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.
The Main Key To Understanding the Rise in Mortgage Rates
Keep in mind that even though rates will increase in the following months, these rates will still be historically low.
Don’t Tackle Selling Your Home on Your Own – an Agent Can Help
A real estate professional can save you TIME and MONEY by managing every step of the process for you!
Early October is the Sweet Spot for Buyers
While home prices are still appreciating overall, you may see some homes with price adjustments from eager sellers this October.
If You’re a Buyer, Is Offering Asking Price Enough?
If you’ve found your dream home, you need to be realistic about today’s housing market and how that impacts the offer you’ll make.
Two Reasons Why Waiting a Year To Buy Could Cost You
If you are hoping that waiting a year might mean better market conditions to purchase a home, you may want to think again.
Is a 20% Down Payment Really Necessary To Purchase a Home?
If you’re a prospective homebuyer, it’s important to know you don’t have to put the full 20% down
Is It Time To Move on to a New Home?
As the past year has shown, our needs can change rapidly. That means the longer you’ve been in your home, the more likely it is your needs have evolved.
Is the Number of Homes for Sale Finally Growing?
Signs of relief are finally appearing for frustrated buyers. If you’re thinking of selling, now may be a good time to do so!
5 Tips for Making Your Best Offer
In today’s sellers’ market, standing out as a buyer is critical. Multi-offer scenarios and bidding wars are the norm due to the low supply of houses for sale and high buyer demand.
Why It’s Still Safe To Sell Your Home
Real estate professionals use new technology, tools, cleaning procedures, and the latest guidance to meet your changing needs and to keep you safe.