Today’s ultra-connected world undoubtedly gives us access to a barrage of information.
Unfortunately, most of that information is never vetted by a third party. Thus much of it, although erroneous, floats hither and there…..many times mistaken as factual.
One of many erroneous narratives currently circulating is that home prices have risen to an all-time high and that it is therefore a bad idea to purchase now.
Although they may have your best interests in mind, your friends, family and co-workers might suggest that buying a home right now (whether a first-time purchase or a move-up home) makes absolutely no sense from an affordability standpoint. You must understand however that they are also subjected to the same vast amount of erroneous and non-factual information.
With the facts below, you will be able to show them that they have been misguided!!
Right now, the affordability of homes is greater than almost any time in our country’s history, except for the foreclosure years (2009-2015) when homes sold lower than they generally would have otherwise.
To illustrate this, below is a graph from the latest Black Knight Mortgage Monitor that shows the percentage of income needed to buy a medium-priced home in the USA today, as compared to the years prior to the recent recession.
As I am sure you can clearly see, the percentage of median income necessary to purchase a home is now LESS than the above noted years.
Additionally, a monthly in depth, mortgage industry report called the The Mortgage Monitor divulges that home affordability is better today than it was in the late 1990s in 47 out of 50 US states.
The Takeaway
We currently live in an ultra-connected world, giving us access to a barrage of both good and bad information.
Although they may have your best interests in mind, your friends, family and co-workers are also subjected to vast amounts of erroneous and non-factual information.
When it comes to buying your first home or selling your current house to buy the home of your dreams, seek the facts by engaging a competent real estate professional.
As always, call or text me at 727-755-3434, as I am here to help!!
