There are many factors to consider when deciding whether or not it’s a good time for you to buy a house. Most of these are personal and have to do with the needs and desires of you and your family. Market conditions may influence your decision, but ultimately the best time for you to buy a house is when you’re ready. And while that’s largely true, knowing what’s going on in the market can still be important, as it gives you a feel for what to expect during your home search and after. For example, recent research shows that the average house is $12,500 more valuable today than it was just a year ago. And, though that will be disappointing news to buyers who have seen their purchasing power reduced over the last year, it should also be encouraging to prospective buyers – as rising prices may mean your future home’s value continues to increase once you’ve become the owner. In other words, if home prices continue to increase at the same pace during the next year, buying a house now may mean you’re – not only getting a better deal now than you would if you wait – but you’ll also be able to start building equity almost immediately. More here.
Nearly 60% Of Homes Within Reach of Typical Buyer
Not surprisingly, affordability ranks high among home buyers’ concerns. Rising prices and rumors of future mortgage rate increases have some prospective buyers questioning whether or not they can handle the financial obligations that come along with homeownership. However, new data from the National Association of Home Builders says, in most markets, they can. That’s because, the NAHB’s quarterly measure of affordability found 58.3 percent of new and existing homes sold between the beginning of July and the end of September were affordable to families earning the median income of $68,000. That’s encouraging news for hopeful home shoppers. And, according to Robert Dietz, NAHB’s chief economist, there are a rising number of them hoping to take advantage of conditions while they’re still favorable. “Solid economic growth, along with ongoing quarterly job gains and rising household formations, are fueling housing demand,” Dietz said. “Tight inventories and a forecast of rising mortgage interest rates through 2018 will keep home prices on a gradual upward path and slowly lessen housing affordability in the quarters ahead.” More here.
Who Buys Vacation Homes And Where They Buy
Who Buys Vacation Homes And Where They Buy
Who Buys Vacation Homes
And Where They Buy
Everyone, at one time or another, has dreamed of buying a vacation home. Whether it was just a temporary fantasy brought on by a particularly perfect trip or it was something more real, it’s hard not to think about the joys of owning a place in your favorite town or getaway spot. But who’s actually buying vacation homes and where are the most popular locations to have a house? Well, the National Association of Realtors collects that info each year as part of their Investment and Vacation Home Buyers Survey. This year’s results show that, among vacation home buyers, the South is the most popular area to buy. In fact, a full 47 percent of vacation homes bought last year were purchased in the South. The West came in second with 25 percent. Also, beach houses outpace all others, with sales more than doubling the number of homes purchased in the mountains, at a lake, or in the country. And who’s most likely to buy a vacation home? Not surprisingly, Lawrence Yun, NAR’s chief economist, says older buyers. “Baby boomers at or near retirement continue to propel the demand for second homes, although headwinds softened the overall volume of vacation sales last year,” Yun said. In 2015, the median household income of a vacation home buyer was $103,700 and the property they purchased was a median distance of 200 miles away from their primary home. More here.