First, mortgage rates (although they are now rising are still very near historic lows.) A five per cent loan has long been unheard of. The only time since 1900 that they were this low was just after World War II. And what happened? The Greatest postwar boom in housing prices-by far.
And we have another thing in our favor. Homes are more affordable than ever. Based on the 40 year history of the Housing Affordability Index, houses are more affordable than they have ever been.
“Affordability” takes three factors into account: home prices, your income and mortgage rates
Home prices have crashed. And mortgage rates are very low. But incomes haven’t fallen nearly as much. So there you have it.
Based on these facts alone, now may be one of the best times in American history-even the very best time to buy a home
So what are you waiting for-- The guy at the water cooler is just a fear monger.
You can reach me at 615.777.4663 or via email at George.Margrave@MIGonline.com
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