Purchasing Power is Lower, but Prices are Bottoming 🏠

Purchasing Power is Lower, but Prices are Bottoming 🏠
Homes are more expensive than they used to be – we all know that. That doesn’t mean it’s a bad time to buy a house, especially as low inventories have supported prices and the recent Case-Shiller Home Price report showed prices climbing yet again. It’s just more of a challenge to find the right house at the right price since higher interest rates decrease the purchasing power of home buyers.
The chart above assumes a 20% downpayment, which some borrowers still believe is required to get into a home. Now, thanks to ONE + by Rocket, you only need to put 1% down! ONE + covers the mortgage insurance that normally comes with a downpayment of less than 20% so the you don’t have to. This enables you to put less down AND maintain a lower monthly payment. Since Rocket is also contributing 2% towards the your equity, you will be able to afford an additional $5,000 on the sticker price of a home in the example above – helpful, since homes are still selling above asking price. ONE + is home run for many reasons, and although the headline is the 1% downpayment, the benefits address the top 4 biggest considerations of home buyers

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