Welcome to this week’s JHT Market Update.

While home prices are appreciating, interest rates remain at an all time low making homes more affordable than ever.

According to the National Mortgage News:

“Purchasing power rose 10% year-over-year…With interest rates hitting record lows, buyers were able to afford $32,000 “more house” as of July 23 than they could the year before with the same monthly payment.”

This puts buyers in an excellent position, especially if you are considering upsizing your home to get more for your money.

An opportunity like this has not been seen in the last two generations of homebuyers.

With that being said, increased buying power has resulted in a competitive market with little homes available, making it a major perk for sellers wanting to make profit on their home sale.

If you’re thinking of making a move, now is a great time to take advantage of the affordability that comes with such low mortgage rates.

To the current market overview of the areas of Fullerton, Cypress & Yorba Linda over the past 7 days shows there are 63 new listings on the market, 42 new contracts and 68 sales.

*Opinions are our own and not the views of eXp Realty.

Sources:
(1) https://www.keepingcurrentmatters.com/2020/08/13/homes-are-more-affordable-right-now-than-they-have-been-in-years/