Exciting news just announced yesterday (03.06.12) by the National Association of REALTORS (NAR) - housing affordabiity conditions have reached the highest level since record keeping began 42 years ago!!
The housing affordability index measures the purchasing power of a household. It is based on the relationship between median home price, median family income and average mortgage interest rate. An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home (assuming a 20 percent downpayment and 25 percent of gross income designated to a mortgage payment - including principal and interest).
NAR’s Housing Affordability Index rose to 206.1 in January. What this means: the typical family has twice the income needed to purchase a median-priced home. For qualified buyers, NOW is definitely a great time to buy a home!
According to REALTORS in northern Virginia, inventory is low. However, in our area, we have a great inventory! Our county maintains a rural setting, low taxes, subdivisions offering less than a half acre and other subdivisions that offer 5 acres and more. We have farms & mini farms for sale. We have tracts of land including 100s of acres! The style of homes in our county is quite diverse. What you're looking for can most likely be found here!! Whether you are a fisherman, hunter, retired or just starting a new family - Franklin County, VA will make a good home for you!






