HOW MUCH HOUSE CAN I AFFORD

The main question that is always asked is how much house can I afford? Over the past year, many people has been talking about housing affordability and how tight it has gotten. Recently there has been relief on the front. Mortgage rates has gone down Number one, mortgage rates have come down in the recent months since their most recent peak in October and expecting to decline even more as we move into 2024. But there's more to being able to afford a home than just mortgage rates. To really understand home affordability, you need to look at the combination of four important factors: mortgage rates, home prices, debt ratio and verifiable wages. While there could be some fluctuations in the path forward, the general expectation is that mortgage rates will continue to trend downward as long as the economy continues to see progress on inflation.

HOME PRICES

The second important factor is home prices. After going up at a relatively normal pace last year, they're expected to continue to rise moderately in 2024 as what we call in terms the deceleration mode. That is because even with home inventory projected to grow slightly this year, there still is not enough homes for sale for all the people who want to buy. More inventory will be generally offset but more buyers in the housing market. As a result, is is expected that, overall, the median home price in the country will grow modestly. This is great news for you because it means prices are not likely to skyrocket like they did in the pandemic. It also means it will more than likely cost you more to wait. Click on link for you to learn more about the cost of waiting /THE-COST-OF-WAITING---32819---32836---Dr--Phillips-6-22532.html

The last two are wages and debt ratio works together. Between your credit score, verifiable wages and your debts determines how much house you can afford.Higher wages and little debt and high credit score improves affordability because this reduces your debt ratio to afford more home. Your trusted advisor and realtor generally has great lenders to assist you in the process.

TRUSTED ADVISOR

As a trusted advisor, professional realtor and retired military veteran I am here to serve you in Dr. Phillips and the Central Florida housing area for the sale or purchasing a home. In the absence of trustworthy information whether it's a housing crisis or local housing market, real estate decisions are increasingly driven by fear, uncertainty and doubt. We as trusted advisors drive the real estate community to ensure you are making the right decision. 

Part of my job is to keep you informed and educated of the local housing market trends, pricing and inventory level, buying information on the buying and selling process to include common real estate terms and videos. It is important to keep updated on the market trends, don't get confused with the media, they talk national data, I can provide the most up to date local area data.

So don't let this shifting housing market delay your dreams, data reveals home values typically appreciate over time and that gives your net worth a nice boost. When you are looking for a home, look for a realtor with the heart of a teacher. If you are ready to start your journey, contact Kevin Strawter at 850 496-6412 today to begin a new walk to homeownership and all your real estate needs. Always taking referrals.