WE ALL TOO BROKE TO AFFORD HOMES

Welcome back, everyone! 🏡🌟 In this video, we're diving into some eye-opening facts about the current real estate market. Did you know that only around 1% of the counties in the United States are considered affordable right now? According to ATTOM Data Solutions, that's just seven counties out of the entire country! 😲 Let's explore what's happening in the housing market and why affordability has become such a crisis.

One of the key findings from ATTOM is that 87.3% of counties have experienced price increases. 🏠📈 Since the pandemic hit in March 2020, real estate prices have soared, making it increasingly difficult for many to afford a home. It's not just about the price of the home, but also the impact of rising interest rates on monthly mortgage payments. 💰📉

As we stroll through Shingle Creek in Kissimmee, Florida 🌴🚶‍♂️, we discuss how affordability is calculated. It's a combination of income, home prices, and interest rates. In Sarasota, Florida, home prices have jumped about 60% since the pandemic started. When you combine that with higher interest rates, affordability has plummeted. 😔📉

Nationwide, the average price of homes and condos hit an all-time high of $360,000 in the first quarter. 🏡💵 The typical monthly mortgage payment now stands at $2,114, a record high that highlights the affordability issue. Even with potential interest rate cuts on the horizon, the impact on affordability might be minimal. 🤔📊

In Sarasota County, the current housing inventory is stable at around 5.5 to 6 months. However, if interest rates drop significantly, we could see a surge in demand that might push prices even higher. 🔼📈 Despite the high costs, many buyers in recent years have paid cash, insulating them from interest rate fluctuations. 💸🏡

Interestingly, Manhattan and San Francisco were among the few counties that saw improved affordability. 🗽🌉 This might seem surprising given their typically high costs, but the data is compelling. Meanwhile, the Northeast and West Coast lead in unaffordability, contrary to what some might expect. 🌍❌

As we enjoy the natural beauty of Florida 🌿🐊, remember that if you're considering moving here, I'm here to help! As a local real estate agent, I can guide you through the market and connect you with local experts. Whether you're looking for a new home or an investment property, let's find the perfect deal together. 📞🏡

Thank you for joining me on this walk and talk about the real estate market. Don't forget to like, comment, and subscribe for more insights and updates. If you have any questions or need assistance, my contact information is below. Let's navigate this market together! 🤝🔑