This Month in Real Estate for January 2011 has been released.
The January episode begins with the National Association of REALTORS(R) statistics on how Home Affordability is at an all time high.
Jay Papasan discusses these statistics, sharing that home payments are only 13.6% of the median family household income. In 2007, the percentage was a whopping 20%.
Low home prices in addition to low interest rates make this a great time for homebuyers wanting to own a home!
Bryon Ellington discussed how buyers currently have the upper hand when it comes to the current real estate market. He says that experts predict this will not last for too much longer.
Experts predict a housing shortage in the future because many builders are not currently building, which will create an issue as demand for houses outpaces the supply. This could happen in the next few years. Some even say many areas will see signs of this later this year.
The area closest to the Baltimore real estate market reporting low inventory is Washington, DC.
When the housing shortage hits, sellers homes may be worth more, however, those same sellers would pay more for their next house too — and possibly be in competition with others for it!
For more details on our local market, including the Towson real estate market, contact me. I follow it closely!
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