Tuesday, May 9, 2023 / by Trisha Davis
If you’ve been preparing to buy a home in the last couple of years, then you’re probably aware of the serious housing inventory shortage you may have to contend with.
Low housing supply has led to rising home prices, buyer competition and, in many markets, bidding wars.
But what caused the shortage in the first place? And why hasn’t it changed much in recent years? Here’s what you need to know.
Slow Housing Construction: Builders have reduced their work since the housing crash in 2008. There have also been issues with supply chains, the rising cost of lumber and other materials, and contractor shortages. All these elements have made it harder to build new homes to increase supply.
Homeowners Staying Put: Right now, mortgage rates are higher than they were at the height of the pandemic. Finding a new home doesn't always make sense for homeowners with the 2% or 3% rates seen a few years ago. Few are choosing to sell because of interest rates, but man. ...
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#monthlynewsletter #iowarealestate #yourlocalagent, #firsttimebuyers
Tuesday, March 28, 2023 / by Trisha Davis
What elements make up your credit score?
When you buy a home, your credit score plays an essential role: It can impact what loans you’re eligible for and the interest rate you get (which will affect your monthly payment costs).
But what determines your score? The exact elements depend on which scoring method you’re looking at, and lenders often use FICO.
Generally speaking, credit scores range from 300 to 850 and are influenced by the following five factors:
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FIRST-TIME HOMEBUYERS
How One App Could Help You Find a Home
It can be hard to find a new place. And while listing platforms are a good place to start, branching out to social media might offer plenty of inspiration or help in the real estate market. ...
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#monthlynewsletter #iowarealestate #yourlocalagent, #firsttimebuyers, #improvecreditscore