Redfin reports $40K Bump in purchasing power 📈 #homeaffordability #markettrends

Redfin reports $40K Bump in purchasing power 📈 #homeaffordability #markettrends

Thinking of buying a home in 2024? You're in luck! Mortgage rates have finally come down after a brutal spike last fall, and buyers are taking advantage. In this video, we'll break down exactly how much purchasing power you've gained since the market peak, and what it means for your monthly payments. Plus, we'll hear from Redfin economists about their predictions for where rates are headed next.

Here's what you need to know:

Mortgage rates are down, down, down! The monthly payment on a typical U.S. home is now $200 lower than it was at the peak. That's a serious chunk of change that you can put towards your down payment, savings, or even that fancy kitchen remodel you've been dreaming of.

Don't wait for the "perfect" time to buy. Trying to time the market is a fool's errand, and it could cost you your dream home. Redfin economists are confident that rates will stay in the 6% range for the foreseeable future, so if you're ready to buy, don't let a little uncertainty hold you back.

Focus on your own financial situation. The most important thing is to make sure you can comfortably afford the monthly payments. Get pre-approved for a mortgage so you know exactly how much you can afford, and don't stretch yourself too thin.

Thinking of buying a home in 2024? With mortgage rates down and buyer confidence on the rise, it's a great time to make your move. But don't just take our word for it! Watch this video to get all the facts and insights you need to make an informed decision about your future.

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References/Credits/Additional Links:

Article Link: https://www.redfin.com/news/purchasing-power-improves/

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