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.
A Surprising Shift to the ‘Burbs May Be on the Rise
Today, moving outside the city limits is more feasible than ever, especially as Americans become accustomed to remote work.
Will Home Values Appreciate or Depreciate in 2020?
According to some experts, even though inventory is still low, it seems that home prices will remain stable throughout 2020.
Happy Mother’s Day
Happy Mother’s Day to all the wonderful women in our lives. We appreciate all the things you do for us each and every day! 🌷🌸💐 💞🌞
Why Home Equity Is a Bright Spark in the Housing Market
The fear and uncertainty we feel right now are very real, and this is not going to be easy.
Confused About the Economic Recovery? Here’s Why.
Experts project businesses will rebound, and a recovery will start to happen in the second half of this year.
U.S. Homeownership Rate Rises to Highest Point in 8 Years
Homeownership is an important part of the American dream, especially in moments like this.
How to Test-Drive a Neighborhood While Sheltering in Place
Check out these tips on how to explore other neighborhoods virtually in the homebuying process.
Why the Housing Market Is a Powerful Economic Driver
Buying a home is a driving financial force in the recovery of the U.S. economy. Are you ready to make a move?
Buying a Home Right Now: Easy? No. Smart? Yes.
Many families have decided not to postpone their plans to purchase a home, even in these difficult times.
What Impact Might COVID-19 Have on Home Values?
A big challenge facing the housing industry is determining what impact the current pandemic may have on home values.