1. Home Affordability is at an all-time high.
The median mortgage payment on the median priced home as a percentage of the median household income is lower than it’s been in a generation.
2. Mortgage rates are at rock bottom.
It’s hard to imagine interest rates going much lower, and when they start to inch back upwards, monthly payments and total loan costs will spike upwards.
3. Home prices are back on the rise.
After declining for 30 months, home prices are trending back upward. The time to get in to the market is NOW!
4. Sellers are motivated.
This means that buyers have the upper hand! From banks looking to dispose of foreclosed properties to homeowners who are fiercely competing among an excess of housing inventory, buyers have untold choices and negotiating power.
5. Financing is readily available!
Banks are back in the game and ready to lend to well-qualified buyers.
6. Owning vs. renting is increasingly favorable.
Since 2009, the average principal and interest payment has fallen below the average rental rates, and the gap is now wider then it’s been in the past 22 years.
7. Homeownership is still at the core of the American Dream!
Owning a home is critical to financial stability and wealth building. It’s a forced savings account, a place to live and a fabulous tax deduction.