For the past couple of years, it’s been tough for many homebuyers to make the numbers work. Home prices rose quickly, mortgage rates jumped, and some buyers had to step back. But there’s encouraging news this fall: affordability is starting to improve.
Rates have come down compared to earlier this year. Even a small drop in mortgage rates makes a noticeable difference in your monthly payment. For many buyers, this has been enough to make homeownership possible again.
After years of rapid increases, price growth has eased to low single digits. In some markets, prices have even dipped slightly. This moderation makes it easier to budget and find opportunities that may have felt out of reach before.
According to recent labor reports, wages are growing at about 4% annually. That pace is now outpacing home price growth. With paychecks stretching further, buyers have more options and a stronger footing in today’s market.
Lower rates, slower price growth, and stronger wages together make homebuying more affordable than it was just a few months ago. While affordability is still tight, it’s a bit easier on your wallet this fall.
If you’ve been wondering if now is the right time, this may be your chance to re-run the numbers. Work with a trusted real estate professional to review your budget, explore your options, and see if this fall is the season to turn your home search into a home purchase.
📲 To connect with me directly, contact me at 917-254-2103.
🏡 For your FREE Home Evaluation to learn the value of your home, your Homeowner Resource Guide, or your Home Buying/Down Payment Assistance Guide, use this link: https://bit.ly/45URvuV or text HomeswithJustin to 85377.
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