The above headline is what scares the hell out of would-be homebuyers. As real as the numbers are they are just another hurdle which must be navigated to achieve homeownership.
In December, the statewide median home price was $717,930, up 16.8% from December 2019. But the high prices are not driving buyers away.
The notion of buying a home at $700,000 is one factor which scares many potential buyers into paralysis. While financing is attractive there are hurdles which cause some to simply throw in the towel before even trying. Make no mistake, the aspiration of purchasing a home can be a daunting experience. Several important factors to consider:
- The story projects great news for those who have succeeded in purchasing a home during this worldwide pandemic. But who has the $140,000 or even $70,000 or $35,000 required down payment stashed away?
- Using the “average” sales price as a barometer, how many first-time, would-be buyers can afford a monthly mortgage payment of approximately $3,700?
- Further, based on the above how many “average” people have the income to qualify for a mortgage? Using the above illustration you would need a combined annual income of approximately $115,000.
THE BOTTOM LINE
There is no need to stay discouraged. Even in the best of times acquiring a home requires planning, persistence and laser-focused attention on succeeding. While the numbers are the numbers the fascination in purchase a home is there is the “average” and then there are options. It may mean you will have to do more research. Think out of the box. Be creative. All, with the focus of getting in, somewhere!!!!!! The one constant is however you achieve it, homeownership is a coveted goal and despite the nerve-wracking numbers in the long-haul you can position yourself for financial mobility while meeting a very basic demand………securing shelter.
The last critical point is to network and align yourself with professionals who can help to minimize the myths and set you on the path to achieve, and that may not be the $700,000 home but whatever it may be, it will be yours. Why? Because not everybody sells for the same reason or has the same motivation other than to sell to the buyer who can meet their price and their timeline.