Homes are more affordable than ever. Buyers should be buying instead of sitting on the fence. Are they waiting on the next government stimulus?
NAR's Housing Affordability Index jumped 13.6% in January to 166.8, a record high. This index indicates that the relationship between home prices, mortgage interest rates and family income is the best that it has ever been since the index began in 1970.
I am beginning to get really busy with real estate here in Albuquerque, NM. In fact, I have buyers who are having a hard time finding a home to purchase because so many sellers have pulled their homes off the market, particularly in the more desireable areas. I hope that this is a sign that the market here is beginning to turn. So far anyway, Albuquerque has not been hit like other parts of the country. Overall home prices have only declined about 5%.
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