Welcome to my April Newsletter!

This breakdown is a useful reality check for anyone waiting for rates to drop before making a move. The primary takeaway is that while the cost of borrowing has gone up, the actual monthly cost of homeownership hasn't moved nearly as much as the headlines suggest.

Back in 2021, buyers were paying a massive premium on the listing price to secure a 1.79% interest rate. Today, the market has corrected significantly, with the average price in this scenario dropping by over $121,000. Because the principal mortgage amount is now so much lower, the monthly payment remains virtually identical, within $0.37 of the 2021 cost, even with current rates. Essentially, the "math" for a monthly budget is the same as it was during the peak, but you are now entering the market at a much more stable price point with significantly less competition.