Is housing affordable? - As home prices continue to rise due to a lack of inventory, many people are becoming more concerned about housing affordability. Taking a look at NAR's Housing Affordability Index puts that concern to rest. Let's get together to go over your specific market and determine whether or not you are ready to buy today!
We already know the interest rates are creeping up. They’re up over a half a point and they’ll probably go at least another quarter of a point, maybe even a half a point before the end of the year. And if prices continue to go up at the numbers that I’m about to tell you they went up so far, then we might have a little bit of a slowdown. But what we’re starting to see is a slowdown in sales, but what we’re starting to see is prices starting to level off because inventory numbers are getting a little bit better and if that happens, if more inventory comes to the market not only will it impact pricing. But even some buyers that are out there right now and the only thing holding them up is the house to buy, as inventory increases that will help and I’m not just talking about the first-time homebuyer.
Of course, we are talking about the first-time homebuyer, but we’re also talking about that move-up buyer. A lot of them are locked in because they can’t find a house they really want. And I want to make sure that we all understand that whether it be existing home sale inventory or new construction inventory, if we can find a house for existing sellers, existing homeowners that they want to move into that will free up their listing and that’s really what’s taking place right now. It’s starting to happen.
New construction is a little bit better. That’s freeing it up. People are moving from their existing house to the new construction and their existing house is now coming on the market,
While this is based on national research it is analogous to the Scottsdale Real Estate Arizona market.
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