Price declines and low interest rates continue to motivate buyers to enter the most affordable housing market in 28 years. But, at the same time, only 1 in 10 of today's homeowners say they have delayed selling due to those same market conditions. In the past year, the National Association of Realtor's Housing Affordability Index has increased 29% overall and 19% for first-time home buyers---the highest levels during the Index's 28 year history.
The survey also found that most Americans aren't aware of how affordable homes are becoming in today's fast-changing housing market. More than 3/4's of consumers think a median-income family can afford less than half of the homes for sale in their area. In reality, however, a family earning a median income of $53,182 can afford to buy nearly 75% of the current homes for sale. For 14.6 percent of first-time home buyers, the government's $8,000 tax credit provides the impetus to shop for a home this year.
Courtesy of Sherri Buttler, Sun American Mortgage Company sherri.buttler@SunAmerican.com
Monday, October 5, 2009
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment