What’s happening in our National Real Estate market and how does it apply to you? Well, from my perspective, now may be a very good time to buy and here’s why. Hi, I’m Michele Shinedling Broker/Owner at Heritage Real Estate. Great news! The percentage of income needed to buy a median priced home is down to 15.7% and the historic norm is 21.2%. So taking everything into consideration, including the price, mortgage rate, and wages, it’s more affordable to buy a home now than it has been in the past. This is also great for sellers because it means that more buyers can afford to purchase. This is especially good during the holiday season as we tend to see the housing market slow up a tad. Let’s also talk again about the hype about a recession. Is a recession in our future? We don’t know, but I am going to keep reminding you that recession does not equal housing crisis. Here’s a graph of the last 5 recessions, and we saw prices increase in 3 out of the last 5 recessions. We need to be more worried about all the hype and negative media the news is trying to create. Also, according to the Home Price Expectation Survey, which is made up of over 100 real estate experts, financial advisors, analysts and economists, we are going to see appreciation over the next 5 years. Take for example a home priced at $250,000. That means we’re likely to see a $37,500 increase in equity. So we are anticipating to still see equity, even during the projected recession, just not as much as we have seen in previous years. Also, remember, don’t wait to buy because you’re afraid of all this negative media, as rents are also increasing and are anticipated to continue to go up. Don’t listen to all the hype, listen to the true facts. Reach out to me and I will make sure that your very best interests are served! As always, make it a great home buying and selling day and remember, when you do what you love, people love what you do! You can reach Michele at 248-504-4000, I look forward to chatting with you!
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