New Home Buyer Trends
Filed under: Real Estate Market
Have you noticed any of the new home buyer trends that are affecting our current real estate market? There are definitely some unique things that have been happening, and I’m going to talk about the trends that we are seeing.
Mortgage Payments are Higher & Options to Consider
There are two factors causing mortgage payments to go up: home prices have increased, and interest rates have also gone up. But people are finding ways to get around these higher payments, such as partnering up with friends for co-ownership in real estate. This option is a great way to get started with real estate and increase your purchasing power since you can team up with someone else to share the financial load.
Multi-generational living is also increasing in popularity as the price of real estate continues to increase. For example, retired parents and adult children are living together more often, sometimes in the same living space or by finding homes that have separate rental units.
Increasing Your Income
Another possibility that could make it easier to get into a home is by finding a side hustle or another way to increase your income. Even a little bit of extra work can cover the gap so that you can afford a mortgage payment. This higher income will help with your debt-to-income ratio so that you can qualify for the lending that you need.
Other Creative Solutions for Buying a Home
It’s interesting to see the creativity that comes when people are looking for solutions to buy real estate. Is there anything that you or someone you know has done to buy a home? I’d love to hear about it!
For help finding the ideal home to buy in Temecula and the surrounding areas, reach out to me any time: Call, text, or email me: (951) 473-0390 or [email protected]