Tip #1 ON- TIME Paymentsstart today and commit to making every single payment on time, even if its just the minimum paymentset up a reminder in your phone, computer or pad and paper (2) weeks
Looking To Still Get A Bargain On Home On Mortgage Better Hurry
Dated: May 31 2019
Last Chance! Homes are a Bargain Compared to Historic Norms
A loaf of bread used to be a nickel. A movie ticket was a dime. Not anymore. Houses were also much less expensive than they are now. Inflation raised the price of all three of those items, along with the price of almost every other item we purchase.
The reason we can still afford to consume is that our wages have also risen over time. The better measure of whether an item is more expensive than it was before is what percentage of our income it takes to purchase that item today compared to earlier. Let’s look at purchasing a home.
The COST of a home is determined by three major components: price, mortgage interest rate, and wages. The big question? Are we paying a greater percentage of our income toward our monthly mortgage payment today than previous generations? Surprisingly, the answer is no.
Historically, Americans have paid just over 21% of their income toward their monthly mortgage payment.
Though home prices are higher than before, wages have risen as well. And, the most important component in the cost equation - the mortgage rate - is dramatically lower than it was in the 1970s, 1980s, 1990s, and 2000s.
Today, according to the latest Home Affordability Index just released by the National Association of Realtors, Americans are paying 17.4% of their income toward their mortgage payment. That is much lower than the 21% average previous generations have paid.
The cost of purchasing a home today is a bargain compared to previous generations when we look at it from a percentage of income basis. However, with mortgage rates expected to increase and home prices continuing to appreciate, that will not always be the case. Whether you are buying your first home or looking to move-up to a more expensive home, purchasing sooner rather than later probably makes sense.
Now is the time to get you home and still save 💲💲💲 Let me help you with the process and get you a preapproval.. or experts can help with credit in the 500-600 range and with difficult credit! Even if you dont have your down payment money yet.. we should talk.. You should take 5 minutes out of your day to get the HOME Of your dreams.. Before it is out of reach!
Call the experts!
Ann Norton 330-412-9799
Josh Twitchell 330-412-7413
I am dedicated to you! I will give you a 100% all of the time day or night! I will get you the house you want for the price you want! I will sell your house and get it done quickly! I think outside th....
Latest Blog Posts
This is your Chance!!! I want you to know that we want to help you get a HOME So we not only partner with the best but have the best right here for you!!we have lenders that will get
Want to Make a Move? Homeowner Equity is Growing Year-Over-YearOne of the bright spots of the 2020 real estate market is the growth in equity homeowners are experiencing across the country.