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We've streamlined and perfected the process of finding dream homes for our clients in Almaden Valley 

We know you want to spend less time looking at perhaps hundreds of homes for sale, looking all over. . .just to find that special place, allow our knowledge, experience and passion for Almaden Valley to guide you through the process of finding the right neighborhood that will fit your lifestyle. We strive in making it easier and have a direct path to help you find your dream home.  

We are also your Trusted Resource for Almaden Valley Real Estate, offering complete solutions for buyers, from financing assistance to creating innovative marketing strategies for home sellers.    

Check out the Almaden Valley Real Estate Market Report here!  

We are your neighborhood specialists and we are ready to help you..    

Today I would like to speak to you about Taking Advantage of Homebuying Affordability in Today’s Market

 

Everyone is ready to buy a home at different times in their lives, and despite the health crisis, today is no exception. Understanding how affordability works and the main market factors that impact it may help those who are ready to buy a home narrow down their optimal window of time to make a purchase.

 

There are three main factors that go into determining how affordable homes are for buyers:

 

 1.- Mortgage Rates

 2.- Mortgage Payments as a Percentage of Income

 3.- Home Prices

 

The National Association of Realtors (NAR), produces a Housing Affordability Index, which takes these three factors into account and determines an overall affordability score for housing. According to NAR, the index:

 

“…measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.”

 

Their methodology states:

 

“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.”

 

So, the higher the index, the more affordable it is to purchase a home. Here’s a graph of the index going back to 1990:

 

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The green bar represents today’s affordability. We can see that homes are more affordable now than they have been at any point since the housing crash when distressed properties (foreclosures and short sales) dominated the market. Those properties were sold at large discounts not seen before in the housing market.

 

Why are homes so affordable today?

Although there are three factors that drive the overall equation, the one that’s playing the largest part in today’s homebuying affordability is historically low mortgage rates. Based on this primary factor, we can see that it is more affordable to buy a home today than at any time in the last seven years.

 

If you’re considering purchasing your first home or moving up to the one you’ve always hoped for, it’s important to understand how affordability plays into the overall cost of your home. With that in mind, buying while mortgage rates are as low as they are now may save you quite a bit of money over the life of your home loan.

 

Bottom Line

If you feel ready to buy, purchasing a home this season may save you significantly over time based on historic affordability trends. Let’s connect today to determine if now is the right time for you to make your move.

 

Source.. KCM Fernando Blog

 

“All agents are NOT alike, We are Different … and We Want To Earn Your Business and Trust”

“The real estate market is constantly changing. I would like the opportunity to show you some of the new ways in which you are able to buy, sell and search for new homes”. 

We continually invest in the latest technology to give you the most up to date information on homes for sale and the most exposure for your property when selling.   

Give us a call at 408–741–9300 before buying or selling your next home. 

Don Orason, Owner — Silicon Valley Real Estate Team   

www.siliconvalleyrealestateteam.com