With mortgage rates reaching decades-high levels, the real estate market is experiencing significant turbulence. In light of this, financial experts from Ramsey Solutions have offered valuable advice for homeowners to navigate these challenging times.
According to Ramsey Solutions founder Dave Ramsey, if you are debt-free and have an emergency fund, prices are likely to continue rising, despite the increasing interest rates. He suggests that if you are unhappy with your current interest rate, you can always refinance later. However, the housing market is currently stagnant.
George Kamel, co-host of “The Ramsey Show,” acknowledges the frustration felt by millennials and Gen Z, who are struggling in the current market. He advises them to resist the fear of missing out (FOMO) and urges patience. Kamel highlights the additional expenses associated with owning a house, such as taxes, insurance, HOA, and PMI. He encourages potential buyers to prioritize becoming debt-free and building an emergency fund before considering homeownership.
Recent data from Freddie Mac reveals that the average rate for a 30-year home loan has reached its highest level since 2000, while the rate for 15-year fixed rate mortgages has also increased. This surge in rates has pushed median monthly house payments to an all-time high of $2,661.
The Ramsey team emphasizes the importance of creating and sticking to a personal budget, especially during the holiday season. Ramsey financial expert Rachel Cruze advises planning ahead and being honest with friends and family about financial constraints. Ken Coleman, known as “America’s Career Coach,” suggests exploring freelancing opportunities to increase income during the holiday season.
Jade Warshaw, a Ramsey personality, reassures viewers that budgeting actually grants permission to spend money wisely. She advocates for simplicity during the holidays, suggesting that people don’t need to host extravagant parties or buy excessive gifts. Instead, she recommends focusing on smaller, meaningful gestures.
Ramsey’s mental health expert John Delony acknowledges the anxiety that pervades society due to mortgage rates, student loans, and credit card debt. He encourages parents to consider giving their children the gift of experiences rather than material possessions.
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