Home Prices Affecting Home Buyers in Memphis TN

New home pricing is affecting Home Buyers in Memphis TN. According to the National Association of Home Builders, home buyers across the country are being “Priced-Out” of buying a new built home. Higher home prices and mortgage interest rates are affecting first time home buyers. About 87.5 million households are already unable to afford the median-priced ($412,505) new home.

New Home being Built

A $1,000 increase in a median-priced new home will price 117,932 households out of the market for a new home. Home buyers in Memphis TN are also affected when interest rates rise. A quarter-point increase in the rate of 3.5% on a 30-year fixed-rate mortgage can price over 1.1 million from buying a median-priced new home. For Memphis TN Home Buyer info and the full article go to https://www.nahb.org/News-and-Economics/Housing-Economics/Housings-Economic-Impact/Households-Priced-Out-by-Higher-House-Prices-and-Interest-Rates?distinct_id=XHWUURZIe

Searching for a home sale in Memphis TN or searching for a home for sale in Collierville TN, we’re you local experts for Shelby County homes for sale. Don’t discount experience when it come to buying a home. With over 25 years experience and owner/Broker of MB Realty in Memphis TN, we’d love for you to call us and Let’s Talk about our home buying services. Check out our website at https://www.mbrealtymemphis.com

Published by Brian Stitzinger

Memphis Tennessee Real Estate Broker, Owner/Agent for MB Realty. Memphis Realtor.

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