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Looking to buy a home but feeling like almost everything is out of reach? Here’s the thing. There’s still a way to become a homeowner, even when affordability seems like a huge roadblock – and it might be with a fixer upper. Let’s dive into why buying a fixer upper could be your ticket to homeownership and how you can make it work. What Is a Fixer Upper?A fixer upper is a home that’s in livable condition but needs some work. The amount of work varies by home – some may need cosmetic updates like wallpaper removal and new flooring, while others might require more extensive repairs like replacing a roof or updating plumbing. Because they need some elbow grease, these homes typically have a lower price point, based on local market value. In fact, a survey from StorageCafe explains that fixer uppers generally cost about 29% less than move-in-ready homes. And that’s why, according to a recent survey, more buyers are considering homes that need a little extra work right now (see below): <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241113124732.png" alt="" width="" height="" style=""></figure></div> If you’re looking for an option to get your foot in the door, and you’re willing to roll up your sleeves and do a bit of work, a house with untapped potential may be a good option. Tips for Buying a Home That Needs Some Work Before you buy a home that may need a makeover, here are a few things to keep in mind: Choose a Good Location: You can repair a house, but you can’t change where it is. Make sure the home is in a neighborhood you like or one with increasing property values and a growing number of local amenities. This way, even after you spend money fixing it up, the house will be worth more later. Budget for Surprises: Fixing up a house can take more time and money than you might think. Make sure you save room in your budget for unexpected repairs or other unknowns that might come up while you’re working on the house. Get a Home Inspection: Before you buy, hire an inspector to check out the house. They’ll help you determine the necessary repairs, so you don’t end up with expensive surprises later. Plan Your Priorities: When deciding what to tackle first, it helps to categorize your goals. Think of your home in three ways: the must-haves (essential repairs), the nice-to-haves (upgrades that would make life easier), and the dream-state features (luxuries you can add later). This will help you prioritize and stick to your budget. Remember, the perfect home is the one you perfect after buying it. By starting with a fixer upper, you have the opportunity to customize a home to your liking while saving money on the initial purchase price. With careful planning, budgeting, and a little bit of vision, you can turn a house that needs some love into your perfect home. Real estate agents are great at finding homes with potential. They know the local market and can guide you to homes where smart upgrades can add value. With their help, you’re more likely to find a house that fits your total budget and has room for worthwhile improvements. Bottom Line In today’s market, where the cost of homeownership can be intimidating, finding a move-in-ready home that fits your budget can feel like a real challenge. But if you’re open to putting in a little work, you can transform a fixer upper into your ideal home over time. A local real estate agent can help you explore what’s possible and find a place that’ll work for you.

Is a Fixer Upper Right for You?

