Tag Archive | Home Affordability

Nationwide Open House Event Kicks Off This Weekend

This weekend, real estate agents throughout the country will participate in the 2011 REALTOR® Nationwide Open House event during what is typically considered prime buying season for those in the market for a new home.

One of the main goals of the weekend – in addition to spotlighting homes for sale – is to increase awareness about the benefits of home ownership for potential buyers. Locally, many open houses will be held both on Saturday, June 4 as well as Sunday, June 5. Click here for a list and maps of open houses which will be taking place this weekend.

According to a National Association of Home Builders report, home affordability recently reached its highest level in 20 years, signaling a great time for buyers to take advantage of the significant purchasing power available to them.

For more information about the open houses taking place this weekend or to schedule an appointment with one of our agents, please contact us.

Source: REALTOR® Magazine | Full Article

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Mortgage Purchase Activity Reaches Highest Level of the Year

According to the Mortgage Bankers Association, mortgage applications rose to the highest level of the year last week. Overall, applications increased 15.5 percent, reaching the highest point they have been since May 2010.

“An improving job market is beginning to pave the way for an improving housing market,” said Michael Fratantoni, MBA’s vice president of research and economics. “Additionally, mortgage interest rates remained below 5 percent for a second week, maintaining affordability for buyers and leading to an increase in refinance applications.”

Are you looking to take advantage of low mortgage rates? Contact us today for more information!

Source: REALTOR® Magazine | Full Article

30-Year Fixed Mortgage Rate Rises Above 5 Percent

For the first time since October, the 30-year fixed mortgage rate rised above 5 percent last week. Experts predict the rate will continue to inch up over the next few weeks.

Currently, a prospective buyer who takes out a 30-year mortgage loan can expect to pay approximately $50 more per month (based on purchasing a $170,000 home with a 20 percent down payment) compared to October, when rates stood at 4.2 percent.

Despite the jump in rates, relatively low home prices indicate that affordability will continue to remain high for some time.

For more information on real estate market trends, contact us today!

Source: REALTOR® Magazine | Full Article

This Month in Real Estate Video – January 2011

January’s “This Month in Real Estate” video has been released. This edition focuses on a recent NAR report revealing buyer affordability being at an all-time high. According to the report, home payments are taking just 13.6 percent of the median family income. This number is down from 20 percent in 2007. Access the video by clicking the “Play” button below.

For more information on the real estate market and its prospects for 2011, contact us today!

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