Want to Buy a House?

Struggling to find a house?

Many people aren’t selling their homes because they don’t want to leave their low-rate mortgage! Home prices are still high and mortgage rates are too. These are disincentives. Research shows that the refi boom of 2021 was characterized by interest rates that were historically low, home equity that was at an all-time high, and a rebound in rates that was historically steep. Some say the impact could last for decades. Perhaps you’re calculating the ability to buy. Don’t forget to add in the costs of property taxes, insurance, utilities, and HOA fees, along with emergency funds for maintenance and repairs. Consider additional costs for landscaping, furniture, window coverings, décor, continued inflation, and unexpected costs. Depending on the climate, you may have expenses for snow removal, tree maintenance, and after-storm care. Will there be greater transportation costs?

Experts recommend the 28/36 rule when buying a home. Mortgage payments should not exceed 28% of your total monthly gross income, and total debt payments should not exceed 36%. If you’re married, I recommend buying a house based on the lower of the two salaries. This allows for greater saving, investing, or reaching future goals. It provides protection in the event of job loss or the choice of pausing one’s career. Buying requires discernment! Instead of struggling to find a house, trust God to provide in His time. It’s always better to wait on Him than rush into such a large decision. 

Come get to know us at Crown’s 2023 Reunion. We planned a great event for October 12-15 at Ridgecrest Conference Center near beautiful Asheville, North Carolina. For more details and registration, go to crown.org/reunion.