If your goal is to sell your house in 2025, now's the time to start prepping. Even though it might seem like there's plenty of time between now and the new year, you should get a head start on any updates or repairs you want to make now. As Danielle Hale, Chief Economist at&nbsp;&nbsp;Realtor.com&nbsp;says: <blockquote><div>"...now is the time to start thinking about what you need for your next home and then taking those steps to prepare to list... We have survey data that says 47 percent of sellers are taking longer than a month to get their home ready to sell, so getting them to start that process early can mean more flexibility."</div></blockquote> By starting your prep work early, you'll give yourself plenty of time to get your house market-ready by the end of the year. But be sure to partner with a great agent before you get started, so you have expert insight into what repairs are worth it based on your local market. Why Starting Early Is KeyTo get the best price and sell quickly, it's important that your home looks its best. And that means it's up to you to make the necessary repairs, declutter, and even consider updates that could add value as part of getting your house ready to list.By starting now, you can tackle things one task at a time. Whether it's fixing that leaky faucet, refreshing your landscaping, or painting a room, getting an early start gives you the flexibility to do the job right and with as little stress as possible. Because, if you wait to knock items off your list later on, they could quickly stack up and get overwhelming. As Realtor.com explains: ​<blockquote><div>"There are some important repairs to make before selling a house, so don't be in too much of a hurry to get your home listed ... if you move too fast, buyers see right through the fact that you skipped important home renovations. And this.. . might end up costing you time and money."</div></blockquote>​ What Should You Focus On? Feeling motivated to start chipping away at that to- do list, but not sure where to start? Here's a look at the most common improvements other sellers are making today (see graph below): <div class="se-component se-image-container __se__float-center"><figure style="width: 734px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241025103704.png" alt="" width="734" height="377" style="width: 734px; height: 377px;" origin-size="1908,980"></figure></div> The Importance of Working with a Local Agent And while that data gives you a starting point, it shouldn't be seen as a comprehensive list. What buyers want in your area may be different, and only a local agent will have this in-depth understanding. For example, if homes in your area are selling quickly with updated kitchens, your agent might suggest focusing on minor kitchen improvements rather than spending money on other areas that won't offer as much return. They'll also help you figure out if tackling larger projects, such as replacing your roof or upgrading your HVAC system, is worth it based on other recently sold homes. As Point says: <blockquote>"Not all renovations are created equal, and focusing on upgrades that offer the highest potential for increasing your home's value is key."</blockquote> And remember, it's not just big-ticket items that can have an impact. Your agent will also speak to some of the smaller details - like cleaning up your yard, adding fresh mulch, or painting your front door – to make a real difference in how buyers feel about your home. This type of expert eye is crucial to help your house sell fast and for top dollar. Bottom Line Thinking of selling your house next year? Don't wait until the last minute to get it ready. By getting a head start now, you can ensure everything is in place by the time the new year rolls around. Need advice on what to tackle first? Let's connect.

Planning To Sell Your House in 2025? Start Prepping NOW

If you're thinking about downsizing, you may be hearing about 55+ communities and wondering if they'd be a good fit for you. Here's some information that could help you make your decision. <h4>What Is a 55+ Community?</h4>It's important to note that these communities aren't just for people who need extra support - they can be pretty vibrant, too. Many people who are downsizing opt for this type of home because they're looking to be surrounded by people in a similar season of life. U.S. News explains: "The terms '55-plus community,' 'active adult community,' 'lifestyle communities' and 'planned communities' refer to a setting that caters to the needs and preferences of adults over the age of 55.&nbsp;These communities are designed for seniors who are able to care for themselves but may be looking to downsize to a community with others their same age and with similar interests." <div> </div><h4>Why It's Worth Considering This Type of Home </h4>​​If that sounds like something that may interest you, here's one thing to consider. You may find you've got a growing list of options if you look at this type of community. According to 55places.com, the number of listings tailored for homebuyers in this age group has increased by over 50% compared to last year. And a bigger pool of options could make your move much less stressful because it's easier to find something that's specifically designed to meet your needs. <h4>Other Benefits of 55+ Communities</h4>​On top of that, there are other benefits to seeking out this type of home. An article from 55places.com highlights just a few:• Lower-Maintenance Living: Tired of mowing the lawn or pulling weeds? Many of these communities take care of this for you. So, you can spend more time doing fun things, and less time on maintenance.• On-Site Amenities: Some feature lifestyle amenities like a clubhouse, fitness center, and more, so it's easy to stay active. Plus, others offer media rooms, libraries, spas, arts and craft studios, and more.• Like-Minded Neighbors: Additionally, these types of homes usually offer clubs, outings, meet-ups, and more to foster a close-knit community.• Accessible Floor Plans:&nbsp;Not to mention, many have first-floor living options, ample storage spaces, and modern floor plans so you can have a home tailored to this phase in your life. <h4>Bottom line </h4>If this sounds appealing to you, let's talk about what's available in our area, and the unique amenities for each community. you may find a 55+ home is exactly what you've been searching for.

Could a 55+ Community Be Right for You?

