Categories

Falling Home sales Put in to Perspective

Falling Home sales Put in to Perspective

Despite all of the talk of having a robust economy, it seems that housing is being overlooked as a talking point as it does not factor into the Inflation equation.  Sadly, housing costs for both sales and rentals continue to increase on the heels of rising interest rates, which paints somewhat of a bleak picture for many seeking to buy or rent.  An example of just how much things have changed since the arrival of covid on our doorstep, the attached table shows that in cities across the Country, the average required household income needed to be able to dedicate 30% of earnings toward a mortgage has gone through the roof (no pun intended).  In fact, according to online real estate giant Zillow® the requirement to be able to put that 30% of earnings toward a mortgage has risen 100% or more in 12 Cities across the US. The minimum threshold of those 12 Cities is Atlanta, GA where that figure went from $34,429 in 2020 to a robust $70,693 thus far in 2022, which represents an increase of 105% (not a typo).  To add insult to injury in the face of that figure being out of reach for many Buyers, this year also quickly became one of the most difficult and costly years on record in which to rent as well.  If you've listed a home for sale and you're not getting the tidal wave of offers that you were accustomed to seeing earlier this year and last, it may be a good idea to speak to your Realtor® to address potential strategies to help combat and solve this continuing trend.  If you are looking to purchase a home, it's also a good idea to speak with your preferred Lender to make sure that you can still qualify for a mortgage based on your current income as those requirements have changed dramatically in only a few short months.  here at PropertyGuerilla.com, we are not in the business of advertising homes for sale or rent, but what we do offer and the reason we were created was to create a new channel of communication for Buyers, Sellers, Renters, Realtors®, Lenders, and just about anyone as it pertains to their real estate needs or specialties.  #affordability #mortgageaffordability #housing #realestate #buyingrealestate #sellingrealestate #realtor #lender #interestrates #propertyguerilla 

 

Click Here to Read Article