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:
And the income requirement has accelerated even more dramatically this year as prices have risen:
Let's take a look at what's happening out there this week...
There were 11 new listings this week in Granada Hills. They range in price from $724,999 -$1,190,000; size 1845sf - 4271sf; age from 1964 - 2005.
Check out all the new listings this week in Granada Hills –CLICK HERE
Here are some of my favorites this week…
15641 Odyssey Dr #67, Granada Hills, CA 91344 $479,000 ML # SR15248485
NEWER CONSTRUCTION in private gated community in Granada Hills! Beautiful Townhome that features 3 Bed/3.5 Bath at High Lights by Trumark Homes. Kitchen includes new stainless steel appliances (microwave, stove, dishwasher) granite counters. Community has amazing views!!!!!!!!!! Located near Odyssey Restaurant. Community has pool, spa and BBQ grills.
17354 Boswell Pl, Granada Hills, CA 91344 $599,950 ML # SR15248340
This home is situated at the end of a quiet tree-lined residential cul-de-sac within the Award Winning Van Gogh Charter Elementary boundaries. Walking distance to multiple parks, play areas and hiking trails. Granada Highlands North of Rinaldi. This IS a Must See 5 Bedroom, 3 Bathroom Home!!! The large great room situated just off the kitchen features a gas fireplace, and a wet bar. The generous sized kitchen with updated cabinets and granite counter tops includes a walk in pantry. Master bedroom includes a spacious cedar lined walk-in-closet and private bath with separate stand-up shower and tub. The home features tile floors throughout and is freshly painted on the inside. Great location, easy access to Shopping, Freeways, Schools and Recreation Areas.
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. If you'd like to know where you stand, and what kinds of requirements you're facing financially -- CLICK HERE -- for our free home loan report. Our job is to know all the ins-and-outs and little-known programs, so that together, we can plan out the best way for you to find & buy the home of your dreams.
As always you can reach us directly at (818) 621-9897,
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