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For the past few years, affordability has been what’s stopped a lot of buyers in their tracks. Maybe it stopped you, too. At some point you probably did the math, looked at the monthly payment, and decided to pause your search and wait for things to get better. But here’s something you may have missed while you’ve been sitting on the sidelines. Over the last year, housing affordability has improved in all 50 states. Yes, you read that right. It’s gotten better in every single state. That’s based on new research coming out of First American. And while housing is still fairly expensive compared to historical standards, the pressure buyers felt over the last few years is finally starting to ease. Some Areas Are Seeing Bigger Improvements The first thing you need to know is that this isn’t just happening in one region or in a small handful of cities. The trend is happening almost everywhere. Sure, individual states, cities, and even neighborhoods are going to vary – sometimes by a lot. But overall, more buyers are able to buy again. And in 48 of the top 50 metros, affordability has improved over the past year. That same research breaks down which cities are seeing the biggest gains: Just in case you’re wondering: why these areas? It’s simple. In many cases, it comes down to the number of homes for sale. When buyers have more choices, it creates a healthier balance in the market and that can help bring affordability back within reach. With homes up for grabs, it opens the door a bit wider for buyers to negotiate with sellers for credits, price cuts, and more. And it gives you more chances to find a house that works for your needs and budget. It may make more of a difference than you think. None of this means affordability challenges have completely disappeared. Buying a home is still a big financial decision. But the trend is moving in a direction many buyers have been waiting for. As Chen Zhao, Head of Economic Research at Redfin, puts it: “The housing affordability crisis is showing signs of easing . . . opening the door for more Americans to make the jump to homeownership.” Bottom Line If you were holding off on buying, this could be exactly the signal you’ve been waiting so long for. To find out how much affordability’s improved in your area, connect with a local real estate agent.

Buying your first home is exciting, but it can also be a little nerve-wrecking because it’s something you’ve never done before. And trying to think of everything you need to do can feel like a lot. But here’s the key. You don’t have to figure everything out on your own. And you don’t have to do it all at once. Just tackle it one thing at a time. Here’s a simple list of 3 main things you should focus on to help you get started. 1. Assemble Your Team: Don’t Do This Alone Buying a home is a team sport. And having the right professionals by your side can make a world of difference. Here’s who you need to find: A local real estate agent is your guide from the first showing to closing day. They’ll make sure you understand all the details along the way, so you feel confident in your decision. A trusted lender will walk you through loan options, monthly payments, and what’s realistic for your situation. That information is something you’re going to want early on. 2. Prep Your Finances: Set the Foundation First This is what determines what you can afford, how competitive you’ll be, and how confident you’ll feel when it’s time to make an offer. Here’s how to get ready: Check your credit score. Your credit score impacts the loan options you’ll qualify for and even the mortgage rate you’ll get. Knowing this number early gives you time to work on raising your score, if you want to. Save for your down payment and closing costs. Most buyers focus on the down payment, but closing costs matter too. Having savings set aside for both helps you avoid last-minute stress and surprises. Look into assistance programs. Many first-time buyers qualify for programs that’ll give their homebuying savings a boost. This can make buying possible sooner than you expect. Talk to a lender about mortgage options. Fixed-rate, adjustable-rate, FHA, VA, and conventional loans all work differently. Understanding the options helps you choose what fits your goals best. Get pre-approved. A pre-approval tells you what a lender would be willing to give you for your home loan. This’ll help you figure out your price range and set you up to move fast when the right home comes along. Figure out your budget. Your mortgage is just one part of homeownership. Budgeting for your utilities, home insurance, and everyday expenses and maintenance will help make sure your payment feels comfortable, not stressful. 3. Gather Your Documents: Save Time (and Stress) When you’re officially ready to kick off the buying process, lenders are going to need to verify your income, assets, and financial history. Having these documents ready-to-go upfront can speed up the process and reduce back-and-forth. Here’s what Bankrate says you need to prep: W-2s and tax documents (past 2 years). These show income stability and help lenders verify your earnings over time. Recent pay stubs (generally the past 1–2 months). Pay stubs confirm your current income and employment status. Bank statements (past 2–3 months). These show your savings, spending patterns, and where your down payment funds are coming from. Investment account statements (past 2-3 months). If you’re using investments as part of your financial picture, lenders may ask for these as well. Copy of your driver’s license. This verifies your identity and is required for loan processing. Residential history (past 2 years). Lenders use this to confirm stability and background information. Statements for any outstanding debts (past 2 months). Student loans, auto loans, and credit cards affect your debt-to-income ratio, so lenders will want to know about them. Proof of supplemental income. Bonuses, commissions, side work, or child support may count toward your income if documented properly. Note: the exact time frames and list of documents may vary lender to lender. This is just a general rule of thumb to help you get the ball rolling. Bottom Line Buying your first home doesn’t mean you have to have everything figured out. It just requires a plan. If you start with your finances, organize your documents, and surround yourself with the right people, you’ll be in great shape when the time comes to make a move. And if you want more information on anything in this list or just need help getting started, reach out to an agent.

