You Can Afford To Move Up
According to the National Association of Realtors, fewer buyers signed contracts to buy existing homes in May, likely because they can't find or afford what they want. The pending home sales index dropped 0.8% month-to-month and is now 1.7% lower than May 2016. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast. The supply situation has buyer confidence in the housing market dropping. While about 80% of current homeowners think now is a good time to buy, they are not listing their homes for sale. This may have more to do with weakening affordability than anything else. They don't want to sell if they can't afford a move-up home. For homeowners 62 or older who have been thinking about moving into a more desirable home but are reluctant to do so because of a lack of confidence, there is a solution. The Home Equity Conversion Mortgage Purchase program or more commonly referred to as the HECM for Purchase or Reve