This chart says it all

There’s no question that buying a house remains a challenge.

But just how challenging?

The chart below offers a historical perspective on the down payment needed to buy a home and the affordability of average mortgage payments.

Right now, down payments are at an all-time high, and affordability (measured by the percentage of median income) remains near record levels.

But there is a silver lining:

Inventory has steadily increased over the last 24 months, and all signs point toward mortgage rates in the 5’s by early 2025.

Here’s my advice:

Stay ready.

The market has shifted from a speed-driven frenzy — where it was all about rushing offers, waiving inspections, and hoping to win the real estate lottery.

Now, you have time.

You can carefully assess properties, gather all the information, and make informed decisions.

That’s a good thing.

As always, I'm here to keep you updated on market trends.

If there’s anything I can do for you, just reply to this email.

Looking forward to helping you navigate these changes.