Posts from January 2025

The 50/30/20 Budget

This is a formula you can use to help determine how much of your income you may want to put towards three major spending categories–needs, wants, and savings.

With this budget you would divide your take-home income in this way:

• 50% would go towards "needs," such as rent/mortgage, utilities, insurance, gas, groceries, minimum monthly debt payments.
• 30 % would go towards "wants," such as dining out, entertainment, hobbies, gym memberships, and entertainment.
• 20 % would go towards "saving" for future goals, such as paying off all of your debt, saving for an emergency fund, saving for a home, and investing.

A budget is simply a means of measuring and spending your money in a way that ensures your basic needs (such as f...

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How Today's Interest Rates Impact the Real Estate Market: What Buyers and Sellers Need to Know

As we kick off 2025, interest rates remain a hot topic in the real estate world. Whether you're a first-time homebuyer, seasoned investor, or contemplating selling your property, today's interest rates play a significant role in shaping your strategy. Let's break down what the current rates mean for buyers, sellers, and the overall market.

For Buyers: Higher Costs Require Strategic Planning

If you're looking to purchase a home, today's interest rates could impact your buying power. Even a slight uptick in rates can significantly increase your monthly mortgage payment. Here's an example:

• A $300,000 mortgage at 6.5% interest could cost $1,896 per month. At 7%, that same loan could increase to $1,996—a $100 monthly difference, or $36,000 over 30 years.

What Can You Do?

• G...

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