Do you have friends who are telling you that you should not buy a home? Do yourself a big favor.
Don’t Listen to Those Idiots!
Yes. Home prices have gone up. The lack of available inventory is a big culprit. The law of supply and demand is in full force in today’s real estate market. High demand, low supply, yada, yada,yada. And many people are saying that since prices are so high that it’s not a smart move to purchase a home. Whether you are a first time buyer, looking for a move up home or a renter, those idiots are saying it does not make financial sense to buy.
Are prices high? Yes they are. But what many people are not taking into account is that average incomes have also risen. Let’s compare the home prices in relation to incomes. In the period from 1995 – 1999, if you were to purchase a median priced home it would require 24.2% of the median income. From the period between 2000 and 2003, it took 26.2% of the median income to buy that median priced home. What about today? Today it will take only 21.4% of the median income to purchase that median priced home. This tells you that it is actually more affordable to purchase a home today than it was during those periods.
And those idiots are telling you not to buy a home?
Now, they are your friends, so cut them a little slack. They probably mean well, but that just makes them well meaning idiots. But it does not matter if you are buying your first home, or selling a home to purchase another. They are not real estate professionals. And a real estate professional is who you should be listening to. Maybe you should listen to us. After all, you are reading this post, so give us a call and let me help you find that perfect home.
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