Home buyers have had a rough couple of years. Higher prices and rising mortgage rates have made finding an affordable house challenging. But with the spring home buying season quickly approaching, home buyers are finding themselves in better position and there’s a few simple reasons. One of them is lower mortgage rates. The other is rising wages. Combined, they’re poised to make the spring market the most affordable since 2022, according to a new analysis. The analysis found a household earning a median income can now comfortably afford a roughly $330,000 home, which is about $30,000 more than they could afford last spring. That increased buying power means thousands of homes that were recently out of reach are now within grasp. But while the news is good for buyers, any resulting increase in demand could end up putting upward pressure on home prices, driving them higher. That makes early spring – or right now – the sweet spot for hopeful home buyers looking to beat the potential rush this season. (source)
