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Making Sense of Home Buying Today: Good News for Buyers!

Wednesday, January 31, 2024   /   by Carlee Howard

Making Sense of Home Buying Today: Good News for Buyers!

Making Sense of Home Buying Today: Good News for Buyers!

Hey there! Thinking about buying a home but worried if it's the right time? We've got some good news that might make your decision a little easier. Let's break down what's happening in the housing world, shall we?
First off, let's talk about what makes a home affordable. There are three big things to consider: how much the bank will loan you (mortgage rates), how much houses cost (home prices), and how much money you're making (wages).
1. Mortgage Rates: Good news! The cost to borrow money for a house is not as high as it was a little while ago. This means your monthly payment to the bank could be lower.
2. Home Prices: Even though houses have been getting more expensive, they're not expected to jump up as quickly as they have been. This means you might not have to pay as much more next year as people did this year.
3. Wages: Here's more good news. On average, people are starting to earn more money than they used to, a bit faster than before. More money in your pocket makes it easier to afford things, like a new home!
So, what does all this mean for you? Well, with mortgage rates taking a little dip, home prices not skyrocketing as fast, and wages going up, buying a home is becoming a bit more within reach for many people. If you've been on the fence about buying a home, this might be your signal that the scales are tipping a bit more in your favor.
Thinking about jumping into the home buying journey? It's looking like a pretty sweet time to consider it!

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