Almaden Valley Homes For Sale | 75% of Renters Have Been Misinformed
We've streamlined and perfected the process of finding dream homes for our clients in Almaden Valley
We know you want to spend less time looking at perhaps hundreds of homes for sale, looking all over. . .just to find that special place, allow our knowledge, experience and passion for Almaden Valley to guide you through the process of finding the right neighborhood that will fit your lifestyle. We strive in making it easier and have a direct path to help you find your dream home.
We are also your Trusted Resource for Almaden Valley Real Estate, offering complete solutions for buyers, from financing assistance to creating innovative marketing strategies for home sellers.
Check out the Almaden Valley Real Estate Market Report here!
We are your neighborhood specialists and we are ready to help you..
Today I would like to speak to you about 75% of Renters Have Been Misinformed
Recently, multiple headlines have been written asserting that homeownership is less affordable today than at any other time in the last decade. Though the headlines are accurate, they lack context and lead too many Americans to believe that they can’t partake in a major part of the American Dream – owning a home.
In 2008, the housing market crashed and home values fell by as much as 60% in certain markets. This was the major trigger to the Great Recession we experienced from 2008 to 2010. To come back from that recession, mortgage interest rates were pushed down to levels that were never seen before.
For the last ten years, you could purchase a home at a dramatically discounted price and attain a mortgage at a historically low mortgage rate.
Now that home values have returned to where they should be, and mortgage rates are beginning to increase, it is less affordable to own a home than it was over the last ten years.
However, what is not being reported is that it is MORE AFFORDABLE to own a home today than at any other time since 1985 (when data was first collected on this point).
If you take out the years after the crash, affordability today is greater than it has been at almost any time in American history.
This has not been adequately reported which has led to many Americans believing that they cannot currently afford a home.
As an example, the latest edition of Freddie Mac’s Research: Profile of Today’s Renter reveals that 75% of renters now believe it is more affordable to rent than to own their own homes. This percentage is the highest ever recorded. The challenge is that this belief is incorrect. Study after study has proven that in today’s market, it is less expensive to own a home than it is to rent a home in the United States.
Thankfully, some are starting to see this situation and accurately report on it. The National Association of Realtors, in their 2019 Housing Forecast, mentions this concern:
“While the U.S. is experiencing historically normal levels of affordability, potential buyers may be staying out of the market because of perceived problems with affordability.”
If you are one of the many renters who would like to own their own homes, let’s get together to find out if homeownership is affordable for you right now.
“All agents are NOT alike, We are Different … and We Want To Earn Your Business and Trust”
“The real estate market is constantly changing. I would like the opportunity to show you some of the new ways in which you are able to buy, sell and search for new homes”.
We continually invest in the latest technology to give you the most up to date information on homes for sale and the most exposure for your property when selling.
Give us a call at 408–741–9300 before buying or selling your next home.
Don Orason, Owner — Silicon Valley Real Estate Team