Hey there, movers and shakers! Despite the challenges of affordability these days, it seems like people just can’t resist the urge to pack up their things and start fresh somewhere new. It’s like they’re on a mission to prove that no matter what, they’ll find a way to make their dreams of moving come true. Yes, mortgage rates are high and prices are rising. Let’s look at how it all breaks down and what folks are doing to make that move despite affordability challenges.
Take a look at the graph below, I’ll wait. It breaks down how the current affordability situation stacks up to recent years.
The black dotted line (that looks deceptively cute) represents a 100 value on the index. Essentially, the higher the green bar, the more affordable homes are. As you can see, the bright orange bar for today, sadly shows higher mortgage rates and home prices have created a clear challenge. But, while affordability is definitely tighter right now, that doesn’t mean the housing market is at a standstill.
According to a recent report, just under 4 million homes will sell this year. Wow, that’s still a lot! With some simple math, let’s break down what that really means.
- 3.96 million homes divided by 365 days in a year = 10,849 houses sell each day
- 10,849 divided by 24 hours in a day = 452 houses sell per hour
- 452 divided by 60 minutes in an hour = about 8 houses sell each minute
So, on average, over 10,000 homes sell each day in this country. Whoa! Sure, affordability might be historically low, but that doesn’t mean the pace of sales is slowing down. People are still determined to find their dream home or explore other options in the housing market. They’re not letting it get in the way of their adventurous spirit!
An Agent Can Help You Make Your Move a Reality
And let’s not forget about the unsung heroes in this moving extravaganza – real estate agents (Bethany, here!). They’re like game changers, helping people navigate through the challenges and find affordable options that fit their needs. Working with an agent can make all the difference when it comes to finding that perfect place without breaking the bank. It’s the way buyers and sellers are making things happen.
True professionals will be able to offer advice tailored to your specific wants, needs, budget, and more. This could mean broadening your search, if needed, to include other housing types like condos, townhouses, or neighborhoods a bit further away.
So, if you’re feeling stuck between a rock and a hard place (or should we say between high prices and low budgets), fear not! People are still making moves and proving that where there’s a will (and maybe an agent), there’s always a way. Keep on exploring those options and who knows? You might just find yourself in your dream home sooner than you think!