criteria. They’ll schedule showings, provide insights, and help you weigh the pros and cons of each home. Negotiating Price and Terms You might think you can haggle your way to a better deal, but without an agent, you’re missing out on the subtle art of negotiation. Keep in mind that negotiations can happen at different points throughout the transaction, such as getting an offer accepted and after inspection and appraisals are complete. The NAR report highlights that agents are essential in negotiating better contract terms and handling the complexities of the sale. A good buyer’s agent knows how to sweeten the deal in ways you might not even consider—like securing repairs or getting the seller to cover closing costs. Navigating Paperwork The paperwork involved in buying a home can be a maze of legalese. This can be overwhelming for many. That’s why 90% of buyers found their agent to be a useful information source throughout the process, ensuring every “i” is dotted and every “t” is crossed. Seller’s Agents On the other side of the deal, a seller’s agent (also known as a listing agent) is dedicated to helping homeowners sell their property quickly and at the best price possible. They’re the ones who market your home, negotiate with buyers and handle the logistics of the sale. Let’s take a look at some of the key responsibilities of a listing agent. Pricing the Home Correctly Pricing your home is part data and part art. Get it wrong, and you could scare off buyers or leave money on the table. The right price attracts serious buyers and maximizes your profit. Over the past few years, properties were flying off the market in a matter of days. Yet, even then, for sale by owner (FSBO) homes sold for significantly less than agent-assisted homes. In 2022, FSBOs sold for a median price of $310,000 compared to a median price $405,000 of agent-assisted homes, according to NAR. Seller’s agents use data, experience, and market insight to price your home strategically—something an online calculator just can’t replicate. Marketing the Property A seller’s agent will create a comprehensive marketing plan to showcase your home to attract serious buyers, not just window shoppers. This includes professional photos, videos, an online social plan, open houses, and sometimes even staging the home to make it more appealing to buyers. Interested in learning about my marketing plan? Reach out to me! Handling Offers and Negotiations Without an agent, you’re the one fielding offers, counter-offers, and everything in between. It sounds empowering until you’re faced with a buyer who’s playing hardball. That’s why 87% of sellers said they would definitely or probably recommend their agent for future services. A seller’s agent handles the back-and-forth, ensuring you don’t cave under pressure or get taken for a ride. In addition, they manage the entire sale process beyond getting an offer accepted—from coordination of inspectors and appraisers to getting to the closing table on time. Final Thoughts It’s tempting to think you can save money on commissions without an agent. But when buying or selling a property, the stakes are high. A skilled real estate agent isn’t just another expense; they bring a level of expertise and market knowledge that can save you time, stress, and money. And that’s an investment that can make all the difference.