Ashcroft Park Greensboro North Carolina | House-Buying Power at Near-Historic Levels
At a local level in Greensboro North Carolina, buyer confidence remains strong with some changes that varies on the price level and whit type of houses they are looking for.
Particularly in and around Ashcroft Park 27455 zip code. The addition of new store and business entities in the area makes Milestone one of the most busiest areas in Greensboro NC.
As you are aware, for most families, choosing a new home is the biggest financial decision they will ever make and for that reason, there are many complicated decisions involved in choosing your new home.
Today, I would like to talk about House-Buying Power at Near-Historic Levels
We keep hearing that home affordability is approaching crisis levels. While this may be true in a few metros across the country, housing affordability is not a challenge in the clear majority of the country. In their most recent Real House Price Index, First American reported that consumer “house-buying power” is at “near-historic levels.”
Their index is based on three components:
1. Median Household Income
2. Mortgage Interest Rates
3. Home Prices
The report explains:
“Changing incomes and interest rates either increase or decrease consumer house-buying power or affordability. When incomes rise and/or mortgage rates fall, consumer house-buying power increases.”
Combining these three crucial pieces of the home purchasing process, First American created an index delineating the actual home-buying power that consumers have had dating back to 1991.
Here is a graph comparing First American’s consumer house-buying power (blue area) to the actual median home price that year from the National Association of Realtors (yellow line).
Consumer house-buyer power has been greater than the actual price of a home since 1991. And, the spread is larger over the last decade.
Even though home prices are increasing rapidly and are now close to the values last seen a decade ago, the actual affordability of a home is much better now. As Chief Economist Mark Fleming explains in the report:
“Though unadjusted house prices have risen to record highs, consumer house-buying power stands at near-historic levels, as well, signaling that real house prices are not even close to their historical peak.”
If you want to find the best house for the money in Ashcroft Park in Greensboro North Carolina….
This is what we can do for you,
We will prepare you a list of houses that fit your criteria and take the time to show all these houses to you, with no pressure and no hassle.
So please let us know when you are ready to get started
If you want to get started now,
Please call us at 800-950-6453
Or text to: 336-750-6453
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