According to the New Jersey Association of REALTORS® housing affordability is higher than it has been. The NATIONAL ASSOCIATION OF REALTORS® has created an affordability index formula that takes into account many variables such as home price, mortgage rates, payment as a percentage of income, median family income, qualifying income and monthly Principal and Interest (P&I) payments. According to the calculations for 2008, if you live in New Jersey or are considering a New Jersey home, you can't afford not to buy!
What exactly does this graph show us? With one hundred being average, and below one hundred being less affordable and above being more affordable, it is easy to see the greatest home values were found in the fourth quarter of 2008. So how does that stack up now?
The New Jersey Association of REALTORS® continues the story by saying with first-time buyer tax credits, mortgage rates near historic lows and increased Federal Housing Administration (FHA) loan limits, your buying power has never been greater. Top that off with the fact that the seven-year real estate appreciation rate in New Jersey is double the national average at 80%, it is safe to say that you can't afford not to buy.
Bottom line, if purchasing a home is on your mind, now is the time to act. Let me show you the statistics and help you calculate how your purchasing power stacks up today. Call me now at 609-658-2612 for an in-depth look at Mercer County NJ and the surrounding areas. I can't wait to hear from you!
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