Let’s be real – The housing market is INSANE. But why are housing prices so crazy?
The price increase we have seen is a supply and demand problem, and the cost of homeownership is extremely important to many of our customers and clients! There’s no doubt by now you’ve been hearing about or even seeing it first hand. From the cost of a home, to new and used cars. Prices have gone up everywhere, not just in real estate.
We want to help you understand what it really costs to buy a home, straight from a professional.
PRICES
15 years ago/2006 – Average Home Price = $293,000
Today/July 2021 – Average Home Price = $495,000
That’s an increase of almost 70%!
RATES
30 Year Fixed Loan in 2007 – 6.41%
30 Year Fixed Loan Today – 2.875%
That’s a DECREASE of more than 55%
15 years ago/2006 – Monthly Payment $1,835 | Today/July 2021 – Monthly Payment $2,054
That is less than 1% increase in cost of ownership each any every year.
It is more affordable than ever to borrow money. What kind of questions do you have about the market? What types real estate topics would you like to discuss?
Comment below or reach out to us P: 208-391-5117 E: Contact@ownboise.com