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Homes with In-Law Suites are “Hot”

More and more buyers are looking for Homes with In-Law suites.  Multi-generational families are seeking homes with true in-law suites with a second kitchen.   Young un-married friends are also buying homes with two units so they can maintain semi-independence but still maintain a close friendship. We see this trend growing in the Philly suburbs especially … Read moreHomes with In-Law Suites are “Hot”

Housing Affordability Reaches Records


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Daily Real Estate News | Tuesday, May 15, 2012

Housing affordability conditions for all buyers reached a milestone in the first quarter, according to the National Association of REALTORS®.

NAR’s composite quarterly Housing Affordability Index rose to a record high of 205.9 in first quarter, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. This is the first time the quarterly index broke the 200 mark; recordkeeping began in 1970.

NAR President Moe Veissi said market conditions are optimal for home buyers. “For those with good credit, we’ve never seen better housing affordability conditions or market opportunities than we see at present,” he said. “Although home prices are stabilizing and sales are rising, some buyers still have to jump through a lot of hoops to convince a lender that they are creditworthy, even for a mortgage that would be well within their means. This is especially true for self-employed buyers.”

Veissi noted home sales would be much higher if lending standards would return to normal.

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Is Housing as Cheap as it’ll Ever Get?


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Home buyers who want a bargain may want to act now because the housing market is in the midst of a turnaround, economists say. Home prices have fallen and mortgage rates are hovering near record lows, pushing home affordability for the average family to record highs. Meanwhile, rents have been on the rise, making owning a home cheaper than renting in most areas of the country, according to recent surveys. But the housing deals aren’t expected to stick around much longer. An improving job market, a decrease in the number of home owners falling behind on their mortgage, and an anticipated improvement in access to mortgages is expected to help home prices start bouncing back by next year, economists say.

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Newsletter Campaign


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We have decided that in order to keep our clients and friends updated on what is happening in the Real Estate market we will periodically include articles of interest in our blog as well as include them in a newsletter.  We hope you find these articles helpful.

 

Rents Continue to Climb, Make Buying Even Better

As demand increases, rents continue to rise, increasing 5 percent over the past 12 months. Meanwhile, the asking prices for homes fell 0.7 percent in that time, according to a new report released Thursday by Trulia Inc.

Buying a home is more affordable than renting now in almost every part of the United States,” says Jed Kolko, Trulia’s chief economist.

The national vacancy rate for apartments during the first quarter fell to its lowest point since late 2001, according to a report by Reis Inc. Cities that have the lowest number of available rental units are seeing some of the largest increases in rents.

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