Friday, December 16, 2011
Is It A Good Time To Buy?
Buyers often ask when is a good time to buy, and one thing I always tell them to look at is housing affordability. This housing affordability index measures housing affordability for the Twin Cities region. An index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. The past months housing affordability index was 256, which increased 10.3% from the previous month. That means the median household income has 256% of what it takes to qualify for their next dream home. Of course, every buyer has different circumstances. It may be time to sit down with a professional to determine if now is the right time for you to buy!