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“While we’re not completely stopping our search, I definitely feel that home prices need to come down for them to become affordable,” he said. The real problem is not as much the price of the home but the interest rate of the mortgage loan. If price is the only concern, why not just buy a less expensive home? Some folks just confuse the reality of the situation.
JOE F. – For most homeowners, interest rates are tax deductible (and for half the life of a mortgage account for the largest chunk of the monthly payment). So if daily cash-flow is not a problem, the interest rate charged isn’t a problem either. Of course, buyers who earn less and tend to live paycheck-to-paycheck would feel the pinch of even a slight rise in interest, affecting not just the cost of buying a home but in turn influences its location, size, and value. Buying a less expensive home often means not only living in a smaller home but one that is farther from work, shopping, and better schools. That is the reality of the situation for many.
Brent – with the new 22.5k standard deduction the majority of americans no longer use that as a tax deduction per the most recent 2021 tax filing data
Thanks Brandon. His ultimate legacy. Nobody can afford to buy a new home.
Yeah – trumps fed chair is Biden’s legacy.
Logical
Yes, because this is totally a problem that wasn’t an issue prior to 2020. /s
Dream on, all you Trump-haters. Biden unabashedly printing money with no productivity having produced it is THE cause of the problem outlined here…not to mention HELP WANTED signs everywhere.