Nicole Friedman
speaker
798 appearances
16 recordings
1 series
first heard Aug 2017
last heard Dec 2024
Nicole Friedman’s voice in public audio — every appearance, attributed to the second.
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Appearances
Homeowners who are retired and have fixed incomes might really be hit by these unexpected rising insurance or property tax costs.
And another group that might be exposed here is people that bought their homes in the last year or two when home prices have been at a record and mortgage rates have been high.
And a lot of those people might already be stretched thin in terms of what they can afford.
They might have just barely managed to scrape it together to buy a home.
And so if those other costs end up climbing more than they expect, that could make it hard for those homeowners to stay in their homes.
Or if they're hoping to refinance, if mortgage rates go down, it might make it harder for them to qualify for a refinance.
if these costs are going up that lowers the price of the home that people can afford if more of their monthly payment is going to taxes and insurance and it's something that buyers are having to take into account earlier in the process it used to be that you would put in an offer and go under contract and then at the very last minute you'd get an insurance quote
But now a lot of real estate agents are saying we're talking to buyers about thinking about insurance up front to really figure out what that cost might be because it might really affect the amount that you're willing to spend on the home.
But in general, it's a very difficult time for home buying affordability because home prices are high, mortgage rates are high, and this just adds to that burden.
And so these higher prices
Property tax and home insurance costs are just another thing making it difficult for homebuyers to get into the market and keeping a lot of prospective buyers on the sidelines.
In terms of property taxes, there can be major differences town by town, and that's something that buyers take into account.
And in terms of home insurance, it can even be block by block.
Looking just a couple blocks inland or farther from a source of water or a forest can make a big difference in terms of whether insurance companies are willing to insure that home and at what price.
And so it does affect how homebuyers are thinking of different properties.
And more real estate listing websites are starting to show some of that risk data on their listing sites to help inform buyers whether a certain property maybe is at a high risk of flood or a fire damage to help them assess what they're willing to take on and what their insurance costs might be.
Home affordability could get a little bit better in 2025 if mortgage rates come down.
That would make a big difference for affordability.
Unfortunately, these insurance and property tax costs are less likely to come down in the short term.
Certainly home insurance has really been in a one-way trajectory in recent years going up.
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