Shop for White Plains NY Homes for Sale Now, Housing Affordability at Record High
Housing affordability conditions are the best they’ve been since 1970, accoding to the National Association of Realtors. Record keeping began in 1970, so the historic conditions may be even further reaching than that. If you are shopping for White Plains NY homes for sale, now is the time to buy.
The Housing Affordability Index rose to 206.1 in January, according to an NAR report filed in March. NAR’s index is based on “the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power.”
Sound complicated? It’s not at all. The formula is important, but not as important as the message: shop for White Plains NY homes for sale while conditions are at their 40-year best.
If the index were just 100, it would mean the median-income household would have exactly enough income to buy a median-priced existing single-family home (with a 20 percent down payment and 25 percent of gross income devoted to mortgage principal and interest payments.
“For first-time buyers making small down payments, the affordability levels are relatively lower,” the NAR report said.
NAR President Moe Veissi said, “This is the first time the housing affordability index has broken the 200 mark, meaning the typical family has roughly double the income needed to purchase a median-priced home. For buyers who can qualify for a mortgage, now is a very good time to become a homeowner.”
Prudential Centennial Realty licensed real estate professionals want to help you find the perfect home. Our listings feature many White Plains NY homes for sale.
The affordability index is expected to stay high throughout 2012. No significant change is expected in interest rates or in home prices this year. Isn’t it time you landed your dream home? Contact Prudential Centennial Realty today.
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