Hey guys, did you know that the average rental price for a two bedroom home across the country, believe it or not drum roll is...
Can you imagine that? It's incredible!
But at that level, how much house could you buy? That's an interesting question. And it's a question that we can all answer.
So the $1,700, if you had 20% down with an average mortgage today would buy you a home priced at about $455,000, which is a shocking high number.
You know why that's so high? Because interest rates have dropped again to a 60-year low.
So instead of renting, somebody can actually go out and buy a house for $455,000. Now that's assuming they had 20% down, but let's assume they don't.
Let's assume they only have 3.5% percent down, which is a typical FHA loan. That might cut that number down by another a hundred thousand so maybe they could afford $355,000.
But wouldn't that be far superior to renting?
These are the kinds of conversations we need to be having with clients in our marketplace about the benefits of home ownership.
By the way, once you lock in that $1,700 price, that mortgage is going to stay stable for the next 30 years.
You know what's not stable?
Rental prices are rising extremely rapidly.
So here's the situation with rental prices:
Rent prices have gone up so far since the beginning of the year up 9% and likely to go higher as demand increases.
This is the messaging we need to get out to our clients. And let them know this is the time to get into the market. Homes are still affordable because interest rates have come down so low.
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