Everything about your home can be found in public records. How long you've lived there, how big your home is, how many bedrooms and bathrooms, whether you've added on, your current mortgage amount owed, whether you have a HELOC, when you last refinanced, and more. While that information has always been available in public records, it's only fairly recently become more easily accessible online.
The standard advice on emergency savings has always been three to six month's worth of income, which is a massive hill to climb. But when COVID hit, many people discovered that even six months wasn't enough.
So, what now? Clearly, telling people to save a year's worth of income won't help, even though that's what many needed. Financial planners still recommend at least three month's of savings, but they also recommend a more diversified income approach.
If you're thinking about buying a home, chances are you're worried about paying too much. Who can blame you? Prices have been skyrocketing. You have to wonder if those prices are sustainable and what your home will be worth in ten years. If you're worried, here are some thoughts that might help you make a decision.