West Knoxville Real Estate Outlook: Housing Affordability At Record High
If so, here is yet another great reason now is a good time to consider finally buying that West Knoxville home. According to recent data from the National Association of Realtors [NAR], the housing affordability index has hit a record high.
In fact, housing affordability has never been this high since the National Association of Realtors began keeping track of it in 1970. In January, NAR’s housing affordability index rose to 206.1. The figure is based on the median home price, median family income, and the average mortgage interest rate. High figures indicate that housing affordability is high, while low figures show that housing affordability is low. This would be the first time that the index has broken the 200 mark. This means that most people who are considering buying a home have double the income to purchase a median priced home.
In the current West Knoxville real estate market, with housing affordability at record highs, if you have been considering buying a home in West Knoxville or in the Farragut, this year is a great time to finally do it. Housing affordability is expected to remain high throughout this year. Mortgage interest rates are also expected to remain at record lows throughout the rest year, not to mention there are many great real estate deal in the West Knoxville real estate market.
Have you been considering buying a home in West Knoxville or the Farragut area? Please let me know if there is anyway that I can assist you in your West Knoxville or Farragut home search, you can give me a call at 865-696-9002 or send an email to Rick@TheBigOrangePress.Com. Also, be sure to check out my West Knoxville and Farragut Home Search Page, to see what homes are currently for sale in the area.