HOW MUCH HOME CAN I AFFORD
How much house can you afford? The answer, is a lot more than you used to! Today is the perfect time for buyers and sellers to go after that dream home or sell their current home to either upgrade or downgrade. Below is a charted diagram from the National Association of Realtors (NAR) Housing Affordability Index. This chart shows you how much home you can afford in Virginia Beach and throughout the country compared to years in the past. NAR's Housing Affordability Index gathers data from two main areas, median family income and the average mortgage rates. With the current mortgage rates at all time lows now you can afford more home then ever. What does that mean if your selling? Well it means a lot, you can now market that home accordingly and with a great market plan you can establish how long you may or may not be on the open market. With buyers being able to afford more home then ever, now is the time to sell.
Having knowledge of your buying power before you even start your search or comparing the current market conditions to years in the past sets you apart from other buyers and sellers without this kind of data. When buying or selling a home it is imperative that you know the market inside and out so you can make every right decision along the way. So How Much Home Can I Afford In Virginia Beach? The diagram says all! Hope this helps if you have any questions please don't hesitate to contact me!