“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home.”
The black dotted line represents the 100 value on the index. The higher the green bar extends above that dotted line, the more affordable homes are. The very last orange bar is where we were as of August of last year. It hasn't changed all that much; it shows that affordability is rather challenging right now. But, while it's tighter, the housing market isn't at a standstill.
According to NAR, based on the pace of sales, just under 4 million homes across the U.S. will sell this year. What does this really mean for you? Let's do a little math:
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3.96 million (homes) divided by 365 (days in a year) = 10,849 houses sell per day
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10,849 (houses sold per day) divided by 24 (hours in a day) = 452 houses sell per hour
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452 (houses sold per hour) divided by 60 (minutes in an hour) = about 8 houses sell per minute
On average, over 10,000 homes will sell each day, 8 per minute across the U.S. Whether you're a buyer or a seller, there are still ways to make your move possible, even at a time when affordability is tight.
An Agent Can Help You Make Your Move a Reality
One of the biggest game-changers in today’s market is working with a trusted local real estate agent. Great agents are helping other people just like you navigate today’s market and the current affordability situation, and their insight is invaluable, especially in this market.
They will be able to offer advice tailored to your specific wants, needs, budget, and more. They’ll also draw on their experience of what’s working for other buyers and sellers right now. This could mean broadening your search, if needed, like including other housing types (i.e. condos or townhouses), neighborhoods that are a bit further out, changing a specific search parameter that you can be flexible on (i.e. number of bedrooms, total finished square feet) to help offset some of the affordability challenges.
Bottom Line
It’s true that buying a home has become more expensive over the past couple of years, but people are still moving. And we can help you navigate the process from start to finish.
If you’re hoping to buy or sell a home today, know that other people are still making their goals a reality – and that’s happening in large part because of the help and advice of skilled local real estate agents. Want to talk to a trusted professional about your own move? Let’s connect, today!
