It’s January and most homebuyers have only just begun to think about when they should purchase their new home. It might interest you to know that NOW is the perfect time to lock in your pricing and rates for a spring or summer move-in dates.
The advantages of making your move now are many including great pricing, historic low rates and if you hurry, you can help to choose your designer options like lighting, flooring and more.
This article in Keeping Matters Current inspires you to choose your new home now as it explains how homes have never been a better bargain.
Affordability of a New 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. ” Read full article here