In today's housing market, many sellers are making a critical mistake: overpricing their houses. This common error can lead to a home sitting on the market for a long time without any offers. And when that happens, the homeowner may have to drop their asking price to try to re-ignite buyer interest. Data from Realtor.com shows the number of homeowners realizing this mistake and doing a price reduction is climbing (see graph below): <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240829112359.png" alt="" width="388" height="219" style="width: 388px; height: 219px;"></figure></div>here·s what you need to know. I he best way to avoid making a costly mistake is to work with a trusted real estate agent to find the right price. Here's a look at what's at stake if you don't. <h4>Not Paying Attention To Current Market Conditions </h4>Understanding current market conditions is key to accurate pricing. You don't want to set your asking price based on what happened during the pandemic. The market has moderated a lot since then, so it's far better to align your price with today's reality. Real estate agents stay updated on market trends and how they impact the pricing strategy for your house.<h4>Pricing It Based on What You Want To Make (Not What It's Worth)</h4>​Another misstep is pricing it based on what you want to make on the sale, and not necessarily current market value. You may see other homes in your neighborhood selling for top dollar and assume yours can do the same. But you may not be considering differences in size, condition, and features. For example, maybe that other house is waterfront or has a finished basement. To sum it up, Bankrate explains: "How do you find that sweet spot of pricing for profit but not overpricing? The expertise of your agent can be truly valuable here. A knowledgeable agent will understand fair market value in your area, how much your house is worth and how much you might reasonably expect to get for it in the current market."An agent will do a comparative market analysis (CMA) to make sure your house is compared with truly similar properties to get an accurate look at how it should be priced.<h4>Pricing High to Leave Room for Negotiation</h4>Another common, yet misguided strategy is to price your house high on purpose, so you have more room to negotiate down during the sale. But this can backfire. A price that seems too high often deters potential buyers from even considering the home. So rather than leaving room for negotiation, what you'll actually be doing is turning buyers away. U.S. News Real Estate explains:"You want to sell your house for top dollar, but be realistic about the value of the property and how buyers will see it. If you've overpriced your home, chances are you'll eventually need to lower the number, but the peak period of activity that a new listing experiences is already gone."​An agent can help you set a fair price that attracts buyers and encourages more competitive offers. <h4>Bottom Line </h4>​Overpricing your home can have serious consequences. A knowledgeable real estate agent brings an objective perspective, in-depth market knowledge, and a strategic approach to pricing. Let's connect so you can avoid making a pricing mistake that'll cost you.

The Number One Mistake  Sellers Are Making:  Overpricing Their House 

In life, patience is a virtue - but in the world of homebuying, waiting too long in hopes of finding the perfect home actually isn't wise. That's because the pursuit of perfection comes at a cost. And in this case, that cost may be delaying your dream of homeownership. As&nbsp;Bankrate&nbsp;explains: <blockquote>“One of the most common first-time homebuyer mistakes is looking for a home that checks each of your boxes.&nbsp;Looking for perfection can narrow your choices and lead you to pass over good, suitable options for starter homes in the hopes that something better will come along.” </blockquote> The Cost of Holding Out for PerfectionNothing in life is ever perfect - and that's true when you search for a home too. Unless you're building a brand-new home from the ground up, chances are there are going to be some features or finishes you wouldn't have picked yourself. It may be as simple as paint colors, a light fixture, or the tile in the bathrooms or kitchen. Or even that the backyard isn’t fenced in. It could also be that the home itself is great, but it’s not the ideal location you were hoping for. But here's the trade-off you'd be making without even realizing it. In all that time you’d spend searching for the perfect place, you’d overlook a lot of homes that would've worked for you.&nbsp;U.S. News&nbsp;explains: <blockquote>“... you may miss opportunities if you enter the process with blinders on and aren't open-minded...Countless potential buyers never buy because of this, and thus miss great investments or never move on to the next chapter of their lives.”</blockquote> It’s Time To Redefine PerfectionEspecially with affordability and inventory where they are today, buying a home that needs some updates, is a few neighborhoods away from your ideal location, or doesn’t have all your desired features can be a smart move. Here’s why. For starters, these homes are usually more affordable, which is important at a time when some buyers are struggling to find options in their budget. And they give you a chance to make the space your own or discover a whole new area of town. You may find out you actually love that neighborhood. Or, swapping out a feature here or there after move-in isn't such a big deal. So, look past the green shag carpet and see the bones of the house. With a little vision and creativity, you can turn a good house into a fantastic home. How an Agent Helps You Explore Your Options If you’re open to a home that needs a little elbow grease or is a bit further out, let your agent know. They'll be happy to show you how this can really open up your pool of homes to pick from. They'll also help coach you through this process by:<ol><li>​Prioritizing Your Must-Haves: Your agent will want to revisit your wish list and separate your non-negotiables from your nice-to-haves. From there, they'll focus on what's really most important to you as they come up with a bigger list of options for you to choose from.</li><li>​Coaching You To See the Potential: As you tour these added options, your agent will help you look beyond cosmetic flaws and imagine what the home could be with a little work. Simple updates like a fresh coat of paint or new flooring can make a big difference.</li><li>​Connecting You with Local Pros: And an agent's support goes one step further. If they know what you're hoping to change after you move in, they can connect you with local pros who can get the job done. That way it’s less work for you, and you don't have to worry about tracking down contractors. </li></ol>Bottom LineRemember, there is no perfect home. But with expert help and an open mind, we can find you the right home - even in today’s market. Let's connect to see what's out there.

