In today’s economy, many factors influence the decision to buy a home – job status, financial resources, and family considerations among them. But one of the most compelling reasons to consider becoming a homeowner in the current market is the affordability factor, which will benefit today’s buyers for many years to come.
To put this into perspective, a buyer who purchased a median-priced home five years ago with an FHA mortgage requiring a 3 percent downpayment would have a monthly mortgage payment of $1,650.00. With today’s interest rates and median home prices, that same buyer would be paying $1,150 per month – that’s a $500 savings every month, and a savings of $6,000 per year.
Interview a Prudential Waterfront Properties Realtor® about affordability conditions in the Smith Mountain Lake area, and how they’ve changed over the past few years. A Prudential Waterfront Properties Realtor® can talk to you about buyer trends and discuss how investors taking advantage of today’s buying conditions. For more insights into housing affordability, listen to NAR Chief Economist Lawrence Yun’s recent commentary: www.realtor.org/research/reinsights/economistcommentary.