Spirit of Life and Real Estate

     As we move further into 2023, the state of home buying has continued to evolve. In some ways, the market has shifted in favor of buyers, while in others, the competition remains fierce. Here's what you need to know if you're considering purchasing a home this year. One major change that has occurred in the market is an increase in available homes for sale. While inventory is still lower than pre-pandemic levels, the supply of homes has gradually increased in recent months. This has given buyers more options to choose from, and has taken some of the pressure off of the buying process. In addition to increased inventory, interest rates remain relatively low. However, they have begun to creep up slightly, with the average interest rate for a 30-year fixed-rate mortgage hovering around 4% as of April 2023. This means that while rates are still favorable for buyers, they may not stay this low forever. Despite these positive changes, the market remains competitive in many ...

There are several compelling reasons why buying a home can be a better option compared to renting a home. Here are some key points to consider: 1. Equity Building: When you buy a home, you are making an investment in real estate and building equity over time. Equity is the difference between the value of your home and the remaining balance on your mortgage. As you make mortgage payments, you are gradually paying off the principal, which increases your equity. This can be seen as a form of forced savings, as you are building wealth in the form of home ownership. 2. Long-term Financial Stability: Owning a home can provide long-term financial stability. With a fixed-rate mortgage, your monthly mortgage payments remain consistent over the life of the loan, allowing you to budget effectively. On the other hand, rent payments are subject to increase over time due to inflation or changes in the rental market. When you own a home, you have more control over your housing costs in the long run. ...