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If you’re in the market for a home but are discouraged by the current high mortgage rates, you’ve probably heard the advice “buy now and refinance later”—maybe from your mortgage lender, real estate agent, or a well-meaning friend.

This seemingly simple solution might empower you to stretch your budget now, with the plan to refinance when mortgage rates drop.

But is “buy now, refinance later” the win-win it’s cracked up to be?

Let’s take a look at this homebuying strategy from all angles and explore the ways in which it could help—or hurt—buyers down the line.

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That question keeps boiling up to the surface, as buyers grapple with the current state of the housing market. High prices and soaring mortgage rates are driving affordability into the dirt. And lurking at the center of all buyer challenges is one towering and inescapable bugaboo: the lack of available homes. It’s simple math. Fewer homes = increased competition, higher prices, and epic levels of frustration.

Last year, new-home construction permits for single-family dwellings declined by about 14% over the previous year—and it’s hardly a new trend. Since the 1990s, U.S. housing starts per 1,000 households have been about half of what they were for the preceding 30 years. The building slowdown spiked in the wake of the 2008 housing crash, then again with the supply-side issues of the COVID-19 pandemic. The current shortfall in new construction is estimated to be as high as 6 million homes.

But not all corners of the U.S. are quite as new-home parched as others. There are still places where builders are putting up new homes to meet buyers’ demands, especially in more affordable areas where dollars stretch further. And Realtor.com® searched out those metros.

Most of these places are in the South, where land is more readily available, expensive building regulations are fewer, and prices aren’t as crazy as they are in states like California.

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Warm and lived-in, with a majestic fireplace, wood craftsmanship from another era, and a crooked old apple tree in a beautiful garden—only older homes come complete with their own personality.

But that distinctive personality could also come with a steep price in upkeep and renovations to meet the needs of your family and your modern tastes.

How do you decide if an older home is worth it? Consider our handy list of pros and cons:

Con: Outdated building code compliance and other maintenance

Homes with old heating systems or inefficient plumbing can be in such bad shape that they do not comply with modern building codes. A home with a crumbling foundation might frighten away most buyers.

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Many homeowners have likely imagined the renovations that would transform their homes into the fabulously stylish and seamlessly functional abodes of their vision-board dreams.

But for those who have gathered the funds (and the strength) to actually tackle a remodel, those dreams can quickly turn into nightmares—without an established and realistic timeline, that is. And might we add, knowing when to bend those expectations is pretty important, too.

So we rounded up the four most common types of remodeling projects with a range of how long each typically takes—and what bumps homeowners might expect along the way.

First, remember timelines can change

Home renovation timelines can vary widely, depending on the scope and complexity of the project, says Andrew Lokenauth, the founder of Fluent in Finance, who is also a seasoned real estate flipper. Your location can also impact the length of your renovation.

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A midcentury modern house that has been in the same family since it was built in 1960 has hit the market for the first time.

“My husband was born and raised here,” says listing agent and owner Kelli Weis, with Daniel Ravenel Sotheby’s International Realty. “It’s a steel and glass house, and [there is] a thoughtfulness behind every room and every design feature.”

This showstopper in Savannah, GA, is listed for $1.5 million. The home needed just five days on the market to land in contingent sale status.

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Whoosh! That was fast.

World-famous skier Lindsey Vonn seems to have tired quickly of her gated, waterfront abode in Miami Beach, FL.

Vonn purchased the posh property for $4.38 million just last May with boyfriend Diego Osorio, an actor and founder of a high-end tequila brand.

Now she’s making a run for a tidy profit—the house is priced at $6 million.

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It’s not a mirage. This really is a desert oasis, and it’s had quite the transformation.

The current owners of the minimalist Artesia Residence in Desert Hot Springs, CA, have reimagined the 1,609-square-foot dwelling.

The original house was built in 1976 as a midcentury geomorphic home. The redone residence is now a turnkey dream, with two bedrooms and 2.5 baths. It is listed for $1.55 million.

“It’s a very zen vibe as you walk through the property,” explains listing agent Simon Mills, of Mills Realty.

HGTV

The latest episode of “Rock the Block” is, in the words of host Ty Pennington, “pretty sweet … In fact, it’s the main suite.”

