It May Be Time To Consider a Newly Built Home
If you’re looking to buy a house, you may find today’s limited supply of homes available for sale challenging. When housing inventory is as low as it is right now, it can feel like a bit of an uphill battle to find the perfect home for you because there just isn’t that much to choose […]
Beyond Mortgage Rates: The 3 Surprising Factors Shaping Home Affordability Today
The current state of home affordability is not just based on mortgage rates, but also on home prices and wages. Although mortgage rates have climbed since their pandemic-era record lows, they have remained relatively stable for the past eight months, hovering between 6% and 7%. Home prices, on the other hand, have varied by market, with some areas seeing slight declines while others continue to climb. However, rising wages are currently the most positive factor in affordability, as higher income reduces the percentage of one’s paycheck needed to cover monthly housing costs. To get a better understanding of how these factors work together in your local market, it’s best to consult with a trusted real estate agent.