The Price of Perfection: Don’t Wait for the Perfect Home

Many homeowners looking&nbsp;<a href="https://www.keepingcurrentmatters.com/2024/05/23/questions-you-may-have-about-selling-your-house/" rel="noopener noreferrer" target="_blank">to sell</a>&nbsp;feel like they’re stuck between a rock and a hard place right now. Today’s&nbsp;<a href="https://www.keepingcurrentmatters.com/2024/04/16/should-i-wait-for-mortgage-rates-to-come-down-before-i-move/" rel="noopener noreferrer" target="_blank">mortgage rates</a>&nbsp;are higher than the one they currently have on their home, and that’s making it harder to&nbsp;<a href="https://www.keepingcurrentmatters.com/2024/05/06/whats-motivating-your-move/" rel="noopener noreferrer" target="_blank">want to sell</a>&nbsp;and make a move. Maybe you’re in the same boat. But what if there was a way to offset these higher&nbsp;<a href="https://www.keepingcurrentmatters.com/2024/04/10/should-i-move-with-todays-mortgage-rates/" rel="noopener noreferrer" target="_blank">borrowing costs</a>? There is. And the money you need probably already exists in your current home in the form of equity. <h4 style="line-height: 1.1em;text-align: start">What Is Equity?</h4>Think of equity as a simple math equation.Freddie Mac&nbsp;<a href="https://myhome.freddiemac.com/owning/equity-and-appreciation" rel="noopener noreferrer" target="_blank">explains</a>:<blockquote>“. . . your home’s equity is the difference between how much your home is worth and how much you owe on your mortgage.”</blockquote>Your equity grows as you pay down your loan over time and as home prices climb. And thanks to the rapid home&nbsp;<a href="https://www.keepingcurrentmatters.com/2024/05/13/home-prices-are-climbing-in-these-top-cities/" rel="noopener noreferrer" target="_blank">price appreciation</a>&nbsp;we saw in recent years, you probably have a whole lot more of it than you realize.The latest from the&nbsp;<a href="https://data.census.gov/cedsci/all?q=mortgage" rel="noopener noreferrer" target="_blank">Census</a>&nbsp;and&nbsp;<a href="https://www.attomdata.com/news/market-trends/home-sales-prices/attoms-q4-2023-home-equity-and-underwater-report/" rel="noopener noreferrer" target="_blank">ATTOM</a>&nbsp;shows more than two out of three homeowners have either completely paid off their mortgages (shown ingreen in the chart below) or have at least 50% equity (shown inblue in the chart below): <div class="se-component se-image-container __se__float-start"><figure><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240531/20240606-Two-Thirds-of-Homeowners-Have-at-Least-50-Equity-in-Their-Homes-original.png" alt="" data-proportion="true" data-align="start" data-file-name="20240606-Two-Thirds-of-Homeowners-Have-at-Least-50-Equity-in-Their-Homes-original.png" data-file-size="0" data-origin=",auto" data-size="," data-rotate="" data-percentage="auto,auto" style="box-sizing: border-box; margin: 0px; padding: 0px; border: none rgb(224, 224, 224); font: inherit; vertical-align: baseline; display: inline-block;"></figure></div> That means the majority of homeowners