The National Association of Realtors, in their newest Press Release, just announced some good news regarding the housing market and the affordability of homes for buyers.
NAR’s Housing Affordability index rose 10.9 percent in December to 158.8, the highest on record. The HAI shows that the relationship between home prices, mortgage interest rates and family income
is the most favorable since tracking began in 1970.
Lawrence Yun, NAR chief economist, said the index shows a modest rebound. “The monthly gain in pending home sales, spurred by buyers responding to lower home prices and mortgage interest rates, more than offset an index decline in the previous month,” he said. “The biggest gains were in areas with the biggest improvements in affordability.”
Now is a great time to buy a home! If you would like to discuss your options and the current opportunities in your area feel free to post a comment, email me at Kevin@SoldOnMaryland.com or give me a call 301-748-4046. As a RE/MAX agent I have helped over 350 families and investors with their Real Estate Needs and I would love to put my experience to work by helping you search and find a great home!
I can also show you how you may buy a new home or investment property and then have it paid off in as little as 1/2 to 1/3 the time, with NO change to your household budget! Check out http://StopBleedingMoney.com for more details!
Tags: affordability, buy, good, home, homes, house, housing, investment, maryland, NAR, news, property, real estate, realtor, search
After all of the questionable “indications” the NAR has been spouting over the past several years, should we begin to believe them now? I mean, they were saying the housing forecast looked great and that we had hit bottom when the fatal bleeding hadn’t even started yet. Are they really being realistic at this point, or is it a mirage? I personally agree that there are pockets and specific areas where housing seems to have stabilized, but overall, I’m concerned that we have a 2nd round coming before this is over. and that even those areas that seem stable right now may have a relapse.
I guess what it comes down to is folks need a place to live. If you’re in the market as a buyer (and it definitely is a buyer’s market), you can search out the best deal you can find and go for it! Since it’s virtually impossible to get 100% financing anymore, at least you’ll have some equity in the property should values head South again. If you can hold out through the rebound (that will inevitable come), you could make a bundle. It’s been done many times before
Good Luck to you all!