3 Factors That Impact Home Affordability
Three factors affecting home affordability and what you can do about them.
My clients have been increasingly concerned with homeownership affordability. They’re afraid that they’ll be priced out of the market. In response to these growing fears, I’ll share with you three factors that impact homeownership affordability and some things you can do to address them:
1. Prices. Prices are expected to rise. The numbers associated with buying a house are increasing. You may not have control over prices, but you can control when to act. The longer you wait, the more expensive houses become. I suggest you act sooner rather than later.
"The longer you wait, the more expensive houses become."
2. Interest rates. The Federal Reserve said they’re going to increase interest rates. Like with prices, interest rates are also out of your control. Again, this is where you can choose to act quickly instead of waiting a while.
3. Wages. If you need more money to qualify for the house that you want, you need to find a way to increase your wages by learning a new skill, getting a promotion, or getting a new job.
If you have more questions about home affordability or have any real estate concerns, don’t hesitate to call or email me. I’ll be happy to help!