Federal Reserve rate cuts have added about $50,000 in purchasing power for homebuyers with $2,000 monthly mortgages. Keith Robinson, chief strategy officer at Next Home, says the relief helps but Bay Area affordability still needs broader fixes.
About $50,000.
About $2,000 monthly.
Keith Robinson, chief strategy officer of Next Home.
Experts say. However, this drop now means the purchasing power for homebuyers has lifted around $50,000 for those paying mortgages of about $2,000 monthly.
Every rate move down will unlock some sellers and give them the ability to come into the marketplace, too.
Keith Robinson, chief strategy officer of Next Home, says while the rate drop can be some relief to sellers, more still needs to be done to make the Bay Area more affordable.
Can't just be through interest rate cuts that won't get us there. We need local municipalities to make it easier to build homes. We need all of the things we need. Insurance costs to come down in California, which have been skyrocketing, rocketing over the last two or three years.
