It’s more affordable to buy a home now, and I’m explaining why. 


It’s more affordable to buy a home today than it’s been in a very long time. When I first got into the real estate business in 1982 I worked for a small mortgage company, and we did FHA, VA, and conventional mortgages. Interest rates at that time were between 16% and 17%, and home prices were quite a bit lower. Today we have higher home prices, but it’s a great time again to sell, refinance, and borrow money because we have historically low interest rates. 


For example, to borrow $300,000 today at 3.03% (and rates are actually lower now) your mortgage payment would be $1,270 per month. Compare that with the 1970s, when you’d have to pay about 8.86% and it jumps to $2,284 per month! Renting a 3-bedroom, 1-bathroom house in this area would cost you between $3,000 to $3,500 per month (maybe more). You can see that buying a property makes more sense than renting. 


Other benefits of owning a home include mortgage deduction, future appreciation, and security. If you’re a homeowner, check into it and see if now’s a good time for you to refinance. If you’re considering buying and want to know what it would take to buy in today’s market, I can connect you with a lender I work with, he can get you pre-qualified, help you find what your price range is, and then I can help you find a house that suits your needs. 


Please call or email me if you have any questions about buying a property or real estate in general. I would love to help you.