Buying a new home can seem like an overwhelming endeavor, especially in an uncertain economy. Figuring out what works best for your lifestyle and family can be stressful and difficult. In a turbulent economy and market like today, it is no wonder future homebuyers don’t know where to begin. Moreover, when it comes to homeownership, there is no one-size-fits-all solution, so at Van Daele Homes, we’re here to help you find what works best for you and your family.
In an economy like what the United States is experiencing now, buying a home can seem scary. With a fluctuating market still benefiting sellers, many worry about spending too much on a home. As interest rates rise, there is a concern that the gap in affordability is shrinking. It’s also important to note how mortgage rates have been climbing since the beginning of 2022. In recent weeks, the average 30-year fixed rate topped 6%. On a positive note, as the fourth quarter begins, mortgage and interest rates are projected to remain steady.
If you’re worried about credit, you may have come into the market at the right time. The United States Credit Bureau has changed its policy which now doesn’t add medical debt and collections to credit scores. New rules note that completed medical collections don’t go against credit scores, unpaid medical collections will be ignored, and at the beginning of 2023 small medical collections are eliminated. This change in credit scoring is projected to help raise the average person’s credit by 22 points. If this has been what’s holding you back, you may have just found the news you needed.
Also, there are many alternatives in the market today to help with a down payment on a home. If you’re a first-time buyer, there are many options to choose from to help with this process. Some first-time homeowners struggle to save for a down-payment, but with many of the programs available, help is on the way.
In reality, the best time to buy a home is different for everyone. Do your research and talk to the experts. At Van Daele Homes, we’re here to help. Happy home buying!