What are the experts saying about affordability?Experts agree that this unique moment in time is making homes incredibly affordable for buyers. Lawrence Yun, Chief Economist, NAR:
“Although housing prices have consistently moved higher, when the favorable mortgage rates are factored in, an overall home purchase was more affordable in 2020’s second quarter compared to one year ago.”Bill Banfield, EVP of Capital Markets, Quicken Loans:
“No matter what you’re looking for, this is a great time to buy since the current low interest rates can stretch your spending power.”Mortgage News Daily:
“Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.”Forbes:
“Homeowners are the clear winners. Low mortgage rates mean the cost of owning is at historically low levels and who gains all the benefits of strong house price appreciation? Homeowners.”
Bottom LineWhen purchasing a home, it’s important to think about the overall cost, not just the price of the house. Homes on your wish list may be more affordable today than you think. Let’s connect to discuss how affordability plays a role in our local market, and your long-term homeownership goals.
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