The $280 Shift in Affordability Every Homebuyer Should Know
Thinking About Moving? It Might Be Time to Take Another Look đź‘€
If you’ve been holding off on buying a home because of high prices or mortgage rates, there’s some good news — things are finally starting to get better.
According to First American, affordability is improving in 39 out of the top 50 housing markets. That’s the 5th straight month where buying a home has gotten a little easier.
đź’° Monthly Payments Are Dropping
Here’s what that looks like in real numbers:
Redfin reports that monthly mortgage payments on a median-priced home are now about $283 lower than just a few months ago.
That’s a savings of nearly $3,400 a year!
It may not sound huge, but when you’re planning your homebuying budget, a few hundred dollars can make a big difference — it could mean the difference between stretching your budget and feeling comfortable.
And here’s more good news 👇
“A borrower with a $3,000 monthly budget can now afford a $468,000 home — about $22,000 more than in June.” — Redfin
That extra flexibility could help you find a home you really love within your price range.
📉 Why Things Are Shifting
Two big factors are working in your favor right now:
Mortgage rates are lower than they were earlier this year.
Home price growth is slowing in many areas.
Both of these changes make homebuying a little easier. As Andy Walden from ICE Mortgage Technology explains:
“The recent pullback in rates has created a tailwind for both homebuyers and existing borrowers. We’re seeing affordability at a 2.5-year high.”
🏡 What This Means for You
Whether you’re a first-time buyer or planning to move into a bigger home, this could be your moment.
Even small shifts in affordability can have a big impact on your options — and your comfort level with monthly payments.
So if you’ve been waiting for the right time, this might be it.
✨ Bottom Line
Affordability is improving in many markets, and that changes the math on your move.
If you’ve been sitting on the sidelines, now’s the time to take another look.
Let’s crunch the local numbers together and see how much more buying power you might have today compared to just a few months ago.
Finding ways to make your credit score better could help you get a lower mortgage rate. When you’re ready to get the process started, let’s connect.