In “Main Suite Face-Off,” the four teams of HGTV designers in Berthoud, CO, work hard on the primary bedroom in each home. The teams consist of Jonathan Knight and Kristina Crestin from “Farmhouse Fixer,” Michel Smith Boyd and Anthony Elle from “Luxe for Less,” Bryan and Sarah Baeumler from “Renovation Island,” and Page Turner and Mitch Glew from “Fix My Flip.”

Lyndsay Lamb and Leslie Davis, the twins from “Unsellable Houses,” will judge the results; and the winning team will get $3,000 to use on their next challenge.

Each team tries to outdo each other with fancy features that take main suites to the next level, and can we just say we want them all (well, except one). Check out the latest and greatest features that are bound to become mainstays in luxe sleep spaces of the (near) future.

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A brief drop in mortgage rates has boosted U.S. home sales, but with economic uncertainty and elevated rates, the recovery may be short-lived.

The numbers: U.S. existing-home sales jumped 14.5% to an annual rate of 4.58 million in February, the National Association of Realtors said Tuesday.

The numbers are seasonally adjusted.

The surge in sales reverses 12 months of losses in existing-home sales. The increase of 14.5% is the largest since July 2020, during the pandemic. Back then, sales rose by 22.4%.

If you’re wondering how to find a good home inspector, you’re not alone. No matter how amazing a home looks, you’ll want to kick those tires—hard—before you buy. And that means you need to know how to find a good home inspector.

A home inspector examines a home and points out any flaws, from a leaky roof to a faulty foundation. Typically home inspections happen in the days after your offer has been accepted but before you close the deal. That way, you can accurately gauge whether you really want to move forward, cut your losses, or renegotiate with the seller for a fairer price.

But an inspection is only as good as your inspector, so you have to make sure you’re dealing with someone who really knows their stuff. Here’s how to find a home inspector who’ll ace the job.

Are home inspectors licensed?

It seems like a no-brainer to hire an inspector who has been licensed or certified, but it’s not as simple as you think, according to Frank Lesh, executive director of the nonprofit American Society of Home Inspectors.

Not every state requires home inspectors to be licensed, and for those that do, the licenses can mean varying degrees of expertise, depending on the state’s requirements. There are also independent groups that certify inspectors where the quality varies considerably.

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Billionaire Peter Brant and wife Stephanie Seymour hope a buyer will splash out a cool $28 million for their sprawling Palm Beach, FL, estate.

The paper mogul/art collector and his supermodel wife own another Palm Beach mansion that was once home to late shopping center mogul, A. Alfred Taubman. The famous couple purchased the home back in 2020 for a whopping $46 million.

The sizzling-hot housing market on Palm Beach has celebrities and investors flocking to the glitzy island, which boasts miles of pristine beaches.

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It used to be that folks could dependably find cheap rent in large swaths of the Midwest and the South. But those deals are quickly dissipating.

In most of the country, monthly rents are still rising—although not by nearly as much as they did during the peak of the COVID-19 pandemic housing frenzy. Nationally, rents rose 3.1% year over year in February to $1,716 a month, in the 50 largest metropolitan areas, according to the most recent Realtor.com® report. But rents are rising much faster in some of the country’s more traditionally affordable areas.

Rents surged in places such as Indianapolis, where they rose 11.8%; Oklahoma City, which saw a 10.9% jump; and Birmingham, AL, where there was a 9.4% increase year over year.

“Some of that discount advantage has dissipated from those markets over the past few years,” says George Ratiu, Realtor.com’s senior economist.

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Most homebuyers understand the perils of making a financial misstep like buying more house than they can afford or ending up with a money pit that requires unexpected, big-budget repairs. After all, buying a home is likely the most important financial decision you’ll ever make, and you want to walk away from the process feeling like you made a good deal.

But there’s one less obvious move many homebuyers are tempted to make that real estate agents far and wide would strongly advise against: submitting a lowball offer for the heck of it.

“It’s so common for buyers to see what the sellers paid themselves, realize the seller didn’t put money into making improvements, and decide that they should pay less,” says Ann Robertson, a licensed real estate agent at Barley and Barley in Washington, DC. “But an increase from what a house cost when it was last purchased and what it is on the market for now is not a 1-to-1 comparison. A lot happens in the market and in the economy that affects prices.”

