Record High Affordability

We all know people who say "as soon as I do XYZ I'll be ready to buy a house" - and we know that statement is perfectly legitimate for them. However - there comes a time when we have to weigh the opportunity costs of not taking advantage of the current markets and interest rates.

Lots of agents will say there is never a better time to buy than right now. And that's almost always true. The statement is almost always based on opinion, too. Now we have cold hard facts to support the claim.

This is an excerpt from an article in CNN Money that can help folks wrap their brains around purchasing their first home, or moving to another home.

Record-High Affordability

The National Association of Realtors report the Housing Affordability Index rose 13.6 percentage points to 166.8, a new record high.

A value of 100 means that a family with the country's median income has exactly enough income to qualify for a mortgage on a median-priced existing single-family home. The higher the index, the better housing affordability is for buyers.

The reading shows the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.

"History suggests that home sales can rise even in times of job losses when housing affordability rises," said Yun, adding that he expects sales to turn around by the summer.

I've been having conversations with people where we talk about "wouldn't it have been fantastic if we had done _whatever_ at THAT time..." Well, THAT time when it comes to housing is RIGHT NOW. Give me a call so we can talk about this amazing opportunity!