Positive Factors Are In Favor For A Strong Buying Power
With the news of the Feds cutting the rates last week and seeing an increase in incomes, it’s never been a better time to buy.
Housing affordability is a real concept and it’s going to be a hot topic. According to an article by Forbes, data from a property data firm, Black Knight, has indicated that with the rates declining, this has increased the American home buying power by 15% since last fall. Thus helping homebuyers purchase a home that is $45,000 more, for the same mortgage payment.
Ben Garboske, President of data and analytics at Black Knight, shares that “the rate of annual home price growth has declined for 15 consecutive months. More recently, declining 30-year fixed interest rates have helped to ease some of those pressures, improving the affordability outlook considerably."
Mark Fleming, Chief Economist at First American, weighed in on the matter as well, stating “record income levels combined with mortgage rates near historic lows mean consumer house-buying power is more than 150% greater today than it was in January 2000."
Now is the time, more than ever, to strongly consider re-entering the housing market and take the next step towards home ownership.
This is great news for home buyers! Let our team help you become a homeowner!
Senior Loan Advisor
439 E. Shore Dr., Suite 120 ▪ Eagle, ID 83616
FDIC Insured | Equal Housing Lender
Information accurate as of the date of publication. This is not a commitment to lend. Programs available only to qualified borrowers. Programs subject to change without notice. Subject to credit approval, underwriting terms and conditions. Some restrictions may apply. For real estate professionals only. Not for distribution to consumers.