Why Multi-Generational Homes Are Becoming Increasingly Popular

Currently, 17% of homebuyers are opting for multi-generational homes—properties shared with parents, adult children, or even extended family members. What’s remarkable is that this figure represents the highest level ever recorded by the National Association of Realtors (NAR). But what’s fueling this growing trend in multi-generational living? Key Benefits of Choosing a Multi-Generational Home In the past, many homebuyers opted for multi-generational living to provide care for their parents. While this remains an important factor, another major driver has emerged: affordability. Recent data from the National Association of Realtors (NAR) reveals that cost savings have become the leading reason families choose to live together. With the rising costs of homeownership, it’s becoming increasingly difficult for many to afford a home independently. As a result, families are pooling their resources to make homeownership achievable. By combining incomes and sharing expenses—such as the mortgage, utilities, and more—multi-generational living provides a way to overcome financial barriers. Rick Sharga, Founder and CEO of CJ Patrick Company, puts it this way: “One way to make homeownership more affordable is by purchasing a property with a family member. Multi-generational households are on the rise across the country, and affordability is a significant reason for this trend.” Beyond the financial perks, living under one roof can strengthen family bonds, offering more opportunities to connect and spend quality time together. Bottom Line If you’re thinking about making a move, exploring the option of a multi-generational home could be a smart decision—especially if your budget feels too tight to manage on your own. This type of living arrangement not only provides financial relief but also creates opportunities to share responsibilities and build stronger family connections. To get started, reach out to a local real estate agent who can guide you through the process. They’ll help you understand your options, discuss your specific needs, and find a home that perfectly accommodates your family’s unique situation. With their expertise, you can navigate the housing market confidently and discover a property that meets both your financial and familial goals.

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When Is the Best Time to Move?

It’s tempting to wait for the "perfect moment" to make your move, especially in today’s ever-changing market. Maybe you’re hoping for mortgage rates to drop or for home prices to decrease. But here’s the truth: trying to perfectly time the market is rarely successful. There’s no such thing as a perfect market. No matter when you buy, there will always be advantages and trade-offs. That’s simply the reality. If you’re skeptical, just think back over the past five years. A few years ago, mortgage rates hit historic lows, and buyers rushed to lock them in. But the surge in demand caused homes to sell quickly, creating bidding wars and driving up home prices. Those buyers got amazing rates but faced fierce competition. Now, while rates and prices are higher, the number of homes for sale has risen to its highest level in years. This gives buyers more options and reduces the likelihood of intense bidding wars. Once again, there are benefits and trade-offs in every market. If you have a reason to move and the financial ability to do so, focus on leveraging the current trends that work in your favor. And remember to rely on a professional. As Bankrate puts it: “The complexities of the current conditions mean that, now more than ever, it’s smart to lean on the guidance of an experienced local real estate agent. If you want to enter the housing market in 2025, whether as a buyer or a seller, let a pro lead the way for you.” Navigating today’s complex market may feel challenging, but it’s achievable. A trusted real estate agent and lender can make all the difference. Your agent can help you explore creative options—such as considering smaller condos, fixer-uppers, or widening your search area. Your lender will guide you through loan programs and down payment assistance options, helping you find a path that fits your budget. As Yahoo Finance says: “Buying a house at a time when both mortgage rates and home prices are favorable is a challenge. You probably shouldn’t try to time the housing market . . . Buy when it makes sense for you personally.” Bottom Line There’s no such thing as the perfect time to move—every market comes with its own set of advantages and challenges. The key is to focus on the factors that work in your favor. With the support of a trusted real estate agent and lender, you’ll have the expertise and resources you need to make your move a reality.

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The Essential Homebuying Step You Can't Afford to Miss: Pre-Approval

When it comes to buying a home, there’s a crucial step many people don’t know much about: pre-approval. Here’s what you need to know about it and why it’s so vital in today’s housing market. What Is Pre-Approval? Pre-approval is like getting a green light from a lender, indicating how much they’re willing to lend you for a home. To determine this amount, lenders review your financial history. According to Realtor.com, here are some of the documents they might request: W-2s from the last two years Tax returns from the last two years Pay stubs from the last 30 days Bank statements from the last 60 days Investment account statements (if applicable) A two-year record of your living history Once completed, you’ll receive a pre-approval letter showing how much you can borrow. However, keep in mind that changes in your finances—like switching jobs, opening new credit accounts, or withdrawing large sums of money—can impact your pre-approval status. How Pre-Approval Determines Your Borrowing Power With home prices expected to rise and mortgage rates fluctuating, affordability remains a challenge for many buyers. Talking to a lender during the pre-approval process helps you understand your loan options and how today’s rates will affect your monthly payments. Pre-approval not only determines the maximum amount you can borrow, but it also helps you define a realistic budget. This ensures your home search focuses on properties within your financial comfort zone, avoiding the heartbreak of falling in love with a home beyond your reach. How Pre-Approval Strengthens Your Offer When you’re ready to make an offer on a home, pre-approval gives you a significant advantage. It shows sellers you’re a serious buyer who has already passed a financial review. This credibility can make your offer stand out, as sellers are more likely to choose a buyer with pre-approval, knowing the transaction is less likely to fall through. As Greg McBride, Chief Financial Analyst at Bankrate, explains: "Pre-approval carries more weight because it means lenders have gone beyond a basic review of your credit. They’ve thoroughly examined your pay stubs, tax returns, and bank statements. A pre-approval demonstrates that you’ve cleared the necessary hurdles to secure a mortgage up to a specific amount." Bottom Line If you’re gearing up to buy a home, securing a mortgage pre-approval should be at the top of your to-do list. It not only helps you understand your borrowing potential but also positions you to make a competitive offer when you find the perfect home. Reach out to a trusted lender today to get started!

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