There’s a problem looming in the real estate market.
Though mortgage rates are climbing, most potential buyers can still afford to purchase a home. But experts say that won’t be true for much longer.
According to a recent National Association of Home Builders (NAHB) report, median income households (earning at least $68,000 a year) could afford about 60% of homes sold in the fourth quarter of 2017. That doesn’t take into account the most expensive markets, however, which as you’ve guessed includes Southern California.
The report looked at three figures in hundreds of metropolitan markets across the nation: home prices, mortgage interest rates, and median household income. In the report, NAHB’s chief economist Robert Dietz says “buyers should be prepared… It’s going to be more expensive to afford a house… Interest rates went up… and home prices went up as well.”
With interest rates likely to continue increasing by 6%, foreclosures will start becoming more of an issue. We won’t see anything close to the 2008 housing crisis, but we will see similar effects on a smaller scale. And it can happen to anyone, even to you.
The good news is, if you’re struggling to pay your mortgage, there’s a way out that doesn’t involve the black mark of foreclosure on your credit score.
We buy houses in Southern California for cash. Fast! You’ll get a fair offer. Don’t worry about the cost of repairs and closing – they’re covered. We’ll pay your moving costs too (up to $2000).
We want to make selling your home as stress-free and easy for you as possible. Your mortgage burden will go away. Your credit score will remain in tact.
If you’re ready to move on with your life and stop worrying about how to pay your mortgage, call our expert SoCal realtor team at (888) 356-3547. We’ll help you avoid foreclosure so you can live in a house you can afford, stress-free.