Most Realtors wouldn’t share this with you…

We’ve all heard the expression: Now is a great time to buy!

But is it really?

A recent post from real estate data journalist, Lance Lambert, stopped me in my tracks…

IF U.S. incomes spiked 69%, we'd return to pre-pandemic housing affordability levels.

IF U.S. home prices fell 41%, we'd return to pre-pandemic affordability.

IF mortgage rates fell 4.3 percentage points, we'd return to pre-pandemic affordability.

So the short answer is—affordability is an issue. 

So is it a great time to buy?

The answer is—it really depends on your timeline.

If you’re planning to buy a home for the purposes of putting a fresh coat of paint on it, cleaning the carpets and trying to resell it in 18 months for a 20% gain, you’re going to get crushed.

But if you're like most homeowners—who buy and keep their home for an average of 12 years, then it could be a great time to buy. 

Inventory is up nationally 30.6% year-over-year (Altos Research) and we’re no longer seeing the frenzy of the 2021 real estate gold rush.

I hope you found this helpful and as always, I’m here if you have any questions.