With the school year on the horizon, the allure of a fresh start, coupled with the desire for more space and stability, often drives families to explore the housing market.

The housing market has been on a rollercoaster ride for a while, and lately it has been mostly uphill.

With higher mortgage rates, some homeowners have been reticent to list their homes for sale. Many are worried about giving up their low interest rates if their next purchase requires significantly higher monthly payments.

There is good news on the affordability front. With solid nominal wage gains in the first quarter of 2023, families earning the median income could afford 45.6% of homes for sale, up from 38.1% in Q4 2022.

Sellers may be similarly motivated to close deals as the summer ends, providing buyers with negotiation power and potential discounts.

Bay Equity Home Loans can be a guide you as you embark on this important journey. It is crucial to have a clear understanding of your budget and financial capabilities.

Our loan officers can provide insights into market trends, comparable home prices, and neighborhood information. We can help set realistic expectations and recommend a trusted real estate agent to assist in the process.

Carefully evaluate each property you consider, taking note of its condition, location, and potential for future growth. Consider factors such as school districts, proximity to amenities, and commute times to ensure the home aligns with your long-term goals and lifestyle.

A new home is not just about the property itself but also the surrounding community. Many cities and town host summer festivals, giving prospective buyers a chance to engage with residents to get a sense of the community's vibrancy.

Remember that homeownership stands for a sense of freedom and stability. It provides the opportunity to create a space of your own, where you can build memories with loved ones and establish roots in a community.

Homeownership is still one of the successful methods to build long term wealth. Over the 10-year period between 2012 and 2022, the value of a median-priced home in the U.S. increased by $190,000, according to the National Association of Realtors. A typical homeowner's net worth is 40 times higher than someone who rents.

For great customer service, and the latest home loan innovations, call your local Bay Equity branch or visit www.bayeq.com. We’re here to get you home.