Saving up to buy a home can feel a little intimidating, especially right now. And for many first-time buyers, the idea that you have to put 20% down can feel like a major roadblock.

But that’s actually a common misconception. Here’s the truth.

Do You Really Have To Put 20% Down When You Buy a Home?

Unless your specific loan type or lender requires it, odds are you won’t have to put 20% down. There are loan options out there designed to help first-time buyers like you get in the door with a much smaller down payment.

For example, FHA loans offer down payments as low as 3.5%, while VA and USDA loans have no down payment requirements for qualified applicants, like Veterans. So, while putting down more money does have its benefits, it’s not…

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a house with pie charts and numbers

Some Highlights

  • Thanks to recent home price appreciation, homeowners have near record amounts of equity – and you may too. On average, homeowners have $311K worth of equity.
  • Once you sell, you can use it to fund your down payment on your next home or maybe even to buy a smaller house in cash.
  • If you want to find out how much equity you have, let's connect. Because it may make a move a lot more feasible than you'd think.

Originally posted at Simplifying The Market.

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Talk about the economy is all over the news, and the odds of a recession are rising this year. That’s leaving a lot of people wondering what it means for the value of their home – and their buying power.

Let’s take a look at some historical data to show what’s happened in the housing market during each recession, going all the way back to the 1980s. The facts may surprise you.

A Recession Doesn’t Mean Home Prices Will Fall

Many people think that if a recession hits, home prices will fall like they did in 2008. But that was an exception, not the rule. It was the only time the market saw such a steep drop in prices. And it hasn’t happened since, mainly because inventory is still so low overall. Even in markets where the number of homes for sale has…

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641 Independence Dr, Aurora, IL

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$ CLICK FOR CURRENT PRICE 5 BEDROOMS 3 BATHROOMS 0.21 acres Lot Welcome to 641 Independence Dr, a beautifully updated 5-bedroom, 3-bath raised ranch in Aurora! This spacious home features hardwood floors throughout, custom millwork, and a remodeled eat-in kitchen with granite countertops, tile backsplash, stainless steel appliances, and a slider leading to the tiered backyard deck. The large living room and oversized family room with a floor-to-ceiling brick fireplace and built-ins offer the perfect setup for entertaining. The finished lower level adds…

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For a long time, the housing market was all sunshine for sellers. Homes were flying off the shelves, and buyers had to compete like crazy. But lately, things are starting to shift. Some areas are still super competitive for buyers, while others are seeing more homes sit on the market, giving buyers a bit more breathing room.

In other words, it’s a tale of two markets, and knowing which one you’re in makes a huge difference when you move.

What Is a Buyer’s Market vs. a Seller’s Market?

In a buyer’s market, there are a lot of homes for sale, and not as many people buying. With fewer buyers competing for these homes, that means they generally sit on the market longer, they might not sell for as much as they would in a seller’s market, and buyers…

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When it feels like the cost of just about everything is rising, it’s only natural to wonder what that means for the housing market. Some people are even questioning whether more homeowners will struggle to make their mortgage payments, ultimately leading to a wave of foreclosures. And recent data showing foreclosure filings have increased is only feeding into this fear. But don’t let that scare you.

If you put the latest data into context, it’s clear there’s no reason to think this is a repeat of the last housing crash.

This Isn’t Like 2008

While it’s true that foreclosure filings ticked up in the latest quarterly report from ATTOM, they’re still lower than the norm – and way below levels seen during the crash. And it’s a lot easier to see if you…

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It’s not really a surprise that 70% of buyers paused their home search last year. Maybe you were one of them. And if so, no judgment. Conditions just weren’t great.

Inventory was too low, prices were too high, and mortgage rates were bouncing all over. That made it really hard to find a home you loved – and could afford. And why sell if you’re not sure where you’re going to go?

But here’s the thing: the market’s shifting. And it might be time to hit play again.

The Inventory Sweet Spot

More homeowners are jumping back into their search to make a move this year. Builders are finishing more homes. And together, that’s creating more options for you when you move – maybe even the home you’ve been waiting for.

More homes = more possibilities.

…

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971 1st St, Batavia, IL

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$ CLICK FOR CURRENT PRICE 4 BEDROOMS 4 BATHROOMS 0.1 acres Lot Welcome to this spacious 4BR/3.5BA brick and vinyl half duplex in the desirable Breton Court neighborhood of Batavia! Ideally located within walking distance to parks and Batavia High School, this home features a beautifully landscaped lot, fenced backyard with new Unilock paver patio and sod (2022), and a welcoming front porch. The 2-car garage is fully updated with a new epoxy floor, LiftMaster MyQ opener, and garage door. Inside, enjoy a living room and cozy family room with a gas log fireplace.…

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At some point, you’ve probably heard the saying: “Yesterday was the best time to buy a home, but the next best time is today.”

That’s because homeownership is about the long game – and home prices typically rise over time. So, while you may be holding out for prices to fall or rates to improve, you should know that trying to time the market rarely works.

Here’s what most buyers don’t always think about: the longer you wait, the more buying could cost you. And you deserve to understand why.

Forecasts Say Prices Will Keep Climbing

Each quarter, over 100 housing market experts weigh in for the Home Price Expectations Survey from Fannie Mae, and they consistently agree on one thing: nationally, home prices are expected to rise through at least…

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Let’s talk about something you might not check nearly as often as your bank account – and that’s how much your home is worth. But when it comes to your financial situation, it’s an important thing to remember. When’s the last time you had a professional show you the value of your home?

Think about it. For most people, your house is probably the biggest asset you have. And if you’ve owned your home for a few years (or longer), chances are it’s been quietly building wealth for you in the background. And honestly? You might be surprised by just how much. 

What Is Home Equity?

This wealth you may not even realize you have comes in the form of home equity. Home equity is the difference between what your house is worth and what you still owe on your…

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