“Home buying affordability is at a record high!” said, Jay Papasan, on January, 2012, when reporting for This Month in Real Estate. Papasan went on to say that the National Association of Realtors (NAR), reports their home buying affordability statement is based on the latest figures, which indicate that home payments are averaging just 13.6% of a family’s median income.
Why does Re/Max Southern Realty think this is such good news?
Well, I’ll tell you why! It’s good news for our listing sellers because there are a lot of motivated buyers out there. It’s good news for our buyers because they have a unique opportunity to shop for what they really want in a home. It’s good news for our investors because there will never be a better time to shop for investment properties that have nothing to do but go up.
If you step back to 2006-2008, and remember that an average family was laying out more than 20% of their total income just to meet the mortgage–then you can see another reason why this is such good new!
And while we are talking about history–one of the goals The Veach Team has for 2012 can be found in a 2009 report put out by the US Government Census Bureau where they stated that “In 2004, about 58 percent (+/– 0.6) of American families (current owners as well as renters) could afford to purchase a modestly priced home . . .” We believe the Emerald Coast will be able to boast the same figures in 2012 and 2013, largely due to the efforts of The Veach Team and Re/Max Southern Realty!
Now getting back to the above mentioned report on This Month in Real Estate– another of the commentators, Bryon Ellington–stated that buyer’s window of opportunity is not all that large due to the fact that current listings are being scooped up, and new home construction–which dropped dramatically during the recent housing problems in the country–is not expected to keep pace with the rising housing demand.
In closing, I have to quote Ellington’s own closing statement, which was: “If you are looking to get the most from the sale of your house, or if you want to buy before prices rise in your area—talk to your real estate professional to learn more about what a housing shortage could mean for you.”
SO, If you are out there listening, and you are thinking of buying or selling a home in Panama City Beach, Destin or anywhere in Emerald Coast area—then the Veach Team is prepared to help you find the Florida home of your dreams. Contact us today, and let us show you why “Life is a Beach” here in beautiful Destin! And don’t forget to “LIKE” us on Facebook and Twitter – we’d love to talk with you.