Mimi Bennett - Realtor

Happy Mother’s Day to all the amazing moms out there!

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If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment. That might be because you’ve heard you need to save 20% of the home’s price to put down. Well, that isn’t necessarily the case.

Unless specified by your loan type or lender, it’s typically not required to put 20% down. That means you could be closer to your homebuying dream than you realize.

According to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, for all homebuyers today it’s only 15%. And it’s even lower for first-time homebuyers at just 8%.

The big takeaway? You may not need to save as much as you originally thought.

Learn About Resources That Can Help You Toward Your Goal

According to Down Payment Resource, there are...



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The Truth About Down Payments If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment.

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If you’re looking to buy a home, it’s important to know how mortgage rates impact what you can afford and how much you’ll pay each month. That’s because even a small change in mortgage rates can have a big impact on your purchasing power. The best way to navigate changing mortgage rates and make an informed buying decision is to rely on the expertise of a local real estate professional and mortgage lender.



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How Changing Mortgage Rates Impact You [INFOGRAPHIC] If you’re looking to buy a home, it’s important to know how mortgage rates impact what you can afford and how much you’ll pay each month.

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Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall.

2024 Home Price Forecasts: Then and Now

There are two big factors keeping such strong upward pressure on home prices. The first is how few homes are for sale right now. According to Business Insider: “Low home inventory is a chronic problem in the US. This has generally kept home prices up . . .”

A lack of housing inventory has been pushing prices up for a long time now – and that’s not expected to change dramatically this year. But what has changed a bit is mortgage rates.

Late last year when most housing market experts were calling for home prices to rise only a little bit in 2024, mortgage rates were up and buyer demand was more moderate.

Now that rates...



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Expert Home Price Forecasts for 2024 Revised Up Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall.

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There’s a lot of confusion in the market about what’s happening with day-to-day movement in mortgage rates right now, but here’s what you really need to know: compared to the near 8% peak last fall, mortgage rates have trended down overall.

And if you’re looking to buy or sell a home, this is a big deal. While they’re going to continue to bounce around a bit based on various economic drivers (like inflation and reactions to the consumer price index, or CPI), don’t let the short-term volatility distract you. The experts agree the overarching downward trend should continue this year.

While we won’t see the record-low rates homebuyers got during the pandemic, some experts think we should see rates dip below 6% later this year. As Dean Baker, Senior Economist, Center for Economic Research, says: “They will almost certainly not fall...



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Some Experts Say Mortgage Rates May Fall Below 6% Later This Year There’s a lot of confusion in the market about what’s happening with day-to-day movement in mortgage rates right now.

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Buying your first home is a big, exciting step and a major milestone that has the power to improve your life. As a first-time homebuyer, it's a dream you can make come true, but there are some hurdles you'll need to overcome in today’s housing market.

Save Money with First-Time Homebuyer Programs

Paying the initial costs of homeownership, like your down payment and closing costs, can feel a bit daunting. But there are many assistance programs for first-time homebuyers that can help you get a loan with little or no money upfront.

To find out more, talk to your state's housing authority or check out websites like Down Payment Resource.

Expand Your Options by Looking at Condos and Townhomes

Right now, there aren’t enough homes for sale for everyone who wants to buy one. That’s pushing home prices up and making affordability tight for...



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Strategic Tips for Buying Your First Home Buying your first home is a big, exciting step and a major milestone that has the power to improve your life.

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If you're thinking of selling your house this spring, now is the perfect time to start getting it ready.

Declutter and Organize
First impressions matter, and if your house is a mess, that can easily turn off potential buyers. According to Moving.com: “Decluttering and organizing your space will go a long way in appealing to potential buyers. . . .decluttering will help the buyers see themselves living in your home. Less clutter inside a home also helps a place appear larger and cleaner, which should attract more buyers.”

