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And it has been spreading on and off around the world since then, causing periodic outbreaks. So, Emily, we’ve been talking here on “The Daily” about prices of things and how they’ve gotten so high, mostly in the context of inflation episodes. Egg prices were through the roof last year, and we learned it was related to this. The outbreak of bird flu that is tearing through the nation’s poultry farms is the worst in US history.
How do I know if I’m ready to buy a house?
Well, a lot of experts and scientists are talking about this with rising alarm and in terms that are quite stark. They’re talking about the virus spreading through wild animal populations so quickly and so ferociously that they’re calling it an ecological disaster. Right now, the likelihood that a farmer who gets this virus passes it on is pretty low. But any time you see mammal-to-mammal transmission, it increases the chance that the virus will adapt and possibly, maybe one day get good at spreading between humans. To be clear, that’s not something that there’s any evidence happening in cows right now.
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There is no easy answer, as it depends on a number of factors, including your individual financial situation, your long-term goals, and your local market conditions. Even when house prices are low, you’ll want to consider how mortgage interest rates affect your total expenditure over the life of the loan. The apparent savings from a good purchase price on a house may be quickly offset by a high interest rate. Many home buyers are taking advantage of this chance to save big on interest. Even though demand and prices have gone up, plenty of people are finding it a good time to buy a new home.
Why did lawmakers feel they needed to take this drastic step?
If you lose your job, for example, a lender will be much less likely to approve your loan application. Deciding whether to buy a house now or wait depends a lot on where you want to call home. Regardless of national headlines, real estate is hyper-localized and can vary greatly from one market to another, even within the same state. According to the experts, as long as you can afford to, it’s never a bad time to buy a home. Furthermore, data shows that sellers are also more willing to reduce prices.
U.S. consumers saying 'bad time to buy' a house hits 13-year high in July - Reuters UK
U.S. consumers saying 'bad time to buy' a house hits 13-year high in July.
Posted: Mon, 07 Aug 2023 07:00:00 GMT [source]
As of now, it's important to research and monitor interest rate trends. Low-interest rates can make homeownership more affordable, while higher rates can increase your monthly payments. Doug Duncan's insights underscore the lingering challenges in housing affordability.
One of the reasons sales inventory tends to increase when temperatures rise is because houses show better. Trees and flowers are in bloom, and grass turns green again. Determining the best time to jump into homeownership means understanding the pros and cons of buying a house at different times – and deciding when it’s best for you. The government’s temporary discount program applies to all conventional mortgage types, including three-percent down mortgages such as HomeReady, Home Possible, and the Conventional 97. You're also responsible for all of the maintenance the house will need.
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Making loan payments could get you to that point, but so could your property’s value increasing over time. “Keep in touch with your realtor after you close to keep an eye on your home’s value,” suggests Blackhurst. To qualify for a mortgage at all, you tend to need a credit score in the 500s, though Blackhurst says the minimum could be higher, depending on your lender. If your credit score is too low to get a mortgage, you’d need to wait to improve your credit score if you need to borrow money to buy a home. Blackhurst admits predicting what’s next is a guessing game, but thinks the overall market is stable. “The great fear talked about on the news and around water coolers has been an imminent market crash, but that hasn’t happened,” he says.
The good news is they don’t seem to get nearly as sick as chickens do. They are generally making full recoveries on their own in a couple of weeks. Bird flu refers to a bunch of different viruses that are adapted to spread best in birds. Wild water birds, in particular, are known for carrying these viruses. So they’re constantly swapping genes around and evolving into new strains. And as you mentioned back in the ‘90s, a new version of bird flu, a virus known as H5N1, emerged in Asia.
Opinions are our own, but compensation and in-depth research may determine where and how companies appear. Diddy wants to dismiss some of the claims in one of his sexual assault cases ... Claiming he can't be sued under laws that didn’t even exist at the time of the alleged incident. First, it could allow the outbreak to get much bigger, much faster, which might increase the risk to the food supply. And we might also expect it to increase the risk to farm workers, people who might be in contact with these sick cows.
Now it's time to figure out how much house you can afford. For that reason, think about whether you're ready to put down roots. If you're not sure it's time to settle, it might be best to wait.
A 64% share of those surveyed think mortgage rates will increase in the next 12 months, compared to 51% and 38% the two prior years, respectively. From fierce bidding wars and surging home prices, to elevated inflation and soaring mortgage rates — home buyers have faced an uphill battle for the last two years. There’s also the fact that these particular species, these sea lions and seals, tend to breed in these huge colonies all crowded together on beaches. And so what that means is if a virus makes its way into the colony, it’s very conducive conditions for it to spread. And scientists think that that’s actually what’s happening now.
There are challenges there, both in terms of logistics — just how would you go about vaccinating billions of chickens every year. Traditionally, a lot of countries have not been willing to accept poultry products from countries that vaccinate their poultry. So that gives the virus many more opportunities to become a specialist in mammals instead of a specialist in birds, which is what it is right now.
So you may have a brief window of opportunity when you can enjoy a better supply of homes, moderating prices, and a very attractive mortgage rate — all at once. It’s more likely we’ll see today’s rapid price growth slow down, but not reverse. Because there’s still enough pent-up demand from buyers like you to keep prices up. If the experts are right, more homes will come onto the market in October. And prices could moderate after record-breaking increases. In most areas the market slows down a bit as it gets closer to August.
And also in the past, wild birds have not traditionally gotten very sick from this virus. And this version of the virus not only spread widely through the wild bird population, but it proved to be devastating. Although the US has a program where it will reimburse farmers for their losses. And the way these reimbursements work is they will reimburse farmers only for the birds that are proactively culled, and not for those who die naturally from the virus. And the thinking behind that is it’s a way to incentivize farmers to report outbreaks early. Well, because this threat isn’t new, there is a pretty well-established playbook for containing outbreaks.
And the truth is there are some real challenges to buying a home right now — rising prices and low inventory chief among them. But that’s still very good news if you’ve been chasing eyewatering increases in the places where you’ve wanted to buy. And you can say with confidence that now’s not such a bad time to buy a house. Still, there’s more good news for fall buyers in terms of competition.
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