Housing Affordability at Record High's

Photo by on ~Bradford~ Flickr.

If everyone is talking about something, then there must be some truth to it...right or wrong? Not too long ago the media mostly spoke about how home prices were still too high, but now that home prices have fallen far enough, at least in many areas, housing affordability are at levels that haven't been seen in the past 40 years. That's not something to snarl at or take lightly! We might have a big debt problem, but we certainly don't have a problem with finding affordable homes these days. If you are someone who does not have the burden of swimming in a pool of debt, then you are a prime candidate for the smorgasbord of desirably priced homes that are available.

Back in 2005 personal incomes did not meet the requirements for buying a home at affordable means, which is what put us in this mess in the first place. According to a NY Times article, now that incomes are up and home prices are down substantially; if you want to buy a home today, act quickly, because the incentives available today I'm sure will be gone in the future. And no one can foresee when in the future that may be, so do you choose to gamble, or not is the question?


Housing Market’s Upside: Affordability [NY Times]

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A New Born Baby Sparks a Homebuying Conversation

Photo by tsnsak on Flickr.

I was attending my good friend's new born baby's bris, and even at an occasion like that discussions about the current economy come up in conversation somehow. Don't get me wrong, I don't mind talking about what's going on in the world today and hearing other peoples perspective on it, but at that moment I was more engaged by some of the cute girls that were there and obviously the delicious food that was talking to me...it was saying "Get In My Belly". Anyways, I do remember however, a friend of mine saying to me in his thick hilarious Russian accent, "Bro, my friend just bought a house and locked into a 4.75% 15 year fixed rate mortgage and he was so happy that his monthly mortgage payments were so cheap." Reiterating what I've been blogging about recently, my little Russian friend was also saying how his friend was waiting for the right time to buy a home and when mortgage rates plunged he did not hesitate to jump on the opportunity to buy a home and how he thought it was such a great investment. The reality is, that housing affordability is at an all-time high and mortgage rates are still extremely low; therefore if you are looking at this as a long term investment there is no reason you should wait to purchase a home. These are just some words of comfort for anyone who is on the fence about buying a home.


Source: National Association of Realtors, via Haver

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