Kevin Kelly, Chairman of the National Association of Home Builders (NAHB), recently explained that:
“With interest rates near historically low levels and strengthening job growth, now continues to be a great opportunity to buy a home.”
We couldn’t agree more. However, we must realize that, with prices and interest rates both projected to increase, waiting could cost us. There are two organizations that look at the affordability of purchasing and actually measure it over time. The National Association of Home Builders has their Housing Opportunity Index (HOI) and the National Association of Realtors’ has the Housing Affordability Index . Both indexes are reporting the same thing. The cost of buying a home is beginning to increase leading the affordability indexes to dip.
Both indexes say we passed the bottom of the housing market
According to NAHB’s HOI housing affordability dipped slightly in the second quarter of 2014. NAHB’s Chief Economist David Crowe explains:
“The second quarter HOI reflects the slow but steady march toward the historic levels of price appreciation and interest rates that result in affordability levels we experienced before the mid-2000s boom.”
According to NAR in a recent Economists’ Outlook post, home affordability is down from both one month ago and one year ago in all regions. Michael Hyman, Research Assistant at NAR said:
“At the national level, housing affordability is down for the month of June due to higher prices and qualifying income levels despite the lowest mortgage rates of the year.”
In a recent article, the Wall Street Journal also revealed that the cost of home ownership is higher than any time in over five years:
“Housing affordability hit its lowest level in nearly six years in June as home prices continued to climb.”
Bottom Line
If you were waiting for the bottom of the market, you missed it. Yet, with prices below values of seven years ago in most parts of the country and interest rates near historic lows, it is still a great time to buy a home…but hurry!
Debbie Woolard Group
(757) 288-0194
www.DebbieWoolard.com
Excellent Service – Excellent Results
Buyers Agent/Sellers Agent
Our focus is helping people find and exchange dream homes. We are seeking buyers and sellers that desire concierge level service including great communication, extraordinary representation and a continuing relationship for years to come.
You and your referrals will be provided with a great team of professionals to help with each step of the process. We are committed and passionate about negotiating the best possible terms and serving our clients at the highest level. Our goal is to create memorable real estate experiences where our clients become raving fans.
Our clients benefit by having a Certified Negotiation Expert on their side. This provides them with better results, a smoother process and greater satisfaction.
Whether a person is looking to buy or sell a starter home or a multi-million dollar estate, Debbie Woolard produces great results for her clients. She gives clients what they expect and deserve, an experienced realtor skilled in marketing and negotiations.
With Debbie Woolard, you will receive personal service as well as exceptional professionalism. She is well qualified for her work with her strong background of sales and marketing. Having been born here and continuously living in the area, she is familiar with the entire Hampton Roads region.
She has earned the professional designations of Certified Negotiation Expert, Certified Residential Specialist, and e-Pro. In addition she is also a Short Sale and Foreclosure Resource with extensive training in short sales and foreclosures. This uniquely positions her to help those in danger of losing their home to foreclosure. It has also proven to be beneficial to the buyers that are seeking to purchase a short sale or foreclosure.
She is well qualified to help professionals, business owners, military personnel and other clients with their real estate needs. She has been selected to work with both the Military Team and Relocation Team. She is consistently producing outstanding results in real estate.
Her first year in real estate she was awarded Listing Rookie of the Year as well as Sales Rookie of the Year. Her sales and loyal following of satisfied clients have grown each year she has been in business. She is in the top 1% of the agents in the area based on sales volume. Her practice continues to flourish thanks to clients recommending her to friends, family members and business associates.
Her clients state that her actions and attitude are best described with the word “integrity”.
Realtors with the Debbie Woolard Group service Virginia Beach, Chesapeake, Norfolk, Suffolk, Hampton, Newport News & Portsmouth with specialist in seller representation, buyer representation, military relocation, first time home buyers, short sales and real estate investment.