Deep Clean Your Kitchen and Bathrooms
The kitchen and bathrooms are focal points for many buyers, and often influence their overall opinion of the house. Ensure these spaces dazzle by giving them a thorough deep cleaning.

Maintain Your Yard
Your home’s exterior is the first thing potential buyers see, so it’s important...



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It’s Time To Prepare Your House for a Spring Listing If you're thinking of selling your house this spring, now is the perfect time to start getting it ready.

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If you’re trying to buy a home but are having a hard time finding something in your budget, here’s something that can help: consider condos and townhomes. They may better fit your budget, can help you start building equity, and tend to require minimal upkeep and less maintenance. Looking at condos and townhomes can make it easier to find and buy a home. When you're ready, DM me.



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Achieve Your Dream of Homeownership with Condos and Townhomes [INFOGRAPHIC] If you’re trying to buy a home but are having a hard time finding something in your budget, here’s something that can help: consider condos and townhomes.

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Based on what you’re hearing in the news about home prices, you may be worried they’re falling. But here’s the thing. The headlines aren’t giving you the full picture.

If you look at the national data for 2023, home prices actually showed positive growth for the year.

The overarching story is that prices went up last year, not down. Let’s dive in to the data to set the record straight.

2023 Was the Return to More Normal Home Price Growth

If anything, last year marked a return to more normal home price appreciation. To prove it, here’s what usually happens in residential real estate.

In the housing market, there are predictable ebbs and flows that take place each year. It’s called seasonality. Home prices follow along with this seasonality because prices grow the most when there’s high demand.

What You Really Need To...



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Don’t Let the Latest Home Price Headlines Confuse You Based on what you’re hearing in the news about home prices, you may be worried they’re falling.

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Chances are at some point in your life you’ve heard the phrase, home is where the heart is. If you’re trying to decide if you want to keep on renting or if you’re ready to buy a home this year, here’s why it’s so easy to fall in love with homeownership.

Customizing to Your Heart’s Desire

Your house should be a space that’s uniquely you. And, if you’re a renter, that can be hard to achieve. But when you’re a homeowner, you have a lot more freedom.

Greater Stability for the Ones You Love Most

One of the hardest things about renting is the uncertainty of what happens at the end of your lease. Does your payment go up so much that you have to move? What if your landlord decides to sell the property? It’s like you’re always waiting for the other shoe to drop.

A Feeling of Belonging

You may also find you feel much more at home in the...



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Why So Many People Fall in Love with Homeownership Chances are at some point in your life you’ve heard the phrase, home is where the heart is.

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Homeownership is a major part of the American Dream. But, the path to achieving this dream can be quite difficult. While progress has been made to improve fair housing access, households of color still face unique challenges on the road to owning a home. Working with the right real estate experts can make all the difference for diverse buyers.

It's clear that achieving homeownership is more challenging for certain groups because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups.

According to a report by the National Association of Realtors (NAR), almost half of Black homebuyers in 2023 were first-time buyers. That means many didn’t have home equity they could use toward their home purchase.

That financial hurdle alone makes buying a home more challenging, especially at...



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Bridging the Gaps on the Road to Homeownership Homeownership is a major part of the American Dream.

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Are you feeling a bit unsure about what’s really happening with mortgage rates? That might be because you’ve heard someone say they’re coming down. But then you read somewhere else that they’re up again. And that may leave you scratching your head and wondering what’s true.

The simplest answer is: that what you read or hear will vary based on the time frame they’re looking at. Here’s some information that can help clear up the confusion.

Mortgage Rates Are Volatile by Nature

Mortgage rates don’t move in a straight line. There are too many factors at play for that to happen. Instead, rates bounce around because they’re impacted by things like economic conditions, decisions from the Federal Reserve, and so much more. That means they might be up one day and down the next depending on what’s going on in the economy and the world as a...



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What’s Really Happening with Mortgage Rates? Are you feeling a bit unsure about what’s really happening with mortgage rates?