Three Things Buyers Can Do in Today’s Housing Market

<article class="post-453637 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-453637"><span class="entry-date">September 13, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">Three Things Buyers Can Do in Today’s Housing Market</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Three+Things+Buyers+Can+Do+in+Today%E2%80%99s+Housing+Market&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthree-things-buyers-can-do-in-todays-housing-market%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="Three Things Buyers Can Do in Today’s Housing Market | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/09/12105706/20220913-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/09/12105706/20220913-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/09/12105706/20220913-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>It’s clear the 2022 housing market has been defined by rising <a href="https://www.simplifyingthemarket.com/2022/09/07/expert-forecasts-on-mortgage-rates/?a=712984-fa409495d5d70154d03a25e81e9540e2">mortgage rates</a>. With rates on the rise, it’s also become more costly to purchase a home. According to the <a href="https://www.nar.realtor/blogs/economists-outlook/housing-affordability-conditions-fade-as-mortgage-rates-push-monthly-payments-higher-in-june-2022"><em>National Association of Realtors</em></a> (NAR):<span id="more-47146"></span></p>
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<p><em>“Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an increase of 53.7%.”</em></p>
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<p>If you’re thinking of <a href="https://www.simplifyingthemarket.com/2022/08/31/buyers-you-may-face-less-competition-as-bidding-wars-ease/?a=712984-fa409495d5d70154d03a25e81e9540e2">buying a home</a> or have been trying to recently, that’s a big increase in a monthly mortgage payment – and it may be causing you to press pause on your plans. This jump is making homes less affordable, especially compared to the last two years when mortgage rates were at historic lows.</p>
<p>The good news is you can navigate today’s housing market and this rising rate environment with a few <a href="https://www.simplifyingthemarket.com/2022/08/22/3-tips-for-buying-a-home-today/?a=712984-fa409495d5d70154d03a25e81e9540e2">simple tips</a>. Here are three things you may want to consider to help make your <a href="https://www.simplifyingthemarket.com/2022/08/25/why-you-may-want-to-start-your-home-search-today/?a=712984-fa409495d5d70154d03a25e81e9540e2">homeownership</a> goals a reality.</p>
<h4><strong>1. Expand Your Search Area and Criteria</strong></h4>
<p>If you’ve been looking for a home in the city center or a specific area that’s starting to feel out of your price range, you may want to try looking a little further out in a location that could be more affordable. Expanding your search location or re-prioritizing the items on your wish list can open up opportunities you haven’t considered, and that could help you afford more of what you need (and want) in a home. As <em>CNET</em> <a href="https://www.cnet.com/personal-finance/mortgages/6-tips-for-buyers-in-competitive-real-estate-markets/">notes</a>:</p>
<blockquote>
<p><em>“Area growth is likely to keep pace with the market, which means that the outskirts of town might be hopping within five years. Consider stepping out of your ideal location by searching in the nearby cities. You may find better prices and more square footage.”</em></p>
</blockquote>
<h4><strong>2. Explore Alternative Financing Options</strong></h4>
<p>Working with a trusted lender to learn about the different loan types and options is essential too. According to <a href="https://www.nerdwallet.com/article/mortgages/tips-for-first-time-home-buyers"><em>Nerd Wallet</em></a>:</p>
<blockquote>
<p><em>“A variety of mortgages are available with varying down payment and eligibility requirements.”</em></p>
</blockquote>
<p>Experts know how to point you in the right direction when it comes to exploring ways to find the best home loan for your situation. With rising mortgage rates making it more costly to finance a home today, there may be an ideal option out there your loan officer can introduce you to. This could make a home purchase more affordable and within your financial reach over the life of your loan.</p>
<h4><strong>3. Look for Grants, Gift Funds, and Down Payment Assistance</strong></h4>
<p>There are also many options available when it comes to securing the funding you need to purchase a home. One valuable resource to explore is <a href="https://downpaymentresource.com/">downpaymentresource.com</a>. Searching for specific down payment assistance options available in your local community could be a game changer when it comes to taking your first step toward homeownership. As <a href="https://www.nar.realtor/first-time-homebuyers/first-time-homebuyer-loans-grants">NAR</a> indicates:</p>
<blockquote>
<p><em>“Many local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.”</em></p>
</blockquote>
<p>Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, and veterans.</p>
<p>Ultimately, that means there are many federal, state, and local programs available for you to explore. The best way to do that is to connect with a local <a href="https://www.simplifyingthemarket.com/2022/08/29/a-trusted-real-estate-advisor-provides-expert-advice/?a=712984-fa409495d5d70154d03a25e81e9540e2">real estate professional</a> and your lender to learn more about what’s available in your area.</p>
<h3><strong>Bottom Line</strong></h3>
<p>If you’ve been searching for a home and have found yourself stepping out of the process because you’re worried about rising costs, let’s connect. Having a team of local advisors on your side may be just what you need to guide your search in a new and more affordable direction.</p>
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