Buying your Madison or Huntsville Alabama home..was it a good decision?
Personal experience based on my knowledge of the Madison County Alabama area sales statistics says; yes, it was definitely a good decision to purchase a home in the Madison or Huntsville Alabama area. According to a recent study by the National Association of Realtors® (NAR), most people living in the United States would answer that question affirmatively.
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The 2013 National Housing Pulse Survey revealed that eight out of ten Americans believe home ownership is a good financial choice. The study further revealed that more than half of renters (51%) list homeownership as one of their highest future priorities and that 36% of those surveyed were thinking of currently buying a home, which is great news if you have been considering selling your home.
According to NAR President Gary Thomas, “Homeownership matters to Americans who consistently realize the many benefits it provides to communities, families and the nation’s economy. Due to high housing affordability and today’s interest rates it makes sense for people to consider homeownership over renting. In fact, in many parts of the country it’s cheaper to own a home than to rent one. That's no less true here in the Madison or Huntsville Alabama Area. Therefore, it’s no surprise that renters recognize that owning a home offers tremendous long-term benefits and is an investment in their future.”
Lower Interest Rates Make Your Home More Affordable
Interest rates dropped again this week, with the average 30-year fixed rate mortgage showing at 4.31% (.8 point), making housing even more affordable. Inventory is more available in many areas and according to the Pulse Survey, residents are noticing it. 38% of respondents shared that they had seen as increase in their local housing market activity and in pricing.
Income to debt ratios remain a challenge for many home buyers. “Student loan debt is a concern for many consumers in today’s market, especially first-time buyers,” related Thomas. “Buyers with student loan debt may find it difficult to access mortgage credit, as well as save for a down payment. Pending mortgage finance regulations requiring higher down payments could also contribute to the already tight lending environment. Realtors® are working with regulators to address this issue and are committed to making sure those who are willing and able to own a home have the opportunity to pursue that dream.” Pursuing that dream is exactly what many new home buyers are doing as Madison County Alabama sales reported to our MLS for the first half of 2012 shows 1,838 home sales for a reported volume of $334,974,724 and the first half of 2013 reported 1,909 home sales for a volume of $348939,922.
American Strategies and Myers Research & Strategic Services conducted the 2013 National Housing Pulse Survey for NAR’s Housing Opportunity Program and polled 2,000 adults nationwide. The study reports a margin of error of plus or minus 2.2 percentage points. View the study results here.
So what do you think about buying your Madison or Huntsville Alabama Home..was it a good decision? Send me an email and let me know your opinion.
If you need a knowledgeable real estate professional in Madison or Huntsville Alabama area, why don't you let me Google that for you! I also know outstanding agents in all states and Canada should you need help relocating to a new area.