have a game-changing amount of equity right now. <h4 style="line-height: 1.1em;text-align: start">How Your Equity Can Help Fuel Your Move</h4>After you&nbsp;<a href="https://www.keepingcurrentmatters.com/2024/04/29/nows-a-great-time-to-sell-your-house/" rel="noopener noreferrer" target="_blank">sell</a>&nbsp;your house, that&nbsp;<a href="https://www.keepingcurrentmatters.com/2024/04/26/equity-can-make-your-move-possible-when-affordability-is-tight-infographic/" rel="noopener noreferrer" target="_blank">equity</a>&nbsp;can&nbsp;help you move without worrying as much about today’s mortgage rates. As Danielle Hale, Chief Economist forRealtor.comsays:<blockquote>“A consideration today’s homeowners should review is what their home equity picture looks like.With the typical home listing price up 40% from just five years ago, many home sellers are sitting on a healthy equity cushion.This means they are likely to walk away from a home sale with proceeds that they can use to offset the amount of borrowing needed for their next home purchase.” </blockquote>To give you some examples, here are a few ways you can use<a href="https://www.keepingcurrentmatters.com/2024/04/12/the-perks-of-downsizing-when-you-retire-infographic/" rel="noopener noreferrer" target="_blank">equity</a>to buy your next home:<ul><li style="font-size: 18px">Be an all-cash buyer:&nbsp;If you’ve been living in your current home for a long time, you might have enough equity to buy your next home without having to take out a loan. If that’s the case, you won’t need to borrow any money or worry about&nbsp;mortgage rates.&nbsp;</li><li style="font-size: 18px">Make a larger down payment:&nbsp;Your equity could also be used toward your next down payment. It might even be enough to let you put a larger amount down, so you won’t have to borrow as much at today’s rates.&nbsp;</li></ul><h4> </h4><h4 style="line-height: 1.1em;text-align: start">The First Step: Determine How Much Equity You Have in Your Home</h4>Want to find out how much equity you have? To do that, you’ll need two things:<ol><li style="font-size: 18px">The current mortgage balance on your home</li><li style="font-size: 18px">The current value of your home</li></ol> You can probably find the mortgage balance on your monthly mortgage statement. To understand the current market value of your house, you can pay hundreds of dollars for an appraisal, or you can contact a local<a href="https://www.keepingcurrentmatters.com/2024/05/14/thinking-of-selling-you-want-an-agent-with-these-skills/" rel="noopener noreferrer" target="_blank">real estate agent</a>who will be able to present to you,at no charge, a professional equity assessment report (PEAR).Once you’ve connected with a trusted local agent and run the numbers, you’re one step closer to making a move you may not have thought was realistic – all thanks to your equity. <h3 style="line-height: 1.1em;text-align: start">Bottom Line</h3>If you want to find out how much equity you have and talk more about how it can make your next move possible, connect with a local real estate professional.

