Aspects of Housing Affordability
Aspects of Housing Affordability: interest rates
Housing Affordability vs. Interest Rates
Housing affordability still have the buyer's advantage in what is now a seller's market that we are in. What has long been predicted and been expected, higher interest rates, has failed to occur. Anyone looking to fulfill their hopes of home ownership has yet to fall victim of higher interest rates.
This is a good thing. How long can this good thing last, low-interest rates, is anyone guess. Higher interests rates are long overdue to have supposedly happened. The
bad thing is, when interest rates do begin to rise, then sadly the purchasing power of potential buyers waiting to buy will go down. Great credit could be their saving grace.
Rented Prices
Another area of concerns is renting prices. As builders built new homes, and Condos, the pricing of rent are going to move higher; this is going to affect everyone's rent. If you have a lease, you could see increases in your monthly rent when your rental renewal least is presented to you by your landlord. If you are forced to move, you could be facing additional fees for background checks, applications, security deposits, pet deposit, first, and sometimes, even last month payments. It is not only a costly endeavor face with moving, but scary as well, especially if their competition in rentals. Many people are asking themselves, wondering;
can they buy a house today? I wonder if these individuals are aware of the many opportunities that exist for them now, in today market! It still a buyer's dream market, however, not as good as a couple of years ago.
Multiple Buyer's Government programs are available today!
Are Today Buyers aware, of the many Federal, State, County, City governmental agencies opportunities that exist for them, and are possibly eligible to receive assistance in areas of their closing cost, down payment assistance, mortgage money, grants, and more. They could even qualify for more than one program.
Question: why are they waiting?
A Case of FHA Loan vs. Interest Rates
Let say some are now paying $ 700.00 a month renting another person place. You think they realize they could afford a house worth $ 92,426 or more, paying the same amount monthly as they are renting? All these numbers are subject to the interest rate they qualified for, as well as the assistance they could receive. Now with an FHA loan, and a 3.5 downpayment, amounting to $ 3234.91, they can be a homeowner. Never having to worry about signing another lease or force to move from a rented apartment, house. They could even get help with the $ 3234.91 down payment!
A deal everyone should check out! See the chart below. You will find, the price of the home a person can expect to buy when interest rates begin to go up. You see the home Affordability is going down! Why wait till home affordability goes down when you begin to experience, realize renting gotten to be too expensive
.
What's your situation?
What programs are you eligible for?
Ever wonder what you can afford today if you decided to buy a house?
Ever wonder if you are eligible for assistance?
Are you overwhelmed? Lost? Do not know where to start?
Why not drop me an email letting me know how much rent you can afford now? Find out what your affordability is in purchasing a house with the same of money. Would it be best for you to know, how much of a home you could afford today before interest rates begin to climb? Are you qualified and eligible for Government Assistance Programs? Take the guess out of what government programs you could qualify for by answering a few questions. Explore your possibilities below!
You are more than welcome to visit my Site
Thank You
Til next time
Ronald Wolchesky
Visit Real Estate Resource
