Despite market slump, high rates dim homebuyer affordability

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Homeownership is likely to remain a pipe dream for many Americans this spring homebuying season.

Scott and Sheila Collett stand in front of the home that they recently purchased, Tuesday, Feb. 21, 2023, in Valrico, Fla. Collett negotiated a seller-paid mortgage rate buydown to close the deal on the four-bedroom, two-bathroom house with a pool. Scott and Sheila Collett stand in front of the home that they recently purchased, Tuesday, Feb. 21, 2023, in Valrico, Fla. Collett negotiated a seller-paid mortgage rate buydown to close the deal on the four-bedroom, two-bathroom house with a pool.

The nation’s worst housing slump in nearly a decade stoked hope among prospective buyers that homes could be scooped up more easily. But while prices appear to have peaked last summer, they still ended 2022 higher than they were at the end of 2021. And the median U.S. home price has increased 42% since 2019.

 

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Nope. They could buy mine. Add $20k to this estimate as it has a new roof as of DEC 2022. (Teak furniture not included)

No market slump where I'm at... 📈🤷‍♂️

This article only paints a small portion of what is happening in RE market. Demand vs supply, demographics, Boomers staying in single families longer than their parents, more single women buying, consumers raising home prices by buying more affordable, then over bidding, few i.e.

My advice. Buy a cheap phone. Drive by convenience stores. Buy 2nd hand. No new cars. Save your money. We bought a house in 11 for 1/4th of its value off the hud list. Best move we ever made.

Welcome to Biden’s America

The worst president in 100 years.

“Damn WOKE Banks gave my loan to an undeserving colored family, just because they had better credit! Can you believe that?” - Florida man

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