Housing Affordability Factors

So how many times has one of your clients asked you the question…How much is that house?

When the first question your clients should ask themselves when they begin the home buying process is, “What can I afford?”  After all, when we talk about economic conditions and housing market trends, it all comes down to affordability.  Affordability is the amount that a purchaser is able to pay for something – in this case, a home.

Housing Affordability - Mary Robins For Homes

Courtesy of Keller Williams

Affordability is equally important to all buyers even though it varies between individuals and geographic locations. One of the best services you can provide your clients is to help them close the gap between what they want and what actually makes sense for their budget.  When you first sit down with buyers, have them identify their “wants” and “needs” in a home. This way, if they are faced with an affordability issue, they can eliminate some of their “wants” and maintain their “needs,” ensuring they still find a home they love.  Then, recommend they get prequalified by a lender as soon as they can to be sure that the bank agrees with them on what size mortgage they can afford.

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