Today, many renters are taking the plunge and purchasing a home of their own. In the past, homeownership was less affordable, forcing many to secure homes through rental. Thankfully, with the help of many factors, buying a home is possible , allowing people to realize their dreams of ownership. With help from Landmark 24 Homes, individuals can finally get into their own homes.
What Determines Home Affordability?
There are three main things that make homeownership affordable, these are mortgage rates, mortgage payment percentage and home prices. These three are always changing, which will often drive up the price or lower it exponentially. Understanding the factors that make homes affordable is important for those who want to own a home. For further information, individuals can visit https://landmark24.com/.
The strength of the economy is one of the leading factors that determine the average mortgage rate. Lenders can also adjust the mortgage rate offered to an individual, based on the level of risk. When mortgage rates are high, buyers will pay more per month and throughout the life of their mortgage.
Mortgage Payment Percentage
There is a 28% rule that states individuals should not pay more than 28% of their income on their mortgage. Higher percentages could cause a person to find it difficult to keep up with their payments. It is important to keep the percentage as low as possible, which may mean choosing a home that is less expensive or pursuing a career that pays more money.
Availability and investment potential drive home prices. The concept is simple, if there are more buyers than available homes, the prices are going to be higher. This is called a seller’s market. If the reverse is true, and there are more homes for sale than buyers, home prices will tend to be lower and it is considered a buyer’s market.
Why Are Homes More Affordable Today?
Although all three factors above can cause buying a home less or more affordable, right now, there is one factor that is making homeownership more affordable. This is low mortgage rates. , Even with housing prices at an historical high, the housing market is experiencing historically low mortgage rates. Low rates are helping buyers purchase homes with affordable monthly payments. This is good news for those who have only been able to dream about owning a home.
With low mortgage rates, everyone has a better chance of getting an affordable mortgage. Mortgage professionals are stating now is one of the best times to purchase a home because mortgage rates are lower than they have been in the last eight years. Those who are interested in purchasing a home should visit https://landmark24.com/moveinnow/.
Hire a Real Estate Agent to Make Finding a Home Easier
Now is an ideal time for buyers to learn about their mortgage options and begin searching for a new home. Real estate agents like the award-winning team at Landmark 24 Realty, Inc help individuals to find the perfect new Landmark 24 home to meet their needs and budget. Hiring a realtor makes the process of finding a home more streamlined and less stressful. Realtors(r) have access to resources that can help buyers take advantage of these historically low mortgage rates before they are gone.
Landmark 24 Homes is dedicated to helping individuals find the best new Landmark 24 home for their lifestyle . They are also builders, creating new communities throughout the greater Savannah area and southeast Georgia. They work with the best industry leaders, helping individuals find or build the home they have always wanted.
Company Name: Landmark 24 Realty, Inc.
Contact Person: Media Relations
Email: Send Email
Phone: (912) 353-1275
Address:6605 Abercorn St #100
Country: United States