The data points to a stable housing market in 2023, with lower interest rates making refinancing a good option. If your payment is within 25% of your income, it's a good time to buy.
This podcast episode discusses how investing in real estate can allow for long-term financial gain both in appreciation value and monthly rental income, as well as the potential benefits of inflation on fixed rate mortgages.
In this podcast, the speaker discusses the risky nature of adjustable rate mortgages (ARMs) and how they contributed to the 2008 financial crisis. Many people were unaware of the potential for their mortgage payments to increase beyond what they could afford, leading to defaults and mass foreclosures.
Low interest rates combined with higher wages allowed many millennials to purchase their first home. As a result, there has been an increase in mortgage applications to buy homes, rising 5% week over week and 18% year over year.
The United States is experiencing a step prior to job losses, where people's 401ks are being destroyed, and wages are hit hard by inflation and high food and gas prices, while home sales are holding up historically.