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How Much House Can I Afford?

If you are wondering "how much house can I afford," you might want to listen what Og had to say.

You see, home affordability is changing, and buyers will get much more home for their money today than they should expect in the future.

How Much House Can I Afford?

Regarding decision-making and taking action, Og Mandino used to say:

There is an immeasurable distance between late and too late.

Home buyers today are a little late to the table, but they are not too late.

While some home price ranges still remain in a strong buyers' market, most Tallahassee homes for sale priced near the median are appreciating. But appreciation is not a significant issue affecting home affordability right now.

There is a far greater concern for you if you are wondering "how much house can I afford?"

Mortgage interest rates are rising, and it has been long overdue.

How Much House Can I Afford

The thirty-year fixed fixed interest rate is up more than a percent in the past four months. This means that borrowers' cost of money has risen a staggering 31%, and we should expect to see this trend continue.

Determining How Much House Can I Afford

If you are wondering "how much house can I afford," you first have to ask yourself what your priorities will be when making the decision.

If your concerns do not relate to a monthly housing payment, then you will want to consult with your financial advisor to discuss the issues that relate to your concerns, such as identifying the best place to invest the majority of your capital.

But if you are financing a home, then the amount you can afford is going to be dropping over the next few months and years, even if you are buying a high-end home that is still depreciating.

Mortgage interest rates are still at 1/2 the normal rate that we have historically seen in the US (roughly 8.6% since 1971), so home buyers who take action today are still "not too late."

If you would like help determining "how much house can I afford," just drop me a note and we can schedule a time to review your current situation, wants, and needs.


*Joe Manausa Real Estate is a brokerage company headquartered in Tallahassee, Florida. Its unique business model provides specialists to both home sellers and home buyers, and the results speak for themselves. JMRE has significantly more 5-star reviews on google than any other local competitor. Joe Manausa Real Estate is a leader in internet marketing and utilizes search engine optimization, email marketing, social media and data analytics to get their clients’ home sold faster and for more money than any other Tallahassee brokerage firm. For more information, visit www.manausa.com or call us at (850) 366-8917.

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2066 Thomasville Rd
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