It’s no secret that we have all had some major ups and downs from 2020 to the present. While many of us thought 2021 would bring some sense of “normalcy”, (whatever that means) it appears not much has changed.
COVID and the housing market
Have you noticed that since the pandemic started, people have been holding on to their homes as opposed to selling?
I have.
According to the Wall Street Journal, a fear of strangers entering their homes during the pandemic prompted some people to cancel or delay their plans to list their homes.
According to Bloomberg, buying in a sellers’ market is not a good move. Home sellers are taking their once-in-a-lifetime moment to sell their house substantially over asking prices, asking prices that were connected to rental prices in the neighborhood.
So, what does this all mean?
For me personally, it’s been overwhelming reading so many conflicting things online about the housing market.
I’ve been bouncing back and forth between renting out my current home or selling. While I do not NEED to sell or rent my residence, my goal is to buy a home with more acres for my pesky pups to enjoy.
Since I started my research on current interest rates and began searching the market for a home that fits my needs, I came across a bunch of super neat online tools I feel like I need to share with the world.
If you’re in the market to buy, you’ll want to use these to decide if the time is right for you.
Whether you’re a first-time buyer or own multiple properties, these tools will help get you some solid numbers to go off of before you choose to move forward.
Before we get started on how easy it is to crunch the numbers, you’ll want to answer this question for yourself:
1. Should I rent or buy?
If you haven’t been in this situation yet, it can actually be harder to determine than you think. You’ll have questions, concerns, and want to weigh the pros and cons for either option before you’re ready to move forward.
If you’re currently renting, there is an amazing calculator that will take your current monthly rent and factor it into a home cost that MATCHES your current payment.
How cool is that?
So, how does it work?
This calculator estimates the loan size you could pay for given your current monthly rental payment.
It automatically subtracts the cost of property taxes & homeowners insurance from your rent amount to come up with the equivalent loan size.
For example, if your rent is $1,500 per month and insurance and property taxes would cost $100 & $200 per month, this calculator will figure out what size loan would have the equivalent $1,200 monthly principal & interest payment.
It might be one of the coolest home-buyer tools I’ve ever seen.
Click here to check it out:
If you already have a home you’re in love with, but aren’t sure if you can afford it, you should check out the:
Guys. This tool is incredible.
It’s a FREE tool to figure your monthly payments for any given loan amount. As a basic calculator, it quickly figures the principal & interest payments on a fixed-rate loan.
That means no more guesswork for you.
You’re welcome.
Unsure if you can afford your dream home? You can find out right now! Check out the:
3. Minimum Income Requirement Calculator
Use this FREE tool to see your minimum required income for ANY property.
That means you don’t have to sit down with a lender to find out.
Know before you go!
If you are in the same boat as me with a current home loan and want to see your options, you won’t want to miss this one.
Easily make a plan to pay off your home quicker than you thought possible. This is the best place to start to set goals you can accomplish.
Check it out here:
Not quite ready to pay off that home but curious about refinancing?
Check out the:
5. Refinance Calculator
This isn’t always the best choice for all homeowners. Use this calculator to see if it’s the right route for you!
How does it work?
This calculator makes it easy to compare your remaining loan term against the interest you will pay if you refinance.
Click here to check it out:
PLEASE NOTE: If you are amongst the millions of Americans who are struggling to pay their monthly mortgage, know that you are NOT alone and you DO have options.
No matter what state your current mortgage is in, you can request a forbearance directly with your lender.
The Consumer Financial Protection Bureau offers a ton of helpful information on how you can make that forbearance acceptance possible. Don’t struggle alone!
Where are you with your current home or rent situation?
Did these calculators help you gain clarity on your options?
Let me know in the comments!
