Your friends will always have an opinion, but you have to do what is right for you!
The current narrative is that home prices have risen so much so 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.
To help make home buying easier, in the Englewood area we are starting to see more affordable homes on the market than we have in years. Many entry level new construction homes are helping keep resale home prices lower. There are now options for buyers in the $130,000 to $180,000 price range that has been hard to find for some time here.
The Mortgage Monitor also explains that home affordability is better today than it was in the late 1990s in 47 of 50 states.
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! You don’t wan’t to say in six months or a year, “I should have”. Call or text me anytime 941-270-0539