Why You Can’t Compare Now to the ‘Unicorn’ Years of the Housing Market [INFOGRAPHIC]
Friday, June 9th, 2023
Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time:
Renting and buying a home are two major options for housing. Each option has its own set of advantages and disadvantages, which can make the decision to choose one over the other challenging. Here are some of the pros and cons of renting vs. buying a home:
Pros of Renting:
Cons of Renting:
Pros of Buying:
The first-time buyer share of the market dropped to 26% over the past year. Historically, first-time buyers make up 40% of the homebuying market. “Housing affordability has shut out first-time buyers with the rise in interest rates and home prices,” says Jessica Lautz, NAR’s vice president of demographics and behavioral insights.
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