Buying a home as a first-time homebuyer is a vision you can bring to life, but you’ll have to overcome some factors that have made it more challenging in recent years.
The pandemic profoundly changed real estate over the last few years. The demand for a home of our own skyrocketed as people needed a home office and a big backyard. Now, things are getting back to normal. The ‘unicorns’ have galloped off.
If we take a year-over-year view, home prices stayed positive. To get a more detailed picture of some of the trends in the market, we need to look at monthly data.
Home affordability is based on more than just mortgage rates – it’s determined by a combination of mortgage rates, home prices, and wages. Let's see how each of them affect affordability.
