Afraid You’ll Never Afford a Home?
CNN just released a story in which they reported that 47% of Americans under age 45 fear they’ll never afford a home.
Affordability Will Get Better
The tyranny of the moment wants you - wants me - to believe that things will never get better.
But if history teaches us anything, it’s that “History never repeats itself, but it often rhymes.” (Mark Twain, maybe?)
The house market is cyclical. Interest rates will eventually come down. Wages will increase. Lifestyles will adapt. Home builders will design smaller, cheaper homes. Cities will offer zoning changes to create cheaper housing.
Things WILL get better.
Just be patient, and aim to make wise decisions in the mean time to ensure you’re prepared when opportunity presents itself.
Speaking of making wise decisions…this next part is not good.
Americans are Falling Deeper into Debt
This recent report from Experian shows that the fastest growing debt category in America is not cars or student loans, but rather credit card debt and accessing home equity.
These debt categories are both indicators that people are taking on debt to cover daily expenses they can’t otherwise pay for with their normal paycheck income.
For many people, recent inflation and rising costs presented significant hardship.
But for most, it appears that people are leveraging dangerous debt to support their desired lifestyle.
PLEASE, BEWARE OF BAD DEBT! (I have many young readers. This note is especially for you. Don’t go into credit card debt to try and look cool!)
If you’re looking for the best and fastest strategy for getting out of debt, watch this.
Thousands of People Are Still Buying and Selling Homes
In every market - fast, slow, rising, falling, winter, spring, summer, fall - thousands of people buy and sell homes every month.
The below report for the Denver metro shows that over 100 homes sold every single day in June with 4,000 more in pending status heading toward closing in July.
Don’t worry if you can’t afford a home right now.
Work hard. Live within your means. Make informed money choices.
You’ll get there.
As one person I met with last week said,
“Man, all my friends are doing their thing but don’t know how real estate works, while you’re giving out all this free information in your emails. I gotta take advantage and learn from you - someone who’s doing it!”
I’m happy to meet with anyone at any time (except my kids go to bed around 8 PM, so I need to be home for that) to help explain how homeownership can be part of your future.
And, if you are looking to sell your home but aren’t sure how to make the numbers work in this market, we can have that conversation, too.
I’m here to help. Just reach out.
If you have a desire to buy or sell in 2024, let’s chat.
Life has a way of keeping us all moving, and I love to be your real estate agent.
Contact me here to set up your free and confidential consultation.
Kevin
