Dollars & Sense: Home Sweet... Expensive Home

What to Know:Housing affordability remains near historic lows as higher prices, mortgage rates, insurance costs, and maintenance expenses squeeze buyers.Prospective buyers should calculate the full cost of homeownership before deciding what they can afford.Home sellers may face unexpected capital gains taxes if their home’s appreciation exceeds IRS exclusion limits.The U.S. housing market has entered a period of uncertainty.After years of rapid price appreciation fueled by low mortgage rates and intense competition, higher borrowing costs have cooled demand in many parts of the country. While home prices have remained relatively resilient, affordability has become one of the biggest challenges facing prospective buyers, leaving many households questioning whether now is the right time to purchase a home.Today’s buyers must account for more than just a monthly mortgage payment.Rising homeowners insurance premiums, higher property taxes in some communities, and increasing maintenance and