Rennova Real Estate

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A Guide To Buying a Home

Buying a Home

why buy a home

to Buy
a Home


Feeling a sense of achievement and pride

Loved Ones

Prioritize the needs of those closest yo uou


Locking into your monthly housing payment with a fixed-rate mortgage

Financial Investment

Growing tyou r assets and your net worth


Enjoy features that enhance your lifestyle


Having a space that's your own

personal expression

Tailoring your home to your unique style


Being a part of a broader social group

buying a home 2
how to start

A Real Estate Expert
Gives You Clarity in
Today’s Housing Market

A real estate expert uses their knowledge of what’s really happening with home prices, housing supply, expert projections, and more to guide you throughout the homebuying process.


Why You Want To Lean on a Trusted Professional

Jay Thompson, Real Estate Industry Consultant, explains:

“Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points or predicting impending doom for the industry. Clickbait, the sensationalizing of headlines and content, has been an issue since the dawn of the internet, and housing news is not immune to it.”

Unfortunately, when information in the media isn’t clear, it can generate a lot of fear and uncertainty in the market. As Jason Lewris, Co-Founder and Chief Data Officer at Parcl, says:

“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”


But it doesn’t have to be that way. Buying a home is a big decision, and it should be one you feel confident making.

You can lean on an expert to help you separate fact from fiction and get the answers you need.

The right agent can help you understand what’s happening at the national and local levels, and they can debunk the headlines using data you can trust.

Experts have in-depth knowledge of the industry and can provide context, so you know how current trends compare to the normal ebbs and flows in the industry, historical data, and more.

Then, to make sure you have the full picture, an agent can tell you if your local area is following the national trend or if they’re seeing something different in your market.

Together, you can use
all that information to make the best possible decision. After all, making a move is a potentially life-changing milestone.

It should be something you feel ready for and excited about. And that’s where a trusted guide comes in.

three factors

The 3 Factors Affecting
Home Affordability Today

The dramatic increase in mortgage rates last year led many buyers to put their plans on hold.
However, affordability is impacted by more than just mortgage rates.
To understand affordability, you have to look at three factors.

1. Mortgage Rates

While mortgage rates are higher than they were a year ago, they’ve hovered primarily between 6% and 7% this year. Within that range, rates have bounced around a lot, but where will they go from here?

Mortgage rates are hard to project, but many experts agree they’ll start to come down by the end of the year if inflation continues to cool. No one can know for sure what’ll happen next, so trying to time the market, especially mortgage rates is difficult.

This makes it extra important to lean on your team of real estate professionals to stay up to date on what’s happening.

2. Home Prices

Over the past few years, home prices appreciated rapidly as the record-low mortgage rates we saw during the pandemic led to a surge in buyer demand.

The heightened buyer demand happened while the supply of homes for sale was at record lows, and that imbalance put upward pressure on home prices. And today, we still have more buyers in the market than homes available for sale.

But, home price appreciation varies by market. Some areas are seeing slight declines while others have prices that are climbing.

3. Wages

The most positive factor in affordability right now is rising income. The graph below uses data from the Bureau of Labor Statistics (BLS) to show how wages have grown over time.

Higher wages improve affordability because they reduce the percentage of your income it takes to pay your mortgage since you don’t have to put as much of your paycheck toward your monthly housing cost.

why buy not rent

Why Buying a Home May
Make More Sense Than Renting

buying a home can help you escape the cycle of rising rents

Rents have risen consistently for several decades.
When your rent rises, you pay more, and that can make saving for a home even harder.

average Household net worth

Homeowner $255,000
Renter $6,300

homeownership is a powerful wealth-building tool

When you own, you gain equity as home values appreciate and as you make your monthly payments.
That's one of the reasons why homeowners have a higher net worth.

homeownership is typically considered a good hedge against inflation

With inflation high, landlords may be even more likely to increase your rent.
Homeowners with a fixed-rate mortgage can lock in a predictable monthly payment for 15 - 30 years.

73% of property managers plan to raise rents over the next two years