In the last few weeks, the average 30-year fixed mortgage rate from Freddie Mac inched up to 5%. While that news may have you questioning the timing of your home search, the truth is, timing has never been more important.

More frequently I am talking to clients who must sell their current home before they can purchase a new home. The challenge is not so much the new home purchase, it is the timing of the transactions to be sure you can make an offer on a new home not contingent on the sale of your current home.

One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership. Having this knowledge is critical to knowing what to save.