It’s tempting to try to bargain your way into that gorgeous million-dollar house in that perfect neighborhood you’ve been eyeing. It’s also easy to judge a home as wildly overpriced. But there’s a lot that goes into determining the value of a home.

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As far as historic homes go, it’s hard to top one that actually predates the country where it’s located. But that’s exactly what makes this Philadelphia townhome, built in 1763 at 231 Spruce Street, so unique.

Originally owned by famous ship captain James Gibbon, the five-bedroom, two-bath home was last sold in 2006 for $990,000.

The beautifully maintained property was recently listed for $1.9 million.

With more than 3,400 square feet (including a private terrace), the fully modernized home still retains much of its original charm.

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You hit the jackpot and found a home with everything you want. And bonus—it backs up to vacant land!

A little more privacy is very inviting, but you might want to pump the brakes before making an offer. While buying a house next to vacant land seems like a good thing at first blush, think about this: What if, years from now, someone decides to build a monstrous 24/7 storage unit or a gas station there?

That’s right. You lose your private oasis, and it could also impact your resale value.

“As a buyer, you definitely want to consider what may happen in the future in that location,” says Tiffany Szakal, agent and managing broker at The Local Element in Grand Rapids, MI.

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A charming, historic house with a rock ‘n’ roll pedigree has hit the market for $22.5 million in Santa Monica, CA.

Known as the Witbeck House, the delightful domicile dates back to 1917. That’s when businessman Charles Witbeck decided to commission a two-story, shingle house that looked more at home on the East Coast than in California.

Arts and Crafts architects Greene and Greene took on the task, creating three structures on the property: a main house, two-bedroom guesthouse, and two-story A-frame.

Brothers Charles and Henry Greene were known for creating “ultimate bungalows,” including several landmark houses and buildings in Southern California—but no others in Santa Monica.

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Concerns over the stability of the U.S. banking system is spilling over into the housing sector as experts worry about credit drying up for home builders.

The collapse of banks such as Silicon Valley Bank and Signature Bank has spooked many investors who have withdrawn vast sums of money from regional banks and moved it to bigger financial institutions for safekeeping.

With an uncertain economic outlook, experts worry about the availability of credit for home builders and mortgage lenders, which could hurt the housing market.

Wall Street is anticipating tighter credit conditions for the U.S. economy in the months ahead. Goldman Sachs recently lowered its forecast for U.S. economic growth, expecting small and medium-sized banks to scale back lending, to preserve liquidity.

HGTV

On HGTV’s “Home Town,” Erin and Ben Napier are no strangers to helping fellow Laurel, MS, residents restore historical homes, but their latest project gets personal and is unlike anything they’ve ever done before.

In the Season 7 episode “The Heart of Laurel,” the married couple introduce two beloved pillars of their community, Janice and John Hollingsworth (along with one of their nine adult children and two of their 13 grandchildren).

Growing up in Laurel, Erin explains, “Their house was the one that all the kids in the neighborhood thought of as a home. Miss Janice was everybody’s momma. When people speak about the Hollingsworths, they say, ‘That is a family that all of us looked up to.’”

HGTV

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Ryan Zimmerman first attempted to unload his six-bedroom, 10-bathroom mansion last year for $8.5 million.

Nearly a year later, the beloved former Washington Nationals infielder has finally found a match for his incredible property in Northern Virginia.

The final price for the Great Falls manse that spans 13,000 square feet and sits on a grand 5-acre parcel? $7.1 million.

The estate and its gorgeous grounds include several water features (a pool, hot tub, and koi pond), a two-story play castle, plus a grand pool house, huge lawn, and mature trees. Let’s take a tour!

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Unless you’re Cinderella, rodents and other critters probably aren’t your friends. They scamper into your home, bring their critter buddies and babies with them, and try to live happily ever after—until you discover them.

For homeowners who’ve just moved in, it can be a nightmare to come across wildlife that likely chomped through wires or burrowed through walls just to get inside.

“Critters most often seek shelter, food, and water sources,” says Meg Pearson, wildlife training manager at Critter Control.

A temporarily vacant home can be a perfect refuge for rodents and critters seeking shelter, warmth, and sustenance. Plus, it’s a quiet place for them to hide from predators. So, it’s not uncommon for new homeowners to call pest control about wildlife damage on move-in day.