It is commonly known that a lot of debt can stand in the way of getting a good mortgage rate. And owing too much could prevent someone from getting a home loan at all. But what if you’re in the process of trying to reduce your debt payments? For example, does debt consolidation affect buying a home?
For many, owning a home is a big part of the American Dream. It means not having to ask a landlord for permission to paint cabinets; not having to pay extra to have a pet; and having a backyard to entertain friends. It also means an end to rental payments that don’t build equity.
The world of real estate has a language all its own…which can make it difficult for first-time buyers to understand the status of a listing when searching for a home. While a real estate agent can shed light on the differences between pending, under contract, contingent, and other terms encountered during the home buying process, it helps to know a little about them before beginning your search.
Unless you are a first time homebuyer or opting to give up homeownership and rent instead, you will likely be trying to navigate buying and selling a home at the same time. Doing both at once might seem way too stressful, and it can be a bumpy ride. But people manage to get through it all the time.
Image by Canva.com
The current housing market is so hot that it is breaking just about every real estate record that exists: Lowest inventory, highest prices, and shortest time on the market, to name a few.
Figuring out where to live in St. Louis can be complicated, especially for newcomers. It is hard for some to wrap their head around the fact that the city itself is small (with a population of about 300,000) but has 79 distinct neighborhoods, each with its own vibe and name. Just outside the city limits, more than 2 million people live in 100 different municipalities spanning several counties and 2 states—all of which are sometimes referred to as the Greater St. Louis region.
With how much the housing market has changed over the last 50 years, or even, over the last decade, it can be interesting to think about what the future of home buying could possibly look like. With uncertainty around all of the things that go into the housing market like the environment, economy, work life, entertainment, styles, and personal preferences, who knows what the process will look like in the future? But still, it can be fun to speculate.
Buying a house is a big deal no matter what. When it’s a first home, it can be overwhelming and even scary. We are here to help calm the anxiety and demystify the process.
Standards of luxury change with the times. Fifty years ago, a two-car garage, a double-sink vanity, or a bar in the rec-room would have seemed pretty special in some houses. Today, those features are common, and one would be hard-pressed to find a new-build without things like walk-in closets, a security system, or a master ensuite. Heated floors, outdoor living space, swimming pools, and spas have become so mainstream that they are no longer the signatures of luxury homes.
Originally published Friday, October 26th, 2018; Updated February 1st, 2022