{"id":19514,"date":"2021-10-12T12:37:49","date_gmt":"2021-10-12T12:37:49","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=19514"},"modified":"2021-10-12T12:37:49","modified_gmt":"2021-10-12T12:37:49","slug":"dont-blow-the-budget","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/dont-blow-the-budget\/","title":{"rendered":"Don\u2019t Blow the Budget"},"content":{"rendered":"

Don\u2019t Blow the Budget<\/h1>\n
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Over the last few months, high competition and the limited housing stock for sale have brought double-digit annual gains to home prices. That has locked out many buyers, particularly first-time home buyers, or forced them to stretch their budgets to the maximum.<\/p>\n

Amid those dynamics, the median price of an existing home reached $356,700 in August\u2014a nearly 15% uptick compared to a year earlier, according to the National Association of REALTORS\u00ae.<\/p>\n

Lately, more inventory is coming onto the market<\/a>, but first-time buyers are still struggling to afford today\u2019s higher home prices<\/a> and the costs of homeownership.<\/p>\n

First-time buyers comprised 29% of sales in August\u2014they usually make up about 40% of the housing market, according to NAR.<\/p>\n

In general, buyers are typically in good financial shape<\/a>. But many first-time buyers in particular have to keep their eyes on their budget to afford homeownership. Overextending themselves can lead to regret and financial hardship later on. Nearly two-thirds\u2014or 64%\u2014of millennials, aged 25 to 40, say they have at least one regret about purchasing their current home, according to a Bankrate poll from earlier this year<\/a>. The top regrets are that maintenance, mortgage, and other costs are too high. Thirteen percent believe they overpaid for their property.<\/p>\n

To feel more prepared, creating a budget and considering all the costs of homeownership<\/a> are essential, financial experts say.<\/p>\n

Tackling Buyer Remorse<\/a><\/p><\/blockquote>\n

The typical first-time home buyer makes a 7% down payment, on average, on a home purchase, according to NAR data. But some loan offerings may allow them to put down much less, like 3% or 3.5%, or even 0% with loans through the Department of Veterans Affairs, for those who are eligible.<\/p>\n

After calculating the down payment, first-time buyers should factor in expenses like property taxes, homeowners insurance (which averages about $1,000 a year but can vary greatly), association fees, utilities, and maintenance costs.<\/p>\n

\u201cSomething may break once you are in the home or you may want to decorate it or change the finishes within the home,\u201d Jessica Lautz, NAR\u2019s vice president of demographics and behavioral insights, told CNBC.<\/p>\n

About 23% of buyers waived inspections in August, according to NAR, but that can lead to unexpected, expensive repairs. \u201cThat is the biggest budget buster to me,\u201d Jacqueline Cooper, president and CEO of Financial Education Associates in Dorchester, Mass., told CNBC. \u201cThese are things we don\u2019t notice and we don\u2019t have the experience to determine if this is an OK thing or not.\u201d<\/p>\n

Another big expense buyers need to prepare for is closing costs. Those include costs like the appraisal, title insurance, credit reports, loan origination fees, and more that\u00a0first-time home buyers ought\u00a0to brace for. They can add up to between 2% to 5% of the home price and are due at closing.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cHow Much House Can You Afford? Here\u2019s What First-Time Homebuyers Need to Know<\/a>,\u201d CNBC (Oct. 6, 2021)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Don\u2019t Blow the Budget Over the last few months, high competition and the limited housing stock for sale have brought double-digit annual gains to home prices. That has locked out many buyers, particularly first-time home buyers, or forced them to stretch their budgets to the maximum. Amid those dynamics, the median price of an existing … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-19514","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nDon\u2019t Blow the Budget - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/dont-blow-the-budget\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/dont-blow-the-budget\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/dont-blow-the-budget\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Don\u2019t Blow the Budget\",\"datePublished\":\"2021-10-12T12:37:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/dont-blow-the-budget\\\/\"},\"wordCount\":486,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/dont-blow-the-budget\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/dont-blow-the-budget\\\/\",\"name\":\"Don\u2019t Blow the Budget - 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