Your Equity Could Make  a Move Possible

​Thinking about&nbsp;<a href="https://www.simplifyingthemarket.com/en/2024/04/16/should-i-wait-for-mortgage-rates-to-come-down-before-i-move/?a=909838-6cb7ea017044fe5e5b617177e3be6bad" rel="noopener noreferrer" target="_blank">selling your house</a>? As you make your decision, consider what's pushing you to think about moving. A recent&nbsp;<a href="https://www.realtor.com/research/2024-q1-sellers-survey-btts/" rel="noopener noreferrer" target="_blank">survey</a>&nbsp;from&nbsp;Realtor.com&nbsp;looked into why people want to sell their homes this year. Here are the top two reasons (see graphic below):&nbsp;​ <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240517121314.png" alt="" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="20240506-Top-2-Reasons-Homeowners-Plan-To-Move.png" data-file-size="26792" data-origin="," style=""></figure></div> Let's take a closer look and see if they’re motivating you to make a change too.<h4 style="line-height: 1.2;text-align: start">1. To Make a Profit</h4>If you’re thinking about&nbsp;<a href="https://www.simplifyingthemarket.com/en/2024/03/29/outdoor-projects-can-boost-curb-appeal-when-you-sell-infographic/?a=909838-6cb7ea017044fe5e5b617177e3be6bad" rel="noopener noreferrer" target="_blank">selling your house</a>, you probably have a lot of questions on your mind. Well, here's some good news – the latest data shows most sellers get a great return on their investment when they sell.&nbsp;ATTOM, a property data provider,&nbsp;<a href="https://www.attomdata.com/news/most-recent/attoms-year-end-2023-u-s-home-sales-report/" rel="noopener noreferrer" target="_blank">explains</a>:<blockquote><div>“. . . home sellers made a $121,000 profit on the typical sale in 2023, generating a 56.5 percent return on investment.”</div></blockquote> That’s significant. And here’s one contributing factor. During the pandemic,&nbsp;<a href="https://www.simplifyingthemarket.com/en/2024/04/22/what-you-really-need-to-know-about-home-prices-1/?a=909838-6cb7ea017044fe5e5b617177e3be6bad" rel="noopener noreferrer" target="_blank">home prices</a>&nbsp;skyrocketed. There was way more buyer demand than homes available for sale and that combination pushed prices up.Now, home prices are still rising, just not as fast. That ongoing appreciation is good news for your bottom line. Any profit you make can help offset some of today’s&nbsp;<a href="https://www.simplifyingthemarket.com/en/2024/04/18/is-it-getting-more-affordable-to-buy-a-home/?a=909838-6cb7ea017044fe5e5b617177e3be6bad" rel="noopener noreferrer" target="_blank">affordability challenges</a>&nbsp;when you buy your next home.If you want to know how much your house is worth now and what's going on with prices in your area, talk to a local&nbsp;<a href="https://www.simplifyingthemarket.com/en/2024/02/28/why-you-want-an-agents-advice-for-your-move/?a=909838-6cb7ea017044fe5e5b617177e3be6bad" rel="noopener noreferrer" target="_blank">real estate agent</a>. <h4 style="line-height: 1.2;text-align: start">2. For Family Reasons</h4>Maybe you want to be near relatives to help take care of&nbsp;<a href="https://www.simplifyingthemarket.com/en/2024/04/25/is-a-multi-generational-home-right-for-you/?a=909838-6cb7ea017044fe5e5b617177e3be6bad" rel="noopener noreferrer" target="_blank">older family members</a>&nbsp;or to have more support nearby. Or maybe you’re just eager to spend time together on special occasions like birthdays and holidays. <a href="https://www.simplifyingthemarket.com/en/2024/04/12/the-perks-of-downsizing-when-you-retire-infographic/?a=909838-6cb7ea017044fe5e5b617177e3be6bad" rel="noopener noreferrer" target="_blank">Selling a house</a>&nbsp;and moving closer to the people who matter the most to you helps keep you connected. If the distance is making you miss out on some big milestones in their lives, it might be time to talk to a local real estate agent to find a place close by. The&nbsp;National Association of Realtors&nbsp;(NAR)&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/7-reasons-to-work-with-a-realtor#:~:text=A%20great%20real%20estate%20agent,Give%20you%20expanded%20search%20power." rel="noopener noreferrer" target="_blank">says</a>:<blockquote><div>“A great real estate agent will guide you through the home search with an unbiased eye, helping you meet your buying objectives while staying within your budget.”</div></blockquote> <h3 style="line-height: 1.2;text-align: start">Bottom Line</h3>If you're thinking about&nbsp;<a href="https://www.simplifyingthemarket.com/en/2024/04/10/should-i-move-with-todays-mortgage-rates/?a=909838-6cb7ea017044fe5e5b617177e3be6bad" rel="noopener noreferrer" target="_blank">selling your house</a>, there’s probably a good reason for it. Let’s talk so you&nbsp;<a href="https://www.simplifyingthemarket.com/en/2024/04/02/why-overpricing-your-house-can-cost-you/?a=909838-6cb7ea017044fe5e5b617177e3be6bad" rel="noopener noreferrer" target="_blank">have help</a>&nbsp;making the right move to reach your goals this year.

