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Is Housing Really Affordable?

By Doug Dawes

Real Estate Agent with Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA 92593-B

February 01, 2024 02:07 PM

According to the infographic below it is.

One thing we cannot forget is this;

People buy and sell real estate in all types of markets. They buy and sell during high-interest markets as well as low-interest rate markets.

They buy and sell when the market is awash in inventory and they buy and sell when inventory is low.

So what's the common denominator?

Real Estate is bought and sold every day. Thus, If you are contemplating buying or selling your first home or 5th home, contact your local Real Estate professional and get the ball rolling.

Enjoy the infographic.

Why It’s More Affordable To Buy a Home This Year

Some Highlights

Home affordability depends on three factors: mortgage rates, home prices, and wages.
Mortgage rates are down from their recent peak, home prices are expected to rise at a slower pace, and wages are increasing faster than usual.
That’s good news if you want to buy a home because it means affordability is getting better.

Thank you to KCM for providing the infographic

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Hannah Williams

HomeStarr Realty - Philadelphia, PA

Expertise NE Philadelphia & Bucks 215-820-3376

Doug Dawes, there is less competition, and they can beat spring market prices

Feb 01, 2024 02:33 PM

Doug Dawes

Topsfield, MA

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Hi Hannah Williams

Sorry about the Eagles. I don't know how people afford homes now...lol but they figure it out.

Feb 01, 2024 02:49 PM

Hannah Williams

Doug Dawes, I am sorry for football fans. I am not a football fan. Thank you. It was very thoughtful of you to say

Feb 01, 2024 02:53 PM

Dorie Dillard Austin TX

Coldwell Banker Realty ~ 512.750.6899 - Austin, TX

NW Austin ~ Canyon Creek and Spicewood/Balcones

Good evening Doug,

I agree about the three factors. They all play a part in why its a good time to buy. I'm finding inflation has hurt many buyers..their budgets are seriously stretched with playing double for groceries than they did in the past, higher clothing and gas prices and I heard all summer from buyers how much more it was costing to send their kids to camp!

Feb 01, 2024 03:16 PM

Leanne Smith

Golden Valley, AZ
Doug Dawes

Topsfield, MA

Georgie Hunter R(S) 58089

Hawai'i Life Real Estate Brokers - Haiku, HI

Maui Real Estate sales and lifestyle info

There are many places in this country where housing is still affordable. But people tend to flock to the places that are expensive.

Feb 01, 2024 04:01 PM

Doug Dawes

Topsfield, MA

Will Hamm

Hamm Homes - Aurora, CO

"Where There's a Will, There's a Way!"

Hello Doug and home owners still can make money on their investment in a home. Most people do not loose money on a home.

Feb 02, 2024 08:29 AM

Doug Dawes

Topsfield, MA

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Morning Dorie Dillard Austin TX

Camp...lol Inflation is hurting most folks these days. Our Real Estate tax bill increased by 14%. I had 3 scrambled, bacon, toast, and coffee that cost $18. Pam & I go to the stores and pass on many items we would like to purchase, just on principle...lol. Everything is on the rise. There is no way I could afford to buy my house.

Feb 02, 2024 08:44 AM

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Morning Georgie Hunter R(S) 58089

I see the term affordable to be subjective. My theory is less expensive areas tend to have a lower wage schedule. What are you thoughts on that?

Feb 02, 2024 08:48 AM

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Morning Will Hamm

You are right, a good real estate purchase will appreciate and create wealth

Feb 02, 2024 08:51 AM

Leanne Smith

Dirt Road Real Estate - Golden Valley, AZ

The Grit and Gratitude Agent

All true statements. My sense is the challenge is due to high rent costs, higher costs of living, and the inability to separate wants from needs, having the minimum available funds still allude many buyers.

Feb 09, 2024 07:57 AM

Doug Dawes

Topsfield, MA

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Afternoon Leanne Smith

When wages do not keep up with price increases, whether renting or buying more people are squeezed. Many are now spending up to 50% of their income on rent and mortgages. Where it stops I do not know. As valuations rise real estate taxes go up putting many fixed-income senior citizens in jeopardy. I don't know what the answer is.

Feb 11, 2024 10:22 AM

Leanne Smith

Golden Valley, AZ

Leanne Smith

From all indications wages for some industries have only increased day to day prices from groceries to fast foods to fuel, etc. Then couple that with the ongoing increase valuations of properties property taxes also increase. I agree many folks will be squeezed and inflation must come down and will once our national debt comes down.

Feb 11, 2024 12:19 PM

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