The Rise of Consumer House-buying Power
Good News for House-buying Consumers
The First American Real House Price Index (RHPI) measures price changes of single-family homes across the nation down to the metropolitan level. Changes are adjusted for the impact of income and interest rate changes on the house-buying power of Americans. It serves as a measure also of housing affordability. First American reported that more people now seem to better afford their dream homes.
While house prices are expected to increase by 5% in July, they’re still below what they were before the housing boom. First American noted that 86% of the metropolitan areas tracked, the real house prices declined as household incomes went up and mortgage rates decreased. This only means that majority of these metro areas are experiencing growth in house-buying power. So, when you are in the market for a house, your increased buying power will impact on the amount you are to borrow.
American home buyers are going to take advantage of this development and many will be scouring the market for new homes. This is a positive for both markets – the buyers and the sellers.
Mortgage Loans within Your Power in Lynnwood
If you’re now house-hunting in Lynnwood, consider dropping by David Haley, your mortgage company in Lynnwood. We’ve had a long and expansive experience in the intricacies of home loans, having helped many Washingtonians in their quest for new beginnings. We will familiarize you with available loan options best suited to your needs and lifestyle and breakdown everything that intimidates you about the real estate market. Be guided and be informed by one of the best in the mortgage business in Lynnwood.
