Most potential home-buyers already know about the historically low mortgage rates available today.
Depending on the area you are looking in, home prices can also be considered discounted compared to historic averages.
In a recent update from Lawrence Yun, Chief Economist for the National Association of REALTORS®:
Prices of just about everything can be expected to rise, along with income, but not mortgage payments. It is no wonder why homebuyers of the past 2-3 years have been some of the most successful, with extremely low default rates.
Mr. Yun also provides the graphs below to demonstrate that as your income grows (or even stays flat) the cost of owning a home is decreasing, making it a great time to buy.
What all these graphs mean is that if your income has stayed steady or grown recently, your overall costs of owning a home will probably be the smallest percentage of your income in the last 40 years!
For any advice or help determining if this is the correct market for you, give us a call at 508-528-1800.
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