I am not sure if you heard, but the National Association of Realtors recently reported that its Housing Affordability Index reached a record high of 206.1 in January. This was the first month since the index began in 1970 that it has hit or surpassed 200.
To put it in perspective, houses are more affordable now than at any point in the last 42 years! What’s more, an index of 100 represents a median-income-earning family’s ability to exactly afford a median-priced, existing single-family home. Housing affordability is now double that.
Right now, all of these conditions are favorable for you if you're in the market to purcahse a home. But, as the economy continues to recover, home prices and mortgage rates are expected to rise, making homes less affordable.
There’s never been a better time to buy!
Michael Sinton, CRB, CRS, SFR, e-Pro
For more information, contact Michael Sinton, CRB, CRS, SFR, e-Pro, Broker/Sales Associate, Weichert Realtors, directly at 732-904-3236, via email at Mike@MSinton.com.