Buying a Home Is Finally Getting a Little Easier This Fall
Why it matters: For the last couple of years, buying a home felt impossible for many. But the numbers are starting to shift. The typical monthly mortgage payment is already about $290 lower than it was just a few months ago.
If you’ve been on the sidelines, here’s the quick breakdown of the three key factors moving in your favor.
1. Mortgage Rates Are Easing Up 📉
Rates have dropped from around 7% in May to closer to 6.3% now. That might not sound huge, but it makes a real difference.
- The bottom line: On an average $400,000 mortgage, that small rate drop saves you about $190 every single month.
- “The downward rate movement spurred the strongest week of borrower demand since 2022.” – Joel Kan, VP at Mortgage Bankers Association
2. Home Prices Aren’t Skyrocketing 🏡
The days of rapid, double-digit price hikes are behind us. Price growth has finally slowed down to a more manageable, single-digit pace. This is a massive relief for anyone trying to budget for a purchase.
- What this means: It’s easier to plan without worrying about the price jumping overnight. In some city neighborhoods, prices have even dipped a bit, creating new opportunities.
3. Your Paycheck Is Growing Faster 💰
Wages are up nearly 4% annually. For the first time in a while, your paycheck is likely growing faster than home prices are.
- As Lawrence Yun, Chief Economist at NAR, puts it: “Wage growth is now comfortably outpacing home price growth, and buyers have more choices.”
- The reality: This helps close the affordability gap. It’s not a massive leap, but in this market, every bit counts.
What This All Means for You
Things are still challenging, but the landscape is improving. Lower rates, stable prices, and higher wages are creating a new window of opportunity this fall.
The big picture: It’s simply not as tough on your wallet to buy now as it was a few months ago. If you’ve been window-shopping, now might be the time to see if the numbers finally work.
Let’s Get Specific
Wondering what these changes mean for your budget? Let’s connect and run the numbers together to see if this is your moment to make a move.
Disclaimer: This blog post is for informational purposes only and does not constitute financial advice. Consult with qualified professionals before making any financial decisions.Michael Mahoney
617-615-9435
mike@mmahoney.com
www.HomesinBostonMass.com
MA. License #9051300
Real Broker LLC License #423031
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- Who: Michael Mahoney, full-time Realtor.
- Where: Greater Boston (Norfolk, Suffolk, Bristol, Middlesex & Plymouth Counties).
- Experience: 20+ years in home ownership, wealth building & investment.
- Mission: Help clients achieve life goals through real estate.
- Clients: All price points; strong repeat & referral business.
I work in all price points. The majority of my business is repeat clients and the referral of clients from all over Eastern Massachusetts.
I view my role as the advisor who helps people go from the life they have to the life they dream about. I help people go from the “what if” to the “what is”
- Broad Expertise: Sold hundreds of properties – mobile homes to estates, multi-families, condos.
- Specialty: “From section eights to great estates” – no residential property too small or large.
- Area Served: Primarily Norfolk & Suffolk; also Plymouth, Bristol, Middlesex counties.
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