Is Now the Time to Buy Your First House?
According to a recent report on wsj.com, now is an excellent time purchase a home if you are a first-time buyer. The fact is that homes are more affordable then they have been in nearly 30 years. In this article, the author states this affordability is due to a combination of two factors. First, has been a 34% decline in prices since the 2006 peak. Also there is a historically low 4% average rate for a 30-year, fixed-rate mortgage.
The Wall Street Journal mentions two affordability metrics that greatly affect whether someone can afford their first home: how much monthly income does a mortgage consume, and secondly, whether this is less costly than renting. Home prices are one-third cheaper than the historical norm, almost an unbelievable number. That can lessen how much income a mortgage will use your household income. On the second note, real-estate website Trulia states that buying is cheaper than renting in 98 out of the 100 major U.S. markets.
Are you interested in moving to Lake County Florida to experience wonderful events, incredibly warm weather, and a joyful lifestyle? Call the Vangie Berry Signature Realty team at 888-703-5133 to learn more about current homes for sale.