Wage Increases Make Home Buying More Affordable
Andy Rose
Andy brings to the table over 12 years of real estate experience including becoming a licensed Georgia broker in 2018 and a licensed Broker in Fl...
Andy brings to the table over 12 years of real estate experience including becoming a licensed Georgia broker in 2018 and a licensed Broker in Fl...
Wage Increases Make Home Buying More Affordable
Everyone knows that housing affordability has been negatively impacted by rising prices and increasing mortgage rates, but there is another piece to the affordability equation – wages.
How much a family earns obviously impacts how easy or difficult it is for them to afford to own a home. Because of an improving economy, wages are finally beginning to increase – and that dramatically affects home affordability.
According to the National Association of Realtors’ (NAR) September 2018 Housing Affordability Index, wages have increased in every region of the country:
After applying current salaries, home prices, and mortgage rates to their Home Affordability Index equation, the index, though still lower than this time last year (160.1 to 146.7), increased over the last month (141.2 to 146.7). For the complete methodology used by NAR, click here.
The percentage of income needed to own a home has also decreased each of the last three months. It currently sits at 17% which is substantially lower than historic numbers.
Bottom Line
If you are a first-time buyer or a move-up buyer who believes that purchasing a home is not within your budget, let’s get together to determine if that is still true.
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He made the process of easy!! Would highly recommend him and Stephanie.
Andy did a great job!! Even after the buying and selling was done, he still followed up with us. He made the process of easy!! Would highly recommend him and Stephanie.
Cash in hand above asking within 10 days!
Our home was on the market for 8 months with multiple failures to close and numerous frivolous and expensive repairs being made before we were introduced to Andy. Within 10 days after we selected Andy as our realtor we had closed with cash in hand above our asking price. Select Andy as your realtor as soon as possible because his enthusiasm, prompt actions, professionalism and expertise will likely yield a transaction experience that is as pleasant and profitable as possible.
Will work hard for his clients!
Andy did a great job for us in the sale of our house. We had relocated out-of-state and needed to just 'unload' our house. Andy was able to find us a buyer and close the sale. He is a great agent who will work hard for his clients. If you need a realtor, I can't recommend Andy enough.