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buying a home

Q&A: Newlyweds wonder if it’s the time to buy a home

May 20, 2024 By Liz Weston

Dear Liz: My husband and I are newlyweds and looking into purchasing a home. However, many homes in our area sell for $50,000 and more over the asking prices, which already are pretty high. We have stable jobs, but our dilemma is whether we should go into the market now or continue to save and wait a year or two.

Answer: The best time to buy a home is when you can afford to do so. It’s hard to time any market, but that’s especially true for real estate. If you put off buying a home hoping for a correction, you could be waiting a long time.

The supply of houses for sale is low in many areas. Often homeowners are reluctant to sell, even if they want to trade up, downsize or move, because they don’t want to give up their low-rate mortgages. A drop in mortgage rates likely will induce more people to put their homes on the market, but also could increase competition as buyers get access to more affordable loans.

Also, many homes for sale in tight markets are deliberately underpriced. Sellers hope to spark a frenzy of offers over asking price. You’d be smart to get clear on how much you can afford to pay — consider consulting a fee-only financial planner — and to enlist the services of a good real estate agent who understands your local market.

Filed Under: Q&A, Real Estate Tagged With: buying a home, home affordability, home buying, homeownership, rent vs own, rent vs. buy

Thursday’s need-to-know money news

March 24, 2022 By Liz Weston

Today’s top story: How to keep your tax return from getting hung up. Also in the news: Why you might be rewarded if you can afford to wait to buy a home until late in the year, what to know before your business adds buy now, pay later, and how an airport car rental is more expensive than an off-airport car rental.

How to Keep Your Tax Return From Getting Hung Up
There may never be a good time to draw the IRS’ attention, but this year you really want to avoid extra scrutiny.

The Property Line: Higher Rates May Slow Down Rising Home Prices
Buyers who exercise patience might face less competition for homes later in the year.

What to Know Before Your Business Adds Buy Now, Pay Later
Here’s how much buy now, pay later costs, how it could impact your business and what to look for in a provider.

Is It Cheaper to Rent a Car at the Airport?
Fees charged to rental companies by the airport get passed on to consumers, often making on-site rentals pricier.

Filed Under: Liz's Blog Tagged With: business, buy now pay later, buying a home, IRS, rent a car at the airport, tax return

Friday’s need-to-know money news

March 11, 2022 By Liz Weston

Today’s top story: Steps to build healthy spending habits and make the transition out of college easier. Also in the news: How to avoid risk of student loan default, why you should file your taxes early, and the cheapest American metro areas to buy a home right now.

Get Ready to Spend Like a College Grad With These Top Budget Tips
Soon-to-be graduates can take these steps to build healthy spending habits and make the transition out of college easier.

Are You At Risk of Student Loan Default?
Student loan default starts the same way for everyone: a missed payment.

Why You Should File Your Taxes Early
Don’t wait until the last minute to get in line for your refund.

The Cheapest American Metro Areas to Buy a Home Right Now
With the cost of houses continuing to rise, location can make a big difference.

Filed Under: Liz's Blog Tagged With: buying a home, college graduates, file taxes, healthy spending habits

Thursday’s need-to-know money news

November 21, 2019 By Liz Weston

Today’s top story: 5 financial tasks you should tackle by year-end. Also in the news: 5 tips to make your $75 fill-up hurt less, 5 best alternatives to traditional savings accounts, how to handle buying and selling a home at the same time.

5 Financial Tasks You Should Tackle by Year-End
The end of the year is a good time to handle a few items that will head off issues for your heirs.

5 Tips to Make Your $75 Fill-Up Hurt Less
Give your mpg a boost.

5 Best Alternatives to Traditional Savings Accounts
Saving outside the box.

How To Handle Buying and Selling a Home at the Same Time
While maintaining your sanity.

Filed Under: Liz's Blog Tagged With: buying a home, gas prices, real estate tips, savings account alternatives, selling a home, year-end to-do list

Thursday’s need-to-know money news

June 23, 2016 By Liz Weston

air-miles-cardToday’s top story: The worst airports in the U.S. for summer travel. Also in the news: 3 smart money moves to make buying a home easier, creating a money map to make sense of your financial plan, and five signs it’s time to shop for a new credit card.

The 10 Worst Airports in the U.S. for Summer Travel and How You Can Cope
Plan ahead.

Make Buying a Home Easier With 3 Smart Money Moves Now
Save money early and regularly.

Create a Money Map to Make Sense of Your Financial Plan
A big picture view.

5 Signs It’s Time to Shop for a New Credit Card
Loyalty doesn’t always pay.

Filed Under: Liz's Blog Tagged With: buying a home, credit card loyalty programs, Credit Cards, financial plan, money map, summer travel, tips

Thursday’s need-to-know money news

September 17, 2015 By Liz Weston

Household-Budget1Today’s top story: What to expect from your company’s financial wellness program. Also in the news: What to do if you’re being audited, big life insurance mistakes, and three absolute necessities if you’re buying a home.

What to Expect From Your Company’s Financial Wellness Plan
Taking cues from physical wellness plans.

Getting Audited? 5 Things You Should Know
Don’t panic.

10 Big Life Insurance Mistakes People Make
Plan carefully.

3 Things You’d Better Have If You’re Serious About Buying a Home
The essential checklist.

Filed Under: Liz's Blog Tagged With: audit, auditing, buying a home, financial wellness, life insurance, real estate

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