1. Housing Affordability Still at Record High Levels!
Each month the National Association of Realtors issues its “Housing Affordability Index,” which measures the ability of the average family to afford the average home.
In March 2010 the national affordability index was 170.6. This means that if a family with the median income of $60,498 wanted to purchase a median-priced existing single-family home at $170,700 (with a 20% down payment of $34,140), they would have 170.6% of the qualifying income needed to purchase that home.
2. Interest Rates Are at Historic Lows
In the 1990s rates were higher than 10 percent. This look back through time makes it easy to see that today’s mortgage rates are relatively low. Take the first step toward a home purchase and contact me for a credit-checked PriorityBuyer® preapproval to see exactly how much you can borrow with today’s interest rates.2
3. Tax Advantages of Homeownership
Whether you’re a first-time buyer, up-sizing, or down-sizing, most homeowners can take tax breaks annually.3
• Interest paid on a home mortgage is almost always tax deductible
• Property taxes are deductible for most homeowners. Plus, for most homeowners, there are no capital gains taxes when a primary residence is sold
4. Inventory of foreclosure and short sale properties
Also called real-estate owned or REO, lender-mediated, lenderowned, or non-traditional, these properties may appeal to bargain hunters looking for that hidden gem.
5. Inventory of homes overall is at an 8-month supply nationally.4 It is a buyer’s market!
More sellers than buyers in the marketplace can mean more choices and more bargaining power for buyers.
Contact us today for a complimentary, no-obligation home financing consultation.
1. Rates provided by the Federal Reserve Board.
2. A PriorityBuyer® preapproval decision is based on our preliminary review of credit information only and is not a commitment to lend. We will be able to offer a loan commitment upon verification of application information, satisfying all underwriting requirements and conditions, and providing an acceptable property, appraisal, and title report.
3. Please consult a tax advisor.
4. Source: RISMEDIA, April 2010
All first mortgage products are provided by HomeServices Lending, LLC Series A. HomeServices
Lending, LLC Series A may not be available in your area. Wells Fargo Home Mortgage is a
division of Wells Fargo Bank, N.A. ©2010 HomeServices Lending, LLC Series A. All Rights
Reserved. An Equal Housing Lender. 66011 05/10-08/10
Lending, LLC Series A may not be available in your area. Wells Fargo Home Mortgage is a
division of Wells Fargo Bank, N.A. ©2010 HomeServices Lending, LLC Series A. All Rights
Reserved. An Equal Housing Lender. 66011 05/10-08/10
