Video: Don’t be Left Behind. Home Affordability is Here!
Any potential home buyer who’s been wondering “When will it be the right time?”, should be made aware that the right time is very likely now. There are 4 major factors that favor home buyers at this moment.
- Low Inventory
- Low Interest Rates
- Minimal Competition
- Long Wait Times for New Construction
In a normal real estate cycle, when homes for sale are limited, home prices will rise due to supply and demand. This is not the case in our current market. Most families have settled in for the school year and home buyer activity is static, causing prices to remain flat or even decreasing in some cases. Interest rates are still surprisingly low, and I say surprisingly because the Fed has been talking an upswing for quite some time. The video below gives you the national take on current home affordability.
For your convenience, there is a transcript of this video directly below.
Video Transcript: Don’t be Left Behind. Home Affordability is Here!
Welcome to Today’s Home Update I’m Dynell.
Are financial constraints hindering your ability to purchase a home? 2016 may be your year. Affordability is on the rise according to a recent report by the National Association of Homebuilders. In fact 63.3 percent of new and existing homes sold at the end of last year, were affordable to families earning $65,800, the national median income.
According to NAHB chief economist David Crowe, the signs point to continuing growth in home sales due to favorable home prices and interest rates. Steady employment and economic growth along with rising consumer confidence and pent-up demand, will also help encourage more buyers to enter the marketplace.
On a national scale the median home price felt at the end of last year, down to $226,000 from $231,000 dollars according to the NAHB report. Average mortgage rates also declined in that same period.
Based on findings from the report the most affordable markets are concentrated in the East North Central, Middle Atlantic, and South Atlantic regions.
Thanks for watching Today’s Home Update. See you next time.
Note on introduction: Bill Salvatore is a Realtor in the Phoenix Metro region of Arizona. All commentary on the real estate market pertains to conditions in Phoenix Valley area markets.
Think you can’t buy a home? Watch this. Then check out your down payment and closing cost options below.
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There are still Down Payment Assistance programs available in Maricopa and Pinal Counties. These are grants, NO Repayment is necessary. Call or eMail for details: 602-999-0952 / golfarizona@cox.net
We also have options to help with your closing costs. See the links below or feel free to call or email for additional information: 602-999-0952 / golfarizona@cox.net
Learn more about the AZVHV Heroes Home Advantage cash-back program. NO cost, NO pre-registration, NO obligation.
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Other Valuable Resources
AZVHV – Arizona Veterans Helping Veterans
Ever wonder what Closing Costs you’ll be responsible for when you sell or buy a home? Check out our infographic and article:
Who Pays for What?
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