What's Motivating Your Move?

If you have student loans and want to&nbsp;<a target="_self" href="https://www.mykcm.com/2024/03/22/3-helpful-tips-for-first-time-homebuyers-infographic/">buy a home</a>, you might have questions about how your debt affects your plans. Do you have to wait until you’ve paid off those loans before you can buy your first home? Or is it possible you could still qualify for a home loan even with that debt? Here’s a look at the latest information so you have the answers you need. A&nbsp;Bankrate&nbsp;article&nbsp;<a target="_self" href="https://www.bankrate.com/loans/student-loans/financial-milestone-survey/">explains</a>: ​“Roughly 60 percent of U.S. adults who have held student loan debt have put off making important financial decisions due to that debt. . . For Gen Z and millennial borrowers alone, that number rises to 70 percent.” ​This includes one of the biggest financial decisions you’ll ever make,buying a home. But you should know, even with student loans, waiting tobuy a homemay not be necessary. While everyone’s situation is unique, your goal may be more within your reach than you realize. Here’s why. Can You Qualify for a Home Loan if You Have Student Loans? According to an annual&nbsp;<a target="_self" href="https://www.nar.realtor/sites/default/files/documents/2023-profile-of-home-buyers-and-sellers-highlights-11-13-2023.pdf">report</a>&nbsp;from theNational Association of Realtors(NAR), 38% of first-time buyers had student loan debt and the typical amount was $30,000.That means other people in a similar situation were able to qualify for and&nbsp;<a target="_self" href="https://www.mykcm.com/2024/03/01/the-first-step-getting-pre-approved-for-a-mortgage-infographic/">buy a home</a>&nbsp;even though they also had student loans. And you may be able to do the same, especially if you have a steady source of income.&nbsp;As an article from&nbsp;Bankrate&nbsp;<a target="_self" href="https://www.bankrate.com/mortgages/mortgage-student-loan-guidelines">says</a>: ​“. . .&nbsp;you can have student loans and a mortgage at the same time. . . .If you have student loans and want a mortgage, there are multiple home loan programs you might qualify for. . .”​ The key takeaway is, for many people, homeownership is achievable even with student loans. You don’t have to&nbsp;<a target="_self" href="https://www.mykcm.com/2024/02/26/the-truth-about-down-payments/">figure this out</a>&nbsp;on your own. The best way to make a decision about your goals and next steps is to talk to the professionals. A trusted lender can walk you through your options based on your situation, and share what’s worked for other&nbsp;<a target="_self" href="https://www.mykcm.com/2024/03/13/your-home-is-a-powerful-investment/">buyers</a>. <h3 style="text-align: start">Bottom Line</h3>Lots of other people with student loan debt are able to buy their&nbsp;<a target="_self" href="https://www.mykcm.com/2024/03/11/finding-your-perfect-home-in-a-fixer-upper/">own homes</a>. Talk to a lender to go over your options and see how close you are to reaching your goal.

