The Cost Of Waiting To Buy A Home #ChrisBJohnsonRealtor

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Real Estate Agent with Allison James Elite CA. BRE 01501699

Chris B Johnson, REALTOR®                         Your Moorpark Neighborhood Specialists

Mortgage Pre Approval                                Time To Buy #ChrisBJohnsonRealtor

The Cost of Waiting to Buy a Home | Simplifying The Market

The Cost of Waiting to Buy a Home

The National Association of Realtors (NAR) recently released their July edition of the Housing Affordability Index. The index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data.

 

NAR looks at the monthly mortgage payment (principal & interest) which is determined by the median sales price and mortgage interest rate at the time. With that information, NAR calculates the income necessary for a family to qualify for that mortgage amount (based on a 25% qualifying ratio for monthly housing expense to gross monthly income and a 20% down payment).

Here is a graph of the income needed to buy a median priced home in the country over the last several years:

Qualifying Income | Simplifying The Market

And the income requirement has accelerated even more dramatically this year as prices have risen:

Qualifications | Simplifying The Market

Bottom Line

Some buyers may be waiting to save up a larger down payment. Others may be waiting for a promotion and more money. Just realize that, while you are waiting, the requirements are also changing.

 

Chris B
Johnson
Realtor
CDPE, SFR, BPOR, HAFA, CDAT, PSC, QSC
Allison James Elite
Moorpark, CA
(805) 208-0823
Your home is probably the biggest asset that you own. That is why you need to choose a partner, who is working for YOU to get the job done correctly, the first time. One who is concerned about Quality, not Quantity.
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