Housing In the United States

                                              

As the housing market changes so does the people within the purchasing market. Inflation is
high and it is causing people to move from renting apartment to purchasing homes. The reality of this is that many do not see the issues with purchasing a house at the moment. Mortgage rates are at an all time high, what does that mean for you as a purchaser? it means that you will pay more than what the original price of the house is in the long run. The issue with the loans that are being used at this point is what it cost in the long run to purchase your home and keep it. You are being set up for failure by the banks that you are taking your loans from; with high interest rates it will cause you to refinance your home in order to attain a better deal for you to pay less on your house. When purchasing homes this is something that you have to take your time with, especially if you are a first time home buyer. 

Speaking with a realtor is not enough because they are there for the commission checks most of the time. They are not there for your betterment nor are they there to put you on the right path. They are there to do a job of selling you a home. That is what you are paying them for! There will always be conflicting information being given to you from many places and sources when it comes to home buying and the offers that they provide to you and how the experience will be. When you are purchasing a home you are buying into a mortgage which is a contract that usually says that you are locked in for thirty years to pay the price listed on the paper. If at any point you default on this payment the bank can step in and take your home from you. 

When the interest rate is high on the loan that you take out from the bank you are likely to pay more for the home than what it is actually worth because a large portion of your payment will go to the bank and not on the actually property you are paying for, which leaves you paying more for your home than needed. A thirty year mortgage is not something that is simple nor is it something for you to gamble with in your life especially when it carries high interest rates for those who are purchasing homes. 

The market to purchase will always have competition or a level of competitiveness for those who are purchasing anything not just homes. Take the time you need to shop around and do the research to educate yourself on what is taking place within the market of homes. Speak to home owners in the neighborhood that you may want to move into. Take the time to gain information that will be beneficial to you further down the road and do not become so consumed in the now of things. There are various websites that list the same homes review all  of them, websites apps and format your own conclusion. See what various banks are offering and compare the interest rates and see which ones are the lowest. Look at your income ratio and your credit score as those are huge factors within the market of purchasing.

You do not want to put yourself in a situation where it is hard for you in the long term.