Tomo CEO Greg Schwartz joins Wealth to discuss tips for individuals looking to enter the housing market this year.
"There’s still a huge amount of interest in housing," Schwartz says. "We’ve seen no slowdown in folks wanting to become first-time homebuyers."
However, Schwartz doesn’t anticipate significant progress in mortgage rates in the near term. While this has sidelined many potential buyers, he doesn’t expect a "perfect moment" for market entry.
For those navigating the housing market, Schwartz offers three key pieces of advice: obtain a loan estimate to understand full rates and hidden fees, "play the address game" using median income as a benchmark, and know your debt-to-income (DTI) and credit thresholds.
Acknowledging market challenges, Schwartz notes that some housing affordability factors, particularly mortgage rates and insurance costs, remain beyond immediate control.
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