👨‍💼Housing Affordability Conditions Take a Hit in March

Good morning, Brian... housing affordability was going down in Charlotte for the past 12+ months due to ever higher home prices. Now it's further exacerbated by ever-higher mortgage rates. As of May 2022, our housing affordability index was down 22.8% year-over-year.

Brian, affordability is in question, and many around Denver are unable to financially afford to buy a home now.

With these new mortgage rates,  home buyers may be hesitant or not able to afford what they once were able to. Things are changing slightly.

Good morning Brian,

You can't blame buyers for being hesitate to buy a home now ..some have been knocked out of the market and others are anxious about out economy but homeownership is always a preferred route to go. Paying your own mortgage still beats paying your landlords!

Good Wednesday morning, Brian.

Have a great day and a very productive week.

Hi Brian, 

Some markets are more vulnerable to the interest rate spikes than others, especially when dealing with first-time buyers.  Sedona has a lot of second homes and I am seeing 1031 exchanges are more prevalent especially right now. 

This is an excellent post with great information. Thanks for sharing it.

Have a super fantastic week!
Joe Jackson, Realtor-KWCP

Like they used to say in AM Top 40 radio "And the hits just keep on coming"

Brian even with the not so favorable conditions today, it is better to buy now than wait, because the odds are both rates and home prices will be higher by the end of the year.