FOMO. Fear of missing out. This is exactly what many hopeful home buyers are feeling today as they see home prices rising faster their income. Many are wondering if they will ever be able to buy a home.
I remember having the same feeling in the early 2000’s in Florida as home prices went up 150% over a 5 year period of time. It seemed like I could not save up for a down payment fast enough as home prices kept rising.
Fast forward to today in Austin, Texas where our median sale price is up over 20% since last year. I talk to people everyday who are fearful about missing out on the American dream of home ownership. Many renters are losing hope.
Austin’s hot housing market has priced many out of the market. Affordability is a big issue. Even though we have a strong job market and a robust tech industry that pays big bucks the average worker worried about affordability.
A recent article on MSNBC pointed out that since 1965 home prices in the U.S. have gone up 118% while incomes have only gone up 15%. That’s why you see so many apartment buildings going up. We are becoming a nation of renters.
In this week’s video I share 5 strategies for buying when home prices are rising faster than income. Perhaps one of these strategies can help you overcome the affordability issue:
Strategy #1 – How to put less money down.
Strategy #2 – How to lower your payment.
Strategy #3 – Using gifts to help with your downpayment.
Strategy #4 – First time home buyer programs include those who have previously owned a home.
Strategy #5 – New Construction downpayment incentives.
Be encouraged. Don’t give up. A knowledgeable real estate broker like myself can help you.
I’m happy to help you understand more about these strategies. Feel welcome to give me a call, text, email, or even send a carrier pigeon.
