Home Affordability

Are you thinking about buying or selling your home? – It is definitely time!

You may have heard that this is a great time to buy a house and we have the data to prove it !

The National Association of Realtors puts out a “Housing Affordability Index” that is a metric that to measure housing affordability for the average family.  This data is based on the median priced home, interest rates and family income.   At 100%, the average family has just enough income to qualify for a mortgage to purchase a median priced home.  The higher the index the more affordable median priced home become as compared to family income. The index is now at 172, meaning this is a GREAT TIME TO BUY A HOUSE!  The buying power for the average family is at an historic level!  Why? Interest rates are at an all time low and incomes compared to the price of housing is high. In addition, factor in the current pandemic and the cost to rent a home is high. You should be buying a home and you can be buying a home! We probably will not be having this conversation a year from now.

So, bottom line is this….. If you are a buyer or a seller, don’t be left on the sidelines…. Homes are selling… Contact me Today and “Let’s Get Moving!”

Author: Nancy S. Allen

Nancy Allen is a licensed Realtor in Maryland, Pennsylvania, and West Virginia serving the area surrounding Hagerstown, Maryland including Washington County (MD), Frederick County (MD), Berkley County (WV) and Franklin County (PA). Nancy has been a licensed real estate agent for over 25 years and has served as the President of the PenMar Association of Realtors. She is the team lead for The Nancy Allen Team.

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