Home prices are softening in many cities across the country, with a decrease of 2% to 4% from a year ago, offering potential buyers a glimmer of hope.
Consumer advisor Clark Howard emphasizes that while lower home prices may seem enticing, prospective buyers should prepare for the full scope of home ownership responsibilities beyond the purchase price.
“Even if it starts to seem like there’s an inkling of hope that you can afford to go buy a home, I don’t want you to do it where you have not really prepared for home ownership,” said Clark Howard.
Howard highlights the importance of budgeting for maintenance costs, which include plumbing, air conditioning, roofing, and yard care.
Unlike renting, where landlords typically handle repairs, homeowners must manage and finance these responsibilities themselves.
As home prices continue to soften, potential buyers are advised to carefully consider the long-term financial commitments of home ownership.
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