Steps to Take Today for a Home Purchase Tomorrow

As home prices continue to inch higher and the average 30-year fixed mortgage rates sitting at a 22-year high, and homebuyers are feeling the pinch. In the last year, a buyer with a $3,000 budget has lost $71,000 in buying power, according to Redfin.

While some factors may be outside of your control, there are steps you can take to help get you ready to act when you come across a good deal and the timing is right for you. Rather than waiting for home prices or mortgage rates to dip, saving money, paying off debt, managing your credit score and educating yourself will greatly increase your chances of becoming a homeowner.