Can We Afford to Pay the Piper?
It’s no secret that housing prices are at historical highs these days and that begs the question, Can people still afford to buy homes? The answer is absolutely YES!
On June 1st, Reports on Housing published data, tracking several Southern California Counties, suggesting that housing affordability has actually been increasing over that past forty years. Let’s look at a couple of examples:
According to this data, in 1990, the mortgage payment on the median value Orange County home was 50% of the median income and 38% of the median income in Riverside County. Today, however, those numbers have dropped to 44% and 32%, respectively. Feel free to contact us on our direct line at (714) 203-1669 or send an email to office@UltimatePropertiesSold.com directly regarding your specific area!
How is this possible, with home prices at such record high levels? The answer comes from two factors: first, during that same time period, the local median incomes have been consistently climbing while second, the interest rates on mortgages have been consistently falling.
In terms of affordability, high incomes combined with low interest rates are actually making homes MORE affordable for families.
These low interest rates combined with historically high home values make now a fantastic time to sell your current home while favorable affordability percentages also make it a great time to buy your next home!
With over 35 years in the home selling business, Ultimate has successfully predicted many market trends and, right now, our recommendation is SELL! SELL! SELL! (And then BUY, BUY, BUY!!!)
WE CAN MAKE THE SALE OF YOUR CURRENT HOME 100% CONTINGENT ON YOU FINDING THE HOME OF YOUR DREAMS AND IF YOU DON’T FIND IT, YOU DON’T HAVE TO MOVE.
Let us streamline the process of maximizing the profits on your current home and get you into the home of your dreams! Our direct line is (714) 203-1669 or send an email to office@UltimatePropertiesSold.com.