Life is a journey filled with unexpected twists and turns, like the excitement of welcoming a new addition, retiring and starting a new adventure, or the bittersweet feeling of an empty nest. If something like this is changing in your own life, you may be considering buying or selling a house. That’s because through all these life-altering events, there is one common thread—the need to move.
Milestones and life changes affecting homeownership
The National Association of Realtors (NAR) reports that there have been numerous significant milestones or life changes in the past two years. Despite the current affordability challenges due to increased mortgage rates and rising home prices, these life changes will continue to impact home owners going forward (see graph below):
And, these big life changes are going to continue to impact people moving forward, even with the current affordability challenges brought on by higher mortgage rates and rising home prices.
As Claire Trapasso, Executive News Editor at Realtor.com, says:
"Because high mortgage rates, elevated home prices, and stubbornly low inventory make today's housing market particularly challenging, many of today's buyers are motivated by life changes, such as growing families, supporting elderly parents or grown children, or accommodating professional needs. . .”
When Buying a Home
When it comes to buying a home, the desire for more space due to a new addition may be a top concern. However, rising home prices and mortgage rates can make the process challenging. Despite this, it is important to find a way to meet your changing needs, even in today's market.
Fortunately, one our skilled mortgage loan officers can provide valuable assistance. Their extensive knowledge of the local housing market can save you time and alleviate stress. They will take the necessary steps to comprehend your specific requirements, financial situation, and preferences. This enables them to streamline your search and offer appropriate loan options.
When Selling a House
When you are selling a house, especially if you are retiring or going through a separation or divorce, your main goal is to maximize your investment and find a better home for your future. This is where the expertise of a mortgage loan officer can really make a difference. They can offer valuable information about the current market conditions, help you understand the financial impact of selling your home, and even assist potential buyers in getting financing.
Regardless of your circumstances, it is important to rely on a trustworthy professional to guide you through the process of buying or selling a home.
Bottom Line
If recent events in your life have left you with the desire or necessity to move, make sure to get in touch with a Loan Officer at First Federal Bank today!