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.
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