Home Affordability vs Interest Rates
Another aspect is using the same dollar amount to purchase, depending on the interest rate there is a wider range of home prices because a $1,500 monthly payment can buy a $375,000 house with a 2.5% interest rate while a 3.5% interest rate only buys a $322,000 house. This would equate to 6,600 homes that are out of reach of a typical buyer in Las Vegas in the last year since that’s a large part of the market.
Here is the channel for Robert Adams who asked us to do the video.
Robert Adams Real Estate / @adamsfamilyres3432
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