Tomo CEO Greg Schwartz joins Wealth to discuss tips for individuals looking to enter the housing market this year.
"There's still a huge amount of interest in housing," Schwartz says. "We've seen no slowdown in folks wanting to become first-time homebuyers."
However, Schwartz doesn't anticipate significant progress in mortgage rates in the near term. While this has sidelined many potential buyers, he doesn't expect a "perfect moment" for market entry.
For those navigating the housing market, Schwartz offers three key pieces of advice: obtain a loan estimate to understand full rates and hidden fees, "play the address game" using median income as a benchmark, and know your debt-to-income (DTI) and credit thresholds.
Acknowledging market challenges, Schwartz notes that some housing affordability factors, particularly mortgage rates and insurance costs, remain beyond immediate control.
To watch more expert insights and analysis on the latest market action, check out more Wealth here.
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This post was written by Angel Smith