Smart Spending Tips discusses the current 7% mortgage rate that is still below average in August 2023. 30-year mortgage rates recently hit 7% and higher. For many people, young adults in particular, that’s a shockingly high number. Mortgage rates are now at their highest since June 2001. Until 2022, 30-year rates had remained below 5% for over a decade. This means that the 7% mortgage rate represents a radically different environment than people are used to. It’s a difference that matters. Mortgage rates have more than doubled since the start of last year, abruptly raising the cost of buying a…

Smart Spending Tips discusses what higher mortgage rates in 2023 mean for home buyers and sellers. Higher mortgage interest rates have built a brick wall between many would-be buyers and their dream homes. The hardship caused by higher rates for people trying to enter the housing market is well documented. However, the pain is also felt on the other side of the wall by anyone wishing to sell their home. Sellers are hurt when high mortgage rates reduce the potential buyer market. In addition, homeowners looking to relocate may feel locked into their homes by the difference between their existing…

Smart Spending Tips’s personal finance weekly news roundup October 14, 2023. Stories, news, politics and events impacting the personal finance sector during the last week. Surge in bond yields rattles markets Social media is a “golden goose” for scammers Americans reduce the wrong kind of debt Tipping is a growing burden Feds crack down on large banks charging for account information Consumers expect spending to continue rising faster than income Adjustable-rate mortgage applications increase Inflation holds steady but remain above target 1. Surge in bond yields rattles markets A recent surge in bond yields got additional fuel from last week’s…

Smart Spending Tips’s personal finance weekly news roundup October 21, 2023. Stories, news, politics and events impacting the personal finance sector during the last week. Consumer delinquencies rise Net worth grew faster than income in updated Federal Reserve study Wage study shows growth for all despite inequality Retail sales beat expectations 9% of American adults victimized by identity theft Leading economic indicators point to a slowing economy Existing home sales continue to slow Consumers to increase holiday spending for a third year Mortgage rates continue to rise 1. Consumer delinquencies rise More consumers were late with their debt payments in…

During the sales process of a property, when you receive an offer, you’ll want to determine if the buyer has capability to follow through with the deal. In a previous article, I discussed attracting the right buyer. In this article, we’ll look at understanding how to qualify a buyer, which can save time, avoid surprises later, and increase the likelihood of a smooth transaction. Follow these steps when qualifying a buyer during the sales process: 1. Evaluate the Buyer’s Experience Check whether the buyer has worked on comparable transactions in the past. Buyers who have a successful track record in…

Smart Spending Tips on the challenges faced by typical homebuyers. Several trends in the housing market point to slower activity. Is this the break would-be home buyers have been looking for? Previously, purchase demand had been so hot and heavy that prices soared. With that demand finally slowing down, does that mean home prices are becoming more reasonable? Unfortunately, the supply-and-demand relationship in the housing market isn’t that simple. Bargains remain hard to come by, so buyers need to pick their spots. Slowing demand hasn’t brought prices down There are clear signs that the housing market has cooled off recently.…

This is the time of year for 2025 home design predictions. The prognosticators may or may not be right. However, since Houzz has a community of over 70 million homeowners and home design enthusiasts – along with over 3 million construction and design professionals, they know a few things about design trends. So, I was excited to learn about the 2025 Houzz Home Design Trends. Mitchell Parker, Houzz senior editor, walked me through the top 10 home design trend predictions for 2025 – and provided photos to illustrate the trends. English-Style Kitchens Parker says classic English country style can help…

Smart Spending Tips discusses housing security and where in the United States has most housing insecurity. Imagine 3.27 million more homeless people. Even if you can’t picture yourself being among them, think about how such a flood of additional homeless people would strain the finances and social structure of the United States. According to a Smart Spending Tips analysis of Census Bureau data, 3.27 million people in the U.S. feel very or somewhat at risk of losing their homes within two months due to eviction or foreclosure. Another 9 million adult Americans are also behind on their rent or mortgage…

How many times have you loaded the washer and forgotten about it, only to realize hours (or days) later that the shirt or sheets you needed are still soaking wet and not exactly fresh? I’ve done this more than once. It’s likely that many other folks have too, because the appliance industry has come up with a solution for us forgetful types: the combo or all-in-one washer-dryer appliance. There are benefits for users who aren’t memory-challenged or overly busy too. Background “AjMadison has carried washer dryer combos for over a decade,” recalls Jessica Petrino Ball, the Brooklyn-based online and bricks…

Smart Spending Tips on mortgage rejection and 10 reasons you can’t buy a house. In spring 2024, the desire for homeownership remains strong, and mortgage applications are up. However, securing that dream home can be a complex process, even with a substantial down payment. Financial preparedness goes beyond just the initial investment, and navigating the mortgage application process can require careful planning. Regardless of the overall market conditions, here are ten reasons homeownership may remain out of reach. 1. Credit inquiry overload Applying for new credit cards or loans can significantly impact your credit score, especially if you’re near the…