Navigation Links
Home Buyers Gaining Ground As Home Affordability Hits Record High
Date:9/10/2013

Twin Cities, Minnesota (PRWEB) September 10, 2013

Metropolitan areas to the happy tune of 291 now qualify as improving housing markets, according to the National Association of Home Builders/First American Improving Markets Index (IMI) just released. Jumping above August's report, home buyers in 44 housing markets joined the ranks, making home affordability hit record highs since the index was initiated two years ago. Buying a Twin Cities home is still affordable, in spite of rising mortgage rates and home prices.

"Regardless of where you want to live, how much you earn or what type of home you are searching for, before you even learn how much the seller is asking for a home you're interested in, it is good to know what you can afford," says Jenna Thuening, owner of Home Destination.

Residents in many of Twin Cities housing communities are now dedicating more of their paychecks toward housing than in previous years, yet with the strong benefits of homeowners and rising home values, buying a home is still very affordable, a new Center for Housing Policy study concludes.

In the Twin Cities region, strong home seller and home buyer activity is spurs home values upward. According to the Minneapolis Area Association of Realtors (MAAR) the increase in hone prices sellers are gaining is enabling them to afford to buy another home with their home equity gains:

STATS FOR THE WEEK OF AUGUST 25 - 31:

  • New Real Estate Listings increased 16.3% to 1,359
  • Pending Home Sales increased 22.9% to 1,243

FOR THE MONTH OF AUGUST:

  • Percent of Original List Price Received increased 2.0% to 97.0%
  • Median Sales Price increased 16.9% to $208,000

Rising home prices and residential rental rates have boosted the typical housing expense for residents in some metro areas well beyond average wages during the past two years, according to the Center for Housing Policy. One example is Florida, where tourism and service-related jobs make up a large portion of jobs and leaves more prospective home buyers seeking to gain a quality loan to buy a home over obtaining one. The recent Housing Becoming Unaffordable for Many article in the Herald Tribune says, "Rising home prices and residential rental rates have boosted the typical housing expense for workers in Sarasota and Manatee counties well beyond average wages during the past two years". The positive growth in Twin Cities jobs has placed the metro above national averages for home affordability.

Between 2012 and 2013, buying a median-priced home became unaffordable for some families in Minneapolis-St. Pau, auto mechanics are one industry to be impacted, according to the Center For Housing Policy Home Affordability Study, "Families Living Paycheck to Paycheck". Some that make up the low- and moderate-income sectors find rising home prices and mortgage rates make it more difficult.

"Taking time to learn what your FHA mortgage limits and home loan opportunities are may help you be able to afford the home they are seeking to buy," encourages Thuening.

Home Destination helps prospective home buyers know their options to buy a Twin Cities home and view ideal real estate listings. Engage a local Realtor with experience and knowledge of the Minneapolis / St Paul real estate markets for guidance. Read through Home Destination's [resources for home buyers and sellers. Call 612-396-7832.

Read the full story at http://www.prweb.com/releases/home-affordability/Twin-Cities-August-2013/prweb11106792.htm.


'/>"/>
Source: PRWeb
Copyright©2012 Vocus, Inc.
All rights reserved

Related medicine news :

1. ProcurePort announces the launch of http://www.woodbrowser.com, a unique reverse auction marketplace that brings buyers and sellers together in the lumber industry
2. Life is a Cabaret for Valley Luxury Home Buyers in Palm Desert CA by Brad Schmett
3. Verified Buyers Give Ladybug Tekno 2350 Vapor Steam Cleaner 5-Star Rating, Announces 1-800-GO-VAPOR.com
4. Home Buyers Not Scared by Mortgage Rate Hikes
5. Newport Board Group, a National Business Advisory Firm of CEOs Cautions Buyers on 5 Questions to Ask Before Acquiring a Technology-Based Middle Market Company
6. E-Store India Crosses the 1-million Mark for Number of Registered Online Buyers
7. Empowering Potential Home Buyers by Learning to Set Money Aside
8. Group Car Purchase launches exclusive service for budget buyers
9. Group Home Buy, a Unique Facility for Home Buyers, Launched in Style
10. Time and Gems Offers Buyers the Largest Collection of Rolex Watches Yet
11. Time and Gems Encourages Both Seasoned and New Buyers to Take Advantage of Spring Flash Sale
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/22/2017)... ... January 22, 2017 , ... Zifam Pinnacle, an Australian company ... recently met with big-name retail buyers at the January ECRM Trade Show in Hilton ... uses the utmost safety standards in all of its creations to help create a ...
(Date:1/22/2017)... ... January 22, 2017 , ... Medical lab testing through hospitals and ... a simple test will take days to arrive to the end customer, having to ... access to their lab tests, bypassing the cost and delay of traditional means. Now ...
(Date:1/21/2017)... ... January 21, 2017 , ... Salveo for life, a company that ... product to the United States as part of its presence to expand its market ... aims to reduce the productions of nasty toxins as a result of drinking alcohol, ...
(Date:1/21/2017)... ... ... Seamild, the largest manufacturer of oats in China, is now aiming at global business ... recognized globally as one of the healthiest cereals, XieQingkui, the founder of Seamild, strongly ... to sow the seed of good karma. Buddhism spirit featuring benevolence and sacrifice are ...
(Date:1/21/2017)... ... January 21, 2017 , ... Pacifica Graduate Institute’s Alumni ... line-up of events for its annual meeting “Coming Home 2017,” an activity-packed weekend ... Home 2017” will be held on Friday January 27 through Sunday, January 29, ...
Breaking Medicine News(10 mins):
(Date:1/23/2017)... , January 23, 2017 Stock-Callers.com ... Pharmaceuticals Inc. (NASDAQ: CPRX ), Sophiris Bio Inc. ... MNTA ), and Agile Therapeutics Inc. (NASDAQ: ... which turned somewhat lower in late trade on Friday, January ... dropping about 0.3%, while shares of health care companies in ...
(Date:1/23/2017)... , 23. Januar 2017  ResMed (NYSE: ... und 3B Medical ( Winter Haven, Florida ... Vereinbarung über die Beilegung aller globalen Rechtsstreitigkeiten zwischen den ... Verkauf ihrer bestehenden Produkte im Tausch gegen Lizenzgebühren ... an 3B leisten, um das in Florida ...
(Date:1/22/2017)... ABU DHABI , Saudi Arabia , January 22, 2017 ... the US and UAE ... Future , at the World Economic Forum   ... be driven by big data and powered by artificial intelligence and this trend ... that discussed the ,Hospital of the Future, at the concluding day of the ...
Breaking Medicine Technology: