Buyers' Market, or Unaffordable Market?
🏡 So many changes have occurred in the real estate market lately. Are we in a buyers’ market or an unaffordable market?
📈 Yes, interest rates are higher; this increase has in turn increased many borrowers’ monthly mortgage payments. This doesn’t mean homes are unaffordable now. While mortgages are higher now, the last two years presented some of the lowest rates📉 and the most favorable market that we’ve seen in the past seventy years.
We’re in the midst of a regression to the mean. You’re unlikely to see pandemic-era rates on homes in the foreseeable future. I recommend you start looking at homes now, as there’s no❌ telling what will happen with rates and home prices in 2023.
DM📥 me if you want to talk more about your options in this market and how you can build equity in real estate!