Don't Let Your Student Loans Delay Your Homeownership Plans

Have you heard the term “Silver Tsunami” getting tossed around recently? If so, here’s what you really need to know. That phrase refers to the idea that a lot of baby boomers are going to move or downsize all at once. And the fear is that a sudden influx of homes for sale would have a big impact on&nbsp;<a href="https://www.simplifyingthemarket.com/en/2024/03/15/the-latest-trends-in-housing-infographic/?a=1000002186-77d542a1db43cb68c67195e9711d4afc" rel="noopener noreferrer" target="_blank">housing</a>. That’s because it would create a whole lot more competition for smaller homes and would throw off the balance of supply and demand, which ultimately would impact home prices. But here’s the thing. There are a couple of faults in that logic. Let’s break them down and put your mind at ease. NOT ALL BABY BOOMERS PLAN TO MOVE For starters, plenty of baby boomers don’t plan on&nbsp;<a href="https://www.simplifyingthemarket.com/en/2024/03/08/the-spring-market-is-a-sweet-spot-if-youre-looking-to-sell-infographic/?a=1000002186-77d542a1db43cb68c67195e9711d4afc" rel="noopener noreferrer" target="_blank">moving</a>&nbsp;at all. A&nbsp;<a href="https://www.aarp.org/content/dam/aarp/research/surveys_statistics/liv-com/2021/2021-home-community-preferences-chartbook.doi.10.26419-2Fres.00479.001.pdf" rel="noopener noreferrer" target="_blank">study</a>&nbsp;from the&nbsp;AARP&nbsp;says more than half of adults aged 65 and older want to stay in their homes and not move as they age (see graph below): <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240408114311.jpg" alt="" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="Screenshot 2024-04-09 074303.jpg" data-file-size="60166" data-origin="," style=""></figure></div> While it’s true circumstances may change and some people who don’t plan to move (the red in the chart above)&nbsp;may realize they need to down the road, the vast majority are counting on aging in place.As for those who stay put, they’ll likely modify their homes as their needs change over time. And when updating their existing home won’t work, some will buy a second home and keep their original one as an investment to fuel generational wealth for their loved ones. As an article from&nbsp;Inman&nbsp;<a href="https://www.inman.com/2024/01/19/what-experts-have-right-and-wrong-about-the-silver-tsunami/" rel="noopener noreferrer" target="_blank">explains</a>: <blockquote><div>“Many boomers have no desire to retire fully and take up less space . . .&nbsp;Many will modify their current home, and the wealthiest will opt to have multiple homes.”</div></blockquote> EVEN THOSE WHO DO MOVE WON’T DO IT ALL AT ONCE While not all baby boomers are looking to sell their homes and move – the ones who do won’t all do it at the same time. Instead, it’ll happen slowly over many years. As&nbsp;Freddie Mac&nbsp;<a href="https://twitter.com/FreddieMac/status/1763285511442166042" rel="noopener noreferrer" target="_blank">says</a>: <blockquote><div>“We forecast the ‘tsunami’ will be more like a tide, bringing a gradual exit of 9.2 million Boomers by 2035 . . .”</div></blockquote> As Mark Fleming, Chief Economist at&nbsp;First American,&nbsp;<a href="https://finance.yahoo.com/news/tides-changed-housing-market-experts-113000181.html" rel="noopener noreferrer" target="_blank">says</a>: <blockquote><div>“Demographics are never a tsunami.&nbsp;The baby boomer generation is almost two decades of births. That means they’re going to take about two decades to work their way through.”</div></blockquote><h3> </h3><h3> </h3><h3 style="text-align: start">Bottom Line</h3>If you're stressed about a Silver Tsunami shaking the&nbsp;<a href="https://www.simplifyingthemarket.com/en/2024/02/27/why-todays-housing-supply-is-a-sweet-spot-for-sellers/?a=1000002186-77d542a1db43cb68c67195e9711d4afc" rel="noopener noreferrer" target="_blank">housing market</a>&nbsp;overnight, don't be. Baby boomers will move slowly over a much longer period of time.

Boomers Moving Will Be More Like a Gentle Tide Than a Tsunami

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