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How to Budget for a Home in a Rising Market (Without Losing Your Cool)

by Bethany Schilder

Buying a home right now feels a little like hopping onto a rollercoaster that’s already taken off—but don’t worry, I’ve got you! Whether you’re buying your very first home or upgrading to your forever home, navigating a rising market is totally doable with the right plan. Here’s how to create a realistic, stress-free budget that keeps you cool as interest rates climb and prices shift.

Understanding Affordability in Today’s Market

Home prices aren’t the only thing on the rise—so are mortgage rates, and that affects what you can afford every single month. The same house can cost hundreds more per month if interest rates tick up even a little.

Tip: Before falling in love with homes, get pre-approved by a lender. They’ll help you understand your numbers based on current rates. This sets a realistic expectation for what your monthly payment will be and keeps your heart (and wallet) in check.

Also, use an affordability calculator to see how different rates affect your buying power. This tool from NerdWallet is super user-friendly: NerdWallet Mortgage Calculator

Plan for More Than Just a Down Payment

Yes, the down payment is a biggie—but it’s not the only thing you’ll need to save for. Here’s a quick peek at the not-so-hidden costs buyers need to plan for:

  • Closing Costs (2–5% of the loan): Title fees, taxes, and lender fees
  • Home Inspections & Appraisals: Typically $500–$1,000 combined
  • Moving Expenses: Don’t forget the boxes, movers, or your U-Haul rental!
  • Repairs or Renovations: Even new-ish homes may need a little love
  • Homeowners Insurance & Property Taxes: Often part of your monthly payment

Bonus tip: Start a “Home Fund” separate from your checking account. Automate deposits weekly and watch it grow—like magic!

Stay Calm, Stay Flexible

In a rising market, flexibility is your superpower. Maybe that dreamy chef’s kitchen or three-car garage isn’t in the cards right now—and that’s okay! Focus on the fundamentals: safe neighborhood, functional layout, and room to grow equity.

Budget Rule: If a home fits your monthly payment goal with today’s rate, it’s worth considering. If it only works with a “what if rates drop” fantasy… keep looking, friend.

Let’s Get You Ready to Buy!

Creating a smart budget helps you shop with clarity—and confidence! With the right plan, you can still find the perfect home without stressing over every headline or interest rate hike. And remember: I’ll be right there with you from pre-approval to popping champagne at closing!

Let’s chat about your budget, your goals, and your dream home.

Anytime between “now” and “right now” is a good time to take action on shaping your best life, and that includes where you live. Let’s get the ball rolling on your next steps.
(702) 374-6807. Or drop me a line here.

Bethany Schilder Real Estate Agent

Filed Under: For Buyers, Real Estate Tagged With: Buying a home

About Bethany Schilder

My name is Bethany Schilder and I am a connector! My mission is to help connect busy families with their 'home sweet home’ in Las Vegas. As a native of Las Vegas, I know the various communities and neighborhoods across the Valley like the back of my hand, and bring that expertise in pricing and marketing homes for sale and for finding the perfect spot to nest. I'm always up for chips and guac', wine pairing, or brunch (and can recommend the best places to enjoy them all...!)

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