Your Friends Are Crazy Wrong If They’re Telling You Not to Buy
The current narrative is that home prices have risen so much that it is no longer a smart idea to purchase a home. Your family and friends might suggest that buying a home right now (whether a first-time home or a move-up home) makes absolutely no sense from an affordability standpoint. They are wrong!
Homes are more affordable right now than at almost any time in our country’s history except for the foreclosure years (2009-2015) when homes sold at major discounts. As an example, below is a graph from the latest Black Knight Mortgage Monitor showing the percentage of median income needed to buy a medium-priced home in the country today in comparison to prior to the housing bubble and bust.
As we can see, the percentage necessary is less now than in those time periods.
The Mortgage Monitor also explains that home affordability is better today than it was in the late 1990s in 47 of 50 states.
Bottom Line
Your friends and family have your best interests at heart. However, when it comes to buying your first home or selling your current house to buy the home of your dreams, let’s get together to discuss what your best move is, now.
To view original article, please visit Keeping Current Matters.
Sellers Have Incredible Leverage in Today’s Market
With buyers eager to purchase, sellers who list their houses this fall have a tremendous advantage when negotiating with buyers.
Renters Missed Out on $51,500 This Past Year
By renting this year, you missed out on the potential wealth gain of $51,500 you could have had by owning your own home.
There Are More Homes Available Now Than There Were This Spring
While it’s impossible to say what the future holds, we do know buyers and sellers have opportunities this season based on the latest data.
Knowledge Is Power When It Comes to Appraisals and Inspections
Both the appraisal and the inspection are important steps in the homebuying process and protect you as a buyer.
Looking To Move? It Could Be Time To Build Your Dream Home.
If you’re ready to sell but are waiting, newly built homes and those under construction can provide the options you’ve been waiting for.
Sellers: Your House Could Be an Oasis for Buyers Seeking More Options
Listing your house this fall gives your house the best chance to be noticed by multiple buyers.
What Do Past Years Tell Us About Today’s Real Estate Market?
Today’s home sales are well ahead of some of the more normal years that led up to the health crisis.
The Big Question: Should You Renovate or Move?
As a homeowner, the money you need to purchase the perfect home or renovate your current house may be right at your fingertips.
Experts Agree: Homeownership Provides a Path to Long-Term Wealth
Homebuyers have an opportunity to start the long-term wealth-building process right now.
111,285 Reasons You Should Buy a Home This Year
Homeownership builds household wealth which also enables households to more easily move to the home of their dreams.