I’ve been reading several blogs and articles relating to home affordability lately. Â It’s very interesting reading! Â According to the National Association of Realtors, home affordability is the best it’s been in 40 years! Â Due to falling home prices and record low mortgage rates, home ownership is now within the reach of more families then ever. Â Homeowners are now bringing in double the income needed to cover the cost of an average home.
I published a blog post back in 2008 which mentions that (at that time) it was the most affordable home ownership period in 35 years, and it’s only gotten better! Â Just compare the median price of a home, interest rates and qualifying incomes and you’ll see how buyers should really consider purchasing a home right now. Â If you’ve been on the fence trying to decide when to buy, don’t consider price alone. Â If you are purchasing the home with a mortgage, think about today’s interest rates and how they effect your affordability factor and then consider purchasing.
I looked at the interest rates being offered today, and you can get a 15 year fixed rate mortgage for 3 percent! Â Wow! …and a 30 year fixed rate FHA mortgage is 3.75 percent!
Contrary to popular belief, banks are still lending, interest rates are low and it is a great time to purchase a home!Â There are even loan programs that will get you into a home with no down payment!Â Don’t let this opportunity pass you by!
Call Gabe Fitzhugh for more information:
Call: (386) 754-2818
Selling homes in North Florida… Lake City FL and the surrounding areas.