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    Your Friends Are Crazy Wrong If They’re Telling You Not to Buy

    The current narrative is that home prices have risen so much so that it is no longer a smart idea to purchase a home. Your family and friends might suggest that buying a home right now (whether a first-time home or a move-up home) makes absolutely no sense from an affordability standpoint. They are wrong!

    Homes are more affordable right now than at almost any time in our country’s history except for the foreclosure years (2009-2015) when homes sold at major discounts. As an example, below is a graph from the latest Black Knight Mortgage Monitorshowing the percentage of median income needed to buy a medium-priced home in the country today in comparison to prior to the housing bubble and bust.

    Your Friends Are Crazy Wrong if They're Telling You Not to Buy | MyKCM

    As we can see, the percentage necessary is less now than in those time periods.

    The Mortgage Monitor also explains that home affordability is better today than it was in the late 1990s in 47 of 50 states.

    Your Friends Are Crazy Wrong if They're Telling You Not to Buy | MyKCM

    Bottom Line

    Your friends and family have your best interests at heart. However, when it comes to buying your first home or selling your current house to buy the home of your dreams, let’s get together to discuss what your best move is, now.

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    Danny Cheung

    I spent almost thirty (30) years with the Department of Defense in hardware/software design, development, operations, maintenance, and program manager before joining the Group in a full-time capacity. I am thrilled to put my years of experience as an Electronics Engineer and Program Manager to assist and lead our Real Estate Group to the next level. I am committed to establishing the tools and resources necessary for our team members to work more seamlessly and effectively, thus ensuring our clients' satisfaction. My wife and I have two daughters and a dog (he’s more like our son). I enjoy traveling and watching sports, especially football…Go Skins!

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