August 2025: What Homebuyers Should Know This Month

Important Tips for First-Time Homebuyers

Buying your first home is a major milestone, and with the right preparation, the process can be smooth and exciting. We recommend starting with a credit check to help get a clear idea of what you can comfortably afford. Don’t forget to budget for additional costs like inspections, insurance, and closing fees. One of the best ways to get ahead is by getting pre-approved.

RWM’s Certified Pre-approval process is fast, seamless, and helps show sellers you’re a serious buyer, which can give you a real advantage in today’s market. There are great first-time buyer programs, and depending on what state you are buying in, there may be down payment assistance options available. Please feel free to reach out with any questions! I’m here to help guide you every step of the way!¹

Mortgage Demand Drops To Lowest Level Since May

While mortgage application activity has dipped slightly, there’s still good news for buyers. Rates have remained steady, hovering around 6.83%, and more homes are hitting the market across many areas. Compared to last year, purchase applications are up 17%, showing that more people are stepping into homeownership despite some economic uncertainty.

If you’re thinking of buying, this steady-rate window could be a smart time to act. Refinance activity is also gradually picking up, which could signal more rate drops ahead. As always, staying informed and prepared puts you in the best position when the right home comes along. Let me know if you have any questions about starting your homeownership journey! ²

Did You Know?

Did you know that most home renovators go over budget? You should budget at least 25–30% extra to your estimate. Planning every detail and ordering materials early can save time, money, and stress. Renovations often take longer than expected, so patience is essential! Even small oversights, like outlet placement or skipped prep work, can lead to big and costly regrets down the line! ³

How the “Big Bill” Affects Homeowners

The newly signed “One Big Beautiful Bill Act” includes several key updates. Mortgage insurance premium deductions are now permanent, and the $750K mortgage interest deduction cap is here to stay in hopes of creating more financial consistency for homeowners. It also expands the Low-Income Housing Tax Credit and preserves investor benefits like the 20% QBI deduction and 1031 exchanges. While no new federal down payment assistance was added, many state and local programs remain available.⁴

Create a Home Office You’ll Love

Whether you work remotely, run your own business, or simply want a dedicated space to focus, creating a home office that blends comfort with function is key to doing your best work. Choose furniture and tech that fit your space and support your workflow, prioritize good lighting to boost energy, and use smart storage to keep things organized. A clean, well-arranged environment will help you maintain a space that supports both focus and comfort.⁵

Sources: ¹ dfpi.gov; ² cnbc.com; ³ houseandgarden; ⁴ nationalmortgageprofessional; ⁵ rwmloans.com