Home prices have been rising faster than incomes, which can be a problem for homeowners because as the value of a home rises, so does the cost to maintain it.
'Paper' wealth and rising expensesTips for homebuyersViehman of the NAR recommends people shopping for a home "lean on their realtor first."
Viehman also recommends leaving room in your monthly budget to address the possibility of surprise expenses.
"Just because you qualify for $3,000 a month in a mortgage payment doesn't mean you should max it out right now," she said.
Tips for current homeownersCurrent homeowners who are struggling to meet their monthly payments also have some options to consider.
Persons:
homeownership, Devon Viehman, Mark Hamrick, homebuyers, Viehman
Organizations:
Chamber of Commerce, National Association of Realtors, NAR, Consumer Financial, Department of Housing, Urban
Locations:
Devon