Today’s word is AFFORDABILITY!!!!! The “$300,000 Home Buyer” is seeing huge savings compared to the market of just 5-6 years ago….more than $250 per month in many cases!
Housing Prices have stabilized below Market Highs—Mortgage Rates are 1% and More below the rates at those Market Highs. Suburban Home Prices have stabilized at about 85-90% of “Pre-Crisis” levels. Your “mileage” may differ depending on specific homes and neighborhoods.
A FAMILY BUYING A 1ST HOME OR “MOVING UP” IS PAYING LESS FOR THE HOME, AND THEY’RE PAYING LESS FOR THE MORTGAGE AS WELL!!!! The 10% down buyer is buying a home for $300,000 instead of $330,000. They need $3000 less cash. They will borrow $270,000 instead of $297,000. They will borrow that money for 1% LESS than they would have at Market Valuation Highs!!!
Call Me–Let’s do the Math!