Home affordability is at an all-time high.
The median mortgage payment on the median priced
home as a percentage of the median household
income is lower than it’s been in a generation.
Mortgage rates are at rock bottom.
It’s hard to imagine interest rates going much lower, and
when they start to inch back upwards, monthly
payments and total loan costs will spike upwards.
Home prices are back on the rise.
After declining for 30 months, home prices are trending back
upward. The time get in to the market is NOW!
Sellers are motivated.
This means that buyers have the upper hand! From banks looking to
dispose of foreclosed properties to homeowners
who are fiercely competing among an excess of
housing inventory, buyers have untold choices and
negotiating power.
Financing is readily available!
Banks are back in the game and ready to lend to well-qualified
buyers.
Owning vs. renting is increasingly favorable.
Since 2009, the average principal and interest
payment has fallen below the average rental rates,
and the gap is now wider than it’s been in the past
22 years.
Homeownership is still at the core of the American Dream!
Owning a home is critical to financial stability and wealth building. It’s
a forced savings account, a place to live and a fabulous tax deduction.