buying a house in ocean county: Housing Affordability in Ocean County
- 01/22/20 01:29 PM
There’s a current narrative that owning a home today is less affordable than it has been in the past. The reason some are making this claim is because house prices have substantially increased over the last several years.
It’s not, however, just the price of a home that matters.
Search for Homes in Ocean County
Homes, in most cases, are purchased with a mortgage. The current mortgage rate is a major component of the affordability equation. Mortgage rates have fallen by over a full percentage point since December 2018. Another major piece of the affordability equation is a buyer’s income. The median family income … (1 comments)
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buying a house in ocean county: On Low Housing Inventory: From Challenge Comes Opportunity
- 08/23/17 06:32 AM
Low inventory is the foremost issue in the Ocean County housing market right now as well as nationally. Buyers face relentless demand for a scarce supply of reasonably priced homes. In a recent survey by the National Association of Mortgage Professionals (NAMB), fifty-eight percent of mortgage professionals cited low inventory as the biggest hurdle for homebuyers today.
The inventory dilemma has even overshadowed concerns about mortgage lending standards. These standards, which some still view as too strict, have relaxed since the early, strong-armed days post-recession. In fact, according to a recent survey by Fannie Mae, more lenders have taken steps to open up … (1 comments)
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