Mortgage Rates Improve Affordability But Buyers Still Face Competitive, Low Inventory Housing Market

Mortgage rates have come down from their peaks last fall, improving affordability, but inventory is still low so the market remains competitive
Homebuyers should assemble their team - agent, lender, title company - now to be prepared to move quickly when they find the right home
First-time buyers especially need to get their finances in order, review assistance programs, and set realistic expectations on location or condition to buy within their budget
Know what monthly housing payment you can truly afford so you don't become "cost burdened," spending over a third of your income on housing
You may need to compromise on location, size or condition to buy a home you can comfortably afford in this market