When it comes to the current housing market, there are multiple misconceptions – from what the current supply of available homes looks like to how much houses are selling for.
There are many non-financial benefits of buying your own home. However, today’s headlines seem to be focusing primarily on the financial aspects of homeownership – specifically affordability. Many articles are making the claim that it’s not affordable to buy a home in today’s market, but that isn’t the case.
Mortgage rates are hovering near record lows, and that’s good news for today’s homebuyers. The graph below shows mortgage rates dating back to 2016 and where today falls by comparison.
Today’s sellers’ market provides unique challenges—and benefits—for buyers.