July 23rd, 2019
Affordability seems to be an issue that just won’t let up any time soon. According to a recent study by John Burns Real Estate Consulting shows that only half (54% to be exact) of Americans can afford entry-level homes in their metros. The study also showed, however, some positive signs in the market, like affordability improving 3% due to recent rate drops. Because of that, the possibility of homeownership has been opened up to 2.7 million consumers.
Many consumers don’t know the benefits homeownership offers over renting, and it’s up to their loan officer to educate them on the best way to have an affordable payment and still build equity. Today, spend extra time with your borrowers in order to find powerful solutions to get them into a home they can afford and enjoy.