In Today’s Insane Housing Market, Just How High a Price Can You Pay? Find Your Exact Breaking Point Here

 In Design, Education, Home Improvement, Interior Design, Lifestyle

You’re likely aware that homes these days cost astronomical sums, with the median home price nationwide hovering at $375,000—an increase of 10% from a year earlier.

Daunting? For sure. Yet if you’re pondering a home purchase right about now, the more important number to know is this: How much home can you afford?

The answer to this question is all the more critical in today’s red-hot, warp-speed market, where you won’t stand a chance without a clear picture of your finances. If all you have is a hazy idea of what you can pay, home sellers will have a hard time taking you seriously. Worse yet, you might get swept up in a bidding war on a home and win—only to find out afterward that you’ve committed to a price beyond your means. Yikes!

The key to achieving homeownership today is to have a bull’s-eye focus on what’s within your financial reach—and vow to not spend a penny more.

“Head into a house hunt with your numbers in hand. Know your top number,” says Jay Zigmont, certified financial planner and founder of Live, Learn, Plan. “If you can afford a $250,000 house, don’t look at $300,000 houses. You will by nature like the $300,000 houses better and start rationalizing spending more.”

Read More at Realtor.com

 

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