$\"3$ \n

For the past couple of years, it\u2019s been tough for a lot of homebuyers to make the numbers work. Home prices shot up. Mortgage rates too. And a number of people hit pause because it just didn\u2019t feel possible. Maybe you were one of them.<\/p>\n

But there\u2019s some encouraging news. If you\u2019ve been waiting for a better time to jump back in, affordability may finally be showing signs of improvement this fall.<\/strong><\/p>\n

The latest data from Redfin<\/em> shows the typical monthly mortgage payment has been coming down, and is now about $290 lower than it was just a few months ago<\/strong> (see graph below<\/em>):<\/p>\n

$\"a$ <\/a>And here\u2019s why this is happening. The cost of buying a home really comes down to three things:<\/p>\n

\n
Mortgage rates<\/li>\n
Home prices<\/li>\n
Your wages<\/li>\n<\/ul>\n
Right now, all three are finally moving in a better direction for you. While that doesn\u2019t mean it\u2019s suddenly easy to buy at today\u2019s rates and prices, it does mean it\u2019s not as challenging.<\/p>\n
1. Mortgage Rates<\/strong><\/h4>\nMortgage rates<\/a> have come down compared to earlier this year. In May, they were roughly 7%. And now, they\u2019re closer to 6.3% (see graph below<\/em>):<\/p>\n
$\"a$ <\/a>That may not sound like a big deal, but it does matter. Even small changes in rates can make a difference in your future monthly payment. Compared to when rates were 7%, if you take out an average $400K mortgage now at 6.3%, it\u2019ll cost about $190 less a month based on just rates alone.<\/p>\n
And for some people, that\u2019s been enough to make buying a home possible again. As Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association<\/em> (MBA), explained<\/a> on September 10^{th<\/sup>:<\/p>\n}
\u201c<\/em>The downward rate movement spurred the strongest week of borrower demand since 2022 . . .<\/em><\/strong> Purchase applications increased to the highest level since July and continued to run more than 20 percent ahead of last year\u2019s pace.\u201d<\/em><\/p><\/blockquote>\n
2. Home Prices<\/strong><\/h4>\nAfter several years of prices rising very rapidly, price growth has finally slowed. As Odeta Kushi, Deputy Chief Economist at First American<\/em>, puts it<\/a>:<\/p>\n
\u201cNational home price growth remains positive, <\/em>but muted \u2014 low single digits \u2014 and we expect this trend to continue in the second half of the year.<\/em><\/strong>\u201d<\/em><\/p><\/blockquote>\n
For buyers, that\u2019s actually a big relief. That moderation makes it easier to plan your budget. And in some markets, prices have even dipped slightly. If you\u2019re in one of the markets, you may be able to find something that\u2019s more affordable than you\u2019d expect.<\/p>\n
3. Wages<\/strong><\/h4>\nAccording to the Bureau of Labor Statistics<\/em> (BLS), wages are up near 4%<\/a> annually. Lawrence Yun, Chief Economist at NAR, explains<\/a> why that number is so important right now:<\/p>\n
\u201cWage growth is now comfortably outpacing home price growth, and buyers have more choices.\u201d<\/em><\/p><\/blockquote>\n
In other words, the typical paycheck is rising faster than home prices right now, which helps make buying a little more affordable. Now, it\u2019s not a big difference, but in a market like this, every bit counts.<\/p>\n
What This Means for You<\/strong><\/h4>\n
Lower rates, slower price growth, and stronger wages might be enough to make the numbers finally work for you this fall.\u00a0<\/p>\n
While affordability is still tight, it\u2019s a little easier on your wallet to buy now than it was just few months ago. Remember, data from Redfin<\/em> shows the typical monthly mortgage payment is already around $290 lower than it was earlier this year.<\/p>\n
Bottom Line<\/h3>\n
Have you been wondering if it\u2019s worth taking another look at buying?<\/strong><\/p>\n
Work with a professional to re-run the numbers. Together you can go over your budget, see what\u2019s changed, and figure out if this fall is the time to turn window-shopping into key-turning.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
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