You may have seen headlines on social saying the number of buyers backing out of their contracts is on the rise – and has recently reached a high not seen since 2017. That can sound intimidating. But it varies a lot by market. And here’s the key thing to understand if you want to sell. A lot of the time, there’s one common cause. And it’s something you can actually control. Here’s what you can do to get ahead of the biggest dealbreaker before it ever becomes a problem. The Top Dealbreaker: Issues That Pop Up During the Inspection A Redfin survey shows over 70% of recently cancelled contracts happened because of issues during the home inspection (see graph below): And that makes sense. Because today’s buyers have something they didn’t have a couple of years ago: options. Why Fixing Things Before You List Matters More Today A few years back, when buyers felt rushed or boxed in due to the limited number of homes for sale, they were more willing to overlook issues. But in today’s market, skipping essential repairs is one of the fastest ways to lose a deal. Now that there are more homes to choose from, buyers can be more selective. If a house feels risky, outdated, or like it’s hiding expensive surprises, they’re a lot more likely to walk away. So, what do you have to fix? Just ask an agent. How Your Agent Can Help Give You the Edge A local agent will be able to walk through your house and offer advice on what to tackle based on your specific home, your market, and what buyers are prioritizing in your area. They'll also have first-hand knowledge about some of the biggest turnoffs for buyers today. And you can use that expertise to prevent future headaches. For example, according to Zillow, these are some of the issues buyers will care the most about: Roof leaks or damage: sagging, leaking, etc. Plumbing problems: standing water, leaks, water damage, etc. Electrical concerns: outdated or exposed wiring, missing GFCI outlets, etc. HVAC issues: non-functioning units Pest or insect damage: termite colonies, etc. Hazardous materials: lead, mold, asbestos, etc. Safety/code violations: missing smoke detectors, windows stuck closed, etc. Structural problems: cracks in the foundation, sagging floors, etc. Odds are not all of this even applies to your house. Maybe only 1-2 things do. Or maybe none of them do. It just depends. But an agent will have the tools and resources to help you figure it out and stay one step ahead. The Benefits of a Pre-Listing Inspection To buyers, these aren’t cosmetic issues. They’re trust issues. And that’s what you need to watch out for today. Once buyers start wondering “what else might be wrong,” it’s hard to recover momentum. That’s why some agents are even recommending a pre-listing inspection as a sneak peek into what buyers will see on their own inspection. With that insight, you can: Fix concerns before you list, or disclosue issues upfront Avoid having to respond or negotiate under pressure Stop scrambling to find contractors with availability before your closing date But remember, you don't have to fix everything. You just have to be strategic about what you do tackle, so you and your buyer aren’t caught off guard. And that’s why you need an agent who can: Decide if a pre-listing inspection is worth it where you live Recommend a trusted inspector (if you decide to get one) Look at the results with you to identify true dealbreakers in your market Help you decide what to fix or what to credit Make sure you avoid over-spending or under-preparing Bottom Line One of the biggest dealbreakers for buyers today is inspection issues – and that’s something you can control. You just need to be proactive about high-impact repairs before you list. If you want help figuring out where to focus, connect with an agent.

Foreclosures are ticking up. And that may make your mind jump straight to thoughts of 2008 – specifically to what happened to the market during the housing crash. So, let’s do exactly what your brain already wants to do, and see if there’s any connection there. The simple truth is foreclosure filings are rising. But they’re nowhere near crisis levels. And that’s not where they’re headed either. Here’s why. Take a look at serious delinquencies – loans where the homeowner is more than 90 days late on their mortgage payments. While those have increased slightly, data from the New York Fed shows they still remain low. And they aren’t anywhere close to levels seen when the market crashed (see graph below): Right now, about 1% of mortgages are seriously delinquent. That’s only 1 in 100. In the years around the crash, they were up around 9%. That’s 1 in 11. That’s a big difference. And it’s important to remember not all delinquencies even become foreclosure filings. Some homeowners who are falling behind will work out repayment plans with their banks and lenders because banks don’t want to see a wave of foreclosures either. That’s why foreclosure numbers are even lower than delinquencies. ATTOM shows only 0.3% of all homes are currently going through a foreclosure filing. And those won’t even all go to a full foreclosure. That’s not a wave. That’s a ripple at most. If People Are Falling Behind on Payments, Why Aren’t There Even More Foreclosures? And maybe you’re wondering, if people are struggling financially, why aren’t there more foreclosures? Here’s the easiest way to answer that. When households feel financial pressure, they tend to prioritize their mortgage payment above almost everything else. Because the last thing they want to lose is their home. Data from the New York Fed shows serious delinquencies have risen more for credit cards and auto loans (the blue and green lines). But mortgage delinquencies and home equity lines of credit (borrowing against the value of your home) aren’t seeing the same big uptick (the yellow and orange lines). They’re a lot more stable overall. In other words, people may fall behind on other debts, but they fight hard to keep their homes. And, in today’s housing market, they’re also in a strong equity position to do so. Home Equity Changes Everything Many people have built significant equity over the past several years. And that creates options. As Daren Blomquist, VP of Market Economics at Auction.com, explains: “Distressed homeowners… many times they still have equity in their homes. There’s an opportunity for them to sell that home, avoid foreclosure, and walk away with equity.” That’s a major difference from 2008. Back then, many homeowners owed more than their homes were worth. And selling wasn’t an easy solution. Today, for many people, it is. And even in situations where equity isn’t enough, homeowners are encouraged to contact their loan servicer early to explore alternatives to foreclosure. Bottom Line Are foreclosure filings rising slightly? Yes. Are they anywhere near crash territory? No. And homeowners today have far more equity and flexibility than they did during the crash. If you’re concerned about what you’re seeing in the headlines, the best move isn’t panic, it’s perspective. And the data right now says this isn’t 2008 all over again.