Is Home Affordability On The Rise?

Today in Mortgages

Welcome back, Dreammakers, to Today in Mortgages! In this episode, hosts Michael and Richard Jefferson dive into some optimistic news on home affordability. They discuss a recent article from National Mortgage Professional titled Starter Homes Newly Affordable in 4 US Metros. With insights on rising wages, increasing home listings, and declining interest rates, this episode is packed with valuable takeaways for both homebuyers and mortgage professionals.
Key Points:

• Affordability on the Rise: Homes priced at $250K or below are becoming more accessible to buyers, with 75% of these homes now affordable for median-income households earning around $84K annually.
• Wage Growth & Housing: Although income growth hasn’t fully caught up with rising home prices, it is helping more people qualify for homes within this price range.
• Impact of Lower Interest Rates: A half-percent drop in mortgage rates can increase the number of potential buyers by as much as half a million, significantly improving affordability.
• Opportunities for Buyers: Many potential buyers who couldn’t qualify for a mortgage a year ago may now find they’re eligible, especially as interest rates drop and housing inventory increases.
• Advice for Mortgage Professionals: Now is the time to reach out to clients who didn’t qualify before and pre-approved buyers limited by higher rates. Improved affordability may open new possibilities for homeownership.

As the housing market trends towards greater affordability, both buyers and professionals have plenty of reasons to be optimistic. If you're interested in joining the best network in mortgages, click the “Grow” link below to learn more about Network Funding. Tune in next time for more insights from Michael, Rich, and other experts on Today in Mortgages!
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