It's A Relative Good Time To Buy

November 6, 2023

Hi, Home Buyer.

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It's November, if you can believe it.

The temperatures are dropping, it's dark by mid-afternoon, and new mortgage loan limits are coming in just a few weeks.

It's also a popular time of year for first-time home buyers. Leases are coming up and renters have to choose: Should I rent for another year or should I buy my first place?

Compared to last year, the market looks different. Mortgage rates are up. Home prices are up. Even competition among home buyers is up.

Furthermore, because Congress has yet to pass meaningful legislation to help first-time buyers, the White House had to step up instead.  

Despite the tough conditions, though, it's a relatively good time to buy for first-time buyers compared to how the market will look next year. Today's market's not great, but it's better than it will be.

We break it down on the website. Read why now is (still) a good time to buy - even if it doesn't feel like it.

And, as always, let me know how our team can help you reach your homeownership goals.

Happy Homebuying!

HOMEBUYER.COM STATISTIC OF THE DAY
Source: FFEIC

Gen Z Home Buyer Statistics:

• Average mortgage loan size: $234,844

• Average purchase price: $261,015

• Most common downpayment: Between 3-5%

• 62.47% used conventional mortgage financing

• 72.60% earned less than their area's median household income

Data represents purchase mortgage transactions for residential, owner-occupied 1-4 unit properties in 2022.

See 138 Generational Home Buyer Statistics Here.

MORTGAGE RATE CALENDAR
Upcoming events that may change the direction of mortgage rates

November 9, 2023: Jobless Claims

November 15, 2023: Retail Sales

November 16, 2023: Homebuilder Confidence

November 17, 2023: Housing Starts

November 17, 2023: Building Permits

Subscribe to our YouTube channel for additional insight.

FIRST-TIME HOME BUYER PROGRAMS
Status of select first-time home buyer bills in Congress
 
The Downpayment Toward Equity Act
A cash grant up to $25,000 for first-time, first-generation home buyers. 
- Last Action in Congress: June 21, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, 100% USDA

The DASH Act
A $15,000 first-time home buyer tax credit.
- Last Action in Congress: March 7, 2023
- Status: Not yet passed
- Alternative Mortgages: HomeReady, HomePossible

The HELPER Act
A 100% mortgage for teachers & first responders.
- Last Action in Congress: May 10, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, VA Mortgage

The LIFT Act
A mortgage that builds home equity faster.
- Last Action in Congress: June 22, 2023
- Status: Not yet passed
- Alternative Mortgages: None

The Middle Class Mortgage Insurance Premium Act

A bill to make mortgage insurance tax deductions permanent for homeowners earning less than $100,000/$200,000.

- Last Action in Congress: June 13, 2023
- Status: Not yet passed